Business And Marketing Knowledge Quiz

1.

It is the lifeblood of business:
- A.
  
  Marketing
- B.
  
  Creation of new products
- C.
  
  Advertising
- D.
  
  Customer service
- E.
  
  Consumer research
Correct Answer
B. Creation of new products

Explanation
Creation of new products is considered the lifeblood of business because it is the process of developing and introducing new offerings to the market. By continuously creating new products, businesses can stay competitive, attract new customers, and retain existing ones. This process involves identifying customer needs, conducting market research, designing and developing innovative products, and bringing them to market. Without the creation of new products, businesses may struggle to meet changing customer demands, differentiate themselves from competitors, and drive growth.

Rate this question:

1
0
2.

Research and development primarily focuses on what stage of input-process-output model of business system:
- A.
  
  Output stage
- B.
  
  Input stage
- C.
  
  Process stage
- D.
  
  Input and output stage
- E.
  
  Input and process stage
Correct Answer
A. Output stage

Explanation
Research and development primarily focuses on the input stage of the input-process-output model of a business system. This is because research and development involves gathering information, conducting experiments, and analyzing data to generate new ideas and concepts. These inputs are then used in the process stage, where they are transformed into new products, services, or processes. The output stage is the final stage, where the results of the process stage are delivered to customers or users. Therefore, while research and development may contribute to the output stage indirectly, its primary focus is on the input stage.

Rate this question:
3.

It is a marketing activity that has to do on with how products are displayed to the public and how the company's name or logo is used:
- A.
  
  Sponsorship
- B.
  
  Analysis of the competitor
- C.
  
  Advertising
- D.
  
  Merchandising
- E.
  
  Product research and development
Correct Answer
D. Merchandising

Explanation
Merchandising refers to the marketing activity that involves the display of products to the public and the use of the company's name or logo. It focuses on creating an attractive and appealing presentation of products in order to attract customers and drive sales. This can include strategies such as product placement, visual merchandising, and creating eye-catching displays. By effectively merchandising their products, companies can enhance brand visibility, increase customer interest, and ultimately boost sales.

Rate this question:
4.

It is a marketing function which determines the kind of consumers the product or services is concentrating:
- A.
  
  Customer service
- B.
  
  R&D
- C.
  
  Consumer research
- D.
  
  Developing packaging
- E.
  
  Social analysis
Correct Answer
C. Consumer research

Explanation
Consumer research is the correct answer because it is a marketing function that involves studying and understanding the needs, preferences, and behavior of consumers. By conducting consumer research, companies can gather valuable insights that help them determine the target market for their products or services. This information can be used to develop effective marketing strategies and tailor the product or service to meet the specific needs of the target consumers.

Rate this question:
5.

This the least recognized marketing function that concentrates on how products are actually made available or deliver to consumers:
- A.
  
  Merchandising
- B.
  
  Distribution
- C.
  
  Advertising
- D.
  
  Sponsorships
- E.
  
  Product research and development
Correct Answer
B. Distribution

Explanation
Distribution is the least recognized marketing function that focuses on how products are actually made available or delivered to consumers. While merchandising involves the display and promotion of products, advertising and sponsorships focus on creating awareness and generating demand for products, and product research and development is concerned with creating new and improved products. Distribution, on the other hand, deals with the logistics of getting products from the manufacturer or producer to the end consumer, including transportation, warehousing, and inventory management. It plays a crucial role in ensuring that products are available in the right place, at the right time, and in the right quantities to meet consumer demand.

Rate this question:
6.

It means that the consumer or final user of the product or service makes the purchasing decision:
- A.
  
  Pricing promotion
- B.
  
  Consumer research
- C.
  
  C. free market
- D.
  
  Social analysis
- E.
  
  Pricing
Correct Answer
C. C. free market

Explanation
In a free market, the consumer or final user of a product or service has the power to make the purchasing decision. This is because in a free market, there are minimal government regulations and restrictions, allowing consumers to freely choose which products or services they want to buy based on their own preferences and needs. The pricing, promotion, consumer research, and social analysis may all influence the consumer's decision, but ultimately it is the consumer who has the final say in the free market system.

Rate this question:
7.

It is part of marketing function to keep track how many sales are made and how many products are returned in a given period of time:
- A.
  
  Advertising
- B.
  
  Distribution
- C.
  
  Inventory control
- D.
  
  Analysis of the competition
- E.
  
  Direct selling
Correct Answer
C. Inventory control

Explanation
Inventory control is the correct answer because it involves monitoring and managing the quantity and availability of products in order to meet customer demand. This includes tracking sales to ensure that enough products are stocked to meet demand, as well as monitoring returns to identify any issues with product quality or customer satisfaction. By effectively managing inventory, businesses can optimize their supply chain and ensure that they have the right amount of products available at the right time, minimizing stockouts and excess inventory.

Rate this question:
8.

This is one of the aspects of customer service:
- A.
  
  Social analysis
- B.
  
  Consumer research
- C.
  
  Sponsorship
- D.
  
  Public relations
- E.
  
  Handling complaints
Correct Answer
E. Handling complaints

Explanation
Handling complaints is one of the aspects of customer service because it involves addressing and resolving customer concerns or issues. When customers have complaints, it is important for businesses to listen to them, understand their problems, and provide appropriate solutions. By effectively handling complaints, businesses can improve customer satisfaction, loyalty, and reputation. It also allows them to identify areas for improvement in their products, services, or processes. Effective complaint handling demonstrates a commitment to customer service and can help businesses retain customers and attract new ones.

Rate this question:
9.

These are the basic or psychological needs of the consumers EXCEPT:
- A.
  
  Clothing
- B.
  
  Education
- C.
  
  Shelter
- D.
  
  Entertainment
- E.
  
  Food
Correct Answer
D. Entertainment

Explanation
Entertainment is not considered a basic or psychological need of consumers. While clothing, education, shelter, and food are essential for survival and well-being, entertainment is more of a discretionary want rather than a necessity. It is not required for physical or psychological sustenance, unlike the other options.

Rate this question:
10.

If businesses are to succeed, they must be aware the needs and wants of the consumers, meet these needs, and be able to inform customers of the availability of their product or service. These activities taken together are called:
- A.
  
  Advertising
- B.
  
  Marketing
- C.
  
  Research and development
- D.
  
  Promotion
- E.
  
  Social analysis
Correct Answer
B. Marketing

Explanation
Marketing is the correct answer because it encompasses the activities of understanding consumer needs and wants, meeting those needs, and informing customers about the availability of products or services. Advertising, promotion, and research and development are all components of the broader marketing process. Social analysis, although important, is not specifically mentioned in the question as a part of these activities.

Rate this question:

Business And Marketing Knowledge Quiz

It is the lifeblood of business:

Research and development primarily focuses on what stage of input-process-output model of business system:

It is a marketing activity that has to do on with how products are displayed to the public and how the company's name or logo is used:

It is a marketing function which determines the kind of consumers the product or services is concentrating:

This the least recognized marketing function that concentrates on how products are actually made available or deliver to consumers:

It means that the consumer or final user of the product or service makes the purchasing decision:

It is part of marketing function to keep track how many sales are made and how many products are returned in a given period of time:

This is one of the aspects of customer service:

These are the basic or psychological needs of the consumers EXCEPT:

If businesses are to succeed, they must be aware the needs and wants of the consumers, meet these needs, and be able to inform customers of the availability of their product or service. These activities taken together are called: