Description : The size of the market for a product refers to - (1) the number of people in the given area (2) the geographical area served by the proudcers (3) the volume of potential sales of the product (4) the number of potential buyers of the product
Last Answer : (4) the number of potential buyers of the product Explanation: The size of market for a product refers to number of buyers and sellers in a particular market. This is especially important ... potential (defines the upper limit of the total demand and takes potential clients into consideration).
Description : Bilateral monopoly refers to the market situation of - (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer
Last Answer : (4) one seller and one buyer Explanation: In a bilateral monopoly there is both a monopoly (a single seller) and monopsony (a single buyer) in the same market. The one supplier tends to act ... buyer looks towards paying a price that is as low as possible. Since both parties have conflicting goals,
Description : Bilateral monopoly refers to the market situation of (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer
Last Answer : one seller and one buyer
Description : The markets are grouped into different types based on teh geographical area, location of market place, product, nature of transaction and volume of transaction. In the above statement the following is ... Geographical area 3. Location of Market place 4. Volume of transaction 5. None of these
Last Answer : Location of Market place
Description : The markets are grouped into different types based on the geographical area, location of market place, product, nature of transaction and volume of transaction. In the above statemet the following is not ... area 3. location of marketing place 4. volume of transaction 5. all of the above
Last Answer : location of marketing place
Description : Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement
Last Answer : A. Change buyer attitudes
Description : The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.
Last Answer : A)a market test.
Description : Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging ... a certain product of given quality and cost per unit at different prices to different buyers
Last Answer : d. selling a certain product of given quality and cost per unit at different prices to different buyers
Description : The ______________ details sales volume in all segments, reporting each product’s actual and potential sales. a. Balance Sheet b. Market Share Report c. HR/TQM/Sustainability Report d. Round Analysis e. Annual Report
Last Answer : b. Market Share Report
Description : In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market
Last Answer : (1) Demand and Supply Explanation: Capitalism generally refers to economic system in which the means of production are largely or entirely privately owned and operated for a profit, structured on the ... and services lead to higher prices and lower demand for certain goods lead to lower prices.
Description : Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly
Last Answer : (1) Duopoly Explanation: Complete market information is one of the main features of Perfect Competition. This condition implies close contact between buyers and sellers. Both of them possess complete knowledge ... being bought and sold, and the prices at which others are prepared to buy or sell.
Description : In a pure market economy, which of the following is a function of the price? I. provide information to sellers and buyers , II. provide incentives to sellers and buyers a. I only b. II only c. both I and II d. neither I nor II
Last Answer : c. both I and II
Description : Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly
Last Answer : Duopoly
Last Answer : Demand and Supply
Description : Michael Porter has identified five forces that determine the intrinsic long-run attractiveness of a market or market segment. Which of the following would NOT be among Porter’s five forces? A. Industry competitors B. Technological partners C. Substitutes D. Buyers E. Potential entrants
Last Answer : B. Technological partners
Description : The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above Answers: D C D C A D C A C C
Last Answer : c. the less expensive is the product in relation to incomes
Description : The demand for a product would be more inelastic: a. the greater is the time under consideration b. the greater is the number of substitutes available to buyers c. the less expensive is the product in relation to incomes d. all of the above
Last Answer : b. the greater is the number of substitutes available to buyers
Description : Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit
Last Answer : Customer perception that a product is unique.
Last Answer : Fact that as more of a product is produced the cheaper it becomes per unit
Description : During her first call on Becker Industries, Rhonda is told by the senior purchasing agent that this firm, like most industrial buyers, has two major complaints with its suppliers. If Rhonda's firm is to ... A)low prices. B)stable prices. C)packaging problems. D)sales support. E)on-time delivery.
Last Answer : E)on-time delivery.
Description : If a manager tries to form territories with equal sales potential, the territories will usually be unequal in geographic size; this will cause the salespersons with larger territories to A)develop ... potential is the same. D)have much larger sales than those salespeople with smaller territories.
Last Answer : B)have to work longer and harder to generate a certain sales volume.
Description : Elasticity of demand measures the A.Sensitivity of sales to changes in a particular causal factor B.Sensitivity of production to changes in a particular cost C.Value of price and cost D.Volume of product
Last Answer : A.Sensitivity of sales to changes in a particular causal factor
Description : The way the consumers feel or perceive towards an actual product or potential market offering is called A.sales concept B. product idea C. product image D. customer management
Last Answer : C. product image
Description : Which way of consumers feel or perceive towards an actual product or potential market offering A.sales concept B.product images C.product idea D.customer management Answer: B
Last Answer : B.product images
Description : The amount of product that would be purchased by specific customer groups within a specified time period at a specific intensity of industry marketing activities is called: A)maximum sales potential B)trend analysis C)forecasted sales D)market potential
Last Answer : D)market potential
Description : A firm establishes which of the following pricing objectives to maintain or increase its product's sales in relation to total industry sales? A)Cash flow B)Sales potential C)Product quality D)Market share E)Status quo
Last Answer : D)Market share
Description : One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.
Last Answer : (4) Only one price for identical goods at any one time. Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. ... perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities.
Description : One of the essential conditions of Monopolistic competition is - (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product
Last Answer : (3) Product differentiation Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not ... the market becomes more like a perfectly competitive one where firms cannot gain economic profit.
Description : Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product
Last Answer : (3) when there is only one buyer and one seller of a product Explanation: Bilateral monopoly is a market consisting of a single seller (monopolist) and a single buyer (monopsonist).For example, ... . The equilibrium in such a market cannot be determined by the traditional tools of demand and supply.
Last Answer : when there is only one buyer and one seller of a product
Description : One of the essential conditions of Monopolistic competition is (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product
Last Answer : Product differentiation
Last Answer : Only one price for identical goods at any one time.
Description : Which of the following is not a factor in market supply of a product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product; (d) Price of related products
Last Answer : (b) Number of buyers ;
Description : Which of the following is not a factor is market supply of product (a) Cost of production ; (b) Number of buyers ; (c) Market price of the product ; (d) Price of related products
Last Answer : (b) Number of buyers
Description : In the advanced marketing module the term reach refers to a. the potential number of customers who would see the advertisement message. b. the potential number of customers that can be reached by ... promotions will be targeted. e. the fact that all segment respond similarly to each media type.
Last Answer : a. the potential number of customers who would see the advertisement message
Description : The Markets and Competitors section of a business plan should contain ____________. A. A statement of the target market. B. The size of each market segment. C. The key characteristics of buyers in each business segment. D. All the above.
Last Answer : a
Description : L. A. Gear's sports shoe line would have been classified as a problem child when it was introduced. Based on this classification, which of the following would have been true according to the ... B)High market growth rate C)High market share D)Positive cash flow E)Relatively high sales volume
Last Answer : B)High market growth rate
Description : Which of the following see(s) the product, in a commodity market as very important and demand the deepest discount and the highest service? A. Bargain hunters B. Programmed buyers C. Relationship buyers D. Transaction buyers E. Gatekeepers.
Last Answer : A. Bargain hunters
Description : The long -run ultimate effectiveness of promotion is determined by the degree to which: A)the target market is informed about the product. B)consumers agree with the promotional message. C)the total market is educated about the product's uses. D)it moves buyers closer to adopting a product.
Last Answer : D)it moves buyers closer to adopting a product.
Description : What is the name given to an interactive business providing a centralized market where many buyers and suppliers can come together for e‐commerce or commerce‐related activities? a. Direct marketplace b. B2B c. B2C d. Electronic marketplace
Last Answer : d. Electronic marketplace
Description : Customers go through a two-stage buying process: The Rough Cut and the Fine Cut. In the Rough Cut, buyers focus on four product characteristics. Which one of the following is NOT one of these four product characteristics? a. Performance b. Age c. Size d. Reliability e. Price
Last Answer : b. Age
Description : The major factors used to divide markets into consumer markets or organisational markets are the A)buyer characteristics and size of purchases. B)product prices and buyer ... )buyer characteristics and product characteristics. E)buyers characteristics and the frequency of purchases.
Last Answer : C)buyer characteristics and the purposes for which they buy products
Description : Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these
Last Answer : (2) large number of buyers and sellers Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market.
Description : Perfect competition means (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these
Last Answer : large number of buyers and sellers
Description : The factors such as the buyer's age, life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept that influences buyer's decisions refers to ... Personal characteristics B. Psychological characteristics C. Behavioral characteristics D. Demographical characteristics
Last Answer : D. Demographical characteristics
Description : Which of the following is not a criterion for successful market segmentation? a. there must be difference among consumers b. each segment must be located within a geographical area c. there must be consumer similarities within each segment identified d. a segment must be large enough to cover costs
Last Answer : a. there must be difference among consumers
Description : A 'Target Group' in Marketing means ______ 1. To whom the sales should be directed 2. A group of sellers 3. A group of buyers 4. A group of Producers 5. All the above
Last Answer : To whom the sales should be directed
Description : Export agents A)bring buyers and sellers from different countries together and collect a commission for arranging sales. B)purchase products from different companies and sell them to ... customers in foreign countries. D)arrange for licensing agreements between domestic and foreign countries.
Last Answer : A)bring buyers and sellers from different countries together and collect a commission for arranging sales.
Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty
Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).
Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty
Last Answer : Sale in a foreign market of a commodity at a price below marginal cost