Question 1

Who defined a market as the 'set of actual and potential buyers of a product'?

Accepted Answer

Philip Kotler

Answer

David Ogilvy

Answer

Pyle G.F.

Answer

Duddy and Reizan

Question 2

Which type of market is characterized by individuals or households purchasing goods for personal consumption?

Accepted Answer

Consumer market

Answer

Industrial market

Answer

Wholesale market

Answer

Retail market

Question 3

What do we call the market where goods are sold in large quantities?

Accepted Answer

Wholesale market

Answer

Retail market

Answer

Local market

Answer

Consumer market

Question 4

In marketing, what does 'exchange' refer to?

Accepted Answer

Exchange is the act of obtaining a desired product or service from someone by offering something in return.

Answer

The process of advertising a product.

Answer

The transfer of goods without any payment.

Answer

The act of producing goods for sale.

Question 5

What is the primary focus of the marketing concept?

Accepted Answer

To start with the identification of consumer's wants and end with the satisfaction of those wants.

Answer

To ensure maximum sales and market share.

Answer

To maximize production efficiency and reduce costs.

Answer

To create and push products to consumers.

Question 6

Which of the following best describes 'delight needs' in marketing?

Accepted Answer

Features or benefits that surprise and delight the customer, going beyond their expectations.

Answer

Unstated needs that customers do not express.

Answer

Wants that customers explicitly state.

Answer

Basic necessities that customers require.

Question 7

What is a characteristic feature of a local market?

Accepted Answer

Buyers and sellers belong to a small local area such as a town or village.

Answer

It is characterized by a wide geographical coverage.

Answer

It has a population density of less than one hundred.

Answer

It covers national or international regions.

Question 8

What type of buying is characterized by making purchases strictly for immediate needs?

Accepted Answer

Conservative buying

Answer

Speculative buying

Answer

Diversified buying

Answer

Concentrated buying

Question 9

Which marketing function involves the transfer of ownership of goods to the buyer?

Accepted Answer

Selling

Answer

Distribution

Answer

Buying

Answer

Assembling

Question 10

Which type of warehouse is specifically designed for perishable items?

Accepted Answer

Cold storage warehouses.

Answer

Public warehouses

Answer

Traditional warehouses.

Answer

Automated warehouses

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