Unit 2 - Identifying Markets Review #3 Question Preview (ID: 62270)


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The marketing mix elements of product, place, and price remain constant and do not change when targeting different segments of the market.
a) False. All elements do not change.
b) False. All elements change.
c) False. Place and price do not change.
d) False. Product and place do not change.

In market segmentation, demographic information includes all, except:
a) Age
b) Gender
c) Marital Status
d) Location

An organizational market primarily focuses on selling products and services to _______
a) individual consumers
b) businesses
c) market share
d) multiple target markets

What is one advantage of effectively targeting a specific market segment?
a) Increased competition
b) Lower market share
c) Increase marketing efficiency
d) Less need for advertising

__________ involves dividing a market into smaller, distinct groups based on specific characteristics or behaviors.
a) Target market
b) Consumer market
c) Market segmentation
d) Organizational market

What is the main goal of marketing efforts in the consumer market?
a) To reach a broad audience
b) To maximize market share
c) To create brand loyalty
d) To target other businesses

Logistic is an element of
a) product
b) place
c) promotion
d) price

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

How is market share typically calculated?
a) Total revenue divided by total customers
b) Total revenue of a company divided by the total revenue of the industry
c) Total customers divided by total revenue
d) Total revenue divided by the size of the target market

______ is one element of the marketing mix that directly affects the consumer's perception of a product.
a) Price
b) Place
c) Promotion
d) Product

What is the term for the process of dividing a market into smaller, distinct groups based on certain characteristics or behaviors?
a) Market analysis
b) Market penetration
c) Market expansion
d) Market segmentation

Which of the following is NOT a common basis for market segmentation?
a) Generic
b) Geographic
c) Demographic
d) Psychographic

What is the primary purpose of market segmentation?
a) To increase production costs
b) To reduce competition
c) To target specific customer groups with tailored marketing efforts
d) To expand the size of the market

What does a target market refer to?
a) The entire population of potential customers
b) A specific group of consumers that a company aims its marketing efforts towards
c) The most profitable customers in a market
d) The competitors in a given industry

What is market share?
a) The percentage of the total market controlled by a company or product
b) The total number of customers in a market
c) The number of products a company manufactures
d) The total revenue generated by a company

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