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Business Week 4-5: Marketing Flashcards | StudBud
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Business Week 4-5: Marketing
Business Week 4-5: Marketing
25 terms
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StudBud Administration
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35 plays
Test on basic Marketing Concepts
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The following image lists the specific skills required for the ______ of the business.
Team
Management
Suppliers
Customers
2
The Masters chain failed a few months ago, the reasons for this were...
Poor management Skills
Lack of experience in the Industry
all of the above
Poor Market Research
3
Which is not one of the 4 Ps of Marketing
Product
Place
Practice
Promotion
4
Identifying all the variables and attractions of the target market allows a business to....
Make a great product
Customer Profile
Market Segment
Ascertain sales expectations
5
Which of the following is not a factor of the integrated approach to the marketing concept?
Customer Satisfaction
Objectives
Innovation
Key Performance Indicators
6
Star Wars' massive ad campaign to encourage people to see the latest movie is an example of..
Pull Promotion
Push Promotion
7
Red Cross sales agents sign people up to weekly donation plans- this is an example of...
Pull Promotion
Push Promotion
8
When a product is new the price is set high because of high demand, this is referred to as...
Penetration Pricing
Physcological Pricing
Skim Pricing
Premium Pricing
9
Costing is an element of the Market Plan which:
All of the above
Lists all Products sold
Calculates how much profit each unit will make to break even
Calculates total expected sales and production
10
Segmenting the market by psycho-graphics means...
Mental Health and Age
Ethnicity and Race
Lifestyle and Behaviour
Geographical Location
11
The key aim of a marketing plan is...
Create a Business Structure
Assist in reaching KPIs and Goals
Give a company direction
Develop a Marketing Campaign
12
If Market size is the amount of customers willing to buy a product, then market share is...
How much of the population the market size is
How many customers have invested in the business
How much of the potential market the business holds
How much disposable income the customer base has
13
Why is competitor analysis important?
Allows you to innovate
Essential to Market Research
Allows you to beat your competitor
Helps understand market share
14
The following Image is an example of what type of primary data collection?
Interview
Observation
Questionnaire
Test Marketing
15
Why is it important for a business to avoid collecting information 'for the sake of it'?
Market Research is Expensive
It isnt, all information can be used
Market Research is Time Consuming
Market Research is Boring
16
Mass Marketing is an approach where:
The weight of customers is recorded
A product is market to all possible customers
A business markets to all customers
Segments of a market are divided into niches
17
Long term objectives that form the basis of strategic planning best describes:
Key Performance Indicators
Key Aims
Corporate Objective
SMART Goals
18
The key aim of a Marketing Campaign is...
Gain market position in peoples living room
Spend a bit of money
Increase awareness of a product
Increase sales of a product
19
Why do most fast food franchises set up near other stores?
Accessable Parking and Public Transport
Guaranteed Customer Flow
All of the Above
Customers of other businesses may use their product
20
The easiest way to complete a competitor analysis is through a...
SWOT Analysis
Y Chart
Site Visit
SMART Goals
21
The Parento Principle refers to the theory that 80% of sales come from what % of customers.
35
10
20
40
22
Market Information can be collected in the form of....
Questionnaires and Interviews
Test Marketing and Questionnaires
Observations and Interviews
Primary and Secondary Data
23
Which of the following is not an external indicator impacting on the Business market?
Socio-Cultural
Government
Technological
Physical
24
Segmented into customer niches and needs allows market researchers to...
Locate a target market
Make as much profit as possible
Create an awesome product line
Create great pie charts
25
The Following is an image of what kind of primary market research
Questionnaires
Test Marketing
Interviews
Observation
