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Unit 2 - Identifying Markets Review #2
Test Description: Let's review what we learned in unit 2
Instructions: Answer all questions to get your test result.
1) What does market share represent?
A
The price of a company's products
B
The total revenue of a company
C
The number of customers a company has
D
The percentage of the total market held by a specific company or product
2) Which of the following is NOT a common method of market segmentation?
A
Behavioral segmentation
B
Geographic segmentation
C
Psychographic segmentation
D
Economic segmentation
3) What is a target market?
A
The market with the highest competition
B
The entire population of potential customers
C
A specific group of consumers that a company aims its marketing efforts towards
D
A market that is difficult to reach with marketing efforts
4) Which market is focused on selling goods and services to other businesses?
A
Target market
B
Consumer market
C
Retail market
D
Organizational market
5) What is the purpose of market segmentation?
A
To increase production costs
B
To create niche markets
C
To eliminate consumer choice
D
To reduce competition
6) The marketing mix is made up of the 4 p’s:
A
Plan, Product, Place, and Price
B
Product, Price, Place, and Promotion
C
Price, Product, Place, Potential
D
Product, Plan, Place, and Promotion
7) Which term refers to the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors?
A
Target market
B
Market segmentation
C
Consumer market
D
Market share
8) All of the following are elements of Price except:
A
Payments
B
Discount
C
Inventory
D
List Price
9) How is market share typically calculated?
A
Total revenue divided by total customers
B
Total customers divided by total revenue
C
Total revenue divided by the size of the target market
D
Total revenue of a company divided by the total revenue of the industry
10) All of the following are elements of product except:
A
Packaging
B
Logistic
C
Design
D
Function
11) The primary focus of marketing efforts in the ___________ is to meet the unique needs of businesses.
A
target market
B
organizational market
C
consumer market
D
retail market
12) People in an area that are willing to pay for a specific good or service make up a ______.
A
segmentation
B
market
C
market share
D
retail market
13) ______ in the marketing mix refers to the distribution channels and locations where products are made available to customers.
A
Promotion
B
Plan
C
Place
D
Product
14) One benefit of effectively targeting a specific market segment is
A
narrow down large segments in smaller ones
B
evaluate segment behaviors
C
less need for advertising
D
know the market share of the company
15) The ultimate goal of ______ is to tailor marketing efforts to specific customer groups
A
target market
B
market segmentation
C
market share
D
consumer market
16) _____ directly affects the consumer's perception of a product.
A
Price
B
Market share
C
Place
D
Promotion
*select an answer for all questions
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