Which business function is responsible for allocating and monitoring marketing budgets? A. Human Resources B. Operations C. Finance D. Research and Development
C. Finance
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20
Explain how marketing and R&D (Research and Development) depend on each other.
Marketing provides customer insights that guide product development, while R&D designs products that meet those needs — creating a continuous feedback loop.
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15
In which type of market do businesses sell goods to other businesses rather than final consumers? A. Consumer market B. Resource market C. Industrial market D. Intermediate market
C. Industrial market
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10
Complete the sentence: Marketing aims to create value for both ______ and the ______.
customers; business
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15
What is an example of a business aligning its marketing strategy with ethical and environmental goals? A. Apple promoting its new iPhone B. Patagonia promoting sustainability and recycling C. Ford using assembly lines for faster production
B. Patagonia promoting sustainability and recycling
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25
Provide one example of a business operating in each of the following markets: Resource Market Consumer Market Niche Market
Resource Market: A company hiring employees in the Australian labour market. Consumer Market: Woolworths selling groceries to households. Niche Market: Tesla
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20
Explain the key difference between a mass market and a niche market.
A mass market targets a broad range of consumers with standardised products, while a niche market targets a small, specialised group with tailored products and
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10
True or False: The intermediate market involves reselling goods to final consumers with no significant change to the product.
True
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15
Which of the following is NOT part of the strategic role of marketing? A. Conducting market research B. Developing pricing strategies C. Manufacturing goods D. Building brand loyalty
C. Manufacturing goods
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20
Explain how marketing contributes to a business’s long-term success.
Marketing builds brand loyalty, identifies new opportunities, and aligns products with customer needs to achieve sustainable profitability and growth.
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10
Which marketing approach focuses on mass production and affordability? A. Selling approach B. Production approach C. Marketing approach D. Societal approach
B. Production approach
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Compare the selling and marketing approaches.
The selling approach focuses on persuading customers to buy existing products, often using aggressive tactics. The marketing approach focuses on understanding a
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5
True or False: Marketing is only about advertising and selling products.
