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MKT501 Solved MCQs of Marketing Management from online Quizzes with Ref

 

MKT501 Solved MCQs of Marketing Management from online Quizzes with Ref

Solved by (vuZs Solution Team)

 by K@sh Again

 

http://groups.google.com/group/vuZs

 

 


Question No: 1

Which of the following is a controllable factor for marketers?
Select correct option:

Competition
Technology
Corpore culture

Economy

Reference :
CONTROLLABLE FACTORS

Such are factors, which are directed by top management and marketers Although, top management takes all

decisions but five are directly affecting markets.

a)Line of business:This consists of goods and services category, functions geographic coverage,

type of ownership and specific business of the company.

b)Overall objectives: Numerical goals, etc

c)Role of Marketing:Importance and integration of services

d)Corporate culture: the conditions that exist inside the organization

 

UNCONTROLLABLE FACTORS

Theses are pertaining to External conditions. Such as

a) Consumers:their characteristics, incomes, status, race, education etc.

b) Competition:What are they doing and planning, their research, policies and strategies etc.

c) Government:The legislation; laws, rules, controls, policies, framework, international laws etc.

d)Economy:The rate of growth, sectoral factors, the trends and many other things.

e) Technology:The research, methods, machines, equipment etc.

f) Media:The independence of media, the public opinion, the information mode etc.

Question No: 2

A firm isdeveloping a new productand has placed the advertisement of the product. The firm is at which stage of thenew product development process?
Select correct option:

Commercialization Concept
development Beta testing
Business Analysis

http://groups.google.com/group/vuZs
Reference:
(page # 29)
Commercialization

 

o launch the product

o produce and place advertisements and other promotions

o fill the distribution pipeline with product

o critical path analysis is useful at this stage

Question No: 3

Relationship marketing is also known as:
Select correct option:

Brand marketing
Value marketing
Loyalty marketing
Experiential marketing

Reference:
(Page # 5)
Marketing. Relationship Marketing focuses on establish and building long term relationship between the company and customer. We also call it
loyalty marketing.


Question No: 4

The loyalty marketing focuses on establishing long term relationship between:
Select correct option:


Company and retailer
Retailer and customer
Retailer and consumer
Company and customer

Reference:
(page # 5)
Marketing. Relationship Marketing focuses on establish and building long term relationship between the company and customer. We also call itloyalty marketing.

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Question No: 6

Which of the following is NOT an objective of discounts?

► Reward valuable customers

► Reward competitors

► Move out-of-date stock

► Increase short-term sales

Reference

Page # 44 and lesson # 21

The Purpose of Discounts is to

• Increase short-term sales,

• Move out-of-date stock,

• Reward valuable customers,

• Encourage distribution channel members to perform a function.

 

Question No: 7

3/10 net 30 is an example of which of the following?

► Seasonal discount

► Trade discount

► Quantity discount

► Cash discount

Reference

Page # 44 and lesson # 21

Explanation

3/10 net 30 - this means the buyer must pay within 30 days, but will receive a 3% discount if they pay

within 10 days.

 

Question No: 8

Market price is also known as:

► Effective price

► List price

► Retail price

► Wholesaler price

Reference

Page # 44 and lesson # 21

The market price (also called effective price) is the amount actually paid.

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Question No: 9

Which of the following best describes 3/10 net 40 ROG?

 

► The buyer must pay within 10 days of receipt of goods but will receive 3% discount if paid in 10 days

► The buyer must pay within 3 days of receipt of goods but will receive 10% discount if paid in 40 days

► The buyer must pay within 10 days of receipt of goods but will receive 3% discount if paid in 40 days

► The buyer must pay within 40 days of receipt of goods but will receive 3% discount if paid in 10 days

Reference

Page # 45 and lesson # 21

2/15 net 40 ROG - this means the buyer must pay within 40 days of receipt of goods, but will receive a 2%

discount if paid in 15 days.

Question No: 10

Which of the following is also known as accumulation discounts?

► Trade discount

► Non-cumulative quantity discount

► Cumulative quantity discount

► Quantity discount

Reference

 

Page # 45 and lesson # 21

Quantity discounts- These are price reductions given for large purchases. The rationale behind them is to obtain economies of scale and pass some (or all) of these savings on to the customer. In some industries, buyer groups and co-ops have formed to take advantage of these discounts. Generally there are two types:

•Cumulative quantity discounts (also called accumulation discounts). These are price reductions based on the quantity purchased over a set period of time. The expectation is that they will impose an implied switching cost and thereby bond the purchaser to the seller.

 

Question No: 11

A company is providing warehousing facility to its channel members. The company is using which of the following?

► Seasonal discount

► Trade discount

► Quantity discount

► Cash discount

Reference

Page # 45 and lesson # 21

 

Trade discounts(also called functional discounts) –

These are payments to distribution channel members for performing some function . Examples of these functions are warehousing and shelf stocking.

 

Question No: 12

Which of the following firms emphasizes on product’s benefits to the customers rather product attributes?

► Product oriented
► Market oriented
► Sales oriented
► Production oriented

Reference & Explanation:

 

http://groups.google.com/group/vuZs
what is Product Attributes?
"Attributes" are simply properties of a given product, brand, service, advertisement or any object of interest. A product can have many attributes including cost, value for money, prestige, taste, usability, liking ("affect") and a wide range of image or personality attributes.

Product Orientation:
Product orientation is where the main focus is the product and not the market. A product is made so that it meets its own needs and not that of the markets, the needs of the customers are secondary to that of the products. A good example could be the buggati veyron, it was onlycreated to prove it could be done and the market is so small that looking at that is irrelevant.
(
www.tutor2u.net )



Market Orientation:

Business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of the customers, through its own or acquired products.
(
www.businessdictionary.com)

Marketing orientation is the most outward oriented out of these three, towards the customers. Needs, perceptions, values of customer play greater role in decision making for these companies.
(
www.marketingprofs.com)

Sales orientation:

Sales orientation focuses on their sales force, its ability, capacity to sell, costs of sales operations rather than customer needs.
(
www.marketingprofs.com)

Production orientation:
Production orientation pertains to mental model of top executives of any company which attempts to sell what they can produce. Here the focus is on production and production capabilities rather than on the customer needs
(
www.marketingprofs.com)

 

 

BookReference:

Page # 7 and lesson # 3

 

Conclusion:

Its answer should be market oriented.

Product orientation means your main focus is on the qualities of that product. Not on what market and people are looking for.

Market orientation is when your main focus is benefits to people or market.

 

 

Question No: 13

Which of the following is NOT a technique of measuring customer satisfaction and monitoring customer’s complaint?

 

► Customer complaints database

► Web and telephone information hotlines

► Exit interviews

► Business analysis

 

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Reference:

Page # 7 and lesson # 3

Customer satisfaction and complaint monitoring procedures, including; exit interviews, customer complaints database, and Web and telephone information hotlines.

Question No: 14

The phenomenon, when a customer dislikes a product and talks against the product, is termed as:

 

► Propaganda

► Unfavorable environment

► Bad mouth

► Bad impression

 

Reference:

Page # 9 and lesson # 4

The customer still may not fully like the product and have what we calls‘bad-mouth’. Bad mouth is when a customer talks not in favors of the product. Bad mouth travels fast.

 

Question No: 15

Products that are usually purchased due to adversity and high promotional back up rather than desire are called:

 

► Sought goods

► Unique goods

► Unsought goods

► Preferred goods

 

Reference:

Page # 9 and lesson # 4

THE SELLING CONCEPT

This concept emphasizes on aggressive selling and high promotional back up. Selling, concept is

practical on what we call as‘unsought goods’such as insurance, encyclopedia etc.At most times, the selling concept is practical by managers having uniqueness and overcapacity. Their aim is to sell what they can

make rather that what the market needs.

 

Check the meaning of  adversity which points to insurance and that falls under unsought goods.

 

Question No: 16

 

A customer requirement about any product in which he/ she needs to avail core features in that product, is called:

 

► Real need

► Stated need

► Unstated need

► Delighted need

 

Reference:

Page # 10 and lesson # 4

CONSUMER NEED

It is not always simple. It is difficult to correctly ascertain. A customer says. ‘I want an inexpensive car’ what is he saying? He wants a car that is not expensive. So he needs a car but not expensive compared to his income. Needs are

a. Stated need (an inexpensive Car)

b. Real need (wants a car which is lower in maintenance)

c. Unstated need (he wants a strong car)

d. Delighted need (he wants a road map of his

Question No: 17

 

Which of the following is NOT an aggressiveness strategy?

 

► Harvesting

► Building

► Intensification

► Holding

 

Reference:

Page # 18 and lesson # 9

Aggressiveness Strategies- This asks whether a firm should grow or not, and if so, how fast.

One scheme divides strategies into:

o building

o holding

o harvesting

Question No: 18

Which of the following is NOT a type of innovation strategy?

 

► Pioneers

► Challengers

► Close followers

► Late followers

 

Reference:

Page # 18 and lesson # 9

Innovation Strategies- This deals with the firm rate of new product development and

business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:

o pioneers

o close followers

o late followers

 

Question No: 19

 

Customer’s viewpoint on a firm’s products and services can be improved through:


► Experiential world of customers
► Experiential innovation(correct)
► Customer interface
► Building experiential platform

http://groups.google.com/group/vuZs
Reference & Explanation:
Experiential world of customers:

Get to know customer needs, wants and lifestyles (page # 5)
Experiential innovation:
• Anything that can improve customer’s own viewpoint on your products and
services. (page # 6)
Structure customer interface:
• All intangibles such as ordering, delivery, attitude behavior (page # 6)
Building experiential platform:
• Connecting strategy and implementation
• Connecting customers expectations (page# 6)

 

Question No: 20

 

Which of the following is Not a component of a marketing plan?
Select correct option:

Marketing advantages (correct Answer)

Environmental analysis
Executive summary
Marketing implementation

Reference & Explanation:
(
http://webcache.googleusercontent.com/s ... l=en&gl=p
)

Question No: 21

 

The _____ is the central instrument for directing and coordinating the marketing effort.
Select correct option:


Business plan
Production plan
Market planSelling plan

References:
http://www.docstoc.com/docs/16477755/marketing-plan/
http://www.citeman.com/418-the-central- ... -planning/

Question No: 22


Which of the following is NOT an example of variable cost?
Select correct option:


Rent of factory
Raw material
Power
Transport


Reference:
(Page # 48)

Any costs incurred by a firm may be classed into two groups:

• Fixed Cost and

• Variable Cost.

Fixed costsare incurred by the business at any level of output. These may include

• Equipment maintenance

• Rent

• Wages

• General upkeep

Variable costschange with the level of output, increasing as more product is generated.

• Materials consumed during production

• Power

• Transport

 

Question No: 23

Warehousing facility to channel members is an example of:
Select correct option:


Seasonal discount
Trade discount

Quantity discount
Cash discount

http://groups.google.com/group/vuZs
Reference:
(Page # 45)

 

Trade discounts(also called functional discounts) –

These are payments to distribution channel members for performing some function . Examples of these functions are warehousing and shelf stocking.

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