How Well Do You Know About Marketing Ethics? Trivia Quiz

2.

Which of the following is not a common source of criticism against marketing?

World Trade Organization.
United Nations.
Individuals.
Society.

Correct Answer

A. United Nations.

Explanation

The United Nations is not a common source of criticism against marketing. While the World Trade Organization, individuals, and society can all voice criticisms against marketing practices, the United Nations is an international organization that focuses on promoting peace, security, and cooperation among nations. It does not specifically target or criticize marketing activities.

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3.

The marketing concept holds that customers will remain loyal if:

The customers' needs are met at a price that represents value for money.
The company's marketing activities are persuasive enough.
A company offers numerous 'specials'.
The company produces a product with enough features to satisfy everybody.

Correct Answer

A. The customers' needs are met at a price that represents value for money.

Explanation

The marketing concept suggests that customers will remain loyal if their needs are met at a price that offers value for money. This means that customers expect to receive a product or service that fulfills their requirements and provides them with a satisfactory experience, all while being priced reasonably. When customers feel that they are getting their money's worth, they are more likely to develop loyalty towards the brand or company. Offering numerous 'specials' or producing a product with numerous features may not necessarily guarantee customer loyalty if their needs are not met or if the price does not represent value for money.

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4.

Select the correct definition of a market.

A market is a mechanism that determines the price of products and services.
A market is a collection of buyers and sellers willing to exchange a product.
A market is a collection of people who actually or potentially want or need a product, and are able to exchange in order to acquire it.

Correct Answer

A. A market is a collection of people who actually or potentially want or need a product, and are able to exchange in order to acquire it.

Explanation

The correct answer defines a market as a collection of people who have a desire or need for a product and are capable of exchanging it in order to obtain it. This definition emphasizes the importance of both the demand and supply sides of a market, as well as the ability to engage in transactions. It recognizes that markets are driven by the interactions between buyers and sellers, and that the exchange of products or services is a fundamental aspect of a market.

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5.

The characteristics of customers is part of the:

Demographics.
Marketing mix.
Market audit.
Target market.

Correct Answer

A. Target market.

Explanation

The characteristics of customers, such as their age, gender, income, and preferences, play a crucial role in defining the target market. Target market refers to a specific group of customers that a company aims to reach and serve with its products or services. By understanding the characteristics of customers, businesses can tailor their marketing strategies and offerings to meet the needs and preferences of their target market, ultimately increasing their chances of success in the market. Therefore, the characteristics of customers are an essential component of the target market.

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6.

The ______________ is essentially a projected profit and loss statement.

Executive summary
Budget
Action program
Current marketing situation

Correct Answer

A. Budget

Explanation

The budget is essentially a projected profit and loss statement. It provides a detailed plan of expected income and expenses over a specific period of time. It helps in determining the financial feasibility of a project or business venture by estimating future revenues and costs. The budget serves as a guide for making financial decisions and helps in monitoring and controlling expenses to achieve desired financial goals.

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7.

Promotions are part of the:

Micro-environment.
Target market.
Company environment.
Marketing mix.
Macro-environment.

Correct Answer

A. Marketing mix.

Explanation

Promotions are a crucial component of the marketing mix, which refers to the set of tactical marketing tools that a company uses to effectively promote its products or services to its target market. The marketing mix includes the four Ps: product, price, place, and promotion. Promotions specifically focus on communicating and persuading customers about the value and benefits of a product or service. Therefore, it is logical to categorize promotions as part of the marketing mix.

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8.

On the product/market expansion grid, where would you recommend first for growth opportunities?

Existing products - new markets.
Existing product - existing markets.
New products - existing markets.
New products - new markets.

Correct Answer

A. Existing product - existing markets.

Explanation

The recommended first growth opportunity on the product/market expansion grid is existing product - existing markets. This means focusing on selling existing products to current customers in the current market. This strategy allows a company to leverage its established customer base and market presence, potentially increasing market share and profitability. It involves strategies such as product improvements, marketing campaigns, and customer retention efforts to drive growth within the existing market.

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9.

If market penetration is no longer an option, which growth strategy would you advise a company to consider next?

Diversification.
Market development.
Market segmentation.
Product development.

Correct Answer

A. Market development.

Explanation

If market penetration is no longer an option, the next growth strategy that can be advised to a company is market development. Market development involves expanding into new markets or attracting new customers within existing markets. This strategy allows the company to reach a larger audience and increase its market share. By identifying new market segments or geographic areas, the company can introduce its existing products or services to a new customer base. This can help the company to grow and increase its revenue without relying solely on its current market penetration strategy.

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10.

The _______________ is an examination of whether the company's basic strategies match its opportunities and strengths.

Operating control
Strategic control
Marketing audit
SWOT analysis

Correct Answer

A. Strategic control

Explanation

Strategic control is the correct answer because it involves evaluating whether a company's fundamental strategies align with its strengths and opportunities. This process helps ensure that the company is effectively utilizing its resources and capabilities to take advantage of favorable market conditions and achieve its objectives. By conducting strategic control, organizations can identify any gaps or misalignments in their strategies and make necessary adjustments to improve their overall performance and competitiveness.

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How Well Do You Know About Marketing Ethics? Trivia Quiz

Which of the following is not a category of marketing ethical issues?

Quiz Preview

Which of the following is not a common source of criticism against marketing?

The marketing concept holds that customers will remain loyal if:

Select the correct definition of a market.

The characteristics of customers is part of the:

The ______________ is essentially a projected profit and loss statement.

Promotions are part of the:

On the product/market expansion grid, where would you recommend first for growth opportunities?

If market penetration is no longer an option, which growth strategy would you advise a company to consider next?

The _______________ is an examination of whether the company's basic strategies match its opportunities and strengths.