What is market segmentation?
- Combining different markets into one
- Dividing the market into distinct groups with similar needs and characteristics
- The process of setting prices in the market
- Analysing the overall market demand
Which of the "four Ps" of the marketing refers to sales promotions?
- Product
- Price
- Promotion
- Place
What term is used to describe the proportion of the total market that a company controls?
- Market dominance
- Market share
- Market expansion
- Market potential
Which of the following is not a definition of a "market size"?
- The number of potential customers
- The number of sellers of a particular product or service
- The total value of products in a market
- The profit a business will make by selling its products or services
What is the main goal of market segmentation?
- To increase overall market size
- To target the entire market with a standardised product
- To identify and meet the unique needs of different customer groups
- To reduce competition in the market
Demographic segmentation involves dividing the market based on:
- Personality traits
- Age, gender, income, and other demographic factors
- Buying behaviour
- Geographic location
On the Boston Matrix, which term refers to a product which has high growth and a high market share?
- Question mark
- Star
- Dog
- Cash cow
Which of the "four Ps" of the marketing refers to the design, features, and branding of an item?
- Product
- Price
- Promotion
- Place
Which term describes selling a product at a loss, but recovering profits on other items a customer may subsequently purchase?
- Cost plus
- Loss leader
- Price skimming
- Penetration pricing
Which is an disadvantage of primary research?
- Data may not always be specific to the business's needs
- Data could be out of date
- Data is expensive to collect and analyse
- Competitors may also have access to the data
