Market Feasibility and Consumer Preferences Quiz

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What does market feasibility primarily determine?

The demographics of potential customers

The distribution channels available for a product

The potential benefits and challenges of a product (correct)

The average market price customers are willing to pay

Which data type focuses on customer preferences, likes, and dislikes?

Market Needs Data

Sociological Data (correct)

Attitudinal Data

Demographic Data

What is the first step in conducting an effective survey?

Design the survey questions and layout

Write up the results

Determine the participants (correct)

Analyze the responses

Which of the following describes a consumer profile?

A document outlining customer demographics and buying patterns (C) Signup and view all the answers

What is the main purpose of promotion methods in business?

To communicate information about products or services to potential customers (C) Signup and view all the answers

What is the role of distribution channels in businesses?

To deliver products and services to end users (A) Signup and view all the answers

What does attitudinal data provide about customers?

Information on their feelings and opinions regarding products (A) Signup and view all the answers

What is one of the main factors analyzed in a feasibility study?

Current market conditions (D) Signup and view all the answers

Which characteristic distinguishes durable goods from non-durable goods?

Durable goods have a long lifespan. (B) Signup and view all the answers

What is meant by the term 'exchange value' in economics?

The relative price of a good in terms of other goods. (B) Signup and view all the answers

Which of the following is NOT a characteristic of consumer goods?

Typically involve a significant amount of research before purchase. (A) Signup and view all the answers

What distinguishes specialty goods from shopping goods?

Specialty goods have unique characteristics that drive brand loyalty. (A) Signup and view all the answers

Which type of industrial goods includes items like lubricants and repair tools?

Operating supplies. (A) Signup and view all the answers

Services, as defined, are characterized by which of the following traits?

They are intangible activities providing want satisfaction. (A) Signup and view all the answers

Which of the following best describes 'raw materials' in the context of industrial goods?

Items that are part of another physical product. (B) Signup and view all the answers

What type of goods are often purchased with a focus on comparing quality, price, and style?

Shopping goods. (B) Signup and view all the answers

What is the primary aim of the marketing process?

To engage customers and build relationships (D) Signup and view all the answers

Which of the following best defines 'demands' in marketing?

A desire for products at a specific price (C) Signup and view all the answers

How do market intermediaries primarily function in product distribution?

They serve as a bridge between manufacturers and consumers (B) Signup and view all the answers

Which marketing management orientation focuses on producing quality and innovative products?

Product Concept (B) Signup and view all the answers

What does the Selling Concept emphasize in marketing strategies?

Large-scale selling and promotion efforts (D) Signup and view all the answers

Which concept dictates that marketing decisions should consider societal long-term interests?

Social Marketing Concept (B) Signup and view all the answers

What is the significance of the 'exchange' process in marketing?

It involves obtaining a desired object by offering something in return (C) Signup and view all the answers

Which of the following is NOT a component of customer needs in marketing?

The determination of product value (B) Signup and view all the answers