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