Business Development MCQ Quiz! Test
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Questions and Answers
- 1.
The most important criteria in segmenting a business's customers are...
- A.
Demographics
- B.
It depends
- C.
Psychographics
- D.
Buying criteria and buying behaviour
Correct Answer
B. It dependsExplanation
The most important criteria in segmenting a business's customers can vary depending on the specific business and industry. Different businesses may prioritize different factors such as demographics, psychographics, buying criteria, or buying behavior when segmenting their customers. Therefore, the most important criteria for segmenting customers can vary and depend on the individual circumstances and goals of the business.Rate this question:
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- 2.
The most important stakeholder(s) responsible for the successful development of a business is/are...
- A.
Owners
- B.
Employees
- C.
A and B
- D.
Neither
Correct Answer
C. A and BExplanation
The most important stakeholders responsible for the successful development of a business are the owners and employees. Owners play a crucial role as they provide the vision, resources, and strategic direction for the business. They make key decisions and invest in the company's growth. On the other hand, employees are essential as they execute the day-to-day operations, contribute their skills and expertise, and drive the company's productivity and innovation. Both owners and employees have a shared responsibility in driving the success of the business, making them the most important stakeholders.Rate this question:
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- 3.
“Many people want a car but only a few are able to buy.” This is an example of...
- A.
Want
- B.
Demand
- C.
Need
- D.
Status
Correct Answer
B. DemandExplanation
This statement exemplifies the concept of demand. It suggests that there is a desire or want for a car among many people, but only a few are actually able to purchase one. Demand refers to the willingness and ability of consumers to buy a particular product or service at a given price and time. In this case, the statement implies that there is a high demand for cars, but due to various constraints, only a limited number of individuals can fulfill that demand by making a purchase.Rate this question:
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- 4.
Which of the following human needs are shaped by the culture and individual personality?
- A.
Wants
- B.
Demands
- C.
Needs
- D.
Social needs
Correct Answer
D. Social needsExplanation
Social needs are shaped by both culture and individual personality. Culture plays a significant role in determining the social norms, values, and expectations that influence an individual's social needs. These can include the need for belonging, acceptance, and social interaction, which are influenced by cultural practices and traditions. Additionally, individual personality traits and preferences also shape social needs, as people have different levels of extroversion, introversion, and desire for social connections. Therefore, social needs are not universal but vary based on cultural and individual factors.Rate this question:
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- 5.
What is referred to as a want backed by an ability to pay?
- A.
Wants
- B.
Demand
- C.
Needs
- D.
Status
Correct Answer
B. DemandExplanation
Demand is referred to as a want backed by an ability to pay. This means that when someone has the desire or want for a product or service and also has the financial means to purchase it, it is considered as demand. In other words, demand represents the willingness and ability of consumers to buy goods and services at a given price.Rate this question:
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- 6.
The establishment of certain standards or specifications for a product is called...
- A.
Standardization
- B.
Gradation
- C.
Product Control
- D.
Product Development
Correct Answer
A. StandardizationExplanation
Standardization refers to the process of establishing specific standards or specifications for a product. These standards ensure consistency, quality, and compatibility in the production and use of the product. By setting guidelines and requirements, standardization helps to streamline processes, improve efficiency, and enhance interoperability. It also facilitates fair competition, as all products within a particular industry must adhere to the same set of standards. Overall, standardization plays a crucial role in ensuring uniformity and reliability in the manufacturing and distribution of products.Rate this question:
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- 7.
Which of the following terms is described as testing before launching product?
- A.
Acid test
- B.
Concept testing
- C.
Market test
- D.
Test marketing
Correct Answer
D. Test marketingExplanation
Test marketing is the correct answer because it refers to the process of testing a product or service in a specific market before launching it on a larger scale. This allows companies to gather feedback, evaluate consumer response, and make any necessary adjustments or improvements before the full launch. Test marketing helps companies assess the viability and potential success of their product or service in the market, minimizing risks and maximizing chances of success.Rate this question:
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- 8.
What is the basic role of promotion in business?
- A.
Communication
- B.
Information
- C.
Interpretation
- D.
Manipulation
Correct Answer
A. CommunicationExplanation
Promotion in business serves as a means of communication. It involves conveying information about a product or service to the target audience, creating awareness and generating interest. Through promotion, businesses can effectively communicate the features, benefits, and value of their offerings, aiming to persuade potential customers to make a purchase. It is a tool that enables businesses to reach out and engage with their target market, building relationships and driving sales.Rate this question:
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- 9.
The trade of value between two parties shows...
- A.
Transaction
- B.
Commission
- C.
Need
- D.
Want
Correct Answer
A. TransactionExplanation
The trade of value between two parties refers to a transaction. A transaction occurs when two parties exchange goods, services, or money in return for something of equal value. This exchange can be voluntary and mutually beneficial, with both parties gaining something they need or want. Therefore, the correct answer is transaction.Rate this question:
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- 10.
The aim of marketing products and services is to....
- A.
Produce
- B.
Make profit
- C.
Satisfy customer needs
- D.
Sell products
Correct Answer
C. Satisfy customer needsExplanation
The aim of marketing products and services is to satisfy customer needs. This means that the main goal of marketing is to understand and fulfill the desires and requirements of customers. By doing so, companies can attract and retain customers, build strong relationships, and ultimately increase sales and profitability. This approach focuses on creating value for customers by offering products or services that meet their specific needs, preferences, and expectations. It involves conducting market research, segmenting the target audience, developing effective marketing strategies, and delivering superior customer experiences.Rate this question:
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- 11.
Which of the following functions is not one that supports BD on every deal?
- A.
Legal
- B.
Marketing
- C.
Finance
- D.
Technical specialist
Correct Answer
B. MarketingExplanation
Marketing is not a function that supports BD (Business Development) on every deal. While legal, finance, and technical specialists can play a role in supporting BD activities, marketing typically focuses on promoting and advertising products or services, rather than directly facilitating deals. Therefore, marketing is not one of the functions that support BD on every deal.Rate this question:
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- 12.
What are milestone payments?
- A.
Payments that are contingent on the achievement of certain development or commercialization goals.
- B.
Where one party leaves bags of money at certain milemarkers along the interstate.
- C.
Payments that are based on sales performance.
- D.
Reoccurring payments that happen in predefined intervals.
Correct Answer
A. Payments that are contingent on the achievement of certain development or commercialization goals.Explanation
Milestone payments are payments that are made based on the accomplishment of specific development or commercialization objectives. These objectives can be related to the progress of a project or the achievement of certain goals within a business. The payment is contingent upon the successful completion of these milestones, ensuring that the party receiving the payment has met the predetermined requirements. This type of payment structure is commonly used in various industries to incentivize and reward progress and success.Rate this question:
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- 13.
Which is not usually a core competency of the BD function?
- A.
Opportunity prospecting
- B.
Deal evaluation and closure
- C.
Therapeutic evaluation
- D.
Alliance management
Correct Answer
C. Therapeutic evaluationExplanation
Therapeutic evaluation is not usually a core competency of the BD function. The BD function typically focuses on activities such as opportunity prospecting, deal evaluation and closure, and alliance management. Therapeutic evaluation involves assessing the effectiveness and safety of a specific therapy or treatment, which is typically done by medical professionals or researchers in the healthcare field. While the BD function may collaborate with experts in therapeutic evaluation, it is not typically their primary responsibility.Rate this question:
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- 14.
True or false: While products under development and licensing opportunities can come from anywhere within the company, BD takes the first pass at processing/screening them.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
BD stands for Business Development, which is responsible for identifying and evaluating potential products and licensing opportunities for the company. Therefore, it makes sense that BD would take the first pass at processing and screening these opportunities, as they are the department specifically tasked with this responsibility.Rate this question:
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- 15.
Which Sales Stage should a salesperson concentrate on first?
- A.
Negotiate
- B.
Qualify
- C.
Prospect
- D.
Fund
Correct Answer
A. NegotiateExplanation
A salesperson should concentrate on the Negotiate stage first because it is the final step in the sales process where the terms and conditions are discussed, and an agreement is reached with the customer. By focusing on negotiation, the salesperson can ensure that both parties are satisfied with the terms of the deal and increase the chances of closing the sale successfully. Prioritizing negotiation allows the salesperson to address any objections or concerns the customer may have and work towards a mutually beneficial outcome.Rate this question:
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- 16.
Which is NOT part of a vertical marketing system?
- A.
Customer
- B.
Distributor
- C.
Wholesaler
- D.
Retailer
Correct Answer
A. CustomerExplanation
A vertical marketing system is a type of distribution channel where the members of the channel work together as a unified system. They collaborate to improve efficiency and effectiveness in reaching the end customer. The customer is not considered a part of the vertical marketing system as they are the ultimate recipient of the products or services offered by the system. The other options - distributor, wholesaler, and retailer - are all part of the vertical marketing system as they play a role in the distribution and delivery of the products to the end customer.Rate this question:
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- 17.
What is a selling point when talking to a customer in B2B sales?
- A.
It is when a customer purchases a product.
- B.
It is a unique characteristic that differentiates a product.
- C.
It is when your product has the same characteristics as a competitor's.
- D.
It is when you try to sell everything in the catalog.
Correct Answer
B. It is a unique characteristic that differentiates a product.Explanation
A selling point in B2B sales is a unique characteristic that sets a product apart from its competitors. It could be a specific feature, benefit, or advantage that makes the product more appealing or valuable to the customer. By highlighting these unique characteristics, salespeople can effectively communicate the value proposition of their product and persuade the customer to choose their product over others in the market.Rate this question:
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- 18.
What is true about large companies when it comes to internet marketing?
- A.
Internet marketing requires a large budget
- B.
Communicating with customers is not essential
- C.
It allows them to communicate with customers
- D.
Marketing should only be done through one channel
Correct Answer
C. It allows them to communicate with customersExplanation
Large companies benefit from internet marketing because it allows them to communicate with customers. Internet marketing provides a platform for companies to engage with their target audience and build relationships. Through various online channels such as social media, email marketing, and website interactions, companies can gather feedback, address customer concerns, and provide personalized experiences. This direct communication helps companies understand customer needs and preferences, leading to better customer satisfaction and increased brand loyalty. Additionally, internet marketing enables companies to reach a wider audience, expand their market reach, and promote their products or services effectively.Rate this question:
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- 19.
Which is NOT an example of a search engine optimization (SEO) platform?
- A.
Facebook
- B.
MCN
- C.
Yahoo
- D.
Google
Correct Answer
A. FacebookExplanation
Facebook is not an example of a search engine optimization (SEO) platform because it is a social media platform, not a tool or platform specifically designed for optimizing websites for search engines. SEO platforms typically provide tools and features to help improve a website's visibility and ranking in search engine results pages, such as keyword research, site audits, backlink analysis, and content optimization. Facebook, on the other hand, focuses on social networking and does not offer these specific SEO functionalities.Rate this question:
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- 20.
What does SWOT stand for?
- A.
Strengths, weaknesses, opportunities, threats
- B.
Strengths, weaknesses, opportunities, training
- C.
Strengths, willingness, opportunities, training
- D.
Strengths, weaknesses, origin, timing
Correct Answer
A. Strengths, weaknesses, opportunities, threatsExplanation
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is commonly used in strategic planning and analysis to evaluate the internal and external factors that can impact an organization or project. Strengths and weaknesses refer to the internal factors, while opportunities and threats refer to the external factors. By identifying these factors, organizations can develop strategies to capitalize on their strengths, address their weaknesses, take advantage of opportunities, and mitigate potential threats.Rate this question:
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- 21.
Which type of keywords should lawyers start off using for search engine optimization?
- A.
Local keywords
- B.
Global keywords
- C.
Cheap keywords
- D.
Short keywords
Correct Answer
A. Local keywordsExplanation
Lawyers should start off using local keywords for search engine optimization. This is because local keywords target specific geographical locations, allowing lawyers to reach potential clients in their local area. By incorporating local keywords into their website content and online marketing strategies, lawyers can increase their visibility in local search results and attract more relevant traffic to their website. This can ultimately lead to higher conversion rates and better business opportunities for lawyers.Rate this question:
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- 22.
What is a click-through rate?
- A.
The number of companies that utilize SEO
- B.
The people that don't visit a website
- C.
The number of people that use a search engine
- D.
The number of people that click on a link or an ad
Correct Answer
D. The number of people that click on a link or an adExplanation
Click-through rate refers to the number of people that click on a link or an ad. It is a metric used to measure the effectiveness of online advertising campaigns and the engagement of users with a particular link or ad. A higher click-through rate indicates that a larger percentage of people who view the link or ad are actually clicking on it, which is generally seen as a positive outcome for advertisers.Rate this question:
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- 23.
If you are trying to determine what type of customers may be interested in purchasing products from you, which type of sales strategy would you need to use?
- A.
Be the product expert
- B.
Identify your target market
- C.
Hire teachable people
- D.
Hire smart people
Correct Answer
B. Identify your target marketExplanation
To determine what type of customers may be interested in purchasing products from you, you would need to use the sales strategy of identifying your target market. This involves conducting market research and analysis to understand the demographics, needs, and preferences of potential customers. By identifying your target market, you can tailor your marketing efforts and product offerings to meet their specific needs, increasing the chances of attracting interested customers and driving sales.Rate this question:
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