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Marketing in Business Flashcards | StudBud
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Marketing in Business
Marketing in Business
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Business Management quiz for Chapter 10.
Flashcards
42 cards
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Practice quiz
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Questions
42
Answers
1
The marketing philosophy adopted by a business determines their level of competitiveness.
True
False
2
A business should always be able to identify a secondary market for its products
True
False
3
The business needs to be able to identify...
who will buy the product or service
where the market is
why they will buy the product
where the product will be seen
4
Statistical interpretation analysis only focuses on data that represent deviations.
True
False
5
ASIC stands for...
The Australian Social and Investments Corporation
The Australian Securities and Investments Corporation
The Australian Social and Informative Corporation
The Australian Securities and Investments Commission
6
A niche market is...
a small specialized market
a market directed at 'tweens'
when a product is aimed at one customer
a clothing market
7
A customer-oriented approach is one of the four principles of the marketing concept.
False
True
8
A sociocultural influence that affects customer choice is...
Perception
Family and roles
Personality
Attitude
9
How many new products launched on the market fail in the first year of operation?
65%
80%
70%
50%
10
Nothing is achieved by marketing until a sale is made
True
False
11
Which of the following is not crucial for a business to identify in its marketing plan?
Why the market will be in favour of the businesses finances
Where the market is
Why the individuals target market will buy the product
Who will buy the product
12
Bonus Question: What advertisement is Mr Miles annoyed by most?
Frank Walker
All those that say "But wait, there's more!"
AAMI ads
Budget Direct - Captain Risky
13
Marketing is the revenue-generating activity of any business
False
True
14
Support services used on 'The Apprentice' includes...
Professional illustrator
Professional composer
Graphic designer
Costume designer
15
The last step (Step 3) in the market research process is...
Determining information needs
Collecting data (from primary and secondary sources)
Choosing a target market
Analysing and interpreting data
16
Marketing extends to...
experiences
services
goods
events
17
An example of a consumer trend is...
the rise in teenagers taking selfies
one-stop shopping increasing in popularity
ageing population
the rise in the use of e-commerce
18
Marketing refers exclusively to the advertising of products to a target audience.
False
True
19
The 'behavioural' dimension consists of...
Benefits sought
Personality
Age
Consumer opinions and interests
20
Conducting a survey of all customers to gather data is an example of...
Secondary data
Primary data
21
Why does a business segment its market?
So it can better direct its marketing strategies
To make the planning process easier to complete
To conduct more accurate market research
To give attention to specific customers
22
Internal data is part of which category?
Secondary data
Primary data
23
Resource markets are...
markets that have wholesales buying goods in bulk
markets where products are offered without segmenting
markets where consumers purchase goods for their own use
factor markets - land, labour, capital and enterprise
24
What is an example of an economic influence?
Culture
A recession or boom
Social class
Peer groups
25
When does customer relationship begin for a business adopting the customer centred approach?
When a customer shows strong interest in a product
When a customer purchases a product
When a customer first visits the shopfront of a business
When a customer first becomes aware of a business
26
The extended marketing mix adds people, processes and physical evidence to the 'Four Ps'
False
True
27
A primary target market...
will generate most of a businesses revenue
is used in case of loss of customers
has a smaller customer base
consists of customers who are loyal to the business
28
Staff in which levels of business are responsible for implementing a customer centred approach?
Staff at the top level, such as managers
Staff at the level that has most interaction with customers
Staff at a lower level, such as staff on the shopfront
Staff at all levels have a responsibility
29
What is the marketing concept approach?
places the operation and sales of a business at its centre
One that places the customer at the centre
30
Whats a good method of awarding customer loyalty?
Sales
Discounts on pre-purchased items
A rewards program
A refund policy
31
Observation in collecting primary data means the researcher...
records the behaviour of customers...direct contact avoided
surveys and grades the customer service abilities
watches all the existing employees
32
What does the term 'benchmark' mean in terms of marketing?
A problem occurring in marketing
Reaching a goal
A standard to compare to. Having a competitive edge!
To survey customers
33
On 'The Apprentice' the boy team lost mainly because...
The maze couldn't be completed on the box
Poor use of support services
Time management problems
The presentation lacked excitement and emotion
34
The four types of markets include...
customers, industry, government, business
consumers, business, global, not for profit & government
retail, consumers, global, not for profit & government
industry, not for profit, retail, business
35
Market research is the process of gathering information to assist business owners in decisions.
False
True
36
Most businesses have the means to target the entire market with their products
False
True
37
The Pareto Principle is how a small percentage of customers accounts for the majority of sales.
False
True
38
Marketing in business is...
promoting & selling products or services, includes research
doing market research
selling products to customers
planning the distribution of goods and services
39
Market segmentation has four dimensions including...
Psychographic
Geographic
Demographic
Behavioural
40
What is the Pareto Principle also referred to as?
The 70/30 rule
The 70/30 principle
The 80/20 rule
The law of customer distribution
41
The core of marketing is satisfying existing customer wants, which should lead to repeat sales.
False
True
42
Sales orientation focuses on internal production issues such as labour costs.
True
False
