IB Business And Management Marketing Quiz Questions!

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  • 1/50 Questions

    The marketing mix is a central feature of any marketing plan.

    • True
    • False
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IB Business And Management Marketing Quiz Questions! - Quiz

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  • 2. 

    Marketing that takes account of the moral issues involved in business is known as:

    • E-marketing

    • Persuasive marketing

    • Ethical marketing

    • Public relations management

    Correct Answer
    A. Ethical marketing
    Explanation
    Ethical marketing refers to a marketing approach that considers and incorporates moral values and principles in business practices. It involves promoting products or services in a way that is honest, fair, and respects the rights and well-being of consumers. Ethical marketing aims to build trust and long-term relationships with customers by ensuring transparency, social responsibility, and sustainability. It focuses on creating value for all stakeholders and making ethical decisions that align with societal norms and expectations.

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  • 3. 

    Markets can exist without physical locations.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Markets can exist without physical locations because of the advent of e-commerce and online platforms. With the rise of technology, businesses can now sell and trade products and services online without the need for a physical storefront or market. Online marketplaces like Amazon, eBay, and Alibaba have revolutionized the way goods are bought and sold, allowing for virtual markets to thrive. Additionally, financial markets such as stock exchanges operate electronically, enabling trading to occur without a physical presence. Therefore, the statement is true, as markets can indeed exist without physical locations.

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  • 4. 

    Marketing is concerned with promoting goods and services to customers.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Marketing is indeed concerned with promoting goods and services to customers. It involves various activities such as market research, advertising, sales promotion, and public relations, all aimed at reaching and persuading potential customers to purchase products or services. By understanding customer needs and preferences, marketing helps businesses create and deliver value to their target audience, ultimately driving sales and revenue. Therefore, the given answer "True" is correct.

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  • 5. 

    ____________________: Measures the value of a firm's sales revenue as a percentage of the industry's total; e.g. a business with 35% market share means that for every $100 sold in the industry, the firm earns $35 of the sales revenue.

    Correct Answer
    Market share
    Explanation
    Market share is a metric that measures the proportion of a firm's sales revenue in relation to the total sales revenue of the industry it operates in. It is expressed as a percentage and indicates the firm's position and influence in the market. For example, if a business has a market share of 35%, it means that out of every $100 in sales revenue generated by the industry, the firm earns $35. Market share is an important indicator of a company's competitiveness and success in its industry.

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  • 6. 

    Consumer markets are the products directly aimed at individuals and households.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Consumer markets refer to the market where products are directly targeted at individuals and households. This means that these products are designed and marketed specifically for personal use or consumption by individual consumers. Examples of consumer markets include the retail industry, where products like clothing, electronics, and groceries are sold directly to consumers. Therefore, the statement "Consumer markets are the products directly aimed at individuals and households" is true.

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  • 7. 

    The marketing mix for services does NOT include:

    • Price

    • Physical environment

    • Pledge

    • People

    Correct Answer
    A. Pledge
    Explanation
    The marketing mix for services includes various elements that help in promoting and delivering the service effectively. These elements typically include price, physical environment, and people. However, the element that is not included in the marketing mix for services is a "pledge." A pledge is not a tangible or measurable factor that can be controlled or manipulated by the marketer. It is more of a commitment or promise made by the service provider, which may be important for building trust and credibility but is not a direct component of the marketing mix.

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  • 8. 

    Marketing is about all the following things except:

    • Understanding the needs and wants of customers

    • Meeting the needs and wants of customers

    • Customer relations

    • Recruiting the best sales people

    Correct Answer
    A. Recruiting the best sales people
    Explanation
    Recruiting the best sales people is not a part of marketing because marketing focuses on understanding and meeting the needs and wants of customers, as well as building customer relations. While recruiting salespeople may be important for a company's sales efforts, it is not directly related to the core principles of marketing. Marketing is more concerned with market research, product development, pricing, promotion, and distribution strategies to attract and retain customers.

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  • 9. 

    An advantage of a higher market share is that:

    • It can lead to market leadership or dominance

    • It requires economies of scale to be earned

    • There will be less competitors in the market

    • The firm will operate more productively

    Correct Answer
    A. It can lead to market leadership or dominance
    Explanation
    Having a higher market share can lead to market leadership or dominance because when a company has a larger share of the market, it often means that it has more customers and sales than its competitors. This gives the company more influence and control over the market, allowing it to set trends, dictate pricing, and shape customer preferences. Market leadership or dominance can also lead to increased brand recognition and customer loyalty, making it more difficult for new competitors to enter the market and challenge the company's position.

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  • 10. 

    _______________________: Any activity that seeks to influence social behaviour to benefit the target audience and society as a whole. It DOES NOT mean SOCIAL MEDIA (e.g. Facebook).

    Correct Answer
    Social marketing
    Explanation
    Social marketing refers to any activity that aims to influence social behavior for the benefit of the target audience and society as a whole. It involves using marketing techniques to promote positive social change and encourage individuals to adopt behaviors that are beneficial for themselves and society. This can include campaigns to promote healthy eating, discourage smoking, or raise awareness about social issues. It is important to note that social marketing is not limited to social media platforms like Facebook, but encompasses a broader range of strategies and channels to reach and engage the target audience.

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  • 11. 

    Marketing is the same as advertising and selling.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement that marketing is the same as advertising and selling is false. While advertising and selling are important components of marketing, marketing is a broader concept that involves various activities such as market research, product development, pricing, distribution, and promotion. Marketing encompasses the entire process of identifying customer needs, creating and delivering value, and building long-term relationships with customers. Advertising and selling are just two tactics used within the larger marketing strategy.

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  • 12. 

    Market share can be described as:

    • The total sales, as measured by value or volume, in a market

    • The percentage of total sales in a market that can be attributed to a firm

    • The number of suppliers in a market

    • The relative size of a market

    Correct Answer
    A. The percentage of total sales in a market that can be attributed to a firm
    Explanation
    Market share refers to the percentage of total sales in a market that can be attributed to a specific firm. It is a measure of a company's success and competitiveness within a particular industry. A higher market share indicates that a company is capturing a larger portion of the market's sales compared to its competitors. This metric is important for companies as it helps them understand their position in the market and can be used to evaluate their performance and growth potential.

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  • 13. 

    Organisations trying to market healthier diets and eating habits are most likely to use:

    • Asset-led marketing

    • Social marketing

    • Product orientation

    • Market orientation

    Correct Answer
    A. Social marketing
    Explanation
    Organisations trying to market healthier diets and eating habits are most likely to use social marketing. Social marketing is a strategy that aims to promote positive behaviors and social change. In this case, it would involve using marketing techniques to encourage people to adopt healthier diets and eating habits. This could include campaigns, advertisements, and educational materials that highlight the benefits of healthy eating and provide information on how to make healthier choices. Social marketing focuses on the well-being of individuals and society as a whole, making it the most suitable approach for promoting healthier diets and eating habits.

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  • 14. 

    ________________________: The main elements of a firm's marketing strategy: PRODUCT, PRICE, PROMOTION & PLACE.

    Correct Answer
    Marketing mix
    Explanation
    The marketing mix refers to the combination of the four main elements of a firm's marketing strategy: product, price, promotion, and place. These elements work together to create a comprehensive plan for effectively reaching and satisfying the target market. The product refers to the goods or services offered by the firm, while price determines the cost at which they are sold. Promotion involves the various marketing activities used to communicate and promote the product to the target market. Finally, place refers to the distribution channels and locations where the product is made available to customers. The marketing mix is crucial in developing a successful marketing strategy.

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  • 15. 

    Which of the following is NOT part of the marketing mix for the marketing of goods?

    • Product

    • Promotion

    • People

    • Place

    Correct Answer
    A. People
    Explanation
    In the marketing mix, the term "People" refers to the target audience or consumers of the goods. It involves understanding the needs, preferences, and behaviors of the customers in order to create a product that meets their demands. However, "People" is not a direct element of the marketing mix, which traditionally consists of Product, Price, Promotion, and Place. While understanding the target audience is crucial for successful marketing, it is not considered a distinct component of the marketing mix.

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  • 16. 

    _________________: A marketing approach adopted by businesses that are INWARD looking. They focus on selling products they can make, rather than making products they can sell.

    Correct Answer
    Product orientation
    Explanation
    Product orientation is a marketing approach where businesses prioritize selling products that they can make, rather than focusing on making products that they can sell. This means that the company's main focus is on their internal capabilities and resources, rather than considering the needs and preferences of the customers. The company produces goods based on their own abilities and then tries to sell them in the market. This approach may not always align with the demands and preferences of the customers, as the company is not actively seeking to understand and meet customer needs.

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  • 17. 

    ____________: Is an approach adopted by businesses that are OUTWARD looking. They focus on making products that they can sell, rather than selling products they can make.

    Correct Answer
    Market orientation
    Explanation
    Market orientation refers to a business strategy where the company prioritizes understanding and meeting the needs and wants of its target market. Instead of solely focusing on producing goods or services, a market-oriented business places emphasis on researching and analyzing customer preferences, market trends, and competitors. By doing so, they can develop and deliver products that align with customer demands and generate higher sales and customer satisfaction. In essence, market orientation involves a customer-centric approach, ensuring that the company is outwardly focused on meeting market demands rather than simply pushing its own products.

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  • 18. 

    ________________: The document outlining a firm's marketing objectives and strategies for a specified time period.

    Correct Answer
    Marketing plan
    Explanation
    A marketing plan is a document that outlines a firm's marketing objectives and strategies for a specified time period. It serves as a roadmap for the company's marketing efforts and helps in achieving its goals. The marketing plan includes details about target customers, marketing tactics, budget allocation, and timelines. It provides a comprehensive overview of the company's marketing activities and helps in coordinating and aligning the efforts of different departments towards achieving the desired marketing outcomes.

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  • 19. 

    Product orientated marketing means:

    • Using a firm's strengths such as its brand image to market existing and new products

    • Marketing decisions based on the needs of customers

    • Producing and marketing products that the firm believes will sell

    • Using a firm's assets to increase the marketing budget

    Correct Answer
    A. Producing and marketing products that the firm believes will sell
    Explanation
    Product orientated marketing refers to the approach of producing and marketing products that the firm believes will sell. This approach focuses on the firm's own capabilities, resources, and expertise to develop and promote products. It involves analyzing market trends, conducting market research, and leveraging the firm's knowledge and understanding of customer preferences to create products that are likely to be successful in the market. This strategy is centered around the firm's confidence in its ability to identify and meet customer demands effectively.

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  • 20. 

    Core competencies of a business are unlikely to include its:

    • Brand names

    • Global reach

    • Distribution channels

    • Newly recruited staff

    Correct Answer
    A. Newly recruited staff
    Explanation
    Core competencies refer to the unique strengths and capabilities that give a business a competitive advantage in the market. Brand names, global reach, and distribution channels are all examples of core competencies as they contribute to the business's ability to differentiate itself and reach a wider customer base. However, newly recruited staff are not considered a core competency as they are not unique to the business and can be easily replicated by competitors. Core competencies are typically more enduring and difficult for competitors to imitate.

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  • 21. 

    Which feature can NOT be applied to market orientated businesses?

    • Research is conducted on the needs and wants of customers

    • Products are designed according to what the producer feels will sell the best

    • Price is based on the ability and willingness of customers to pay

    • Distribution networks make it convenient for customers to make purchases

    Correct Answer
    A. Products are designed according to what the producer feels will sell the best
    Explanation
    Market-oriented businesses focus on meeting the needs and wants of customers through research and understanding their preferences. They conduct research to identify customer needs and wants, set prices based on customers' ability and willingness to pay, and establish distribution networks to make purchases convenient for customers. However, designing products solely based on the producer's perception of what will sell best goes against the customer-centric approach of market orientation. This approach emphasizes the importance of customer input and preferences in product design and development.

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  • 22. 

    ___________________: The percentage change in the total size of a market (volume or value) over a period of time.

    Correct Answer
    Market growth
    Explanation
    Market growth refers to the percentage change in the total size of a market, either in terms of volume or value, over a specific period of time. It indicates the expansion or contraction of the market and is often used as a measure of the market's performance. A positive market growth implies an increase in market size, indicating a healthy and thriving market, while a negative market growth suggests a decline in market size, indicating potential challenges or issues in the market.

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  • 23. 

    Complete the missing figure in the table below for a market valued at $150 million. Company Sales ($m) Market share A  60  ? B  30   C    22 D    18

    • 33

    • 27

    • 40

    • 34

    Correct Answer
    A. 40
    Explanation
    To find the missing market share for Company B, we need to subtract the market shares of companies A, C, and D from the total market share of 100%. Since the market share of Company C is given as 22%, and the market share of Company D is given as 18%, the sum of their market shares is 40%. Subtracting 40% from 100% gives us the missing market share for Company B, which is 60%.

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  • 24. 

    ____________________: The management task that links the business to the customer by identifying and meeting the needs of customers profitably. It does this by getting the right PRODUCT at the right PRICE at the right PLACE with the right PROMOTION.

    Correct Answer
    Marketing
    Explanation
    The given correct answer is "Marketing." Marketing is the management task that connects the business to the customer by identifying and satisfying their needs profitably. It involves various activities such as product development, pricing, distribution, and promotion. By understanding customer needs and preferences, marketing ensures that the right product is offered at the right price, available at the right place, and promoted effectively to reach the target audience. This helps businesses generate sales, build customer relationships, and achieve profitability.

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  • 25. 

    The size of a market cannot be measured in terms of:

    • Sales revenue

    • Sales volume

    • Number of customers

    • Marketing budgets

    Correct Answer
    A. Marketing budgets
    Explanation
    The size of a market refers to the total potential demand for a product or service. While sales revenue, sales volume, and number of customers are all indicators that can be used to measure market size, marketing budgets are not directly related to the size of a market. Marketing budgets represent the amount of money allocated for promotional activities and advertising, which can vary depending on the marketing strategy and objectives of a company. Therefore, marketing budgets are not a reliable measure of market size.

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  • 26. 

    Complete the missing figure in the table below for a market valued at $150 million. Company Sales ($m) Market share A  60   B  30   C    22 D ?  18

    • 15

    • 22

    • 27

    • 32

    Correct Answer
    A. 27
    Explanation
    To find the missing value for company C's sales, we need to subtract the sales of companies A, B, and D from the total market value of $150 million.

    Sales of A + Sales of B + Sales of D = Total Market Value
    60 + 30 + Sales of D = 150
    90 + Sales of D = 150
    Sales of D = 150 - 90
    Sales of D = 60

    Now, we can find the missing value for company C's sales by subtracting the sales of A, B, and D from the total market value:
    Total Market Value - Sales of A - Sales of B - Sales of D = Sales of C
    150 - 60 - 30 - 60 = Sales of C
    150 - 150 = Sales of C
    Sales of C = 0

    Therefore, the missing figure for company C's sales in the table is 0.

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  • 27. 

    Marketing that exploits the strengths of a business, such as its brand name, to market both new and existing products is known as:

    • Asset-led marketing

    • Market-led marketing

    • Consumer-led marketing

    • Product-led marketing

    Correct Answer
    A. Asset-led marketing
    Explanation
    Asset-led marketing is a marketing strategy that focuses on leveraging the strengths of a business, such as its brand name or existing assets, to market both new and existing products. This approach recognizes the value of the company's assets and uses them as a foundation for marketing efforts. By highlighting and utilizing these assets, the business can effectively promote its products and build a strong brand presence in the market.

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  • 28. 

    The management of an organisation's relations and interactions with its customers is known as:

    • Human resources management

    • Human relations management

    • Customer relations management

    • Public relations management

    Correct Answer
    A. Customer relations management
    Explanation
    Customer relations management refers to the management of an organization's relations and interactions with its customers. This involves developing strategies to build and maintain positive relationships with customers, understanding their needs and preferences, and providing excellent customer service. Customer relations management aims to enhance customer satisfaction, loyalty, and retention, ultimately leading to increased sales and business growth. It involves various activities such as customer feedback management, complaint resolution, and personalized marketing approaches. By effectively managing customer relations, organizations can strengthen their brand reputation and gain a competitive advantage in the market.

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  • 29. 

    The physical element in the marketing of a service is known as the:

    • Product

    • Physical environment

    • Ambience

    • Feel-good factor

    Correct Answer
    A. Physical environment
    Explanation
    The physical element in the marketing of a service refers to the tangible aspects of the service environment that can influence the customer's perception and experience. This includes factors such as the layout, design, decor, and cleanliness of the physical space where the service is delivered. The physical environment plays a crucial role in creating a positive impression and setting the right ambiance for the service, which can ultimately impact customer satisfaction and loyalty.

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  • 30. 

    Mr Burton has decided to open a franchise of Le Cafe Ltd in a busy commercial district. She has decided to employ premium pricing for its range of coffees and deserts. He has decided to advertise by distributing flyers and coupons in the local area. Which elements of the marketing mix have NOT been mentioned in the above situation?

    • Price, Promotion and People

    • Place, Physical environment and Profit

    • Place, Price and Promotion

    • People, Physical environment and Process

    Correct Answer
    A. People, Physical environment and Process
    Explanation
    The elements of the marketing mix that have not been mentioned in the given situation are People, Physical environment, and Process. The question mentions that Mr. Burton has decided to employ premium pricing (Price) and advertise by distributing flyers and coupons (Promotion) in the local area. However, it does not mention anything about the people involved in the business, the physical environment of the cafe, or the processes followed in running the franchise.

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  • 31. 

    Complete the missing figure in the table below for a market valued at $150 million. Company Sales ($m) Market share A  60   B  30 ? C    22 D    18

    • 46

    • 32

    • 40

    • 20

    Correct Answer
    A. 20
    Explanation
    The missing market share for company B can be calculated by subtracting the market shares of companies A, C, and D from 100%. Given that the market share of company C is 22% and the market share of company D is 18%, the market share of company B can be calculated as follows:

    100% - 60% (market share of company A) - 22% (market share of company C) - 18% (market share of company D) = 0%

    Therefore, the missing market share for company B is 0%.

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  • 32. 

    The marketing approach that uses the strengths of a business to market both new and existing products is known as:

    • Product orientation

    • Market orientation

    • Asset-led marketing

    • Social marketing

    Correct Answer
    A. Asset-led marketing
    Explanation
    Asset-led marketing is the correct answer because it refers to a marketing approach that focuses on leveraging the strengths and assets of a business to market both new and existing products. This approach recognizes the unique capabilities and resources of the business and utilizes them effectively in the marketing strategy. By highlighting the company's assets, such as brand reputation, customer base, or technological expertise, asset-led marketing aims to create a competitive advantage and drive sales and growth.

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  • 33. 

    Complete the missing figure in the table below for a market valued at $150 million.   Company Sales ($m) Market share A  60   B  30   C ?  22 D    18

    • 33

    • 42

    • 16

    • 20

    Correct Answer
    A. 33
    Explanation
    To find the missing figures for a market valued at $150 million:
    Company A: With sales of $60 million, its market share is calculated as ($60 million / $150 million) * 100 = 40%.
    Company B: With sales of $30 million, its market share is ($30 million / $150 million) * 100 = 20%.
    Company C: With a market share of 22%, its sales are calculated as (22% of $150 million) = $33 million.
    Company D: With sales of $18 million, its market share is ($18 million / $150 million) * 100 = 12%.
    Thus, Company C's sales are $33 million.

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  • 34. 

    A marketing plan is NOT likely to include:

    • A SWOT analysis

    • Marketing objectives

    • Financial information

    • Methods of production

    Correct Answer
    A. Methods of production
    Explanation
    A marketing plan typically focuses on the strategies and tactics to promote and sell a product or service. It includes elements such as identifying target markets, setting marketing objectives, conducting a SWOT analysis to assess strengths, weaknesses, opportunities, and threats, and analyzing financial information to determine budgets and pricing strategies. However, methods of production are not typically included in a marketing plan as they pertain more to the operational aspects of a business rather than the marketing and promotional activities.

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  • 35. 

    __________________: The total level of sales of all producers within a market.

    Correct Answer
    Market size
    Explanation
    Market size refers to the total level of sales of all producers within a market. It represents the overall demand and potential opportunities for businesses operating in that market. The larger the market size, the more potential customers and revenue there is for businesses. Understanding the market size is crucial for businesses to make informed decisions regarding their product offerings, pricing strategies, and market share. By analyzing the market size, businesses can identify growth opportunities, assess competition, and develop effective marketing strategies to target the right customer segments.

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  • 36. 

    Advertising is what gets products sold.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    This statement is not entirely accurate. While advertising plays a significant role in promoting products and increasing sales, it is not the sole factor responsible for selling products. Other factors such as product quality, pricing, distribution, and customer satisfaction also contribute to the success of selling products. Therefore, the statement is false.

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  • 37. 

    _______________: Are firms that dominate the market share in a particular market. The business that has the largest market share in an industry, as measured by value or volume of sales, is called the market leader.

    Correct Answer
    Market leaders
    Explanation
    Market leaders are firms that have the largest market share in a specific industry. This means that they sell the highest value or volume of products compared to their competitors. Being a market leader indicates that a company has established a strong position in the market and is often seen as a dominant player. Market leaders typically have a competitive advantage, such as superior product quality, brand recognition, or economies of scale, which allows them to maintain their leading position.

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  • 38. 

    Which statement can NOT be applied to market orientated businesses?

    • Products are produced that customers actually want or need

    • Prices take account of what people are prepared and able to pay

    • There is heavy spending on product research and development

    • Customers buying habits enable a firm to establish promotional strategies

    Correct Answer
    A. There is heavy spending on product research and development
    Explanation
    Market-oriented businesses prioritize the needs and wants of customers, ensuring that products are produced to meet their demands. They also consider the pricing strategy based on what customers are willing and able to pay. Additionally, they establish promotional strategies based on customers' buying habits. However, the statement "There is heavy spending on product research and development" cannot be applied to market-oriented businesses. This is because market-oriented businesses focus on understanding and meeting customer needs, rather than solely investing in research and development without considering customer preferences.

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  • 39. 

    Which of the following is an example of a marketing objective for Toys R Us?

    • Increase output by 1 million toys by the end of the year

    • Open five new stores in Vietnam within the next three years

    • Increase market share by five per cent within the next 20 months

    • Increase brand awareness through above-the-line promotions

    Correct Answer
    A. Increase market share by five per cent within the next 20 months
    Explanation
    Increasing market share by five percent within the next 20 months is a specific and measurable marketing objective for Toys R Us. This objective focuses on increasing the company's market share, which indicates the percentage of the total market that Toys R Us holds. By setting a specific target of five percent and a time frame of 20 months, the objective becomes achievable and time-bound. This objective also aligns with the overall goal of growing the business and gaining a larger share of the market.

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  • 40. 

    One difference between goods and services is that services are:

    • Perishable

    • Owned upon purchase

    • Tangible

    • Homogeneous

    Correct Answer
    A. Perishable
    Explanation
    Services are perishable, meaning they cannot be stored or saved for future use. Unlike goods, which can be produced in advance and stored until they are needed, services are consumed in real-time and cannot be used or experienced at a later date. Once a service is provided, it cannot be retrieved or reused. This perishable nature of services makes them unique and distinguishes them from tangible goods.

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  • 41. 

    Market orientation is a marketing strategy that involves:

    • Researching customers' needs in order to develop new products

    • Producing innovative goods that meet the needs of the market

    • Developing products based on a firm's production capability

    • Primary research techniques to find out about customers' wants and needs

    Correct Answer
    A. Researching customers' needs in order to develop new products
    Explanation
    Market orientation is a marketing strategy that focuses on researching customers' needs in order to develop new products. This approach involves conducting market research to gain insights into customer preferences, desires, and pain points. By understanding customers' needs, businesses can create innovative goods that meet the demands of the market. This customer-centric approach ensures that products are developed based on actual customer requirements rather than the firm's internal capabilities or assumptions. This strategy helps businesses stay competitive by staying attuned to the ever-changing needs and preferences of their target market.

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  • 42. 

    Identify an alternative marketing approach to market orientation  from the given options:

    • Service orientation

    • Consumer orientation

    • Production orientation

    • Product orientation

    Correct Answer
    A. Product orientation
    Explanation
    Product orientation is an alternative marketing approach to market orientation. In this approach, the focus is primarily on the product itself rather than the needs and wants of the customers. The company believes that if they have a superior product, customers will automatically be attracted to it. This approach involves a heavy emphasis on product development, innovation, and quality. The company's main goal is to create the best product possible and then market it to the customers. This approach may not always align with the customers' preferences and needs, as it does not prioritize understanding and fulfilling their requirements.

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  • 43. 

    Some businesses are seen to have senior management chauffeured in expensive cars, partly to portray an image of high quality and standards. This is an example of:

    • Packaging

    • People management

    • Process management

    • Physical evidence

    Correct Answer
    A. Physical evidence
    Explanation
    The scenario described in the question suggests that the use of expensive cars for senior management is aimed at creating a physical representation of high quality and standards. Physical evidence refers to tangible elements that customers can see, touch, or experience, which can influence their perception of a business. In this case, the expensive cars serve as a physical evidence of the business's commitment to quality and standards, helping to create a positive image in the minds of customers.

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  • 44. 

    __________________: Any medium-to long-term plan for achieving the marketing objectives of a business.

    Correct Answer
    Marketing strategy
    Explanation
    A marketing strategy refers to a comprehensive plan that outlines the steps and actions required to achieve the marketing objectives of a business over a medium-to long-term period. It involves identifying target markets, understanding customer needs, and developing strategies to reach and engage with them effectively. A marketing strategy encompasses various elements such as product positioning, pricing, distribution channels, and promotional activities. It serves as a roadmap for the company's marketing efforts and helps align the organization towards its goals.

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  • 45. 

    _____________ : A business strategy based on the core strengths (core competencies) of the firm. Businesses that adopt this approach use their core assets, such as brand name, to develop and launch new products.

    Correct Answer
    Asset-led marketing
    Explanation
    Asset-led marketing is a business strategy that focuses on leveraging the core strengths and competencies of a firm to develop and launch new products. This approach involves utilizing the firm's key assets, such as its brand name, to drive marketing efforts and create a competitive advantage in the market. By capitalizing on its core assets, the firm can effectively position itself and its products, ultimately leading to increased market share and profitability.

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  • 46. 

    Which statement can NOT be applied to the nature of marketing?

    • Customers are of central importance to marketing

    • Marketing affects all parts of a business

    • Marketing is all about selling to meet the needs of customers

    • Marketing is not the same as advertising

    Correct Answer
    A. Marketing is all about selling to meet the needs of customers
    Explanation
    The statement "Marketing is all about selling to meet the needs of customers" cannot be applied to the nature of marketing because marketing is not solely focused on selling. Marketing involves various activities such as market research, product development, pricing, distribution, and promotion, all aimed at creating value for customers and satisfying their needs. Selling is just one aspect of marketing, but it does not encompass the entire scope of marketing activities.

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  • 47. 

    _____________: Markets for goods and services bought by the final user of them.

    Correct Answer
    Consumer markets
    Explanation
    Consumer markets refer to the markets where goods and services are purchased by the final users or consumers. These markets involve the buying and selling of products directly to individuals for their personal use or consumption. Consumer markets can include a wide range of industries such as retail, food and beverages, clothing, electronics, and more. In these markets, businesses focus on understanding consumer needs and preferences to develop and market products that cater to their demands.

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  • 48. 

    Which of the following is NOT part of the marketing mix for services?

    • Customer relations management

    • Pricing

    • Production

    • Distribution

    Correct Answer
    A. Production
    Explanation
    Production is not part of the marketing mix for services because it refers to the creation or manufacturing of tangible goods. In the context of services, the focus is on delivering intangible experiences or expertise to customers, rather than producing physical products. The marketing mix for services typically includes elements such as pricing, distribution, and customer relations management, which are more relevant to the service industry.

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  • 49. 

    _________________: A review of the firm's current marketing mix, in terms of its strengths, weaknesses, opportunities and threats.

    Correct Answer
    Marketing audit
    Explanation
    A marketing audit is a process of evaluating and analyzing a firm's current marketing mix. It involves assessing the strengths, weaknesses, opportunities, and threats of the firm's marketing strategies. This helps the firm to identify areas of improvement and make informed decisions to enhance its marketing efforts. A marketing audit provides valuable insights into the effectiveness of the firm's marketing activities and helps in identifying any gaps or areas of concern that need to be addressed.

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Quiz Review Timeline (Updated): Jun 5, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jun 05, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 23, 2012
    Quiz Created by
    Catherine Halcomb
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