Marketing, Competition and the Customer

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Question 1

Marketing is best described as the process of:

Accepted Answer

identifying, satisfying and keeping customers profitably — Marketing identifies, satisfies and retains customers while making a profit.

Question 2

Market share is usually measured as:

Accepted Answer

a percentage of total sales in a market — Market share is one business's share of total market sales, shown as a percentage.

Question 3

A market-oriented business:

Accepted Answer

finds out customer needs before producing — A market-oriented firm researches customer needs before making products.

Question 4

A niche market is best described as a:

Accepted Answer

small, specialised part of a market — A niche market is a small segment with particular, specialised needs.

Question 5

A mass market is one that is:

Accepted Answer

aimed at most consumers — A mass market is large and targets the majority of consumers.

Question 6

Adding value means making a product:

Accepted Answer

worth more to the customer than its input cost — Adding value raises a product's worth to customers above the cost of inputs.

Question 7

Which is a way of adding value?

Accepted Answer

Offering excellent customer service — Good service, branding and quality can all add value to a product.

Question 8

Customer loyalty is shown when customers:

Accepted Answer

buy from the firm again and again — Loyal customers make repeat purchases and recommend the business.

Question 9

One reason markets change over time is:

Accepted Answer

changing customer tastes and technology — Shifts in tastes, incomes and technology cause markets to change.

Question 10

Strong competition usually encourages a business to:

Accepted Answer

try to stand out and meet needs better — Competition pushes firms to differentiate and satisfy customers better.