Market

Question 1

A gathering place for consumers and sellers where they can exchange goods and services.

Answer 1

Market

Question 2

A place where buyers and sellers may interact in person and exchange money for the desired goods.

Answer 2

Physical Market

Question 3

Customers in these markets make online purchases of goods and services.

Answer 3

Virtual or Non-physical market

Question 4

Type of market wherein the purchasers or bidders compete with one another.

Answer 4

Auction market

Question 5

An illicit exchange or marketplace where deals are made without the knowledge or supervision of authorities or regulatory bodies.

Answer 5

Black market

Question 6

Any location where bonds, currencies, and other securities are traded between two parties

Answer 6

Financial market

Question 7

These markets offer the things that are used as raw materials in the manufacture of other products

Answer 7

Market for Intermediate goods

Question 8

T/F: While creating a new product or service or entering a new market outlet, it is crucial for any firm to identify their core consumer group.

Answer 8

True

Question 9

T/F: Knowing the target market is not beneficial for the creation of products as well as for the execution of marketing strategies and the choice of suitable sales channels.

Answer 9

False

Question 10

T/F: A thorough understanding of the target market will help you implement effective and targeted promotion, cater to your most valuable customers, design new products that meet customer needs, choose the best outlets for your product(s), and provide services that meet the needs and demands of your market.

Answer 10

True

Question 11

T/F: A consumer’s demographics include information about their age, income, and level of education.

Answer 11

True

Question 12

T/F: The target market’s interests, goals, and pastimes are included in the demographics.

Answer 12

False

Question 13

T/F: Consumer surveys, pricing experiments, in-person interviews, focus groups, etc. are examples of secondary research methodologies

Answer 13

False

Question 14

T/F: Primary data may be replaced by secondary data provided by governmental organizations, consulting firms, etc., or it may be further supplemented.

Answer 14

True

Question 15

T/F: Demand is produced by buyers.

Answer 15

True

Question 16

T/F: Supply is produced by buyers.

Answer 16

False

Question 17

___________ is an undifferentiated marketing strategy in which the organization decides to ignore niche marketing, market segments and attempts to appeal to the entire market with one strategy or one offer.

Answer 17

Mass marketing

Question 18

The ___________ determines the prices for goods and other services regardless of the situation.

Answer 18

Market

Question 19

The _______ and __________ are the two parties involved in a transaction.

Answer 19

Buyer, Seller

Question 20

It is a setting where two or more parties exchange products, services, and information.

Answer 20

Market

Question 21

What are the four medium of mass marketing?

Answer 21

• Magazine and email marketing
• newspaper
• social media
• television

Question 22

___________ is the process of dividing a target market into smaller groups with similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.

Answer 22

Market segmentation

Question 23

It refers to segmenting audiences based on observable, person-based differences.

Answer 23

Demographic segmentation

Question 24

It is segmenting your market based on consumer behaviors, particularly those related to your product.

Answer 24

Behavioral segmentation

Question 25

A simple but effective segmentation strategy wherein your market is divided based on their location

Answer 25

Geographic segmentation

Question 26

It is similar to demographic segmentation, but it focuses on mental and emotional characteristics.

Answer 26

Psychographic segmentation

Question 27

Give the six examples of psychographic characteristic

Answer 27

- attitudes - beliefs - interests - lifestyles - personality traits - value

Question 28

A type of market segmentation wherein some businesses will split up a market based on the “transactional worth” of their customers — how much they’re likely to spend on their products

Answer 28

Value segmentation

Question 29

This is similar to demographic segmentation with individual consumers but instead looks at the characteristics of companies that may become customers.

Answer 29

Firmographic segmentation

Question 30

Businesses may segment consumers by generation and group them into categories that include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.

Answer 30

Generational segmentation

Question 31

Type of market segmentation wherein you segment your market into groups based on where they are in their lives.

Answer 31

Lifestyle segmentation

Question 32

Type of market segmentation wherein buy different items at different times of the year. Major holidays such as Christmas and Hanukkah also significantly impact purchasing.

Answer 32

Seasonal segmentation

Question 33

___________ is a detailed investigation of a specific market within an industry, including market size, critical success factors, distribution methods, target audience, profitability and growth rate, and market trends.

Answer 33

Market analysis

Question 34

__________ seeks to examine and comprehend market circumstances, trends, and competition in order to make sound business decisions.

Answer 34

Market analysis

Question 35

__________ is to provide an overview of the market's features and potential future trends in order to assist businesses with making educated decisions, identifying opportunities, and developing strategies to meet their goals and objectives.

Answer 35

Market study

Question 36

What are the four goals of market analysis?

Answer 36

- attractiveness of the market - new business opportunities - understanding the dynamic of the market - under the mind of a customer

Question 37

The volume and potential of the market determine ____________

Answer 37

Market size

Question 38

The __________ represents the overall realized sales volume of a specific market.

Answer 38

Market volume

Question 39

________ is the expansion of a market's size, value, or volume over time.

Answer 39

Market growth

Question 40

It refers to a company's or business's ability to earn income in excess of its expenses.

Answer 40

Profitability

Question 41

The ratio of gross profit to sales means the entity can recover its cost of production from the revenue it is earning.

Answer 41

Gross profit margin

Question 42

___________ is commonly used to compare a company’s performance with others and is widely used in valuation and project financing.

Answer 42

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

Question 43

Its earnings before interest, tax, depreciation, and amortization.

Answer 43

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

Question 44

The ratio of net profit to sales.

Answer 44

Net profit margin

Question 45

The percentage of earnings to sales before interest expense and income taxes.

Answer 45

Operational profit margin

Question 46

___________ is the profit earned after reducing operational costs, depreciation, and dividend from gross profit.

Answer 46

Net profit

Question 47

It is a significant factor while running a business. It basically sees how much cost is required to get your products for sale.

Answer 47

Industry cost structure

Question 48

This model is useful for determining where value is added and for isolating the costs

Answer 48

Porter’s value chain model

Question 49

He introduced the concept of value chain.

Answer 49

Michael Porter

Question 50

It is a set of activities that an organization carries out to create value for its customers.

Answer 50

Value chain

Question 51

What are the two elements in Porter's Value Chain?

Answer 51

Primary activities Support activities

Question 52

These are all the processes related to receiving, storing, and distributing inputs internally.

Answer 52

Inbound logistics

Question 53

These are the transformation activities that change inputs into outputs that are sold to customers.

Answer 53

Operations

Question 54

These activities deliver your product or service to your customer. These are things like collection, storage, and distribution systems, and they may be internal or external to your organization.

Answer 54

Outbound logistics

Question 55

These are the processes you use to persuade clients to purchase from you instead of your competitors.

Answer 55

Market and Sales

Question 56

These are the activities related to maintaining the value of your product or service to your customers, once it's been purchased.

Answer 56

Service

Question 57

These activities support the primary functions.

Answer 57

Support activities

Question 58

This is what the organization does to get the resources it needs to operate. This includes finding vendors and negotiating the best prices.

Answer 58

Procurement

Question 59

This is how well a company recruits, hires, trains, motivates, rewards, and retains its workers

Answer 59

Human Resource Management

Question 60

These activities relate to managing and processing information, as well as protecting a company's knowledge base.

Answer 60

Technical development

Question 61

These are a company's support systems, and the functions that allow it to maintain daily operations.

Answer 61

Infrastructure

Question 62

A set of middlemen or intermediaries who help an organization in the flow of goods and services from the manufacturers to the consumers.

Answer 62

Distribution channel

Question 63

It is a distribution level through which an organization directly sells its products to the customers without the involvement of any intermediary.

Answer 63

Zero level

Question 64

When a middleman or intermediary is involved in the distribution process, it means the organisation is using ____________________ of Distribution.

Answer 64

Indirect channel

Question 65

________ are a significant part of the marketing analysis.

Answer 65

Market trend

Question 66

_______ state the important elements required for a company to compete in its target markets.

Answer 66

Key success factors

Question 67

Key success factors is also known as __________

Answer 67

Competitive emphasis / strategic posture

Question 68

Types of Market

Answer 68

- auction market - black market - financial market - market for intermediate goods - physical market - virtual or non-physical market

Question 69

Benefits of finding a target market

Answer 69

- more effective marketing mix - helps you choose the right market channel - use limited time, money, and resources efficiently - maximize sales and profits

Question 70

Enumerate the medium of mass marketing

Answer 70

- magazines and email marketing - newspaper - social media - television

Question 71

Enables brands to develop strategies for various types of consumers based on how they perceive the overall value of specific products and services.

Answer 71

Segmentation

Question 72

You may be able to obtain demographic data from customers directly by looking at their ___________

Answer 72

Social media

Question 73

_________ segmentation is similar to demographic segmentation, but it focuses on mental and emotional characteristics.

Answer 73

Psychographic

Question 74

___________ companies may use firmographic segmentation to divide up the businesses in a market.

Answer 74

Business to business

Question 75

In order to grow, there must be ______ who have yet to be reached.

Answer 75

Potential customer

Question 76

An ____ is a good indicator of the economy and the businesses that operate inside it.

Answer 76

Increasing market