1753652
Description
Quiz by Johnson Buz, updated more than 1 year ago
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Created by Johnson Buz
over 9 years ago
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Question 1
Question
What is marketing?
Answer
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Advertising and selling a businesses products to its target markets efficiently and cost effectively.
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The process of identifying, anticipating and satisfying customer needs profitably.
Question 2
Question
Which of the following is an example of a SMART marketing objective?
Answer
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To grow revenues by 15% per year in each of the next 2 years
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To increase market share in the USA by 3% in the next 2 years
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To reduce the level of faulty goods produced by 10% in the next 2 years
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To provide training on payroll systems to all finance staff in the next 2 years
Question 3
Question
Which of the following are INTERNAL influences on marketing objectives?
Answer
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Corporate Objectives, Culture, Technology and Legislation
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Economic environment, Finance, Operations and Competitiors
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Finance, Human Resources, Operational Issues and Corporate Objectives
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Social Change, Technological Change, Market Size and Competitor actions
Question 4
Question
Market analysis is .....
Answer
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Gaining detailed understanding of the market in which the business is operating including market size, growth, customer loyalty and competition.
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A quantitative analysis of sales figures and projected sales figures before launching a product.
Question 5
Question
Correlation shows the causal link (how one factor causes the other to change) between two factors
Answer
- True
- False
Question 6
Question
IT is used widely to collect information to use for marketing analysis, which of the following are examples of types of data collected to enable market analysis? Tick each relevant answer.
Answer
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Number and Value of Transactions
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Customer product purchases
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Customer opinions on service
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Website hits
Question 7
Question
According to Ansoffs Matrix starting to sell your products online (e commerce) is an example of:-
Answer
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Market Penetration
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Market Development
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Product Development
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Diversification
Question 8
Question
According to Michael Porter's Generic Strategies, charging a premium price for a product due to its superior quality and brand loyalty from a wide customer base is known as......
Answer
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Cost Leadership
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Cost Focus
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Differentiation Leadership
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Differentiation Focus
Question 9
Question
Which of the following factors will affect the size of the marketing budget? Check all that apply.
Answer
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Number of customers the business has currently has contact details for
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Last years marketing budget with adjustments for changes
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What competitors are spending/doing
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Current financial position of the business
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The cost of the product to make
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The marketing objectives that need to be achieved
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