Marketing Concepts Quiz

What is the primary aim of marketing?

• To reduce business costs

• To identify and satisfy customer needs

• To increase prices

• To advertise products

Which of the following is a reason why consumer spending patterns change?

• Increased competition

• Stable incomes

• Changes in consumer income

• Fewer product choices

What is meant by a ‘market’?

• A place where shares are sold

• A group of people who all work in business

• A group of consumers willing and able to buy a product

• The physical store where goods are sold

A target market is:

• Any customer who buys a product

• The entire population

• The specific group a business aims to sell to

• All businesses in the same industry

Which of the following is a form of market segmentation?

• By weather

• By factory location

• By age

• By employee skill

Why do businesses segment the market?

• To reduce competition

• To better meet customer needs

• To increase wages

• To improve production only

Which of the following is NOT a factor that affects consumer spending patterns?

• Advertising

• Interest rates

• Inflation

• Business profit margins

What is meant by ‘customer loyalty’?

• Customers who buy from many businesses

• Customers who switch brands regularly

• Customers who repeatedly buy from the same brand

• Customers who buy in bulk

How does competition benefit consumers?

• Higher prices

• Fewer choices

• More product variety and better prices

• Less innovation

Which of the following is likely to happen if consumer income falls?

• Demand for luxury goods increases

• Demand for non-essential items falls

• Prices rise

• Spending remains the same