Business Studies Practice 5.1

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

• Loyal customer

• Customer base

• Consumer goods

• Customer goods

Which of the following is NOT the reason 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

Which of the following is not a characteristic of a mass market?

• Smaller quantity of products produced

• Large customer base

• High sales and profits.

• Customer needs and wants are less specific.

Which of the following is NOT the limitation of niche marketing?

• less competition

• possibility to have higher profit might attract other competitors

• economies of scales are unlikely to be achieved

• huge impact from small changes in consumer spending patterns

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

• Geographic segmentation

• Benefit segmentation

• Occasion segmentation

• Demographic segmentation

Which word best describes PLACE in the marketing mix?

• shelf height

• shopping mall

• distribution channel

• Auckland city

Why is customer satisfaction important to a business?

• customers will become repeat buyers

• customers will be happy

• customers are stakeholders

• customers are never satisfied

The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings is called

• Marketing

• Market Segment

• Target Market

• Position