What is the purpose of calculating market size for a business?
- To determine the number of employees needed
- To assess the feasibility of entering a market
- To set advertising budgets
- To identify competitors' weaknesses
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
A company targeting a specific age group, such as teenagers, is an example of:
- Demographic segmentation
- Geographic segmentation
- Behavioral segmentation
- Behavioural segmentation
What is always the first point in a distribution chain?
- The distributer
- The producer
- The customer
- The wholesaler
Which of the "four Ps" of the marketing mix is incorrect?
Which is a correct definition of a "need"?
- Something a person desires
- Something a person cannot do without
- Something which is good value
- Something which is a product
Which of the following is not a definition of a "market"?
- A geographical area where buys and sellers come together
- Competition between businesses to sell a certain type of product
- A particular customer demographic
- A series of cash transactions
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 potential advantage of effective market segmentation for a business?
- Increased competition
- Higher production costs
- Better targeting of marketing
- Limiting customer diversity
Demographic segmentation involves dividing the market based on:
- Personality traits
- Age, gender, income, and other demographic factors
- Buying behaviour
- Geographic location
