Market segmentation is...

Splitting the market into groups based on common interests

Market orientation means:

customer needs are extensively surveyed

What is systematic sampling?

Selecting every nth member of the target population

What is Mass Marketing?

When a product is made to appeal a large amount of people

What is psychographic segmentation?

different personality traits, values, and interest.

Internet advertising campaign passed on by social media

a low price to get a foothold in the market

What is quota sampling?

Asking a specific number within a sub group

A consumer profile is...

a group that shares common characteristics and buying habits

Stratified sampling involves...

Putting participants into subgroups before selection

Define a Consumer Market

Markets for goods and services bought by the final user

What is asset-led marketing?

Doing what is best for the business to sell products

What are the four P’s of Marketing?

Product, Place, Price, Promotion

Introduction-growth-maturity-decline

Price Elasticity of Demand is a measure of

the responsiveness of buyers to price changes

What is Product Differentiation?

Having different characteristics to stand out among other products

Qualitative Research is not concerned with which of the following?

Running a statistical test for significance

to calculate market share you:

divide a company's sales by the total market size X 100

What is the role of marketing ?

the process of identifying customers needs profitably

Geographic segmentation is about ?

Dividing markets based on location

The societal marketing concept looks at:

future welfare of consumers and effect on society

What is product orientation?

Focus on the production process and creating a product before market launch

What does 'extension strategy' mean?

Actions a business takes to extend the life of a product & increase sales

Every member of a population has a chance to be asked

A shift in the supply curve to the left means:

quantity producers offer at every price will be less.

Planning for how people in the market will think about your product

What is a focus group

A group of people who discuss their opinions about a product

Direct competitors are what?

Competitors most closely matching a firm's product offering

Customers are willing to pay and are able to buy

What is a marketing strategy?

Set of plans that aim to achieve a specific market objective

Skimming pricing involves:

Setting a high price then lowering the prices in stages.

Define an Industrial Market

Markets for G&S bought by businesses to use in production

income inelastic means

% change in demand is less than % change in income

What is loss leader pricing?

When a business loses money on a product

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CAIE Revision Unit 3

51 termsStudBud Administration28 plays

Cambridge International A Level Business

Flashcards51 cardsFPractice quizPHost liveL

Questions 51

Answers

1
Which of these factors may cause a shift in the demand curve?
All of the above
A change in trends and fashions
Good or bad publicity
A change in the size of the population
2
Market segmentation is...
Splitting the market into girls and boys only
Deciding who you are going to sell your products to
Splitting the market into groups based on common interests
The overall percentage of a market that 1 business has
3
Market orientation means:
customer needs are extensively surveyed
Companies need to follow rivals
The firm has to invent new products for the market
The firm watches sales closely
4
What is systematic sampling?
When the participants are willing to take part
When the researcher identifies subgroups
Selecting every nth member of the target population
When the participants are randomly allocated
5
What is Mass Marketing?
When a product is made to suit a specific group of people
When a product is made to reach the standards of consumers
When a product is made to appeal a large amount of people
When consumers request products
6
Consumer Durable Good
goods with a long, useful life
income that is not committed to a particular use
Goods purchased by industry that will withstand the production process
one who is involved in the process of distribution of goods
7
What is psychographic segmentation?
Where certain people are located
What income people have
Age, gender groups
different personality traits, values, and interest.
8
Which of the following is an 'above the line' form of promotion
Digital marketing
Trade fairs
Personal selling
TV advertising
9
Viral Marketing is
Internet advertising campaign passed on by social media
Films referencing other films in their advertising
Big budget billboard, magazine & TV advertising
crashing out websites to get famous
10
penetration pricing
a low price to put competitor out of business
a high price for a limited time
a price based on cost
a low price to get a foothold in the market
11
What is quota sampling?
a degree of tolerance
Interviewing a random number of people
Asking a specific number within a sub group
A sub group
12
Quantitative research is...
Words
Feelings and opinions
Numerical data
the best type
13
A consumer profile is...
a group with different characteristics and interests
a group that shares common characteristics and buying habits
a group of people that are more likely to sell a product
a group of people that do not like to buy the same products
14
Stratified sampling involves...
Putting participants into subgroups before selection
None of the above
Selecting the first ten people you see
Randomly selecting people
15
Define a Consumer Market
Markets for G&S bought by businesses to use in production
A market where people consume goods
Markets for the tertiary industry
Markets for goods and services bought by the final user
16
Customer Relationship Management is about
All of these
Acquiring the right customer
Instituting the best processes
Motivating employees
17
What is asset-led marketing?
Doing what is best for the business to sell products
Doing what is best for the customer
All of the above
Selling products productivily
18
What are the four P’s of Marketing?
Place, Practice, Product, Payment
Package, Payment, Population, Product
Promotion, Place, Practice, Package
Product, Place, Price, Promotion
19
Which of the following would causes a leftward shift in supply?
Increase in substitutes
Decrease in number of consumers
Decrease in taxes
Decrease in technology
20
Product life cycle
Maturity-growth-decline-introduction
Decline-maturity-growth-introduction
Introduction-growth-maturity-decline
Growth-introduction-decline-maturity
21
Price Elasticity of Demand is a measure of
Value of goods demanded
the responsiveness of buyers to price changes
the usefulness of goods demanded
the responsiveness of sellers to price changes
22
What is Product Differentiation?
Consumers buy products
Products have the same characteristics
Having different characteristics to stand out among other products
Products have different characteristics
23
What are advantages of secondary research?
Time-consuming
Very cheap to obtain
Confidential to other businesses
Up-to-date information
24
Qualitative Research is not concerned with which of the following?
Running a statistical test for significance
To describe and explain events
All of the above
Develop suggestions to overcome problems
25
to calculate market share you:
divide a company's sales by the total market size
divide a company's sales by the total market size X 100
Add up a company's sales and subtract it from total sales
divide the total market size by a company's sales
26
USP stands for
Unique Sale Price
Uniform Sales Pitch
Unique Shopping Place
Unique Selling Point
27
What is the role of marketing ?
Dividing a market into parts that reflects customers wants.
The management of process activities and decisions.
A specific goal or target, relating to performance of Staff
the process of identifying customers needs profitably
28
Geographic segmentation is about ?
Dividing markets based on location
Dividing consumer groups based on lifestyles
Dividing consumer groups based on social status
Understanding the benefit the product has to offer
29
Which of these is not a market segment?
Gender
Style
Age
Geographical location
30
The societal marketing concept looks at:
future spending of consumers
future welfare of consumers and effect on society
future income of consumers
future connections of consumers
31
Primary research can be conducted by...
reading business reports
searching online
Interpreting statistics
holding focus groups
32
What is product orientation?
Extensive customer research to develop a product
Creating a product focussed on needs of the market
Focus on customer needs
Focus on the production process and creating a product before market launch
33
Which of the following is an example of a demographic segmentation?
age
interest in a topic
knowledge of a topic
interest in the speaker
34
What does 'extension strategy' mean?
Actions a business takes to extend the life of a product & increase sales
When a business launches a new product
Actions a business takes to decrease the life of a product & decrease sales
When the business removes the product from sale
35
Random sampling is:
Dividing the target population into important sub-categories
Every member of a population has a chance to be asked
Simply selecting those people that are available at the time
Individuals who have chosen to be involved in the study
36
Factors that DO NOT influence market growth.
Economic Growth
Social Changes
Changes in Taste
Branding
37
A shift in the supply curve to the left means:
quantity producers offer at every price will be less.
quantity producers offer at every price stays the same.
none of the above
quantity producers offer at every price will be high.
38
Advantage of mass market
Differentiation
Less competition
large scale production
USP
39
Product Positioning
Planning for how people in the market will think about your product
The legal protection of words and symbols used by a company
A name, term, symbol, design or combination that identifies a product
A film of concert performances
40
What is a focus group
A group of people who discuss their opinions about a product
A group of people who discuss their lifes
Focusing on something with your friends
One to one therapy
41
Advantage of a niche market
Research and Development input
Tailor made products
Barriers to Entry for other products
High Revenues
42
Direct competitors are what?
Competitors whose products can satisfy the same need, but in different ways
Similar products are made by the same company.
Competitors most closely matching a firm's product offering
Any business
43
Brand Loyalty
All of the above
The faithfulness consumers have to a particular brand
Repeat purchases of of the same brand.
When a customer only buys apple products.
44
What is demand
How much is able to be supplied
Amount of product which suppliers will offer to the market at a given price
Customers are willing to pay and are able to buy
How much people want
45
What is a marketing strategy?
It is when a business decides on which market to enter
Set of plans that aim to oppose a specific market objective
When a business does something
Set of plans that aim to achieve a specific market objective
46
What is market research?
It is the activity of collecting information about what people want
It is a way of finding out what people need and buy.
It is the activity of studying information about what people want
All of the above
47
Skimming pricing involves:
Setting a high price then lowering the prices in stages.
Skimming away the competitors by lowering the prices.
Setting a price at a psychological price point.
Charging higher prices than your competitors.
48
Who determines supply?
Sellers
Buyers
49
Define an Industrial Market
Markets where G&S are purchased by the secondary sector
Markets for G&S bought by businesses to use in production
Markets for G&S bought by the final user
Markets for machinery
50
income inelastic means
% change in demand is the same as % change in Income
% change in demand is less for both income and price
% change in demand is less than % change in income
% change in demand is more than % change in income
51
What is loss leader pricing?
When a business loses money on a product
When the dominant business increases their price
When a consumer spends too much money on a product
When you lose a product

CAIE Revision Unit 3 Flashcards | StudBud