Cambridge IGCSE Business Studies Marketing Quiz

What is market research?

• Market research is the process of gathering, analyzing, and interpreting information about a market, including its consumers and competitors.

• Market research is the process of guessing about competitors

• Market research is the process of ignoring consumer behavior

• Market research is the process of selling products in a market

What are the 4Ps of marketing mix?

• Product, Price, Place, Promotion

• People, Process, Physical evidence, Public relations

• Profit, Packaging, Positioning, Publicity

• Performance, Payment, Placement, Persuasion

Explain market segmentation.

• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

• Market segmentation is the process of combining all buyers into one group with the same needs and characteristics.

• Market segmentation is the process of targeting only one specific buyer in the market.

• Market segmentation is the process of ignoring the needs and characteristics of buyers in the market.

What is product development in the context of business studies?

• Product development is the process of outsourcing production to other countries

• Product development is the process of reducing the variety of products offered to customers

• Product development refers to the process of creating new marketing strategies

• Product development in business studies refers to the process of creating new or improved products to meet the needs of customers and to stay competitive in the market.

What are the different promotional strategies used in marketing?

• Putting up posters in a deserted area where no one will see them

• Some common promotional strategies used in marketing include advertising, public relations, sales promotions, direct marketing, and personal selling.

• Sending carrier pigeons to deliver messages

• Hiring a skywriter to advertise the product

Why is market research important for businesses?

• Market research is not important for businesses because they can rely on their intuition and guesswork

• Market research is not important for businesses because it is too time-consuming and expensive

• Market research is not important for businesses because they already know everything about their target market

• Market research is important for businesses because it helps them understand their target market, identify opportunities, and make informed business decisions.

How does market segmentation help in targeting specific customer groups?

• Market segmentation helps in targeting specific customer groups by allowing businesses to tailor their products, services, and marketing strategies to better meet the needs and preferences of each specific customer group.

• Market segmentation helps in targeting specific customer groups by ignoring the needs and preferences of different customer groups

• Market segmentation helps in targeting specific customer groups by making the marketing strategies generic for all customer groups

• Market segmentation helps in targeting specific customer groups by increasing the cost of products and services for different customer groups

Discuss the importance of product development in staying competitive in the market.

• Stagnant products are just as effective as innovative ones

• Product development is not important in staying competitive

• Product development is crucial for staying competitive in the market as it allows companies to continuously improve and innovate their offerings, meet changing customer needs, and differentiate themselves from competitors.

• Companies should focus on marketing instead of product development

Compare and contrast different promotional strategies used by businesses.

• Businesses use various promotional strategies such as advertising, sales promotions, public relations, and direct marketing. These strategies differ in their approach, cost, reach, and effectiveness.

• All promotional strategies have the same cost and effectiveness

• Businesses use only one promotional strategy

• Promotional strategies have no impact on business success

How can businesses effectively use the marketing mix to achieve their objectives?

• By completely disregarding the 4Ps and relying solely on word-of-mouth marketing

• By carefully considering the 4Ps (product, price, place, promotion) and how they can be adjusted to meet their specific objectives.

• By randomly changing the 4Ps without any specific objectives in mind

• By ignoring the 4Ps and focusing only on social media marketing