Marketing Knowledge Quiz

Which of the following best defines marketing?

• Making products for consumers

• The process of creating, communicating, delivering, and exchanging value for customers

• Selling goods at the lowest possible price

• Advertising products on television

A market segment based on lifestyle, attitudes, and values is called _____.

• Demographic

• Geographic

• Behavioral

• Psychographic

A company that studies age, gender, and income of its customers is using which type of segmentation?

• Geographic

• Demographic

• Psychographic

• Behavioral

Needs are different from wants because needs are _____.

• Unlimited

• Required for survival

• Created by advertising

• Always luxury items

Which of the following is an example of primary market research?

• Reading an industry report

• Conducting a customer survey

• Searching government census data

• Reviewing competitors’ websites

When a company sets a very low price to quickly attract customers, this is called _____.

• Price Skimming

• Penetration Pricing

• Prestige Pricing

• Psychological Pricing

Which is an example of sales promotion?

• TV commercial

• Buy-one-get-one-free coupon

• Billboard ad

• Social media post

The logo, name, and slogan of a product make up its _____.

• Brand identity

• Target market

• Market share

• Sales promotion

A market made up of all potential customers who share common needs and wants is called a _____.

• Target market

• Mass market

• Demographic group

• Consumer profile

What does the “Place” element of the 5 Ps primarily deal with?

• Pricing strategy

• Packaging design

• Distribution channels

• People who use the product