Get smart! Just how marketing-savvy are you? Take this quick quiz and find out

Entrepreneur,  Dec, 2002  by Kim T. Gordon

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THINK YOU'RE READY TO TAKE ON NEW MARKETING CHALLENGES IN THE COMING year? Get up-to-date on the latest marketing news and insider tips with this quick quiz. You can test your knowledge of important trends that may affect your business in 2003, then check the answers at the end for the inside scoop.

Circle one answer for each of the following questions.

1. Which consumer age segment is the most brand-loyal?

A. 18-44

B. 45-54

C. 55-64

D. 65+

E. None of the above

2. Which of these advertising media is now sold in day parts?

A. Web site

B. Outdoor

C. Newspaper

D. Magazine

3. What media technology would children 8-17 choose if they could only have one?

A. Television

B. Phone

C. Internet

D. Radio

4. According to a study of top media buyers, which is the most responsive form of marketing available?

A. Direct mail

B. Television

C. e-mail

D. Print

5. Which of the following is the largest untapped consumer market segment?

A. Gen X

B. Gen Y

C. Seniors

D. First-wave baby boomers

6. Which demographic group's buying power is expected to increase by 30 percent in the next four years?

A. Hispanics

B. African Americans

C. Asian Americans

D. None of the above

7. Which medium accounts for more than half of all traditional advertising expenditures in the United States?

A. Television

B. Radio

C. Newspapers

D. Direct and interactive marketing

E. Magazines

How DID YOU DO? CHECK YOUR ANSWERS AND SCORE YOURSELF.

1. E. NONE OF THE ABOVE

A study conducted by Roper ASW and released by AARP debunks the myth that brand loyalty increases with age. Seniors are just as likely as younger consumers to experiment with brands. Experience, not age, dictates brand choice.

2. A. WEB SITE

Broadcast time is priced based on audience size during specific day parts. Now, Web sites are setting their own prime time hours, selling space at a premium during peak traffic or when visitors will be receptive to certain messages--such as ads for coffee in the morning.

3. C. INTERNET

In a study from Knowledge Networks! Statistical Research, one-third of children aged 8-17 say the Web is the media technology they would want to have, with TV second and phones third. However, when data for girls and boys are separated, twice as many boys would choose TV, while the phone is more than twice as popular among girls.

4. C. e-MAIL

Of the 200 media buyers surveyed by Opt-in News, 73 percent chose e-mail marketing as more responsive than television, radio, print and direct mail. Many also favored using e-mail lists assembled using the double opt-in method for gaining permission, which requires people to confirm that they've asked to be on a list.

5. D. FIRST-WAVE BABY BOOMERS

According to FIND/SVP, marketers have been focusing on Generations X and Y while virtually ignoring the segment of the boomer market (people born between 1946 and 1964) that turns 50 each year Projected to be a $1 trillion market by 2005, these boomers dislike being called mi ddle-aged and don't respond well to over-promotion or spin.

6. B. AFRICAN AMERICANS

The buying power of this market segment is expected to increase 30 percent to $682 billion, according to research by Packaged Facts. Within this group, 3.7 million affluent African Americans are projected to have a combined buying power of more than $292 billion by 2006.

7.D. DIRECT AND INTERACTIVE MARKETING

According to the Direct Marketing Association (www.the-dma.org), direct mail and interactive (e-mail) marketing account for 55.2 percent of total U.S. advertising expenditures. Overall direct marketing sales growth is forecasted at 8.3 percent annually through 2006.

WHAT'S YOUR SCORE?

For each correct answer, give yourself 20 points.

120-140: You're a marketing maven.

60-100: You need some brushing up.

0-40: You have a lot of work to do.

Contact marketing expert KIM T. GORDON (author of Bringing Home the Business) at www. smallbusinessnow.com.

COPYRIGHT 2002 Entrepreneur Media, Inc.
COPYRIGHT 2008 Gale, Cengage Learning