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PART 1

1. Factors that are beyond the organization’s direct control, though the organization may be
able to have some influence over them are:
A. Threats and weaknesses
B. Weaknesses and opportunities
C. Opportunities and threats
D. Opportunities and strengths
E. Strengths and weaknesses

2. Which of the following is not part of an organization’s macro environment?

A. Competitive forces
B. Technological forces
C. Sociocultural forces
D. Political forces
E. Economic forces

3. Which of the following should influence an organization’s marketing planning?

A. Stakeholders analysis
B. Organizational objectives
C. Organizational chart
D. Internal organization factors only
E. None of the option listed

4. Which of the following is not a source of strategic advantage through

innovation?
Complexity – offering something which others find it difficult to master
Legal protection of intellectual property – offering something which others cannot do unless
they pay a license or other fee
Scale of investment in R&D
Novelty in product or service offering – offering something no one else can

5. Rethinking of services and meeting social needs are aspects of

Positioning
Innovation
Marketing segmentation
Managing an enterprise

6. Which of these innovations is not a typical example of ‘technology’ or

‘knowledge’ push?
The Walkman personal hi-fi
Radar
The Pilkington Float Glass process
YouTube and related video sharing internet sites

7. Innovation is capable of being presented as

A discipline
Being learned
Being practiced
A tool
All of the options listed

8. An organization recognizing the aging population and offering a seniors’

discount for older customers is most likely to be responding to:
Technological forces
Political forces
Sociocultural forces
Legal forces
Environmental forces

9. As part of your marketing PhD you decide to investigate factors affecting people’s attitudes,
beliefs, behaviors, preferences, customs and lifestyles. These macro environmental forces which
you investigate are collectively known as:
Political forces
Economic forces
Sociocultural forces
Technological forces
Environmental forces

10. With the development of infrastructure and technologies such as production lines, businesses
such as the Ford Motor Company focused on manufacturing large quantities of goods, wich they
seemed to have no trouble selling, people were happy to buy what was available. Which era of
marketing does this description relate to?
Market
Production
Consumer
Sales
Socially responsible

11. Which of the following is part of an organization’s marketing environment?

The organization’s micro-environment
The organization’s macro-environment
An internal or external force that affects the organization’s ability to create, communicate,
deliver and exchange offerings
All of the options listed are part of an organization’s marketing environment

12. The process of breaking the marketing environment into smaller parts in order
to gain a better understanding of it is known as:
The internal environment
Environmental analysis
The micro-environment
The macro-environment

13. In an attempt to overcome legal regulations, an industry body may attempt to

influence which aspect of its marketing environment?
Sociocultural
Political
Competitive
Economic

14. Brand equity, customer satisfaction, market share and return on marketing
investment are all examples of:
Marketing metrics
A situational analysis
Marketing planning
An environmental analysis
The marketing environment
15. Which of the following would not be a part of an organization’s micro-
environment?
Competitors
Partners such as suppliers and retailers
Customers
The economy

16. A customer’s overall assessment of the utility of an offering based on perceptions

of what is received and what is given is known as:
Benefit
Value
Exchange
Advantage

17. Product competition can best be described as a level of competition in which:

Products are very similar, offering the same benefits, features and price to the same target
market.
Consumers have limited ways to meet their product needs
Products have the same price but offer different benefits
Products are broadly similar, but offer different benefits, features and price to distinguish
them
Consumers must make choices about which products to consume and which to forgo, as they
have limited financial resources

18. Which phase of the marketing process explains why wine marketers, formexample, would
access market insight reports from a market research company such as the Nielson Company?
Understand
Create
Communicate
Deliver
Exchange

19. In a SWOT analysis, an organization’s core competencies and competitive

advantages would be classified as:
Opportunities
Strengths
Weaknesses
Threats
None of the options listed

20. What do marketers seek to do in their environment?

Monitor and respond to
Monitor, understand and respond to
Influence and understand
Understand, respond to and influence
Monitor, understand, respond to and influence

21. A degree in Marketing will qualify you for a job in which of the following
organization?
Government
Not-for-profit organizations
Multinational organizations
All of the options listed
22. As the marketing manager of Cadbury Chocolate in Australia, you regularly receive reports
on your products’ brand equity, customer satisfaction, and market share data. These figures are
all examples of:
Marketing metrics
A situational analysis
Marketing planning
An environmental analysis
The marketing environment

23. Marketing metrics’ underlying principles are that metrics should be linked to:
Organizational objectives
Situational analysis
Strategy
Market position
Investment analysis
24. The rising use of social networking sites could be attributed to:
Sociocultural forces
Competitive forces
International forces
Legal forces
Economic forces

25. When using the PESTLE framework, marketers are investigating:

Internal forces
Macro-environmental forces
Micro-environmental forces
Competitive forces

26. The external environment includes:

Micro-environment and macro-environment
Internal environment and political environment
Internal environment and macro environment
Micro environment and political environment
None of the options listed

27. Marketing is defined as ‘the activity, set of institutions, and ______ for creating,
communication, delivering and ________ value for ________, clients, partners and society at
large
Processes, exchanging, customers
Procedures, exchanging, consumers
Processes, producing, consumers
Procedures, pricing, customers

28. The successive stages of ideas generation, ideas evaluation and ideas
implementation:
Can overlap
Can be non-linear
Can be rearranged
All the listed options
None of the listed options

29. Minimum viable product is an approach for _________.

Implementing innovation
Designing dynamic capacities
Situational analysis
All of the listed options
None of the listed options

30. A business plan involves planning resources and developing a budget which is then
compared with sales promotions to ascertain the true __________
Competitive situation in the marketplace
Market size that can be captured
Level of positioning
Number of product attributes

31. Diversity in network ties is essential for would-be entrepreneurs as it widens the
scope of information about __________
Potential innovation
Business locations
Assistance schemes
Sources of capital
All of the options listed

32. Which of the following is not considered part of a feasibility analysis to screen
opportunities?
Product feasibility
Process feasibility
Market feasibility
Economic feasibility

33. Primary produces such as wheat farmers, construct dams in an attempt to

influence their business
Internal environment
External environment
Micro environment
Macro environment

34. A market can be best described as:

A group of customers with similar needs and wants
A group of customers with different needs and wants
A group of customers living in the same geographical area
A group of potential customers within a similar age range
A group of potential first-time customers

35. An organization that outsources functions that can be done more efficiently by
specialist external providers is shifting those functions from:
Its micro environment to its macro environment
Its internal environment to its micro environment
Its internal environment to its macro environment
Its macro environment to its micro environment
None of the options listed

36. The external environment encompasses

People and processes the organization can control
Goods and services controlled by other organizations
People and processes that the organization cannot directly control
Goods and services controlled by the organization
None of the options listed

37. The Council of Australian Governments (COAG) Healthy Communities Initiative is an

Australian government initiative that aims to reduce the prevalence of obesity within target
populations. This initiative is best described as an example of:
A not for profit organization using marketing practices
Corporate social responsibility
A societal market orientation
A marketing mix decision
A consumer orientation

38. If doing the SWOT analysis an organization identified that its retail store site
was poorly located, this would be an example of:
A threat
An external factor that cannot be controlled by the organization
A strength
A weakness
None of the options listed

39. Which of the following statements is correct?

The internal environment includes those factors that are not controllable by the organization
Weaknesses are internal factors that marketers cannot control in the medium term
The internal environment includes factors that are controllable by the organization
The internal environment is always difficult to understand within large organization

40. The marketing department of a large retail company assesses their current situation in order
to clearly state where the company is now. This is an example of the company:
Conducting a situational analysis
Performing marketing planning
Deciding organizational objectives
Conducting an organizational analysis
Assessing past strategies

41. The devaluation of the Australian dollar makes exports cheaper and imports
more expensive. Within the macro-environment, this is known as a(n):
Political force
Economic force
Sociocultural force
Technological force

42. Innovation managers and practicing entrepreneurs in large businesses have learned from the
world of experience that successful innovators:
Build dynamic capacity
Manage innovation as a process
Understand different dimensions of innovation
None of the options listed
All of the options listed

43. Zara’s (fashion store) how it has used information around design and “fast
fashion” to create new opportunities in a crowded and mature marketplace is an
example of:
Improving operation
Niche marketing
Product differentiation
Effective cost innovation
New ways of servicing existing markets

44. Which of the following is NOT a factor often associated with successful innovating
organization?
Rich external linkages and networks
Supportive organization climate with structures and incentives for innovation
Mechanism for strategic selection of innovation options
Age of the firm – the older the better

45. Which of these would NOT normally be considered an incremental innovation?

An electric car
A low-fat hamburger
Faster train journeys through better signaling
Chicken and onion flavored potato snacks
A 65-inch plasma television

46. ___________ is about making associations, often exploring round the edges of a
problems
Divergent thinking
Individual creativity
Marketing process
The context of success
Finding resources

47. During the innovation stage knowledge is further refined through

Mind maps
Networking
Feasibility test
Research testing
Social networks

48. A rule of thumb is that new technology should have at least ______ feature that
promises to be ten times better than its rivals
Three
One
Five
Two
Four

49. Bright ideas are the fuel for ________ so understanding how we come up with
them is worth exploring
Entrepreneurial success
Market share improvement
Innovation
None of the listed options
All the listed options

50. Tidying up an idea and building on their initial insight is known as ________
Problem reversal
Mind mapping
Validation
Positioning
Emotional attachment

51. If innovation is only seen as a strong R&D capacity, it will result in:
The lack of involvement of others
Technology which fall to meet user’s needs and may not be accepted
Becoming simply a matter of thing in shopping outs of needs
All of the options listed
None of the options listed

52. Providing customization to value customers together with selling high-end

products at mass-market prices are examples of:
Customer satisfaction
Cost innovation
Mass marketing
Technical innovation
Process needs

53. The creative process of mind map starts with the basic problem as the center an
generates ________ in order to arrive at a large number of different approaches
Action plan
Strategies
Decisions
Associations
All of the listed options

54. A common element between creativity innovation and entrepreneurship is:

Knowledge
Motivation
Resources
Customers
Technology

55. Which of the following statements is false?

A product, organization or brand may be able to be repositioned
The positioning of an organization, its product/s and brand/s should be consistently
reinforced
The positioning of an organization, its product/s and brand/s should be changed regularly
Positioning is based on customer perceptions as well as reality
How an organization wishes to position its product offering to a target market should
influence the development of its marketing mix for that target market

56. Which of the following would be an advantage of a one-to-one marketing

strategy?
Positive word-of-mouth customer referrals
Building close relationship with a customer
Customer loyalty
Potential repeat purchases from the customer
All of the options listed are potential advantages

57. A reduction in the price of a complement will normally cause:

A movement along the demand curve such that quantity demanded decline
The demand curve to shift to the left
An individual to decrease consumption of any goods she purchases
The demand curve to shift to the right
A movement along the demand curve such that quantity demanded increases.

58. If a price of a product increases, but the quantity demanded does not decline at all, the
demand for this product in this price range:
Is perfectly price elastic
Is price elastic
Has a price elasticity of unity
Is price inelastic
Is perfectly price inelastic.

59. All humans build social networks, but an entrepreneur’s network has some differences. Which
of the following is not a difference?
The networks are genuinely personal that intertwined business concerns
The networks are built through high stake activities
The networks consist predominantly of family and friends
The networks are highly spatial
Entrepreneurial networks are important both in eastern and western countries

60. Businesses that operate in an environment where success or failure is determined by how
well they match and counter the offerings of competitors are operating under:
The private enterprise system
A social democracy
A monopoly
State ownership
Pure competition

61. Creating an innovation strategy involves three key steps:

Process, position and ideas
Creativity, innovation and entrepreneurship
Analysis, selection and implementation
Resources, venture and value
Product, process and innovation

62. Bottleneck buster is an entrepreneur’s approach for creating value used in:
Cost innovation
Perceptual changes
Creating social values
Disruptive innovation
Marketing analysis

63. When people are intrinsically motivated at their workplace they work towards achieving:
A promotion
Personal challenge
Higher pay
All of the options listed
None of the options listed

64. Luxury manufacturer Rolex understands the associates ‘expected benefit’ that its product
offers to consumer market segmentation ‘expected benefit’ is an example of:
Geographic
Demographic
Psychographic
Behavioral
Geo-psychographic

65. The first step of determining the current positioning of a brand is:

To evaluate the price of competing products or brands

To develop marketing mix
To evaluate promotional campaigns of competitors
To identify the product attributes that target consumers use in comparing with competitors’
offerings
None of the options listed

66. Macroeconomics is the branch of economic that focus primarily on:

The behavior of the individuals to make up the total economy
The interaction between business buyers and resellers in industrial market
The behavior between buyers and sellers in industrial market
How industrial ... make their product decision

67. Question about the shift of supply curve of particular good..

68. Entrepreneurs face a variety of risks throughout their career. Which of the following is not
considered a risk?
Financial risks
Career risks
Social risks
Health risks
Physiological risks

69. One performance benchmark in entrepreneurship is “the absolute level of economic

performance that provided a return for enterprising effort...” When performance is graphed
against time, there is a level below which the entrepreneur will experience an economic loss. The
level is called:
Opportunity cost
Uncertainty premium
Advantage surplus
Risk premium
Liquidity premium
PART 2

1. Australia sells around one million cars a year. This figure represents the:
market potential.
sales revenue.
market share.
return on investment.

2. When a marketer makes one product and offers it to the market as a whole, this
form of marketing is known as:
one-to-one marketing.
an undifferentiated offer.
customized marketing.
a differentiated offer.

3. Behavioral segmentation differs from geographic, demographic and

psychographic segmentation because it:
is based on 'consumer characteristics'.
is relatively unchanging over time.
cannot provide evidence of emerging trends.
is based on actual purchase and/or consumption behaviors.

4. Organizations that pursue a specialization strategy seek to establish a dominant position in

their chosen _________ market.
product.
consume.
producer.
Niche.

5. Emma decides that after establishing a successful business using a mass marketing approach,
she wants to expand by differentiating her product range. Emma wants to segment a market
based on demographic variables. Which of the following is not a demographic variable?
Age.
Ethnicity.
Household composition.
Income.
All of the options listed are demographic variables.

6. _________ produces two-dimensional maps showing how competing brands relate to each
other in terms of a range of product attributes. This, of course, assumes that consumers in the
target segment are _________ with the brand and its competitors and are able to subjectively or
objectively compare them on attributes that they believe to be important.
Perceptual mapping, unfamiliar
Behavioral mapping, already familiar
Perceptual mapping, already familiar
Behavioral mapping, unfamiliar

7. Evaluating and selecting market segments is part of the ____________ stage of the target
marketing process.
segmentation
positioning
targeting
final
First
8. The total volume of sales of a product category that all organizations in an industry are
expected to sell in a specified period of time, assuming a specific level of marketing activity is
known as: market potential.
sales revenue.
market share.
return on investment.

9. eBay provides an electronic platform for their customers. As such, eBay is classified as a
service provider because:
a service is an intangible product offering that does not involve ownership.
a service is a tangible product offering that does not involve ownership.
a service is a measure of price and quality matrix.
a service is a function of personal selling.

10. The characteristics that formally distinguish services from goods are intangibility,
inseparability, __________ and perishability.
benefits
heterogeneity
homogeneity
Tangibility

11. In terms of the total product concept, product differentiation occurs mainly at
the __________level.
augmented
core
expected
life cycle
Growth

12. In Australia, Toyota has begun offering fixed price servicing on new cars for the first 3 years.
This approach could be best described as differentiating at which level of the total product
concept?
Core product.
Expected product.
Augmented product.
Potential product.
Actual product.

13. Which of the following best describes the concept of product differentiation?
How a product evolves as it moves from one phase of the product life cycle to the next.
The creation of products and product attributes that distinguish one product from another.
The creation of physical goods that are distinguished from competitor's physical goods.
The creation of services that are distinguished from competitor's services.
None of the options listed.

14. A group of customers with similar needs and wants is known as:
a population.
people.
a demographic.
a target market

15. Apple and Virgin are two companies who frequently use public relations campaigns to
generate awareness of and interest in the products and services they offer to the market. Public
relations campaigns such as those run by Apple and Virgin have a number of characteristics, but
these characteristics do not include which of the following statements?
Public relations campaigns are generally high cost.
Public relations activities include communications aimed at creating and maintaining
relationships between an organization and its stakeholders.
Public relations activities can be used as a tool to combat negative perceptions or events. (sai)
An organization submitting a press release to the media is an example of a public relations
activity.
All of the options listed.

16. Milk could best be described as a product that is ________ distributed.

Intensively
selectively
exclusively
directly
None of the options listed.

17. Coca-Cola distributes its soft drinks via every suitable intermediary. This distribution strategy
is an example of:
exclusive distribution.
intensive distribution.
selective distribution.
thorough distribution.

18. As an agent for Massey Ferguson tractors, you are classed as an intermediary. Other
intermediaries in the distribution channel for tractors and farm equipment include:
wholesalers.
retailers.
industrial buyers.
all of the options listed

19. A successful advertising program for a product will:

shift the demand curve for that product leftward.
cause a movement down the demand curve for the product.
shift the demand curve for that product rightward.
cause a movement up the demand curve for the product.
have no effect on demand for the product.

20. The theories that are developed in economics:

are conclusions derived from sets of assumptions.
are based upon unrealistic assumptions and therefore are of little value in explaining real- world
behavior.
are valid for individuals but not for groups.
are of little value since they cannot actually be tested in laboratories.
require that individuals know and understand them before they can be applied.

21. An increase in the price of a substitute product will normally cause:

a movement along the demand curve such that quantity demanded declines.
the demand curve to shift to the right.
an individual to decrease consumption of any goods she purchases.
the demand curve to shift to the left.
a movement along the demand curve such that quantity demanded increases.

22. A variable is:

something that can be expressed mathematically.
something that is correlated with something else.
anything that can be measured and that changes.
something that is not correlated with something else.
anything that cannot be measured.
23. If a firm raises the price of its product and finds that total revenue has increased,
this indicates that:
demand for its product is price elastic.
demand for the product has unit price elasticity.
demand for the product is price inelastic.
the demand curve for the product is downward sloping.
the price elasticity is less than 1.

24. At any price above the equilibrium price:

the sellers can sell all they offer for sale.
the quantity supplied is greater than the quantity demanded.
the price will rise.
the quantity supplied is less than the quantity demanded.
consumers cannot buy all that they wish to.

25. If the demand for a product is price elastic, total revenue will:
be unchanged regardless of the direction of the price change.
fall if price is reduced.
increase if price is increased.
increase if price is reduced.
increase regardless of the direction of the price change.

26. In the labour market, households:

lend labour services.
sell labour services.
buy firms' output.
buy and sell labour services.
lend money to firms

27. All of the following, except one, would be an appropriate focus of study for microeconomics.
Which is not?
the determination of prices in the computer industry.
the level of production by a firm in the compact disc industry.
the interaction of supply and demand in the corn market.
the number of people employed in the advertising business.
the determination of the rate of inflation.

28. All of the following, except one, will cause a shift in the demand curve for butter. Which will
not?
a change in the price of margarine
a change in the price of bread
increased concern about the health risks associated with eating butter
a change in the price of butter
a change in consumers' incomes

29. A terms of the product, most of the differentiating features are part of the __________
product layer of the total product concept.
augmented
core
expected
Potential

30. Marketers exercise control over a set of variables which includes price, promotion, and the
product. Together, these controllable variables are known as:
the marketing mix
the target market
a bundle of attributes
physical evidence

31. Which of the following would be classed as a product differentiator?

Features.
Quality.
Design.
Brand.
All of the options listed.

32. The path from the ________ or service provider to the end user is known as the ________
channel or marketing channel.
distributor, wholesale
distributor, distribution
manufacturer, distribution
manufacturer, production

33. Intermediaries in a distribution channel can include:

wholesalers.
retailers.
industrial buyers.
All of the options listed.

34. Tickets to a concert that never get sold are an example of a service's:
heterogeneity.
intangibility.
perishability.
Homogeneity.

35. Apple MacBooks are available from licensed retailers and distributors in Australia. Retailers
are licensed based on reputation and service, adding value to the strong Apple brand. This
approach to market coverage is known as:
intensive distribution.
direct distribution.
indirect distribution.
exclusive distribution.
selective distribution.

36. The association between Qantas and the Australian Rugby Union's Wallabies
team is an example of:
ambush marketing
product placement
cause-related marketing
Sponsorship

37. The primary focus of economics is on:

government decisions about which one has to go unsatisfied.
implementing a market system.
choices that must be made.
rising prices.
providing consumers with perfect information.

38. The curve that describes the quantities of a product that a firm would like to sell
at different prices is called the:
demand curve.
supply curve.
production possibilities curve.
budget constraint.
opportunity set.

39. A technological improvement will normally cause:

the supply curve to shift to the right.
a movement along the supply curve such that quantity supplied declines.
an individual to increase consumption of any goods she purchases.
a movement along the supply curve such that quantity supplied increases.
the supply curve to shift to the left.

40. The demand curve is downward sloping, which means that the quantity demanded for a good
___ when its price ______.
rises; rises
falls; falls
is unchanged; falls
is unchanged; rises
falls; rises

41. Along an individual demand curve, a reduction in quantity demanded occurs when:
price has increased.
price has decreased.
the consumer's income has fallen.
the consumer's income has increased.
a reduction in price induces the individual to increase consumption.

42. Each of the following statements about the role of price is accurate except one. Which one is
it?
The price of a good measures its scarcity.
The price of a good reflects the relative prevalence of input resources.
A lower price signals producers to reduce their level of production.
A lower price signals consumers to increase their usage.
None of the options listed.

43. Whenever two events occur simultaneously:

one event must have caused the other event.
there is both correlation and causation.
there is causation but not necessarily correlation.
there is correlation but not necessarily causation.
the two events are independent.

44. The sensitivity of the quantity demanded of product A to changes in its price is likely to be __
than the sensitivity of the quantity demanded of product B to changes in its price when there are
__ close substitutes for product A than there are for product B.
lower; more
greater; fewer
greater; more
greater; far fewer
lower; many more

45. The concept of supply refers to the quantity of a good that firms:
need to sell if they are to make positive profits.
are able to sell in the marketplace.
would like to sell at a given price.
would buy at a given price.
would sell if they had unlimited resources
46. Unemployment and inflation are topics within:
microeconomics.
macroeconomics.
the product market.
the labour market.
the capital market.

47. There are two steps in the market segmentation phase: ___________ that can be used to
define meaningful market segments; and _____________the market segments so they can be
assessed in the second stage of the target marketing process.
market research, surveying
market research, profiling
identifying variables, profiling
identifying variables, surveying

48. Which of the following statements provides the best description of the marketing concept of
positioning?
The methods followed by an organisation when promoting its products in the market.
How target markets perceive an organisation, its products and brands in relation to
competitors.
An organisation's market share in relation to competitors.
An organisation developing an appropriate marketing mix for a target market segment.
An organisation identifying target markets for its products.

49. Toyota uses a target marketing approach to selling cars. Toyota offers a range of cars to the
market. Considering this, which of the following statements is incorrect?
An organisation following the target marketing concept should target all market segments.
Different target markets may require a different positioning strategy.
Market segments should be selected for targeting after an evaluation process.
Markets can be segmented many different ways using different segmentation variables.
Different market segments may require different marketing mixes.

50. Emma has decided to switch from a mass marketing approach, to a target
marketing approach. She understands that target marketing is a process and
__________________ forms the basis of the process.
market segmentation
market research
market intelligence
marketing strategy
the marketing mix

51. Which of these of these underlies the concept of target marketing?

Individual buyers or groups of buyers can be identified.
Sellers understand the needs of buyers.
Sellers will seek to shape their offer to meet the needs of target buyers.
All of the options listed.

52. Hairdressers offering each customer a unique or customised haircut could be

best described as:
mass marketing.
one-to-one marketing.
target marketing.
target marketing based on segments.
product specialisation.

53. When the marketer seeks to ________and ___________those parts of the total
market that it can offer the most_________, the approach is known as the
_________ marketing concept.
grow, understand, benefit, total
identify, understand, value, target
identify, grow, value, total
identify, understand, value, total

54. Elders provides a comprehensive range of goods and services to farmers. This
specialised approach to target marketing is an example of:
one-to-one marketing.
mass marketing.
product specialisation.
market specialisation.
product-market specialisation.

55. Which of the following statements is incorrect?

A service is a product.
A physical good is a product.
A service usually involves transfer of ownership.
A physical good is tangible; a service is intangible.
None of the options listed.

56. Which of the following distribution channels is/are logical?

Producer, wholesaler, retailer, consumer.
Producer, agent/broker, consumer.
Producer, consumer.
All of the options listed

57. Stable products, impulse products and emergency products are all examples of:
convenience products.
specialty products.
unsought products.
shopping products.

58. A clothing company manufactures a range of underwear, singlets, socks and t-

shirts for both men and women. This range is known as the company's:
product capacity.
product item.
product line.
product mix

59. Upsize' deals at fast food restaurants are examples of pricing a product at a
moderate level and then positioning it next to a more expensive model. This is
known as:
cost-based priding.
price skimming.
penetration pricing.
reference pricing.

60. Choose the best answer to complete the following sentence. Product
differentiation should:
make a product more affordable.
make a product more exclusive.
aim to create a competitive advantage for the organisation.
provide ideas for future products.
correlate with the organisation's promotional campaign.
61. Which of the following statements is incorrect?
Public relations campaigns are generally high cost
Public relations activities include communications aimed at creating and maintaining
relationships between an organisation and its stakeholders.
Public relations activities can be used as a tool to combat negative perceptions or events.

62. Which of the following statements is incorrect?

An exchange of value always involves a monetary transaction.
Price is a measure of value for buyers.
Price is a measure of value for sellers.
Not-for-profit organisations may charge a price for their products.
All of the options listed

63. A brand is a collection of ______, such as a name, logo, slogan and design,
intended to create an image in the customer's mind that ________ a product
______ competitors' products.
signs, associates, from
symbols, associates, with
symbols, differentiates, from
signs, differentiates, with

64. A credit union that provides a wide range of financial services to members who
are employed in particular industries would be best described as having:
a market specialisation.
a product specialisation.
a service specialisation.
a product-market specialisation.
None of the options listed.

65. The first step in determining the current positioning of a brand is:
to devise some concept of the ideal position of the organisation's product or brand.
to identify product attributes that consumers use to distinguish between competing products
or brands.
to develop a plan to move to the desired position.
to move towards a position related to peer status.

66. The broad market segments of 'Baby Boomers', 'Generation X', 'Generation Y'
and Generation Z' have been created primarily based upon:
psychographic variables.
behavioural variables.
demographic variables.
geo-demographic variables.
None of the options listed

67. Which of the following statements is correct?

Psychographic segmentation variables include consumer personality attributes.
Psychographic segmentation variables include consumer lifestyles.
Psychographic segmentation variables include consumer motives.
All of the options listed.

68. Woolworths understands that their market is made up of buyers with diverse
needs; their customers have unique wants, needs and demands. The market that
Woolworths sells to is said to be:
homogenous.
heterogeneous.
target markets.
mass markets.
niche markets.

69. Which of the following processes is most likely to assist with identifying target markets?
The marketing mix.
Market research.
Creating, communicating and delivering an offering of value.
Situational analysis
SWOT analysis

70. Emma decides that after establishing a successful business using a mass
marketing approach, she wants to expand by differentiating her product range.
Emma decides she will use a target marketing approach, which can best be
described as:
identifying smaller, more targetable market segments, then tailoring the marketing mix to best
appeal to those segments.
identifying business-to-consumer markets, then tailoring the marketing mix to best appeal to
those markets.
identifying business-to-business markets, then tailoring the marketing mix to best appeal to
those markets.
developing a marketing mix for the market.
none of the options listed.

71. You open a liquor store, selling only boutique wines (produced in smaller
quantities and as such not sold through major retailers) from the Hunter Valley
in NSW. Your specialised approach to the target market is:
product specialisation.
market specialisation.
product-market specialisation.
differentiated target marketing.

72. Markets in which firms sell their output are called:

capital markets.
stock markets.
labour markets.
farmers' markets.
product markets.

73. Macroeconomics is the branch of economics that focuses primarily on:

the behaviour of the individual units that make up the total economy.
the interactions between buyers and sellers in individual markets.
the behaviour of buyers and sellers in individual markets.
how individual firms make their production decisions.
aggregated economic activities.

74. If a firm raises the price of its product and finds that total revenue has fallen,
this indicates that:
demand for the product is price inelastic.
demand for the product has unit price elasticity.
the demand curve for the product is downward sloping.
the price elasticity is greater than one.
demand for the product is price elastic.

75. Along an individual firm's supply curve, a reduction in quantity supplied occurs
when:
price has increased.
price has declined.
the firm's profit has risen.
a technological advancement has occurred.
the firm is induced to offer more for sale at a lower price.

76. At the equilibrium price:

price will tend to fall.
the quantity supplied exceeds the quantity demanded.
price will tend to increase.
the quantity supplied is less than the quantity demanded.
there is no reason for the price to change.

77. All of the following, except one, are sources of a rightward shift in the market
demand curve for butter. Which is not?
An increase in consumers' incomes
An increase in the price of bread
An increase in the price of margarine
A large increase in the size of the population
Reduced concern about the health risks associated with eating butter
None of the options listed.

78. All of the following, except one, are sources of a shift in a market supply curve
for a particular good. Which is not?
A technological improvement
A change in the price of a good
A change in the price of an input used in the manufacture of that good
A change in the natural environment
A change in the availability of credit

79. An individual is typically willing to purchase more of a good at lower prices,

which implies that the individual demand curve will be:
horizontal.
vertical.
upward sloping.
downward sloping.
of indeterminate shape

80. Microeconomics is that branch of economics that focuses primarily on:

market economies.
the behaviour of individual units.
centrally planned economies.
economic aggregates such as unemployment and inflation.
aggregate economic activity.

81. An increase in the price of butter is likely to result in:

a movement along the demand curve for butter such that quantity demanded increases.
a rightward shift in the demand curve for margarine.
an increase in the quantity of butter demanded.
a leftward shift in the demand curve for margarine.
a movement along the demand curve for margarine such that quantity demanded increases.

82. Assume that the forces of supply and demand operate freely. All of the following
statements, except one, are true in this situation. Which is not?
When the price of a good rises, producers are encouraged to produce more of the good and
consumers are encouraged to purchase less of the goods.
Prices measure relative scarcity.
Prices provide incentives to use scarce resources efficiently.
Prices convey critical economic information.
When the price of a good rises, producers are encouraged to produce less of the good and
consumers are encouraged to purchase more of the goods.

83. A reduction in the price of a substitute product will normally cause:

a movement along the demand curve such that quantity demanded declines.
a movement along the demand curve such that quantity demanded increases.
the demand curve to shift to the left.
the demand curve to shift to the right.

84. If the price elasticity of demand for a product is 2, a price increase from $1.00 to $1.02 will
cause quantity demanded to:
rise by 4 per cent.
rise by 2 per cent.
fall by 4 per cent.
fall by 2 per cent.
fall by $.04.

85. As a marketing manager, you undertake research to understand how potential

buyers see your brand. Your research is aiming to identify your brand's:
position.
value.
benefit.
Potential.

86. Subaru built its early reputation in Australia by targeting visitors to, and
residents of the snow country. This method of market segmentation could best be
described as:
geographic.
demographic.
psychographic.
behavioural.
Geo-psychographic

87. Integrated marketing communications (IMC) is the term given to the

coordination of promotional efforts to maximise the communication effect. Its
primary goal is:
creating and maintaining relationships between the marketing organisation and its
stakeholders.
to reach a lot of people at a relatively low cost per person.
to consistently send the most effective possible message to the target market.
offer extra value to resellers, salespeople and consumers in a bid to increase sales.

88. Coca Cola rarely uses personal selling as one of its promotional strategies,
instead opting for various mass-marketing approaches. Coca Cola understands
that a disadvantage of personal selling is that:
personal selling is expensive
personal selling is time-consuming.
personal selling has a more limited reach.
all of the options listed are disadvantages.

89. The total product concept broadly describes a product as a bundle of attributes,
creating value for the customer. Specifically, a product can be defined as the core
product, expected product, __________ product and __________ product.
associated, final
augmented, potential
augmented, serviced
associated, finished

90. The characteristic of being produced and consumed simultaneously is known as:
inseparability.
intangibility.
perishability.
Homogeneity.

91. During a meeting to discuss improving the 'weakest' parts of your business, your
boss asks you to contact all the members of your supply chain; he has identified
this as an area where improvements need to be made. Subsequently you need to
contact:
Your retailers and distributors.
The transporters and suppliers involved in getting your product to market.
The producers who supply raw materials to your manufacturers.
All of the parties involved in providing the raw materials and services to get your product to
market.
The consumers who buy your product.

92. A target marketing strategy in which all marketing efforts are focused on
meeting a wide range of needs within a particular market segment is called:
product specialisation.
product-market specialisation.
market specialisation.
market-product specialisation.

93. As an importer of surfing accessories, your company focuses its marketing

operations in the warmer coastal regions of Australia. This action is an example
of:
geographic segmentation.
psychographic segmentation.
behavioural segmentation.
demographic segmentation.

94. Familiar brands such as Arnott's Biscuits generally occupy clear and strong
positions (as perceived by the market). This leads to:
a strength because consumers know the product benefits and features.
a weakness because this position is difficult to change short term.
a limitation because new brands in the market can establish positions based on new benefits.
all of the options listed.

95. Diamonds command a higher price than water because they have a:
higher value in use.
lower value in exchange.
higher marginal value.
lower value in use.
higher total value.

96. An increase in consumers' income will normally cause:

a movement along the demand curve such that quantity demanded declines.
the demand curve to shift to the left.
an individual to decrease consumption of any goods she purchases.
the demand curve to shift to the right.
a movement along the demand curve such that quantity demanded increases.
97. If the market price of a good is such that consumers wish to buy less of the good
than firms are offering for sale, the excess ___ will cause price to ___.
demand; fall
supply; rise
price; fall
supply; fall
demand; rise

98. If the price of a product increases, but the quantity demanded does not decline at
all, the demand for this product in this price range:
is perfectly price elastic.
is price elastic.
has a price elasticity of unity.
is price inelastic.
is perfectly price inelastic

99. The marketing activities that make potential customers, partners and society
aware of and attracted to the business's offerings is known as:
marketing.
integrated marketing communication.
campaigning.
Promotion.

100. A brand can be:

a collection of symbols intended to create an image in a customer's mind.
a name that differentiates a product.
the bundle of attributes of a product.
anything offered to a market.

101. An overall market may be able to be broadly broken down into:

a micro-environment.
consumer and business markets.
a marketing mix.
a market position.
None of the options listed

102. Which of the following is not a variable an organisation could use to

segment business markets?
Organisational size.
Type of industry.
Product use.
Geographic.
All of the options listed are potential business market segmentation variables.

103. A group of customers with heterogeneous needs and wants is known as a:

network.
consumer market.
producer market.
Market

104. In informal terms, an economic model is a statement about:

how assumptions affect conclusions.
how economic variables are believed to be related to each other.
the relationships among the product, labour, and capital markets.
the relationship between microeconomics and macroeconomics.
how conclusions affect assumptions.
105. While on an overseas holiday, John and Elizabeth decide to hire a car.
During their travels, the car breaks down and they decide that they have to take
it to a mechanic. There are several mechanics in the town that they are in. Which
of the following forms of physical evidence could they use to evaluate each of the
mechanics before deciding which one to choose?
Staff uniforms.
Shop fittings.
Delivery vehicles.
Brochures.
All of the options listed.

106. Which of the following could not potentially be an example of product

differentiation?
An organisation offering a product warranty.
A car manufacturer offering a model with a built in global positioning system (GPS).
An organisation offering a 24 hour product help desk.
All of the options listed are potentially product differentiators.

107. When a market is in equilibrium:

there is always excess demand.
there is neither excess supply nor excess demand.
there is always excess supply.
there is both excess supply and excess demand.
there is either excess supply or excess demand, but not both.

108. In the product market, firms:

are only sellers of goods.
are only buyers of goods.
determine for whom goods are produced.
are sometimes buyers, sometimes sellers, of goods.
have no control over which goods are produced.

109. Which of the following would be useful for an organisation in forecasting

the sales potential for a market segment?
A knowledge of the conditions in its marketing environment.
A knowledge of its current market share in that segment.
A knowledge of the activities of competitors.
All of the options listed

110. Which of the following can influence the market position of an

organisation, its products, or its brands in the minds of target consumers?
Advertising and other promotional efforts.
The customer's experience of the organisation, product, or brand.
The price of the organisation's product.
The features of the organisation's product.
All of the options listed.

111. Understanding the __________is a fundamental prerequisite for effective

marketing. Understanding target market segments is crucial to __________,
communicating and delivering product offerings of ______.
market, creating, value
customer, creating, benefit
market, advertising, benefit
customer, creating, value