Answer ALL questions. Each question carries ONE (1) mark State whether each of the following is True or False

a) Segmenting markets according to age, gender, income levels and life cycle stages of consumers is referred to as Geographical segmentation.

b) To compete effectively on the market, a small firm should target to serve a niche market

c) In a pure monopoly, the market consists of one seller.

d) Political instability in the country can have an impact on the operations of the business.

e) The products, which consumers buy to use in the production of other goods, which they will later sell to customers, are called consumer products.

f) Investment of insufficient funds in research and development of new products is one of the reasons why new products fail on the market.

g) Food, clothing, shelter are examples of human wants.

h) The difference between the value that the customer gains from owning and using a product and the cost of obtaining the product is referred to as customer value.

i) Customer satisfaction is achieved when the product performance matches or exceeds the perceived expectations relative to the buyers expectations.

j) A sales assistant should be knowledgeable of company rules as well as the products that it offers.

k) Small-scale retailers are usually situated more conveniently for the majority of local shoppers.

l) The price element of the marketing mix entails how the product is made available to the final customer.

m) Packaging can also serve to decorate the product.

n) A market segment can be evaluated for its worthiness basing on its measurability, accessibility, action ability and profitability.

o) A system consisting of people, equipment and procedures to gather, sort analyze evaluate and distribute needed timely and accurate information for marketing decisions is called marketing intelligence.