All Free Economics MCQs with Answers

• A. Geothermy
• B. Demography
• C. Ethnography
• D. Hemos-popography

Explanation: Demography is the statistical study of human populations, including their size, density, location, age, sex, occupation and other…

• A. terragraphic segmentation
• B. fermagraphic segmentation
• C. geothermy segmentation
• D. geodemographic segmentation

Explanation: Geodemographic segmentation combines geographic information with demographic and socioeconomic data to identify groups of consumers.

• A. internal sources
• B. customers
• C. competitors
• D. the local library

Explanation: Internal sources, customers and competitors are recognised sources of new product ideas in marketing.

• A. They did not investigate pricing correctly and priced the product too high
• B. They did not investigate dealer reaction and had inadequate distribution
• C. They defined their marketing research problem too narrowly
• D. They failed to account for the Pepsi Challenge taste test in their marketing efforts

Explanation: Coca-Cola's research concentrated too narrowly on taste-test preferences and failed to measure attachment to the original brand and…

• A. Territorial sales force
• B. Product sales force
• C. Customer sales force
• D. Hybrid sales force

Explanation: A territorial sales force assigns each salesperson an exclusive geographic area and usually responsibility for the firm's full product…

• A. new brand strategy
• B. line extension strategy
• C. multiband strategy
• D. brand extension strategy

Explanation: Honda uses its established corporate brand name across automobiles, lawn mowers and motorcycles, which is brand extension into different…

• A. market penetrations
• B. market development
• C. product development
• D. diversification

Explanation: Diversification means entering new markets with new products, especially when the products and fields are unrelated to the firm's previous…

• A. A targeted level of promotional support
• B. A targeted level of customer service at the least cost
• C. A targeted level of transportation expense ratio
• D. A targeted level of field support

Explanation: Marketing logistics aims to deliver the customer service level the firm targets while keeping total logistics costs as low as possible.

• A. product concept
• B. production concept
• C. production cost expansion concept
• D. marketing concept

Explanation: The production concept assumes consumers prefer products that are widely available and inexpensive, so firms concentrate on efficient…

• A. Idea generation
• B. Concept development and testing
• C. Idea screening
• D. Brainstorming

Explanation: Idea screening evaluates newly generated product ideas and quickly removes those that are weak, impractical, or inconsistent with company…

• A. undifferentiated marketing
• B. differentiated marketing
• C. concentrated marketing
• D. turbo marketing

Explanation: Concentrated marketing targets one small market or a few narrow segments with a large share of marketing effort.

• A. territorial salesforce
• B. product salesforce
• C. customer salesforce
• D. retail salesforce

Explanation: A product salesforce structure assigns salespeople to particular product lines, making them specialists in those products.

• A. direct exporting
• B. indirect exporting
• C. licensing
• D. joint venturing

Explanation: Joint venturing involves partnering with foreign companies to produce or market goods and services.

• A. product development
• B. commercialization
• C. marketing strategy
• D. business analysis

Explanation: During product development, the firm turns an approved product concept into a physical prototype or workable product and tests its…

• A. Licensed brands
• B. Manufacturer's brand
• C. Private brand
• D. Co-brand

Explanation: Using Hershey's name on another product in return for payment is licensing, so the resulting brand is a licensed brand.

• A. the presence of many strong and aggressive competitors
• B. the likelihood of government monitoring
• C. actual or potential substitute products
• D. the power of buyers in the segments

Explanation: Competitive rivalry, substitute products, and buyer power are standard forces affecting a market segment’s attractiveness.

• A. Protectionism
• B. exchange controls
• C. exchange facilitators
• D. nontariff trade barriers

Explanation: Nontariff trade barriers restrict imports without using an ordinary customs tariff, including discriminatory standards and biased…

• A. Newspapers
• B. Television
• C. Direct Mail
• D. Radio

Explanation: Newspapers provide flexibility, quick publication, strong local coverage, broad acceptance, and relatively high believability.

• A. Direct Mail
• B. Outdoor
• C. Online
• D. Radio

Explanation: Online advertising combines precise audience targeting with relatively low cost, instant delivery, and two-way interaction.

• A. environment
• B. response
• C. stimuli
• D. buying center

Explanation: The buying center is the group within an organization whose members influence the purchase decision, allowing interpersonal and individual…