Trivia Quiz On Business And Marketing Concepts!

42 Questions | Total Attempts: 285

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Trivia Quiz On Business And Marketing Concepts! - Quiz

Marketing is a crucial part of any business. A business or firm totally depends upon marketing. It allows them to sell products or render services to other companies or final consumer. This quiz has been developed to test your knowledge about business marketing concepts. So, let's try out the quiz. All the best!


Questions and Answers
  • 1. 
    Philippe owns a store that sells lampshades. The process of receiving money in return for lamp shades is ______.
    • A. 

      Marketing

    • B. 

      Place utility

    • C. 

      Exchange

    • D. 

      Time utility

  • 2. 
    The location of a coffee shop franchise in a mall creates _____ utility.
    • A. 

      Place

    • B. 

      Ownership

    • C. 

      Form

    • D. 

      Time

  • 3. 
    Maria is campaigning for city council and talks with prospective voters in her ward about their concerns. Maria is engaged in ________ marketing.
    • A. 

      Person

    • B. 

      Place

    • C. 

      Cause

    • D. 

      Idea

  • 4. 
    Which of the following is the first step in developing a marketing strategy?
    • A. 

      Identify a target market

    • B. 

      Develop the right product

    • C. 

      Decide how to promote the product

    • D. 

      Implement the appropriate distribution system

  • 5. 
    An organization’s ___________ is the group of potential customers toward whom is directs its marketing efforts.
    • A. 

      Marketing demographic

    • B. 

      Target market

    • C. 

      Market segment

    • D. 

      Product market

  • 6. 
    Data collected for the first time through observation or surveys is ________.
    • A. 

      Secondary data

    • B. 

      External data

    • C. 

      Primary data

    • D. 

      A marketing information system

  • 7. 
    A company’s financial records are a source of _______and _______ data for marketing researchers.
    • A. 

      External; primary

    • B. 

      Internal; primary

    • C. 

      External; secondary

    • D. 

      Internal; secondary

  • 8. 
    All of the following are internal sources of data EXCEPT ___________.
    • A. 

      Company product sales

    • B. 

      Company product inventory

    • C. 

      Competitor’s sales

    • D. 

      Unpaid bills

  • 9. 
    Which of the following is a drawback to using Census and other government data sources?
    • A. 

      Accessing government data is expensive

    • B. 

      Government data can become obsolete quickly

    • C. 

      Accessing government data is difficult

    • D. 

      Government data sources are unreliable

  • 10. 
    Luke works as a marketing researcher and goes online to obtain information from government publications for census data and demographics. What type of data is Luke researching?
    • A. 

      Internal data

    • B. 

      Secondary data

    • C. 

      Peripheral data

    • D. 

      Primary data

  • 11. 
    Allen and Erica assembled a group of 12 people and had the group evaluate several promotional campaigns. Allan and Erica collected data from a(n) _________.
    • A. 

      Focus group

    • B. 

      Survey

    • C. 

      Observational source

    • D. 

      Secondary source

  • 12. 
    Approximately how much more does it cost to attract one new customer than to keep an existing one?
    • A. 

      Twice as much

    • B. 

      Three times as much

    • C. 

      Five times as much

    • D. 

      About the same

  • 13. 
    A complete new carpet program for a home falls into which of the following classifications of goods?
    • A. 

      Specialty products

    • B. 

      Accessory equipment

    • C. 

      Shopping products

    • D. 

      Convenience products

  • 14. 
    Ford owns several brands including Ford, Mercury, Volvo, Aston Martin, Jaguar, Land Rover, and Mazda. This constitutes Ford’s _________.
    • A. 

      Product line

    • B. 

      Product cluster

    • C. 

      Product mix

    • D. 

      Distribution strategy

  • 15. 
    Greta has been analyzing the competitive standings of one of her products. Since Greta began her operation, 20 similar products have appeared, forcing her to change distribution strategies. Greta has also needed to change pricing strategies in order to remain competitive. Sales volume has diped, and she suspects sales of her product have reached a saturation level. At what stage of the product life cycle is this item?
    • A. 

      Introductory stage

    • B. 

      Maturity stage

    • C. 

      Decline stage

    • D. 

      Growth stage

  • 16. 
    Which of the following strategies concentrates on finding new markets for a firm’s existing products?
    • A. 

      A market development strategy

    • B. 

      A product development strategy

    • C. 

      A market penetration strategy

  • 17. 
    Luis wants a particular brand of golf ball. His local pro shop is out. Instead of buying a substitute, Luis goes home and orders his preferred brand online. Luis is at which stage of brand loyalty?
    • A. 

      Brand awareness

    • B. 

      Brand insistence

    • C. 

      Brand preference

    • D. 

      Brand recognition

  • 18. 
    Volume objectives in pricing include ________.
    • A. 

      Image goals and status quo pricing

    • B. 

      Supply and demand

    • C. 

      Profit maximization and market share

    • D. 

      Sales maximization and market share

  • 19. 
    Which of the following statements about prices is true?
    • A. 

      Prices have little effect on consumer preferences

    • B. 

      Prices help consumers make allocation decisions

    • C. 

      Prices have little effect on the overall economic system

    • D. 

      There is little relationship between price and quality

  • 20. 
    In breakeven analysis, total cost is composed of ________.
    • A. 

      Price divided by number of units sold

    • B. 

      Variables costs minus fixed costs

    • C. 

      Total variable costs and total fixed costs

    • D. 

      Total sales minus expenses

  • 21. 
    As the result of a hurricane heading toward the coastal area of North Carolina, residents rushed to purchase plywood to cover their windows. Retailers who carried plywood were operating in a _____ _.
    • A. 

      Mixed economy

    • B. 

      Seller’s market

    • C. 

      Buyer’s market

    • D. 

      Regulated market

  • 22. 
    The Tour of Hope is a cross-country bike tour designed to raise awareness about cancer clinical trials. Dasani bottled water is one of the sponsors, which enables the company to utilize ______ marketing.
    • A. 

      Organization

    • B. 

      Event

    • C. 

      Place

    • D. 

      Cause

  • 23. 
    The common basics for segmenting consumer markets include all the following EXCEPT ________ factors.
    • A. 

      Psychographic

    • B. 

      Geographic

    • C. 

      Demographics

    • D. 

      End-use

  • 24. 
    The most common form of consumer market segmentation is based on __________.
    • A. 

      End-use

    • B. 

      Geography

    • C. 

      Product-related

    • D. 

      Demographics

  • 25. 
    Which of the following is an interpersonal determinant of consumer behaviour?
    • A. 

      Perceptions

    • B. 

      Attitudes

    • C. 

      Family influences

    • D. 

      Learned experiences

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