Marketing Quiz Questions For Students! Trivia
Questions and Answers
- 1.
Glabal Marketing means:
- A.
A boundless mobility and competition in social, business, and intellectual arenas.
- B.
Marketing to target markets throughout the world.
- C.
Recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets.
Correct Answer
B. Marketing to target markets throughout the world.Explanation
Global Marketing refers to the practice of marketing products or services to target markets worldwide. It involves recognizing and capitalizing on international marketing opportunities, implementing effective global marketing strategies, and being mindful of competition from foreign competitors in all markets. This approach allows businesses to expand their reach beyond domestic markets and cater to the needs and preferences of diverse global consumers.Rate this question:
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- 2.
Identify the external environment facing global marketkers.
- A.
Demography, Natural Resources, Cultural, Economic Development, Technological Development, Political Structure.
- B.
Demography, Natural Resources, Cultural, Economic Development, Technological Development, Family Structure.
- C.
Demography, Natural Resources, Cultural, Economic Development, Technological Development, Individual Structure.
Correct Answer
A. Demography, Natural Resources, Cultural, Economic Development, Technological Development, Political Structure.Explanation
The external environment facing global marketers includes factors such as demography, natural resources, cultural influences, economic development, technological development, and political structure. These factors have a significant impact on how global marketers operate and make decisions. Demography refers to the study of population characteristics, which helps marketers understand consumer behavior and preferences. Natural resources can affect the availability and cost of raw materials for production. Cultural influences shape consumer preferences, attitudes, and values, which marketers need to consider when designing marketing strategies. Economic development affects the purchasing power and demand for products and services. Technological development influences how businesses operate and communicate with customers. Political structure refers to the government policies and regulations that affect business operations and trade.Rate this question:
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- 3.
Identify 5 ways for entering the global marketplace:
- A.
Export, Licensing, Contract Manufacturing, Joint Venture, Indirect Investment.
- B.
Import, Licensing, Contract Manufacturing, Joint Venture, Direct Investment.
- C.
Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment.
Correct Answer
C. Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment.Explanation
The correct answer is Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment. These five ways are commonly used by companies to enter the global marketplace. Exporting involves selling products or services to foreign markets. Licensing allows a company to grant another company the right to produce and sell their products in a foreign market. Contract manufacturing involves outsourcing production to a foreign company. Joint ventures are partnerships between a domestic and foreign company to enter a foreign market together. Direct investment involves establishing a physical presence in a foreign market, such as setting up a subsidiary or acquiring a local company.Rate this question:
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- 4.
Identify the risk levels for glabal entry from low risk/low return to high risk/high return in order.
- A.
Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment.
- B.
Licensing, Export, Contract Manufacturing, Joint Venture, Direct Investment.
- C.
Contract Manufacturing, Export, Licensing, Joint Venture, Direct Investment.
Correct Answer
A. Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment.Explanation
The correct answer is Export, Licensing, Contract Manufacturing, Joint Venture, Direct Investment. This order represents the risk levels for global entry from low risk/low return to high risk/high return. Starting with export, which involves selling products in foreign markets without making significant investments, it carries relatively low risk and return. Licensing involves granting permission to a foreign company to use intellectual property, which also carries low risk and return. Contract manufacturing involves outsourcing production to a foreign company, which carries a slightly higher risk. Joint venture involves partnering with a foreign company to establish a new entity, which carries higher risk. Direct investment, which involves setting up a wholly-owned subsidiary in a foreign market, carries the highest risk and potential return.Rate this question:
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- 5.
Identify the global marketing mix:
- A.
Product, promotion, place, price
- B.
Product, prenuptial, place, price
- C.
Product, producing, place, power
Correct Answer
A. Product, promotion, place, priceExplanation
The global marketing mix refers to the combination of product, promotion, place, and price strategies that a company uses to market its products or services worldwide. This combination allows businesses to adapt their marketing efforts to different markets and cultures, ensuring that their products are effectively promoted and distributed at the right price in various locations around the world.Rate this question:
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- 6.
Identify the five-step process used by consumers when buying goods or services:
- A.
Need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior.
- B.
Prepurchase behavior, information search, evaluation of alternatives, purchase, postpurchase behavior.
- C.
No recognition, information search, evaluation of alternatives, purchase, postpurchase behavior.
Correct Answer
A. Need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior.Explanation
The correct answer is "Need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior." This five-step process is commonly known as the consumer decision-making process. It starts with the consumer recognizing a need or desire for a particular good or service. They then engage in an information search to gather relevant information about different options available to them. After gathering information, they evaluate the alternatives based on their needs, preferences, and other factors. Once they have made a decision, they make the purchase. Finally, after the purchase, they may engage in postpurchase behavior, which can include evaluating their satisfaction with the product or service and potentially providing feedback or recommendations.Rate this question:
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- 7.
Identify the 3 catagories for consumber involvement:
- A.
Non-Routine Response Behavior, Limited Decision Making, Extensive Decision Making.
- B.
Routine Response Behavior, Unlimited Decision Making, Extensive Decision Making.
- C.
Routine Response Behavior, Limited Decision Making, Extensive Decision Making.
Correct Answer
C. Routine Response Behavior, Limited Decision Making, Extensive Decision Making.Explanation
The correct answer is Routine Response Behavior, Limited Decision Making, Extensive Decision Making. These three categories represent different levels of consumer involvement in the decision-making process. Routine Response Behavior refers to low involvement and minimal effort in decision-making, usually for frequently purchased and low-cost products. Limited Decision Making involves moderate involvement and effort, typically for products that are occasionally purchased and have some importance. Extensive Decision Making is characterized by high involvement and effort, often for expensive and infrequently purchased products.Rate this question:
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- 8.
Factors influencing buying decisions are:
- A.
Cultural Factors, Social Factors, Individual Factors, Physical Factors.
- B.
Cultural Factors, Social Factors, Individual Factors, Psychological Factors.
- C.
Cultural Factors, Social Factors, Individual Factors, Biological Factors.
Correct Answer
B. Cultural Factors, Social Factors, Individual Factors, Psychological Factors.Explanation
The factors that influence buying decisions include cultural factors, social factors, individual factors, and psychological factors. Cultural factors refer to the values, beliefs, and customs of a particular culture that influence consumer behavior. Social factors include the influence of family, friends, and social groups on consumer choices. Individual factors consider personal characteristics such as age, gender, occupation, and lifestyle. Finally, psychological factors involve the internal factors that affect consumer behavior, such as perception, motivation, and attitudes.Rate this question:
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- 9.
According to Maslow's Hierarchy of Needs Chart, what is considered as the Physiological Needs ?
- A.
Sense of belonging, love
- B.
Hunger, thirst
- C.
Security and protection
Correct Answer
B. Hunger, thirstExplanation
According to Maslow's Hierarchy of Needs, physiological needs are the basic biological needs that are essential for survival. These needs include hunger and thirst, as they are necessary for maintaining the body's energy and hydration levels. Sense of belonging and love are part of the higher-level needs such as social and esteem needs, which come after the physiological needs are met. Security and protection are also higher-level needs related to safety needs. Therefore, hunger and thirst are considered as the physiological needs according to Maslow's Hierarchy of Needs.Rate this question:
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- 10.
Which factor is not considered as part of the consumer decision making factors?
- A.
Social Factors
- B.
Cultural Factors
- C.
Biological Factors
Correct Answer
C. Biological FactorsExplanation
Biological factors are not considered as part of the consumer decision-making factors. Consumer decision-making factors typically include social factors, such as family, friends, and reference groups, as well as cultural factors, such as values, beliefs, and customs. Biological factors, on the other hand, refer to physical and physiological influences on consumer behavior, such as age, gender, and health conditions. While these factors may indirectly influence consumer decisions, they are not typically considered as primary factors in the decision-making process.Rate this question:
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- 11.
Business products are used to manufactor other products.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Business products, also known as industrial goods, are used by businesses to manufacture other products. These goods are not meant for direct consumption by end-users but are used as inputs in the production process. Examples of business products include raw materials, machinery, equipment, and components. Therefore, the statement "Business products are used to manufacture other products" is true.Rate this question:
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- 12.
Identify the major categories of business market consumers:
- A.
Producers, Resellers, Governments, Institutions
- B.
Consumers, Resellers, Governments, Institutions
- C.
Producers, Resellers, Consumers, Institutions
Correct Answer
A. Producers, Resellers, Governments, InstitutionsExplanation
The major categories of business market consumers are producers, resellers, governments, and institutions. Producers refer to businesses that create goods or services, resellers are businesses that purchase products to sell them to others, governments are public sector organizations that procure goods and services, and institutions include organizations such as schools, hospitals, and non-profit organizations that require products and services for their operations.Rate this question:
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- 13.
What does NAICS stands for?
- A.
North Africa Industry Classification System
- B.
North American Industry Classification System
- C.
North Asia Industry Classification System
Correct Answer
B. North American Industry Classification SystemExplanation
NAICS stands for North American Industry Classification System. This system is used to categorize businesses and industries in North America based on their economic activities. It provides a standardized framework for collecting, analyzing, and reporting data on various industries. The NAICS codes are used by government agencies, researchers, and businesses to understand and compare industry statistics, market trends, and economic performance.Rate this question:
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- 14.
In a consumer market, there are more number of customers than in the business market.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In a consumer market, the target audience is the general public, which includes individual customers. This market is focused on selling products and services directly to consumers. On the other hand, the business market involves selling goods and services to other businesses. Since the general public is larger in number compared to the number of businesses, it can be inferred that there are more customers in the consumer market. Therefore, the statement "there are more number of customers than in the business market" is true.Rate this question:
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- 15.
Identify the factors for business buying behavior:
- A.
Buying Center, Evaluative Criteria, Buying Situations
- B.
Buying Location, Evaluative Criteria, Buying Center
- C.
Buying Criteria, Buying Situation, Evaluative location
Correct Answer
A. Buying Center, Evaluative Criteria, Buying SituationsExplanation
Business buying behavior is influenced by several factors, including the buying center, evaluative criteria, and buying situations. The buying center refers to the group of individuals within an organization who are involved in the purchasing decision. Evaluative criteria are the factors that businesses consider when evaluating different suppliers or products. Buying situations refer to the specific circumstances or conditions under which the purchase is made, such as a new purchase, a modified rebuy, or a straight rebuy. These factors play a crucial role in shaping the business buying behavior and decision-making process.Rate this question:
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- 16.
Market Segment means a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Market segment refers to a specific group of individuals or organizations who share common characteristics that make them have similar product requirements. This definition clearly states that market segment is a subgroup of people or organizations with similar product needs. Therefore, the given answer, "True," is correct.Rate this question:
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- 17.
Market Segmentation is identified as people or organizations with needs or wants and the ability and willingness to buy.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors. It is not just limited to people or organizations with needs or wants and the ability and willingness to buy. Therefore, the statement is false.Rate this question:
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- 18.
Select those that apply. (hint. there may be more than one answer) Market Segmentation are important for....
- A.
More precise definition of customers needs and wants.
- B.
More accurate marketing objectives.
- C.
Improved resource allocation.
- D.
Better marketing results.
- E.
Improved personality of a person.
Correct Answer(s)
A. More precise definition of customers needs and wants.
B. More accurate marketing objectives.
C. Improved resource allocation.
D. Better marketing results.Explanation
Market segmentation is important for a more precise definition of customers' needs and wants because it allows businesses to identify specific customer segments and tailor their products or services to meet their unique preferences. It also helps in developing more accurate marketing objectives by focusing on the specific needs and wants of each segment. Additionally, market segmentation enables improved resource allocation as businesses can allocate their marketing resources more efficiently to target the identified segments. This, in turn, leads to better marketing results as businesses can effectively reach and engage with their target customers.Rate this question:
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- 19.
List the criteria for segmentation:
- A.
Substantiality, Identifiability & Measurability, Accessibility, Responsiveness
- B.
Substantiality, Individuality & Measurability, Accessibility, Responsiveness
- C.
Substantiality, Identifiability & Measurability, Individuality, Responsiveness
Correct Answer
A. Substantiality, Identifiability & Measurability, Accessibility, ResponsivenessExplanation
The correct answer is Substantiality, Identifiability & Measurability, Accessibility, Responsiveness. These criteria are used in market segmentation to determine the viability of a target market. Substantiality refers to the size and purchasing power of the segment. Identifiability & Measurability means that the segment must be identifiable and its characteristics measurable. Accessibility refers to the segment's accessibility through marketing efforts. Responsiveness indicates the segment's potential to respond positively to marketing efforts. These criteria help businesses identify and target the most profitable segments of the market.Rate this question:
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- 20.
What are the 3 alternatives for selecting target markets?
- A.
Undifferentiated, Multisegment, Concentrated.
- B.
Uniform, Multisegment, Concentrated.
- C.
Undifferentiated, Unisegment, Concentrated.
Correct Answer
A. Undifferentiated, Multisegment, Concentrated.Explanation
The correct answer is Undifferentiated, Multisegment, Concentrated. These three alternatives refer to different targeting strategies used by companies to select their target markets. Undifferentiated targeting involves targeting the entire market with a single marketing mix. Multisegment targeting involves targeting multiple segments of the market with different marketing mixes. Concentrated targeting involves targeting a single segment of the market with a specialized marketing mix. These three alternatives provide companies with different options to effectively reach and serve their target customers based on their specific business goals and market conditions.Rate this question:
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- 21.
Marketing information is everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because marketing information is indeed everyday information that managers use to prepare and adjust marketing plans. This information includes data about consumer behavior, market trends, competitor activities, and other factors that impact the marketing environment. By staying updated with this information, managers can make informed decisions and adapt their marketing strategies accordingly.Rate this question:
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- 22.
Marking decision support system involves:
- A.
Interactive,Flexible,Discovery-oriented,Reliability
- B.
Interactive,Flexible,Discovery-oriented,Accessible
- C.
Interactive,Flexible,Action-oriented,Accessible
Correct Answer
B. Interactive,Flexible,Discovery-oriented,AccessibleExplanation
Marking decision support system involves being interactive, flexible, discovery-oriented, and accessible. An interactive system allows users to actively engage with the system, providing input and receiving feedback. A flexible system can adapt to different user needs and preferences. A discovery-oriented system helps users explore and analyze data to uncover insights and make informed decisions. Lastly, an accessible system is easy to use and can be accessed by users with different levels of expertise.Rate this question:
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- 23.
Marketing research is designed to:
- A.
Improve quality of decision making.
- B.
Analyze the consumer's problems.
- C.
Keep people busy.
Correct Answer
A. Improve quality of decision making.Explanation
Marketing research is designed to improve the quality of decision making by providing valuable insights and information about consumer behavior, market trends, and competitor analysis. This helps businesses make informed decisions about their marketing strategies, product development, pricing, and distribution. By understanding the needs and preferences of consumers, businesses can tailor their offerings to meet customer demands effectively, leading to better decision making and ultimately, improved business performance.Rate this question:
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- 24.
Identify problem, Plan research design and select sampling procedures are the last 3 steps in creating a marketing reserach project.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. "Identify problem, Plan research design, and select sampling procedures" are not the last three steps in creating a marketing research project. These steps are actually the initial steps in the research process. After these steps, the researcher would typically proceed with collecting data, analyzing the data, and then presenting the findings.Rate this question:
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- 25.
Competitive Intelligence does not help reduce unnecessary costs.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Competitive Intelligence helps reduce unnecessary costs by providing valuable insights and information about the market, competitors, and industry trends. By analyzing this data, businesses can make informed decisions, identify cost-saving opportunities, and optimize their operations. Therefore, the statement "Competitive Intelligence does not help reduce unnecessary costs" is false.Rate this question:
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- 26.
Tangible Good is an example of a product.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
A tangible good refers to a physical product that can be touched, felt, and seen. Examples of tangible goods include clothing, electronics, furniture, and vehicles. Therefore, it is correct to say that a tangible good is an example of a product.Rate this question:
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- 27.
Consumer Product is a product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other consumers.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. A consumer product is not used to manufacture other goods or services, facilitate an organization's operations, or resell to other consumers. Instead, a consumer product is designed for direct use by individuals for personal consumption. It includes items like clothing, electronics, household goods, and food products that are intended for the end consumer.Rate this question:
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- 28.
Types of consumr products include:
- A.
Convenience Product, Shopping Product, Specialty Product, Unsought Product
- B.
Convenience Product, Shopping Product, Specialty Product, Non-shopping Product
- C.
Convenience Product, Non-shopping Product, Specialty Product, Unsought Product
Correct Answer
A. Convenience Product, Shopping Product, Specialty Product, Unsought ProductExplanation
The correct answer is Convenience Product, Shopping Product, Specialty Product, Unsought Product. This answer accurately identifies the four types of consumer products. Convenience products are items that consumers frequently purchase with little thought or effort, such as everyday household items. Shopping products are goods that consumers compare and evaluate before making a purchase, such as clothing or electronics. Specialty products are unique items that consumers are willing to make a special effort to obtain, such as luxury goods or rare collectibles. Unsought products are items that consumers may not actively seek out or think about purchasing, such as funeral services or insurance.Rate this question:
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- 29.
Service is the result of applying human or mechanical efforts to people or objects.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement is true because service is indeed the result of applying human or mechanical efforts to people or objects. Service involves providing assistance, performing tasks, or delivering goods to fulfill the needs or desires of others. Whether it is a person providing a service directly or a machine performing a task, the outcome is still the same - the application of effort to serve others.Rate this question:
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- 30.
UPCs stands for:
- A.
Universal Product Codes
- B.
Universal Promotional Codes
- C.
Universal Price Codes
Correct Answer
A. Universal Product CodesExplanation
UPCs stands for Universal Product Codes. This is a standardized barcode system used for tracking products in the retail industry. Each product is assigned a unique 12-digit code that can be scanned at the point of sale. This allows for efficient inventory management, accurate pricing, and faster checkout processes. The other options, Universal Promotional Codes and Universal Price Codes, are not commonly used terms in the retail industry and do not accurately describe the purpose of UPCs.Rate this question:
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Apr 08, 2024Quiz Edited by
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Jan 17, 2012Quiz Created by
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