What is market segmentation?

Dividing a market into segments

What is product orientation?

Focus on product characteristics

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Theme 1 - Meeting Customers Needs

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Test your knowledge on key concepts in marketing such as market research, market segmentation, competitive advantage, and more.

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Questions 17

Answers

1
True or false: Needs are non-essential desires.
True
False
2
What is the purpose of market mapping?
Reduce competition
Identify product positioning
Analyze financial data
Create new products
3
What does market share represent?
Brand popularity
Proportion of total sales
Total sales of a product
Number of products sold
4
Which is a benefit of online retailing?
Access to more consumers
Less competition
Limited trading hours
Higher fixed costs
5
What is market research?
Selling products online
Analyzing competitors
Gathering data from consumers
Creating advertisements
6
What is competitive advantage?
Larger market share
Features perceived as superior
Lower prices only
More advertising
7
True or false: Strong brands can charge lower prices.
False
True
8
What is a dynamic market?
A market with rapid changes
A market with no competition
A market for luxury goods
A stable market
9
True or false: Secondary research is always more accurate than primary research.
False
True
10
Which is an example of product differentiation?
Unique selling point
Same design as competitors
Lower price than all
No branding
11
Which market has higher average costs?
Niche markets
Neither has costs
Both are the same
Mass markets
12
Which is a method of adding value?
Lowering product quality
Increasing production costs
Improving packaging
Reducing customer service
13
What is market segmentation?
Creating a new product
Combining all consumers
Analyzing competitors
Dividing a market into segments
14
Which is an example of a mass market product?
Kellogg's Corn Flakes
Gluten-free snacks
Handmade crafts
Luxury watches
15
What is a market?
A business strategy
Only online shopping
A place for buyers and sellers
A type of product
16
What is product orientation?
Focus on pricing strategies
Focus on product characteristics
Focus on consumer needs
Focus on market trends
17
True or false: Competition always benefits consumers.
True
False

Theme 1 - Meeting Customers Needs Flashcards | StudBud