Marketing Concepts Quiz

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Questions and Answers

SWOT is a form of situational analysis. State the missing word from the list below. (i) Strengths (ii) Weaknesses (iii) ________ (iv) Threats

Opportunities

Supermarkets sell food to their customers. State what type of goods food is.

Consumer goods

Give one method of collecting market research data.

Surveys

State two purposes of market research.

To understand customer needs and wants To identify market trends Signup and view all the answers

Outline what is meant by the term 'mass market'.

A mass market is a large group of consumers who have similar needs and wants. Signup and view all the answers

Outline what is meant by the term 'distribution channel'.

A distribution channel is the way in which a product is made available to customers. Signup and view all the answers

Explain two reasons why OPUS might use 'cost plus' pricing for a new product.

To cover the costs of production and ensure profitability To set a competitive price in a market with similar products. Signup and view all the answers

Discuss how PESTLE factors could impact on OPUS as the business expands.

PESTLE analysis is a framework for analyzing the external factors that can affect a business. The factors are: Political, Economic, Social, Technological, Legal, and Environmental. By considering these factors, businesses can make more informed decisions about their future directions. Signup and view all the answers

Give one reason why marketing is important to a business such as Bob's Celebration Cupcakes.

To increase awareness of the business and its products Signup and view all the answers

Bob has decided to launch a new range of cupcakes. His research suggests that there is a demand for gluten-free cupcakes and dairy-free cupcakes. This is an example of a market orientated business. State one other form of orientation.

Product orientation Signup and view all the answers

Bob is considering selling his cupcakes to other businesses. Give the name of this type of market.

Business market Signup and view all the answers

State two dimensions of a brand.

Brand name Brand logo Signup and view all the answers

Describe one benefit of branding to a business such as Bob's Celebration Cupcakes.

Branding helps to create a unique identity for the business and its products. Signup and view all the answers

Outline one implication of entering a fast-growing market.

Increased competition Signup and view all the answers

Explain two reasons why a business such as Bob's Celebration Cupcakes would want to develop a Unique Selling Point (USP).

To differentiate themselves from competitors To attract customers in a competitive market. Signup and view all the answers

Outline what is meant by the term 'competitive pricing.'

Competitive pricing involves setting prices that are in line with those of competitors. Signup and view all the answers

Give two advantages of using ecommerce to Bob's Celebration Cupcakes.

Increased reach Reduced overheads Signup and view all the answers

Explain two implications for the business of having products at the introductory stage of the product life cycle.

Low sales volume High marketing costs Signup and view all the answers

Evaluate whether viral marketing would be appropriate for Bob's Celebration Cupcakes.

Viral marketing is a form of marketing that encourages customers to share a message or promotion with their friends and family. It can be an effective way to reach a large audience quickly and at a low cost. However, it is important to note that viral marketing can be unpredictable, and it is difficult to control how a message is spread. Bob should carefully consider the potential benefits and risks of viral marketing before deciding whether it is right for his business. Signup and view all the answers

Study Notes

Section A

Question 1: SWOT analysis is a situational analysis.
- Missing word is Opportunities.
Question 2: Supermarkets sell food, a type of consumer goods.
Question 3: One method of collecting market research data is surveys.
Question 4: Two purposes of market research are:
- Identifying customer needs.
- Evaluating competitors.

Section B

Question 6: Marketing is important for Bob's Celebration Cupcakes because it helps to increase sales and reach a wider audience.
Question 7: Other form of orientation for a business in addition to market-orientated is product-orientated.
Question 8: Selling cupcakes to other businesses is called wholesale.
Question 9: Two dimensions of a brand are:
- Brand name.
- Brand image.
- One benefit of branding is establishing a strong brand identity for customers to recognise and trust.
Question 10: One implication of entering a fast-growing market is:
- Increased competition.
- Two reasons for developing a Unique Selling Point (USP) are:
  - To stand out from competitors.
  - To attract a specific customer segment.
Question 11: Competitive pricing is a pricing strategy where businesses set prices based on the prices of their competitors.
- Two advantages of using ecommerce are:
  - Increased potential sales.
  - Wider reach to customers.
  - Two implications of products at the introductory stage are:
    - Lower initial sales.
    - Building brand awareness.

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Description

Test your knowledge of essential marketing concepts with this quiz. Covering topics like SWOT analysis, consumer goods, and market research methods, this quiz is perfect for students learning about marketing strategies. Use it to reinforce your understanding of key marketing principles.