All Free Economics MCQs with Answers

• A. actionable
• B. substantial
• C. differentiable
• D. measurable

Explanation: A segment is measurable when its size, purchasing power, and characteristics can be quantified with reliable data.

• A. Mass marketing
• B. Market segmentation
• C. Market targeting
• D. Market positioning

Explanation: Market targeting follows segmentation: the firm evaluates the attractiveness of each segment and chooses one or more to serve.

• A. genre
• B. style
• C. fashion
• D. fad

Explanation: A style is a basic and distinctive mode of expression, such as a particular style of clothing or furniture.

• A. Product differentiation
• B. Market segmentation
• C. Market targeting
• D. Market positioning

Explanation: Market segmentation divides a broad market into groups with distinct needs, characteristics, or behaviors that may require different…

• A. Internet commerce
• B. Web commerce
• C. Computer commerce
• D. Electronic commerce

Explanation: Electronic commerce is the broad term for buying and selling supported by electronic networks and technologies, including websites, online…

• A. marketing strategy
• B. marketing control
• C. marketing analysis
• D. marketing implementation

Explanation: Marketing implementation turns a chosen strategy into coordinated action by aligning people, structure, decision systems, rewards, and…

• A. canned approach
• B. formula appraoch
• C. need-satisfaction approach
• D. critical-thinking approach

Explanation: The need-satisfaction approach depends on listening carefully to identify the buyer's needs and then solving the problem through the…

• A. Bill Gates
• B. Robert Louis Stevenson
• C. Arthur Miller
• D. Henry Ford

Explanation: The statement that everyone lives by selling something is commonly attributed to Robert Louis Stevenson.

• A. line extension
• B. brand extension
• C. multibranding
• D. new brands

Explanation: A line extension uses an existing brand for new varieties within the same product category, such as new flavours, sizes, or colours.

• A. Optional-product pricing
• B. Captive-product pricing
• C. By-product pricing
• D. Product line pricing

Explanation: Product line pricing sets different price points for related products that represent different quality or feature levels.

• A. width
• B. depth
• C. length
• D. consistency

Explanation: Product mix length is the total number of items across all product lines.

• A. self-service retailing
• B. limited-service retailing
• C. full-service retailing
• D. service merchandiser

Explanation: Supermarkets and catalog showrooms generally use self-service retailing, allowing customers to select products with limited direct…

• A. Deceptive promotion
• B. Deceptive packaging
• C. Deceptive pricing
• D. Deceptive cost structure

Explanation: Deceptive promotion includes false product claims, bait-and-switch offers involving unavailable bargains, and rigged contests.

• A. direct exporting
• B. indirect exporting
• C. licensing
• D. contract manufacturing

Explanation: Direct exporting occurs when a seller manages its own export activities and sells to foreign buyers or intermediaries.

• A. achievement ans success
• B. activity and involvement
• C. material comfort
• D. collectivism

Explanation: Individualism is a typical value associated with United States culture, whereas collectivism places greater emphasis on group loyalty and…

• A. the Commerce Department
• B. the Massachusetts institutes of Technology (MIT)
• C. Northwestern University
• D. the Defense Department

Explanation: The modern internet developed from ARPANET, a network created under the Advanced Research Projects Agency of the U.S.

• A. Modeling
• B. Motivation
• C. Perception
• D. Learning

Explanation: Learning is a relatively lasting change in behaviour or knowledge resulting from experience, practice, or observation.

• A. social class
• B. occupation
• C. lifestyle
• D. personality

Explanation: Psychographic segmentation uses lifestyle, personality, and social class to divide consumers according to how they live and think.

• A. Key-size approach
• B. work-load appraoch
• C. product-need appraoch
• D. call-service appraoch

Explanation: The workload approach estimates salesforce size by classifying accounts, assigning the required number of calls, and dividing total…

• A. Prospecting
• B. Preapproach
• C. Approach
• D. Handling objections

Explanation: During the preapproach, the salesperson studies the prospect and sets objectives for the sales call before making contact.