Johnson Buz
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Quiz on BUSS3 Marketing Strategies, created by Johnson Buz on 04/12/2014.

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Johnson Buz
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BUSS3 Marketing Strategies

Question 1 of 9

1

What is marketing?

Select one or more of the following:

  • Advertising and selling a businesses products to its target markets efficiently and cost effectively.

  • The process of identifying, anticipating and satisfying customer needs profitably.

Explanation

Question 2 of 9

1

Which of the following is an example of a SMART marketing objective?

Select one or more of the following:

  • To grow revenues by 15% per year in each of the next 2 years

  • To increase market share in the USA by 3% in the next 2 years

  • To reduce the level of faulty goods produced by 10% in the next 2 years

  • To provide training on payroll systems to all finance staff in the next 2 years

Explanation

Question 3 of 9

1

Which of the following are INTERNAL influences on marketing objectives?

Select one or more of the following:

  • Corporate Objectives, Culture, Technology and Legislation

  • Economic environment, Finance, Operations and Competitiors

  • Finance, Human Resources, Operational Issues and Corporate Objectives

  • Social Change, Technological Change, Market Size and Competitor actions

Explanation

Question 4 of 9

1

Market analysis is .....

Select one or more of the following:

  • Gaining detailed understanding of the market in which the business is operating including market size, growth, customer loyalty and competition.

  • A quantitative analysis of sales figures and projected sales figures before launching a product.

Explanation

Question 5 of 9

1

Correlation shows the causal link (how one factor causes the other to change) between two factors

Select one of the following:

  • True
  • False

Explanation

Question 6 of 9

2

IT is used widely to collect information to use for marketing analysis, which of the following are examples of types of data collected to enable market analysis? Tick each relevant answer.

Select one or more of the following:

  • Number and Value of Transactions

  • Customer product purchases

  • Customer opinions on service

  • Website hits

Explanation

Question 7 of 9

1

According to Ansoffs Matrix starting to sell your products online (e commerce) is an example of:-

Select one of the following:

  • Market Penetration

  • Market Development

  • Product Development

  • Diversification

Explanation

Question 8 of 9

1

According to Michael Porter's Generic Strategies, charging a premium price for a product due to its superior quality and brand loyalty from a wide customer base is known as......

Select one of the following:

  • Cost Leadership

  • Cost Focus

  • Differentiation Leadership

  • Differentiation Focus

Explanation

Question 9 of 9

4

Which of the following factors will affect the size of the marketing budget? Check all that apply.

Select one or more of the following:

  • Number of customers the business has currently has contact details for

  • Last years marketing budget with adjustments for changes

  • What competitors are spending/doing

  • Current financial position of the business

  • The cost of the product to make

  • The marketing objectives that need to be achieved

Explanation

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