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Unit 2 - Identifying Markets Review #3
Test Description: Let's review what we learned in class
Instructions: Answer all questions to get your test result.
1) What is market share?
A
The number of products a company manufactures
B
The total revenue generated by a company
C
The percentage of the total market controlled by a company or product
D
The total number of customers in a market
2) What is the primary purpose of market segmentation?
A
To increase production costs
B
To expand the size of the market
C
To reduce competition
D
To target specific customer groups with tailored marketing efforts
3) What does a target market refer to?
A
The competitors in a given industry
B
A specific group of consumers that a company aims its marketing efforts towards
C
The entire population of potential customers
D
The most profitable customers in a market
4) Which of the following is NOT a common basis for market segmentation?
A
Psychographic
B
Geographic
C
Demographic
D
Generic
5) What is the term for the process of dividing a market into smaller, distinct groups based on certain characteristics or behaviors?
A
Market expansion
B
Market segmentation
C
Market penetration
D
Market analysis
6) Logistic is an element of
A
product
B
place
C
promotion
D
price
7) Which market is focused on selling products and services to other businesses?
A
Consumer market
B
Retail market
C
Target market
D
Organizational market
8) How is market share typically calculated?
A
Total customers divided by total revenue
B
Total revenue of a company divided by the total revenue of the industry
C
Total revenue divided by the size of the target market
D
Total revenue divided by total customers
9) What is the main goal of marketing efforts in the consumer market?
A
To create brand loyalty
B
To maximize market share
C
To target other businesses
D
To reach a broad audience
10) What is one advantage of effectively targeting a specific market segment?
A
Less need for advertising
B
Increase marketing efficiency
C
Lower market share
D
Increased competition
11) __________ involves dividing a market into smaller, distinct groups based on specific characteristics or behaviors.
A
Market segmentation
B
Organizational market
C
Target market
D
Consumer market
12) An organizational market primarily focuses on selling products and services to _______
A
businesses
B
individual consumers
C
market share
D
multiple target markets
13) The marketing mix elements of product, place, and price remain constant and do not change when targeting different segments of the market.
A
False. Product and place do not change.
B
False. Place and price do not change.
C
False. All elements do not change.
D
False. All elements change.
14) In market segmentation, demographic information includes all, except:
A
Location
B
Gender
C
Marital Status
D
Age
15) ______ is one element of the marketing mix that directly affects the consumer's perception of a product.
A
Promotion
B
Price
C
Place
D
Product
*select an answer for all questions
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