Marketing Planning: IB Business And Management Marketing! Trivia Quiz
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Any aspect of a product that makes it stand out from those offered by rival businesses is termed: _________________.
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- 2.
The goals set for the marketing department to help the business achieve its overall objectives, is termed: _________________.
Explanation
The term used to describe the goals set for the marketing department in order to help the business achieve its overall objectives is "marketing objectives". Marketing objectives are specific, measurable targets that guide the marketing team's efforts and align them with the overall goals of the organization. These objectives can include increasing brand awareness, expanding market share, improving customer satisfaction, or generating more sales leads. By setting clear marketing objectives, the department can focus its activities and resources on driving results that contribute to the company's overall success.Rate this question:
- 3.
Marketing a new product in a geographical region before the full scale launch is termed: _________________.
Explanation
Test marketing refers to the process of introducing a new product or service to a specific geographical region before its full-scale launch. It allows companies to gather feedback, evaluate consumer response, and identify potential issues or improvements before investing in a widespread release. By conducting test marketing, businesses can assess market demand, fine-tune their marketing strategies, and make informed decisions on pricing, distribution, and promotion. This approach helps minimize risks and maximize the chances of success when launching a new product.Rate this question:
- 4.
Segmentation can be split into three broad categories. Which option below is NOT one of the methods:
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Academics
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Demographics
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Geographic
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Psychographics
Correct Answer
A. AcademicsExplanation
Segmentation is a marketing strategy used to divide a target market into smaller, more manageable segments. The three broad categories of segmentation are demographics (dividing the market based on factors like age, gender, income, etc.), geographic (dividing the market based on location or region), and psychographics (dividing the market based on psychological and lifestyle characteristics). Academics is not a method of segmentation as it does not pertain to any specific characteristic or behavior of the target market.Rate this question:
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- 5.
A 'premium brand' is likely to be perceived as one that offers:
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High quality at a high price
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Low quality at a high price
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High quality at a low price
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Low quality at a low price
Correct Answer
A. High quality at a high priceExplanation
A 'premium brand' is typically associated with high quality products or services that are priced higher than average. Consumers perceive premium brands as offering superior quality and features, which justifies the higher price tag. This perception is based on the assumption that the brand invests in research, development, and sourcing of high-quality materials or ingredients, as well as superior craftsmanship or expertise. The higher price also helps to create a sense of exclusivity and prestige around the brand, attracting customers who are willing to pay more for the perceived value and status associated with owning a premium product.Rate this question:
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- 6.
Which concept refers to the distinctinctive aspect or feature of a product that differentiates it from others that might be available on the market?
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Competitive rivalry
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Monopolistic power
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Unique selling point
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Corporate branding
Correct Answer
A. Unique selling pointExplanation
A unique selling point refers to the distinctive aspect or feature of a product that sets it apart from other similar products in the market. It is a specific attribute that makes the product stand out and gives it a competitive advantage. This unique selling point can be a feature, benefit, or characteristic that appeals to the target audience and convinces them to choose this product over others. It helps in creating brand differentiation and attracting customers by offering something different or better than what is available in the market.Rate this question:
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- 7.
A long term plan established for meeting marketing obectives, is termed: _________________.
Correct Answer
Marketing strategyExplanation
A marketing strategy refers to a comprehensive plan that outlines the long-term goals and objectives of a company's marketing efforts. It involves identifying target markets, understanding customer needs, and developing strategies to promote products or services effectively. A marketing strategy helps a company to allocate resources, make informed decisions, and stay competitive in the market. It is a crucial tool for achieving marketing objectives and ensuring the overall success of a business.Rate this question:
- 8.
Consumer perception of a company behind a brand, is termed as:
Correct Answer
Corporate imageExplanation
Corporate image refers to the overall perception and reputation of a company in the eyes of consumers. It encompasses various aspects such as the company's values, ethics, quality of products or services, customer service, and overall brand identity. Consumer perception plays a crucial role in shaping a company's corporate image as it influences their trust, loyalty, and purchasing decisions. A positive corporate image can enhance brand equity, attract customers, and differentiate a company from its competitors. On the other hand, a negative perception can damage a company's reputation and result in loss of customers and market share.Rate this question:
- 9.
Primary data can be gathered from the use of:
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Government statistics
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Internet sites
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Group interviews
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Social trends
Correct Answer
A. Group interviewsExplanation
Group interviews are a method of gathering primary data because they involve directly interacting with a group of individuals to collect information. In a group interview, a researcher can ask questions, observe group dynamics, and gather insights and opinions from multiple participants simultaneously. This allows for a diverse range of perspectives and the opportunity to delve deeper into topics through follow-up questions. Government statistics, internet sites, and social trends, on the other hand, are sources of secondary data, as they already exist and are not directly collected by the researcher.Rate this question:
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- 10.
Which of the following is NOT a source of secondary data?
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Reference books
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Government publications
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Observations
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Company annual reports
Correct Answer
A. ObservationsExplanation
Observations are not considered a source of secondary data because secondary data refers to data that has already been collected by someone else for a different purpose. Observations, on the other hand, involve firsthand data collection by the researcher themselves. Therefore, observations are considered a primary data source rather than a secondary data source.Rate this question:
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- 11.
Primary research can be obtained by several methods, except for:
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Observations
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Focus groups
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University research publications
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Photographic evidence
Correct Answer
A. University research publicationsExplanation
University research publications are not a method of obtaining primary research. Primary research refers to the collection of original data directly from the source, and it can be done through observations, focus groups, and photographic evidence. University research publications, on the other hand, involve the dissemination of research findings after the data has already been collected and analyzed. They are a secondary source of information that summarizes and presents the results of primary research conducted by researchers.Rate this question:
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- 12.
Demographic segmentation can be done by all the following except:
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Gender
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Age
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Lifestyle
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Religion
Correct Answer
A. LifestyleExplanation
Demographic segmentation is a marketing strategy that involves dividing a target market into specific groups based on various demographic factors. These factors typically include gender, age, and religion. However, lifestyle is not a demographic factor but rather a psychographic factor. Psychographic segmentation focuses on the attitudes, interests, and behaviors of individuals. Therefore, lifestyle is not considered a valid option for demographic segmentation.Rate this question:
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- 13.
What is the name given to the process of gathering, recording and analysing data in relation to a good or service in order to make more informed marketing decisions?
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Marketing planning
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Market segmentation
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Market research
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Market mapping
Correct Answer
A. Market researchExplanation
Market research is the correct answer because it refers to the process of gathering, recording, and analyzing data related to a product or service. This data is then used to make more informed marketing decisions. Market research involves collecting information about customers, competitors, and market trends, which helps businesses understand their target audience, identify market opportunities, and develop effective marketing strategies.Rate this question:
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- 14.
Which oif the following is an example of primary research?
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Newly published government reports
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Customer suggestion or comment sheets
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Economic forecasts for the next twelve months
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Information from competitors
Correct Answer
A. Customer suggestion or comment sheetsExplanation
Customer suggestion or comment sheets are an example of primary research because they involve gathering firsthand information directly from customers. This type of research allows businesses to collect data specific to their own products or services, enabling them to gain insights into customer preferences, opinions, and experiences. By directly engaging with customers through suggestion or comment sheets, companies can obtain valuable feedback that can be used to improve their offerings and make informed decisions based on the customers' needs and wants.Rate this question:
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- 15.
Market research that gathers the views, ideas, opinions and thoughts of consumers in a non-statistical manner is known as:
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Primary research
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Desk research
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Qualitative research
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Quantitative research
Correct Answer
A. Qualitative researchExplanation
Qualitative research refers to the process of gathering subjective data, such as opinions, thoughts, and ideas, from consumers. Unlike quantitative research, which focuses on numerical data and statistical analysis, qualitative research aims to understand the underlying reasons and motivations behind consumer behavior. It involves methods such as interviews, focus groups, and observations. Therefore, qualitative research is the correct answer as it aligns with the description provided in the question.Rate this question:
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- 16.
If a firm uses a segmentation strategy based on characteristics such as religion, gender and marital status, then it is using which type of segmentation?
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Demographic
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Geographic
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Psychographic
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Ethnicity
Correct Answer
A. DemographicExplanation
The firm is using a demographic segmentation strategy because it is dividing the market based on characteristics such as religion, gender, and marital status, which are all demographic factors. Demographic segmentation involves categorizing consumers based on measurable characteristics such as age, income, education, occupation, and other demographic variables.Rate this question:
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- 17.
Market research that gathers statistical data is known as:
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Field research
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Secondary research
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Qualitative research
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Quantitative research
Correct Answer
A. Quantitative researchExplanation
Quantitative research involves gathering statistical data, which makes it the correct answer for this question. Field research refers to collecting data firsthand through observations or interviews in real-world settings. Secondary research involves analyzing existing data or information collected by others. Qualitative research focuses on gaining insights and understanding the underlying reasons and motivations behind certain phenomena. In contrast, quantitative research aims to gather numerical data and analyze it using statistical methods to draw conclusions and make predictions.Rate this question:
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- 18.
Primary data has an advantage over secondary data because:
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The data already exists so it is cheaper to gather
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It is normally less time consuming to gather
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It saves data collection expenses
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It is unique to the purpose of the research
Correct Answer
A. It is unique to the purpose of the researchExplanation
Primary data is unique to the purpose of the research, meaning that it is specifically collected for the current study. This is an advantage because it ensures that the data collected is directly relevant to the research objectives and can provide more accurate and specific insights. In contrast, secondary data may have been collected for a different purpose and may not fully align with the current research needs. Therefore, primary data allows researchers to have more control over the information they collect and increases the likelihood of obtaining meaningful and reliable results.Rate this question:
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- 19.
The image or perception of a product or brand in relation to other products or brands in the market is known as:
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Positioning
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Branding
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Segmentation
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Physical evidence
Correct Answer
A. PositioningExplanation
Positioning refers to the image or perception of a product or brand in relation to other products or brands in the market. It involves creating a distinct and favorable position for a product or brand in the minds of consumers, based on its unique features, benefits, and attributes. This helps to differentiate the product or brand from competitors and target specific market segments effectively.Rate this question:
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- 20.
McDonald's introduced slads to its menu to target the more health-aware customer. This is an example of which type of segmentaion?
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Demographic
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Geographic
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Psychographic
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Prolific
Correct Answer
A. PsychographicExplanation
McDonald's introducing salads to its menu to target health-aware customers indicates that the company is segmenting its market based on psychographic factors. Psychographic segmentation involves dividing the market based on lifestyle, values, attitudes, interests, and other psychological factors. In this case, McDonald's is targeting customers who prioritize their health and are more likely to choose healthier food options like salads.Rate this question:
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- 21.
The sampling method that relies on word of mouth to get relevent subjects (people) for a sample is known as:
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Snowballing
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Random sampling
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Quota sampling
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Stratified sampling
Correct Answer
A. SnowballingExplanation
Snowballing is a sampling method that relies on word of mouth to identify and recruit relevant subjects for a sample. This method involves starting with a small group of individuals who meet the criteria and then asking them to refer others who also meet the criteria. This process continues, with each participant referring additional participants, creating a "snowball" effect. Snowballing is particularly useful when the target population is difficult to access or identify, as it allows for the recruitment of participants through existing networks and relationships.Rate this question:
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- 22.
The main purpose of a researcher using qualitative market research is to:
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Understand the behaviour, attitudes and perceptions of customers or employees
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Aid marketing or organisational decision-making
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Aid statistical analysis of factual findings
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Gather the views of a small group of people before the mass launch of a product
Correct Answer
A. Understand the behaviour, attitudes and perceptions of customers or employeesExplanation
Qualitative market research is used by researchers to gain a deeper understanding of the behavior, attitudes, and perceptions of customers or employees. This type of research focuses on gathering subjective data through methods such as interviews, focus groups, and observations. The purpose of this research is to gather rich and detailed insights that can aid marketing or organizational decision-making. It is not primarily aimed at aiding statistical analysis of factual findings or gathering the views of a small group of people before a mass product launch.Rate this question:
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- 23.
Which statement below can NOT be applied to market segmentation?
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It acknowledges the fact that customers are different
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It is used for primary research only
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Demographics is the most common method of segmentation
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It allows a firm to fine-tune its marketing mix
Correct Answer
A. It is used for primary research onlyExplanation
Market segmentation is a strategy that acknowledges the fact that customers are different, allowing a firm to fine-tune its marketing mix. It is not limited to primary research only, as it can also be used for secondary research and data analysis. Additionally, demographics is indeed one of the most common methods of segmentation, but it is not the only method as there are various other segmentation variables such as psychographics, behavior, and geographic factors. Therefore, the statement "It is used for primary research only" is not applicable to market segmentation.Rate this question:
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- 24.
Businesses that view their customers as being the same and therefore offer just one marketing mix take a __________ approach tom their marketing.
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Targeting
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Segmentation
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Homogeneous
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Heterogeneous
Correct Answer
A. HomogeneousExplanation
Businesses that view their customers as being the same and therefore offer just one marketing mix take a homogeneous approach to their marketing. This means that they treat all customers as a single group and do not differentiate between them based on their specific needs, preferences, or characteristics. Instead, they offer a standardized marketing mix that is designed to appeal to the average customer. This approach may be suitable for businesses operating in markets where customers have similar needs and preferences, but it may not be effective in markets with diverse customer segments.Rate this question:
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- 25.
Which statement below can NOT be applied to quantitative market research?
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Uses hard data to aid statistical analysis
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Is based on numerical data and information
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Is based on only using primary research techniques
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Deals with questions such as 'how much?', 'how many?' and 'how often?'
Correct Answer
A. Is based on only using primary research techniques -
- 26.
The sampling method that allows each entity in a population to have an equal chance of being in the sample is known as:
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Snowballing
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Random sampling
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Quota sampling
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Stratified sampling
Correct Answer
A. Random samplingExplanation
Random sampling is the sampling method that allows each entity in a population to have an equal chance of being in the sample. This means that every individual or element in the population has the same probability of being selected. Random sampling helps to minimize bias and ensure that the sample is representative of the entire population. It is commonly used in research studies and surveys to obtain unbiased and generalizable results.Rate this question:
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- 27.
The use of people in the marketing mix. ___________________ focusses on what can be gained during the lifetime of apositive relationship with customers.
Correct Answer
Customer relations managementExplanation
Customer relations management focuses on what can be gained during the lifetime of a positive relationship with customers. This involves building and maintaining strong relationships with customers through effective communication, personalized marketing strategies, and excellent customer service. By understanding customer needs and preferences, businesses can tailor their marketing efforts to meet these requirements and foster long-term loyalty. Customer relations management aims to maximize customer satisfaction, retention, and profitability by nurturing ongoing relationships and delivering value throughout the customer's lifetime.Rate this question:
- 28.
Snowballing is:
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Primary research that builds on the work conducted by secondary researchers
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Secondary research that stems from the work of primary researchers
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Surveys or interviews carried out with individuals, who then suggest other friends, family or colleagues who then increase the sample size
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Secondary research that mounts very quickly due to the vast amount of information that is available
Correct Answer
A. Surveys or interviews carried out with individuals, who then suggest other friends, family or colleagues who then increase the sample sizeExplanation
Snowballing is a research method where surveys or interviews are conducted with individuals, who are then asked to suggest other friends, family, or colleagues who can also participate in the study. This method helps to increase the sample size by relying on the network and connections of the initial participants.Rate this question:
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- 29.
Research carried out via in-depth interviews in order to determine the reasons behind consumers' attitudes and oppinions is best described as:
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Quantitative research
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Qualitative research
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Secondary research
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Market research
Correct Answer
A. Qualitative researchExplanation
Qualitative research involves conducting in-depth interviews to gain insights into consumers' attitudes and opinions. This type of research focuses on understanding the underlying reasons and motivations behind consumer behavior, rather than collecting numerical data. It aims to gather rich and detailed information, allowing researchers to explore and interpret participants' experiences and perceptions. Therefore, the research described in the question aligns with qualitative research.Rate this question:
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- 30.
Primary data can best be gathered by:
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Government publications and statistics
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Observation and surveillance
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Quantitative research
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Trade research and development
Correct Answer
A. Observation and surveillanceExplanation
Observation and surveillance is the best method for gathering primary data. This involves directly observing and monitoring individuals, events, or phenomena to collect firsthand information. It allows researchers to gather data in real-time, providing accurate and unbiased information. Government publications and statistics can provide secondary data, while quantitative research and trade research and development may involve collecting primary data but are not as effective as observation and surveillance.Rate this question:
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- 31.
Secondary data can be gathered from the use of:
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Focus groups
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Observations
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Suggestion boxes
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Social trends
Correct Answer
A. Social trendsExplanation
Social trends can provide valuable secondary data as they reflect the patterns and behaviors of a larger population. By analyzing social trends, researchers can gather information about consumer preferences, market demands, and societal changes. This data can be used to make informed decisions, develop marketing strategies, and understand the needs and wants of the target audience.Rate this question:
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- 32.
The stratagey that involves changing the perception of a product or a brand relative to those offered by rival firms is known as:
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Market mapping
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Perceptual mapping
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Remapping
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Repositioning
Correct Answer
A. RepositioningExplanation
Repositioning refers to the strategy of altering the perception of a product or brand in relation to its competitors. This involves changing the positioning or image of the product in the minds of consumers to differentiate it from rival offerings. Repositioning can be done through various means such as changing the marketing message, targeting a different audience, or modifying the product itself. This strategy aims to create a unique and favorable perception of the product or brand, ultimately leading to increased market share and competitiveness.Rate this question:
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- 33.
Primary research is:
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Data that has not been processed by a firm
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Using questionnaires to collect quantitative data
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Collecting new data for a specific purpose
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Using experimentation and observations to find out what customers want or need
Correct Answer
A. Collecting new data for a specific purposeExplanation
Primary research is the process of collecting new data for a specific purpose. This involves conducting surveys, interviews, observations, or experiments to gather firsthand information. Unlike secondary research, which involves using existing data, primary research aims to gather original data that is specific to the research objective. It allows researchers to directly interact with the target audience or subjects to gain insights and understand their preferences, opinions, behaviors, or needs. By collecting new data, primary research provides fresh and tailored information that can be used to make informed decisions or develop strategies.Rate this question:
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- 34.
The study of human population dynamics is known as:
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Segmentation
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Demography
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Geography
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Psychology
Correct Answer
A. DemographyExplanation
Demography is the correct answer because it refers to the study of human population dynamics, including factors such as birth rates, death rates, migration, and population growth. It involves analyzing and interpreting data to understand population trends, patterns, and characteristics. Segmentation refers to dividing a market into distinct groups based on certain criteria, geography is the study of the Earth's physical features and its inhabitants, and psychology is the study of the human mind and behavior.Rate this question:
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- 35.
Porter described the 'threat of substitutes' in an industry as:
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The ability of customers to switch to an alternative product or brand
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The existence of substitute products within a market
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The number of existing products and brands in an industry
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The degree of customer loyalty to a brand or product
Correct Answer
A. The ability of customers to switch to an alternative product or brandExplanation
Porter's description of the 'threat of substitutes' in an industry refers to the ability of customers to switch to an alternative product or brand. This means that if there are other products or brands available that can fulfill the same need or offer similar benefits, customers have the option to switch to those alternatives. This poses a threat to the existing products or brands in the market, as it can lead to a decrease in market share and profitability. Therefore, understanding the level of threat posed by substitutes is crucial for businesses to develop effective strategies and stay competitive in the market.Rate this question:
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- 36.
A product's location on a position map is determined by:
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Producers
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Consumers
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Competitors
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Suppliers
Correct Answer
A. ConsumersExplanation
A product's location on a position map is determined by consumers. This is because consumers' perceptions and preferences play a crucial role in positioning a product in the market. The way consumers perceive and evaluate a product's features, benefits, and value proposition influences its position relative to other products in the market. Consumer preferences, needs, and desires drive the positioning strategy of a product, as companies aim to align their offerings with consumer demands and differentiate themselves from competitors. Therefore, understanding and catering to the needs and preferences of consumers is essential in determining a product's location on a position map.Rate this question:
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- 37.
Market research data and information which is collected form other sources is known as:
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Desk research
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Field research
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Primary research
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Quantitative research
Correct Answer
A. Desk researchExplanation
Desk research refers to the process of gathering data and information from existing sources such as books, journals, reports, and online databases. It does not involve any direct interaction with respondents or collecting new data. In this case, the correct answer is desk research because it specifically mentions collecting data and information from other sources, indicating that it is not primary research or field research. Quantitative research, on the other hand, refers to the systematic collection and analysis of numerical data.Rate this question:
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- 38.
Primary data is _______________ research that collects _______________ data for a specific purpose.
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Desk, existing
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New, new
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Field, new
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Field, existing
Correct Answer
A. Field, newExplanation
Primary data refers to original data that is collected firsthand for a specific purpose. It involves gathering information directly from the source through methods such as surveys, interviews, observations, or experiments. "Field, new" is the correct answer as it accurately describes the process of conducting research in the field or real-world setting to collect fresh and original data that has not been previously collected or analyzed. This type of research allows for firsthand exploration and discovery of new information.Rate this question:
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- 39.
Sampling errors are likely to occur if:
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The sample size is significantly large
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A representative sample is selected
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Random sampling is used
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There are sampling size is significantly small
Correct Answer
A. There are sampling size is significantly small -
- 40.
The name of the represenative group of a population (every person in a particular market) being used for market research purposes is a:
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Target market
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Demographic group
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Sample
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Segment
Correct Answer
A. SampleExplanation
In market research, a sample refers to a smaller group of individuals selected from a larger population to represent that population. This selected group is used to gather data and insights that can be generalized to the entire population. Therefore, the correct answer is "Sample."Rate this question:
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- 41.
Why might a business carry out primary research?
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To gather data that does not already exist
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To discover their customers' needs and wants
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To produce better goods and services for their customers
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To gain more market share
Correct Answer
A. To gather data that does not already existExplanation
A business might carry out primary research to gather data that does not already exist. Primary research involves collecting new and original data directly from the source, which can provide unique insights and information that is not available elsewhere. By conducting primary research, a business can gather specific data tailored to their needs and objectives, enabling them to make informed decisions, identify customer needs and wants, improve their products and services, and gain a competitive advantage in the market.Rate this question:
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- 42.
A 'cowboy brand' is likely to be percieved as one that offers:
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High quality at a high price
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Low quality at a high price
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High quality at a low price
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Low quality at a low price
Correct Answer
A. Low quality at a high priceExplanation
A 'cowboy brand' is likely to be perceived as one that offers low quality at a high price. This term is often used to describe products or services that are overpriced and do not meet the expected standards of quality. It implies that the brand is trying to deceive customers by charging a high price for a subpar product or service. This perception may arise due to a lack of trust in the brand or previous negative experiences with their offerings.Rate this question:
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- 43.
Sampling is used in market research because:
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It is cheaper and quicker to use a sample than to survey the whole market
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A sample's views is used to represent the population's views
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A sample can be used to increase the confidence of statistical findings
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It can be easier to identify trends from the sample findings
Correct Answer
A. It is cheaper and quicker to use a sample than to survey the whole marketExplanation
Sampling is used in market research because it is more cost-effective and time-efficient compared to surveying the entire market. By selecting a representative sample, researchers can gather insights and opinions that can be generalized to the larger population. Additionally, using a sample allows for increased confidence in statistical findings as it reduces the margin of error. Moreover, analyzing trends from the sample findings can provide valuable information for decision-making and strategic planning.Rate this question:
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- 44.
Which of the following is NOT a potential problem associated with primary research data?
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Sample size
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Bias
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Focus
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Cost
Correct Answer
A. FocusExplanation
Focus is not a potential problem associated with primary research data because it refers to the specific area or topic that the research is centered on. While focus can impact the scope and depth of the research, it is not inherently a problem. Sample size, bias, and cost, on the other hand, can all pose challenges in primary research. Sample size affects the representativeness and generalizability of the findings, bias can introduce inaccuracies and skew the results, and cost can limit the feasibility and scale of the research.Rate this question:
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- 45.
Which category of segmentation is least likely to be used by a private fee-paying school?
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Socio-economic grouping
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Age
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Geographical location
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Ethnicity and religion
Correct Answer
A. Ethnicity and religionExplanation
Private fee-paying schools typically have a diverse student population and aim to attract students from various backgrounds. However, they are less likely to use ethnicity and religion as a basis for segmentation. This is because private schools generally promote inclusivity and diversity, and using ethnicity and religion as criteria for segmentation could be seen as discriminatory. Instead, private schools usually focus on other factors such as socio-economic grouping, age, and geographical location to target their desired student demographic.Rate this question:
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- 46.
Desk research can be conducted by:
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Personal interviews
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Telephone interviews
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Postal surveys
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Using annual company accounts
Correct Answer
A. Using annual company accountsExplanation
Desk research can be conducted by using annual company accounts as it involves gathering information from existing sources such as financial reports, balance sheets, and income statements of companies. This method allows researchers to analyze and extract data without the need for direct interaction with individuals. By studying annual company accounts, researchers can gain insights into the financial performance, trends, and strategies of organizations, which can be valuable for market analysis, competitor research, and industry studies.Rate this question:
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- 47.
Segmentation can bring about potential advantages except:
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Risk spreading
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Easier to identify and select appropriate advertising media
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Less waste due to focussed marketing
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The time involved in compiling customer profiles or market segmentation
Correct Answer
A. The time involved in compiling customer profiles or market segmentationExplanation
Segmentation can bring about potential advantages such as risk spreading, easier identification and selection of appropriate advertising media, and less waste due to focused marketing. However, the time involved in compiling customer profiles or market segmentation is not an advantage of segmentation. This process can be time-consuming and requires thorough research and analysis. Therefore, it is not a potential advantage of segmentation.Rate this question:
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- 48.
Porter's five forces do NOT include:
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Intensity of rivalry
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Power of suppliers
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Substitutes in the industry
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Market growth potential
Correct Answer
A. Market growth potentialExplanation
Porter's five forces framework is a tool used to analyze the competitive dynamics of an industry. It includes five factors that shape the industry's competitive environment: the intensity of rivalry among existing competitors, the bargaining power of suppliers, the bargaining power of buyers, the threat of new entrants, and the threat of substitutes. Market growth potential is not included in Porter's five forces because it focuses more on the current competitive landscape rather than future market growth opportunities.Rate this question:
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- 49.
Which statement below can NOT be applied to desk research?
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It uses existing data and information for market research purposes
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Data is often provided by specialist market research firms
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It includes the use of survey and interview findings conducted by the firm
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It includes industry surveys that have been carried out
Correct Answer
A. It includes the use of survey and interview findings conducted by the firmExplanation
Desk research refers to the process of gathering information and data from existing sources such as market research reports, industry surveys, and data provided by specialist market research firms. It does not involve conducting surveys or interviews by the firm itself. Therefore, the statement "It includes the use of survey and interview findings conducted by the firm" cannot be applied to desk research.Rate this question:
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Mar 20, 2023Quiz Edited by
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Apr 25, 2012Quiz Created by
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Marketing Management: Components Of The Marketing Mix! Quiz
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