What is the primary role of marketing in a business?

Increasing production efficiency.

Maximizing shareholder profits.

What is meant by market segmentation?

Selling products to a wide audience.

Dividing a market into distinct groups of buyers.

Setting prices based on competitor analysis.

How does niche marketing differ from mass marketing?

Niche marketing targets specific customer segments, while mass marketing targets the entire market.

Niche marketing focuses on reducing costs, while mass marketing focuses on increasing sales volume.

Niche marketing involves aggressive advertising campaigns, while mass marketing uses subtle promotional strategies.

Niche marketing is only applicable in B2B markets, while mass marketing is for B2C markets.

Why is understanding the dynamic nature of markets important for businesses?

To predict competitor strategies.

To maintain a steady profit margin.

To adapt to changing customer preferences.

What are the benefits of market segmentation?

Increased customer loyalty and satisfaction.

How does mass marketing differ from niche marketing in terms of target audience?

Mass marketing targets a smaller audience, while niche marketing targets a larger audience.

Mass marketing targets a broad audience, while niche marketing targets a specific audience.

Mass marketing targets international markets, while niche marketing targets local markets.

Mass marketing targets individual customers, while niche marketing targets businesses.

What strategies can businesses use to effectively segment their markets?

Conducting customer surveys and focus groups.

Lowering prices across all products.

Increasing the number of sales representatives.

Give an example of a niche market and explain why it is considered niche.

Luxury watches, because they are affordable to a wide audience.

Fast food restaurants, because they serve a large number of customers.

Organic skincare products, because they target customers interested in natural ingredients.

Grocery stores, because they sell essential items.

How can businesses benefit from adopting niche marketing strategies?

By achieving higher profit margins.

By increasing production efficiency.

Why is market segmentation considered a strategic approach for businesses?

It helps businesses reduce competition.

It allows businesses to target specific customer groups.

It increases operational costs.

It limits product customization.

Customers, Marketing and Competition Free MCQ Practice Test with Solutions

	Business Studies for GCSE/IGCSE 70 videos\|94 docs\|25 tests

	Business Studies for GCSE/IGCSE 70 videos\|94 docs\|25 tests

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