CHAPTER 10 - Marketing, Competition and the Customer

Which the followings are roles of marketing?

(The answer can be more than 1)

• Identifying and satisfying customer needs

• Building customer relationships

• Change the market segmentation

• Maintaining customer loyalty

The group of customers a business sells its products or services to is called...

• Loyal customer

• Customer base

• Consumer goods

• Customer goods

Pick options below that are (is) TRUE about added value?

• It is the increase in value that a business creates by undertaking the production process.

• The profit made by the company per unit produced.

• Value of the business due to mark up pricing method made by the business in order to gain higher profit

• The difference between the price of the finished product/service and cost of the inputs involved in making it

What is the name of the curve shown above?

• Demand Curve

• Supply Curve

• Break-Even Curve

• Demand & Supply Curve

When a company decides to produce products for a particular group of consumers, for example: Gillette's main consumers are men, then what do you call these consumers?

• Consumer market

• Industrial market

• Target market

• Customer

Which of the followings are factors that affect the amount of money customer/consumers spend on buying goods and services?

(the answer can be more than 1)

• Changes in tastes and fashion

• Spending on advertising and other promotional activities

• Changes in customer income

• The price of the product or service

Which of the followings is NOT the reason of why some markets become more competitive?

• There are not enough competitors in the market

• Government intervention in markets

• Growth of free trade between countries

• Shift to e-commerce platform and social networks

............ is a focused, target-able portion of a broader market in which specialized products or services can be sold.

• Mix market

• Niche Market

• Monopolistic competition

• Mass market

Shoes for vegan women, shoes for plus-sized women, and shoes for nurses. These are examples of ... products.

• niche market

• mass market

• monopolistic

• mix market

Weetabix

Bright Food, one of China's largest food groups, has bought a 60% controlling share in the ownership of UK breakfast cereal brand, Weetabix. This acquisition is done in order to develop Weetabix business with Bright Food's strong resources and their expertise.

Why might the market for Weetabix described as a mass market?

• Because they are supplying their goods to a very large market with millions of potential consumers.

• Because most of the UK people eat cereal as their breakfast menu.

• Because Food Bright in a giant multinational company that has many loyal customers.

• None of the above is the correct answer.