Unit 2 - Identifying Markets Review #2 Question Preview (ID: 62268)


Let's Review What We Learned In Unit 2. TEACHERS: click here for quick copy question ID numbers.

What does market share represent?
a) The percentage of the total market held by a specific company or product
b) The total revenue of a company
c) The number of customers a company has
d) The price of a company's products

Which of the following is NOT a common method of market segmentation?
a) Geographic segmentation
b) Psychographic segmentation
c) Behavioral segmentation
d) Economic segmentation

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

Which market is focused on selling goods and services to other businesses?
a) Consumer market
b) Organizational market
c) Target market
d) Retail market

What is the purpose of market segmentation?
a) To reduce competition
b) To increase production costs
c) To create niche markets
d) To eliminate consumer choice

The marketing mix is made up of the 4 p’s:
a) Product, Plan, Place, and Promotion
b) Product, Price, Place, and Promotion
c) Plan, Product, Place, and Price
d) Price, Product, Place, Potential

Which term refers to the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors?
a) Market share
b) Target market
c) Market segmentation
d) Consumer market

All of the following are elements of Price except:
a) Discount
b) Inventory
c) List Price
d) Payments

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

All of the following are elements of product except:
a) Logistic
b) Packaging
c) Design
d) Function

The primary focus of marketing efforts in the ___________ is to meet the unique needs of businesses.
a) consumer market
b) organizational market
c) retail market
d) target market

People in an area that are willing to pay for a specific good or service make up a ______.
a) market share
b) segmentation
c) market
d) retail market

______ in the marketing mix refers to the distribution channels and locations where products are made available to customers.
a) Promotion
b) Place
c) Product
d) Plan

One benefit of effectively targeting a specific market segment is
a) know the market share of the company
b) less need for advertising
c) evaluate segment behaviors
d) narrow down large segments in smaller ones

The ultimate goal of ______ is to tailor marketing efforts to specific customer groups
a) market segmentation
b) target market
c) consumer market
d) market share

_____ directly affects the consumer's perception of a product.
a) Price
b) Place
c) Market share
d) Promotion

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