Can You Score Well In Marketing Management Test?
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Questions and Answers
- 1.
A segment is unattractive when there are actual or potential ________ for the product.
- A.
Contenders
- B.
Competitors
- C.
Substitutes
- D.
Unclear demand
- E.
Profit fluctuation
Correct Answer
C. SubstitutesExplanation
A segment is considered unattractive when there are actual or potential substitutes for the product. This means that there are alternative products or services available in the market that can fulfill the same or similar needs of the customers. The presence of substitutes reduces the demand and market share for a particular product, making the segment less attractive for businesses.Rate this question:
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- 2.
A(n) ________ is a group of firms that offer a product or class of products that are closesubstitutes for one another.
- A.
Industry
- B.
Cartel
- C.
Cooperative
- D.
Monopoly
- E.
Demand field
Correct Answer
A. IndustryExplanation
An industry is a group of firms that offer a product or class of products that are close substitutes for one another. This means that these firms are competing with each other in the market, as they are offering similar products to satisfy the same customer needs. In an industry, firms may compete on factors such as price, quality, features, and customer service to gain a competitive advantage over their rivals.Rate this question:
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- 3.
Using the market approach, ________ are companies that satisfy the same customer need.
- A.
Partners
- B.
Competitors
- C.
Entrepreneurs
- D.
Innovators
- E.
Followers
Correct Answer
B. CompetitorsExplanation
Using the market approach, competitors are companies that satisfy the same customer need. In the market, companies that offer similar products or services and compete for the same target customers are considered competitors. They strive to attract and retain customers by providing similar solutions to fulfill their needs. Competitors play a crucial role in shaping the market dynamics, pricing strategies, and overall competitiveness within an industry. By understanding and analyzing competitors, companies can better position themselves and differentiate their offerings to gain a competitive advantage.Rate this question:
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- 4.
A group of firms following the same strategy in a given target market is called ________.
- A.
Cartel
- B.
Cabal
- C.
Cooperative
- D.
Informal alliance
- E.
Strategic group
Correct Answer
E. Strategic groupExplanation
A group of firms following the same strategy in a given target market is called a strategic group. This term refers to a collection of companies that have similar business models, target the same customer segments, and compete against each other in the same market. These firms often have similar product offerings, pricing strategies, and distribution channels. By analyzing strategic groups, companies can gain insights into their competitors' actions and make informed decisions about their own strategic positioning within the market.Rate this question:
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- 5.
________ is the percentage of customers who named the competitor in responding to thestatement, “Name the company from which you would prefer to buy the product.”
- A.
Share of market
- B.
Share of mind
- C.
Share of heart
- D.
Share of competitive space
- E.
Share of psychological field
Correct Answer
C. Share of heartExplanation
Share of heart refers to the percentage of customers who named the competitor when asked about their preference for buying a product. This metric measures the emotional attachment or loyalty that customers have towards a particular company or brand. It indicates the level of trust, satisfaction, and positive sentiment that customers associate with the competitor. A higher share of heart suggests that the competitor has successfully established a strong emotional connection with its customers, making them more likely to choose them over other options.Rate this question:
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- 6.
Most companies aim their competitive shots at ________ competitors, because this requiresfewer resources per share point gained.
- A.
Strong
- B.
Weak
- C.
Distant
- D.
“good”
- E.
Unacknowledged
Correct Answer
B. WeakExplanation
Companies aim their competitive shots at weak competitors because it requires fewer resources per share point gained. Weak competitors are likely to have less market share and fewer resources, making it easier for a company to gain market share by targeting them. By focusing on weak competitors, companies can achieve their goals more efficiently and effectively.Rate this question:
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- 7.
The aim of benchmarking is to copy or improve on ________, either within an industry oracross industries.
- A.
Profitability
- B.
Manufacturing
- C.
Ideation
- D.
Aggressiveness
- E.
“best practices”
Correct Answer
E. “best practices”Explanation
Benchmarking is a process of comparing and measuring an organization's performance against the best practices of other similar organizations, either within the same industry or across different industries. The goal of benchmarking is to identify areas for improvement and to learn from the successful strategies and techniques used by other organizations. Therefore, the correct answer is "best practices".Rate this question:
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- 8.
As a market follower strategy, the ________ emulates the leader’s products, name, andpackaging, with slight variations.
- A.
Counterfeiter
- B.
Cloner
- C.
Imitator
- D.
Adapter
- E.
Innovator
Correct Answer
B. ClonerExplanation
A market follower strategy involves emulating the leader's products, name, and packaging with slight variations. The term "cloner" accurately describes this strategy as it implies the act of replicating or copying the leader's offerings while making minor adjustments. This term suggests a deliberate attempt to imitate the leader's success by closely mimicking their products and branding.Rate this question:
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- 9.
As a market follower strategy, the ________ copies some things from the leader butmaintains differentiation in terms of packaging, advertising, pricing, or location. This strategyis tolerated by the market leader as long as the follower’s aggressiveness does not mount.
- A.
Counterfeiter
- B.
Cloner
- C.
Imitator
- D.
Adapter
- E.
Adapter
Correct Answer
C. ImitatorExplanation
An imitator is a market follower strategy that copies some things from the leader but maintains differentiation in terms of packaging, advertising, pricing, or location. This strategy is tolerated by the market leader as long as the follower's aggressiveness does not mount.Rate this question:
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- 10.
In a ________ company, the obsession of the company is with the customer, not thecompetition.
- A.
Niche-centered
- B.
Price-centered
- C.
Cost-centered
- D.
Customer-centered
- E.
Promotion-centered
Correct Answer
D. Customer-centeredExplanation
A customer-centered company is one that prioritizes the needs and satisfaction of its customers above all else. This means that the company's main focus is on understanding and meeting the needs of its customers rather than being driven by competition or other factors. By placing the customer at the center of its operations, the company aims to build long-term relationships, provide excellent customer service, and deliver products or services that truly meet the customers' expectations.Rate this question:
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- 11.
Marketing planning begins with the formulation of an offering to ________ targetcustomers’ needs or wants.
- A.
Exceed
- B.
Meet
- C.
Capture
- D.
Compete with
- E.
Comprehend
Correct Answer
B. MeetExplanation
Marketing planning begins with the formulation of an offering to meet target customers' needs or wants. This means that the company identifies the specific requirements and desires of their target customers and develops a product or service that fulfills those needs or wants. By doing so, the company aims to create value and satisfy their customers, which is essential for a successful marketing strategy.Rate this question:
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- 12.
Marketers have traditionally classified products on the basis of characteristics: ________,tangibility, and use.
- A.
Customer value hierarchy
- B.
Expected
- C.
Augmented
- D.
Durability
- E.
None of the above
Correct Answer
D. DurabilityExplanation
Durability is the correct answer because marketers have traditionally classified products based on their characteristics, and durability is one of those characteristics. Durability refers to the ability of a product to withstand wear, decay, or damage over time, and it is an important factor for customers when making purchasing decisions. Therefore, it is a relevant classification criterion for marketers to consider.Rate this question:
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- 13.
When companies search for new ways to satisfy customers and distinguish their offeringfrom others, they look at the ________ product, which encompasses all the possibleaugmentations and transformations of the product.
- A.
Consumption system
- B.
Expected
- C.
Potential
- D.
Augmented
- E.
Basic
Correct Answer
C. PotentialExplanation
Companies search for new ways to satisfy customers and distinguish their offering from others by looking at the potential product. The potential product refers to all the possible augmentations and transformations that can be made to the basic product. This includes additional features, benefits, and enhancements that can be added to meet customer needs and preferences. By exploring the potential product, companies can identify innovative ways to differentiate themselves and provide greater value to customers.Rate this question:
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- 14.
The vast array of goods consumers buy can be classified on the basis of shopping habits.We can distinguish among convenience, ________, specialty, and unsought goods.
- A.
“must haves”
- B.
Impulse
- C.
Shopping
- D.
Business
- E.
Functional
Correct Answer
C. ShoppingExplanation
The correct answer is "shopping" because the sentence mentions "shopping habits" and then goes on to list different types of goods that can be classified based on these habits. The word "shopping" fits logically in the sentence as it is the common factor among all the types of goods mentioned - convenience, specialty, and unsought goods.Rate this question:
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- 15.
The consumer usually purchases ________ frequently, immediately, and with a minimumof effort.
- A.
Specialty goods
- B.
Shopping goods
- C.
“must haves” goods
- D.
Personal goods
- E.
Convenience goods
Correct Answer
E. Convenience goodsExplanation
Convenience goods are products that consumers purchase frequently, immediately, and with minimal effort. These goods are usually low-cost and readily available, making them convenient for consumers to buy on a regular basis. Examples of convenience goods include everyday items like bread, milk, and toiletries.Rate this question:
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- 16.
Materials and parts are goods that enter the manufacturer’s product completely. They fallinto two classes: ________, and natural products.
- A.
Component parts
- B.
Raw materials
- C.
Farm products
- D.
Component materials
- E.
None of the above
Correct Answer
B. Raw materialsExplanation
Raw materials are goods that are used in the production process to create the final product. They are typically in their natural state and have not been processed or transformed significantly. In contrast, component parts refer to the individual pieces or elements that make up the final product. While both raw materials and component parts are essential for manufacturing, raw materials specifically refer to the unprocessed materials that are used to create the product. Farm products and component materials are not accurate classifications for goods that enter the manufacturer's product completely.Rate this question:
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- 17.
Many products can be differentiated in terms of its ________,—size, shape, or physicalstructure.
- A.
Form
- B.
Performance quality
- C.
Conformance quality
- D.
Reliability
- E.
Design
Correct Answer
A. FormExplanation
Form refers to the physical appearance or structure of a product. It includes factors such as size, shape, and overall design. Differentiating products based on their form allows consumers to choose products that meet their aesthetic preferences or functional requirements. By considering the form of a product, consumers can determine whether it aligns with their needs and preferences, making it an important factor in product differentiation.Rate this question:
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- 18.
The ________ of the product mix refers to how closely related the various product lines arein end use, production requirements, distribution channels, or some other way.
- A.
Consistency
- B.
Depth
- C.
Width
- D.
Length
- E.
Compositione
Correct Answer
A. ConsistencyExplanation
Consistency refers to how closely related the various product lines are in terms of end use, production requirements, distribution channels, or some other way. In other words, it measures the similarity and coherence between different product lines within a product mix. A high level of consistency means that the product lines are closely related and complement each other, while a low level of consistency indicates that the product lines are more diverse and may not have strong connections.Rate this question:
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- 19.
The four stages of the product life cycle include all of the following EXCEPT ________.
- A.
Decline
- B.
Learning
- C.
Maturity
- D.
Introduction
- E.
Growth
Correct Answer
B. LearningExplanation
The four stages of the product life cycle include introduction, growth, maturity, and decline. Learning is not one of the stages of the product life cycle. Learning typically occurs during the introduction and growth stages as companies and consumers become familiar with the product and its features. Once the product reaches maturity, the focus shifts more towards maintaining market share and extending the product's life cycle.Rate this question:
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- 20.
The ________ stage of the product is characterized as being one where there is period ofrapid market acceptance and substantial profit improvement.
- A.
Introduction
- B.
Growth
- C.
Maturity
- D.
Saturation
- E.
Decline
Correct Answer
B. GrowthExplanation
The growth stage of the product is characterized as a period of rapid market acceptance and substantial profit improvement. During this stage, the product gains traction in the market, sales and revenue increase significantly, and the company experiences a surge in profitability. This stage is crucial for the long-term success of the product, as it establishes a strong market presence and allows the company to capitalize on its initial success.Rate this question:
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- 21.
According to the general bell-shaped curve used to illustrate the product life cycle, whichof the following stages is generally seen when the sales curve is at its peak?
- A.
Introduction
- B.
Growth
- C.
Maturity
- D.
Decline
- E.
Abandonment
Correct Answer
C. MaturityExplanation
The stage that is generally seen when the sales curve is at its peak is the Maturity stage. This is because during the Maturity stage, the product has reached its maximum level of acceptance and market saturation. The sales are at their highest point, and the product is well-established in the market. This stage is characterized by intense competition and the need for companies to differentiate their product to maintain market share.Rate this question:
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- 22.
According to the illustrations describing the product life cycle, during which stage of thecycle is there a strong likelihood that negative profits will be the norm?
- A.
Introduction
- B.
Growth
- C.
Maturity
- D.
Decline
- E.
Death
Correct Answer
A. IntroductionExplanation
During the introduction stage of the product life cycle, there is a strong likelihood that negative profits will be the norm. This is because during this stage, the product is being introduced to the market and there may be limited awareness and demand for it. Companies often incur high costs for product development, marketing, and distribution during this stage, while sales and revenue are still low. As a result, it is common for companies to experience negative profits as they invest heavily in establishing the product in the market and building customer awareness and demand.Rate this question:
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- 23.
________ do not normally survive (as a special category product life cycle) because theydo not normally satisfy a strong need.
- A.
Styles
- B.
Fashions
- C.
Fads
- D.
Intra-brands
- E.
Trends
Correct Answer
C. FadsExplanation
Fads do not normally survive as a special category in the product life cycle because they do not usually satisfy a strong need. Fads are short-lived and characterized by a sudden surge in popularity, followed by a rapid decline. They are often driven by novelty and social influence rather than fulfilling a practical or essential purpose. As a result, fads tend to fade away quickly as consumer interest and demand diminish, making them unsustainable in the long term.Rate this question:
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Current Version
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Nov 20, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 12, 2010Quiz Created by
Mattli
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