Marketing Mix Quiz Questions And Answers
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Check out these marketing mix quiz questions and answers and check if you are aware of businesses marketing plans or not. The term marketing mix is a set of actions businesses take to build and market their products and services to their customers. It is a foundation model of every business and is centered around the four Ps: product, price, placement, and promotion. If you already own a business or want to own one, this quiz will be beneficial in both cases. So, play it now.
Questions and Answers
- 1.
What is a target audience?
- A.
The people the business want to sell to
- B.
The people the business does not want to sell to
- C.
The people the business want to work for them
- D.
A and C
- E.
None of the above
Correct Answer
A. The people the business want to sell toExplanation
A target audience refers to the specific group of people that a business aims to sell its products or services to. This group is carefully identified based on various factors such as demographics, interests, behaviors, and needs. By understanding and targeting the right audience, businesses can tailor their marketing strategies and messages to effectively reach and engage potential customers, increasing the likelihood of sales and business success.Rate this question:
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- 2.
When demand goes up, price...?
- A.
Goes down
- B.
Goes up
- C.
Stays stable
- D.
All of these
Correct Answer
B. Goes upExplanation
Typically, when the supply rises and demand remains constant, prices decrease. Conversely, if demand increases while the supply remains unchanged, prices tend to go up.Rate this question:
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- 3.
The market price is point where supply and demand meet.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because the market price is determined by the interaction of supply and demand. When the supply of a product or service is high and the demand is low, the market price tends to decrease. Conversely, when the demand is high and the supply is low, the market price tends to increase. Therefore, the market price is the equilibrium point where supply and demand are balanced, and it is where buyers and sellers agree on the price at which a transaction takes place.Rate this question:
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- 4.
How many forms of pricing strategies are there?
- A.
3
- B.
4
- C.
5
- D.
6
- E.
7
Correct Answer
E. 7Explanation
There are seven forms of pricing strategies.Rate this question:
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- 5.
How many channels of distribution are there
- A.
1
- B.
2
- C.
3
- D.
4
- E.
5
Correct Answer
D. 4Explanation
There are four channels of distribution.Rate this question:
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- 6.
What is the order in Channel of distribution 3
- A.
Producer -------------------> Consumer
- B.
Producer-------------> Retailer ---------------> Consumer
- C.
Producer-----------> Wholesaler---------------> Retailer -----------> Consumer
- D.
Producer-------->Agent--------->Wholesaler-------->Retailer--------> Consumer
Correct Answer
C. Producer-----------> Wholesaler---------------> Retailer -----------> ConsumerExplanation
The correct answer is "Producer-----------> Wholesaler---------------> Retailer -----------> Consumer." This order in the channel of distribution involves the producer selling the products to a wholesaler, who then sells them to a retailer, and finally, the retailer sells them to the consumer. This distribution model allows for the efficient flow of goods from the producer to the end consumer, with each intermediary playing a specific role in the process.Rate this question:
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- 7.
Someone who buys from the producer and breaks bulk is a
- A.
Retailer
- B.
Consumer
- C.
Wholesaler
- D.
Agent
Correct Answer
C. WholesalerExplanation
A wholesaler is someone who buys products in large quantities directly from the producer and then sells them in smaller quantities to retailers or other businesses. They act as intermediaries between the producer and the retailer, helping to distribute goods efficiently. Wholesalers typically have warehouses and distribution centers where they store and manage inventory. They also provide services such as packaging, labeling, and transportation. By buying in bulk, they can negotiate lower prices from the producer and offer competitive prices to retailers, allowing for a smooth supply chain and cost-effective distribution of goods.Rate this question:
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- 8.
What ends all channels?
- A.
Consumer
- B.
Retailer
- C.
Wholesaler
- D.
None of the Above
Correct Answer
B. RetailerExplanation
The correct answer is Retailer because in the distribution channel, the retailer is the final link between the wholesaler and the consumer. The retailer purchases products from the wholesaler and sells them directly to the consumer. Therefore, the retailer is the last entity in the channel and ends all channels.Rate this question:
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- 9.
A retailer is someone who sells in small quantities to the consumer.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
A retailer is a person or business that sells products or services directly to the consumer in small quantities. They typically operate in physical stores or online platforms and play a crucial role in the distribution chain. By offering products in smaller quantities, retailers cater to the needs and preferences of individual consumers, making it easier for them to access and purchase goods. Therefore, the statement that a retailer sells in small quantities to the consumer is true.Rate this question:
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- 10.
How many stages are there in the product life cycle?
- A.
1
- B.
2
- C.
3
- D.
4
Correct Answer
D. 4Explanation
The product life cycle typically consists of four stages:
Introduction: This is the stage where a new product is introduced to the market. Sales are initially slow as consumers become aware of the product, and the company incurs high costs associated with product development and marketing.
Growth: In this stage, the product gains acceptance in the market, and sales start to grow at an accelerating rate.
Maturity: The product reaches a saturation point in the market during the maturity stage. Sales growth slows down, and competition may increase.
Decline: Eventually, the product enters the decline stage as sales decrease. This decline can be due to changing consumer preferences, technological advancements, or the introduction of newer, more innovative products.Rate this question:
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- 11.
What is maturity in the product life cycle?
- A.
Sales rises rapidly
- B.
Sales increase more slow
- C.
Low sales because the product is new
- D.
None of these
Correct Answer
A. Sales rises rapidlyExplanation
Maturity in the product life cycle refers to the stage where sales of a product rise rapidly. This is the phase where the product has gained significant market acceptance and its sales are at their peak. During this stage, the product is well-established, competition is high, and market saturation is reached. As a result, sales growth may start to slow down, and the product may eventually enter the decline phase of the life cycle. However, the given answer specifically focuses on the rapid rise in sales during the maturity stage.Rate this question:
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- 12.
Are brand loyal to any specific product?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Brand loyalty refers to the consumer's preference and willingness to repeatedly purchase a particular brand's products or services. The given answer, "True," suggests that consumers can indeed be loyal to specific products. This means that they consistently choose and trust a particular brand over others in the market, often due to factors such as quality, reliability, familiarity, and positive past experiences. Brand loyalty is crucial for businesses as it can lead to repeat purchases, increased customer satisfaction, and positive word-of-mouth recommendations.Rate this question:
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- 13.
How many types of promotion are there?
- A.
2
- B.
3
- C.
6
- D.
7
Correct Answer
C. 6Explanation
There are six types of promotion.Rate this question:
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- 14.
Promotion can encourage consumers to buy the new products. It is an advantage.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Promotion can be an effective way to encourage consumers to buy new products. By promoting the benefits or unique features of a new product, businesses can generate interest and create a sense of urgency among consumers. This can lead to increased sales and help the product gain traction in the market. Therefore, promotion is indeed an advantage when it comes to encouraging consumers to buy new products.Rate this question:
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- 15.
Which is the most effective type of advertising media for a sport product?
- A.
TV
- B.
Radio
- C.
Sports events
- D.
Internet
Correct Answer
D. InternetExplanation
The most effective type of advertising media for a sport product is the internet. This is because the internet allows for targeted advertising, reaching a specific audience that is interested in sports products. Additionally, the internet offers various platforms such as social media, websites, and search engines, which provide a wide reach and the ability to engage with potential customers through interactive content and direct links to purchase the product. Furthermore, the internet allows for real-time tracking and analysis of advertising campaigns, enabling adjustments and optimization for better results.Rate this question:
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- 16.
What type of media would you use to advertise a new sports drink?
- A.
TV
- B.
Internet
- C.
Sports event
- D.
None of the above
Correct Answer
C. Sports eventExplanation
A sports event would be the ideal type of media to advertise a new sports drink because it provides a targeted audience of sports enthusiasts who are likely to be interested in the product. By advertising at a sports event, the brand can reach a large number of potential customers who are already engaged in physical activity and may be more inclined to try a new sports drink. Additionally, being associated with a sports event can create a positive brand image and increase brand visibility among the target market.Rate this question:
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- 17.
The marketing mix refers to a fixed set of elements that remain constant across different marketing strategies.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The marketing mix refers to the combination of elements that a company uses to market its products or services, typically consisting of the 4Ps: Product, Price, Place, and Promotion. These elements can vary widely depending on the specific goals, target market, and competitive landscape of each marketing strategy.Rate this question:
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Current Version
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Apr 03, 2024Quiz Edited by
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Apr 12, 2010Quiz Created by
OFSEmeka
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