There are so many different technical terms and so much data in marketing that it can be hard to keep on top of it all. As you can see from this website, there are solutions that make it easier for businesses to handle data and connect data sources. On top of this, good education will allow you to learn all the technical terms and theories behind marketing. This is why we’ve created today’s quiz to ensure you’ve got good knowledge.
1. A market segment is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way?
2. A product-market is a market with very similar needs, and sellers offering various close substitute ways of satisfying those needs?
3. Which of the following are variables of the external market environment?
a) Economic and Technological environment
b) Political and legal environment
c) Cultural and social environment
d) All of the above
4. An organized approach for evaluating the strengths and weaknesses of current or potential competitor’s marketing strategies is called?
a) Competitive rivals
b) Competitor analysis
c) Target market analysis
d) Competitive barrier
5. Three basic business objectives that serve as guides for a firm’s objectives include all of the following EXCEPT?
a) Engage in specific activities that will perform socially and economically useful functions
b) Develop an organization to carry on business and implement its strategies
c) Identify all of the firm’s competitors according to their strengths and weaknesses
d) Earn enough profit to survive
6. Product-market screening criteria include?
a) Only quantitative components
b) Only qualitative components
c) Both quantitative and qualitative components
d) None of the above
7. The PSSP Hierarchy of needs includes?
a) Physiological, safety, social, personal
b) Physiological, safety, spiritual, personal
c) Psychological, safety, social, personal
d) Physiological, security, social, psychological
8. A person’s opinion about something is a(n)?
9. A computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions is a(n)?
a) Marketing information system (MIS)
b) Search engine
c) Decision support system (DSS)
d) Marketing data warehouse
10. An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make decisions is a?
a) Management information system (MIS)
b) Marketing information system (MIS)
c) Marketing data warehouse
d) Decision support system (DSS)