Marketing Quiz: Can You Pass This Basic Test?

The statement "Marketing is a human activity directed at satisfying needs & wants through exchange process" is attributed to Philip Kotler. Philip Kotler is a renowned marketing author and professor who has made significant contributions to the field of marketing. His works have been widely used in academia and industry, and he is considered one of the most influential figures in modern marketing.

Customerisation refers to the company's ability to provide individually differentiated products or services for each consumer. This means tailoring the offerings to meet the specific needs and preferences of each customer, rather than offering a standardized product for all. It involves personalization and customization to enhance the customer experience and meet their unique requirements. Customerisation helps companies build stronger relationships with their customers and increase customer satisfaction and loyalty.

Guiding the funding agencies is not a function of marketing. Marketing is primarily concerned with identifying customer needs and wants, developing products to meet those needs, and effectively communicating the value of those products to customers. Guiding the funding agencies is more related to financial management and securing funding for the organization, rather than marketing activities.

The concept of marketing mix refers to the deliberate and careful selection of organization, product, price, promotion, and place strategies and policies. It involves making strategic decisions on how to effectively market a product or service by considering various elements such as product features, pricing strategies, promotional activities, and distribution channels. This comprehensive approach allows businesses to create a cohesive and effective marketing plan that aligns with their overall goals and objectives.

Impulse buying refers to the act of making purchases without any prior planning or consideration. It involves making spontaneous decisions to buy items without thinking about their necessity or long-term value. This behavior is often driven by emotions or the desire for instant gratification. Impulse buying can lead to unnecessary spending and regret, as individuals may later realize that they did not actually need or want the purchased items.

Sales promotion refers to a variety of marketing activities aimed at stimulating the purchase of a specific product or service by consumers or the trade. It involves the use of diverse incentive tools such as discounts, coupons, contests, free samples, and loyalty programs to encourage customers to make a quicker buying decision. Sales promotion activities are typically short-term in nature and are designed to create immediate impact and generate sales. This distinguishes sales promotion from other marketing activities such as personal selling, publicity, and advertising, which may have different objectives and target different audiences.

A dissociative group refers to a group whose values or behavior an individual rejects. This means that the individual does not identify with or want to be associated with this particular group. They may actively distance themselves from the group and its members due to conflicting beliefs or values. This rejection can be based on personal, cultural, or ideological differences.

Post purchase cognitive dissonance refers to the psychological discomfort or tension that occurs when there is a gap between a consumer's expectations and the actual performance or outcome of a product or service after purchase. It is the feeling of dissatisfaction or regret that can arise when the product or service does not meet the consumer's expectations. This can lead to a variety of behaviors such as seeking reassurance, returning the product, or negative word-of-mouth.

Customer value refers to the ratio between the perceived benefits a customer receives from a product or service and the resources, such as time, money, and effort, that the customer invests to obtain those benefits. It is a measure of the worth or utility that a customer derives from a product or service in relation to what they have to give up to obtain it. This concept emphasizes the importance of delivering value to customers by ensuring that the benefits they receive outweigh the costs they incur.

All of the statements mentioned are true. The first statement states that marketing is a managerial function that involves analyzing, planning, and controlling marketing activities within an organization. The second statement highlights that the essence of marketing is a transaction or an exchange, emphasizing the importance of exchanging goods or services for value. The third statement suggests that marketing orientation is a philosophy that should be integrated into the organization's structure, indicating that the entire organization should be focused on meeting customer needs and wants. Therefore, all of the statements are correct.

When a manager focuses on making whatever products are easy to produce and then trying to sell them, they have a production orientation. This means that their primary concern is the efficiency and effectiveness of the production process, rather than the specific needs or desires of the customers. The manager prioritizes producing goods quickly and at a low cost, and then attempts to sell them to customers. This approach is often seen in industries where there is high demand for standardized products and where competition is based on price.

The study of consumer behavior is related to all three fields mentioned: economics, psychology, and sociology. Economics examines how consumers make choices and allocate resources, including their purchasing decisions. Psychology explores the psychological factors that influence consumer behavior, such as perception, motivation, and decision-making processes. Sociology studies how social factors, such as culture, social class, and reference groups, impact consumer behavior. Therefore, all three disciplines contribute to understanding and analyzing consumer behavior.

The correct answer is Theodore Levitt. Theodore Levitt, a renowned economist and professor at Harvard Business School, is credited with propounding the concept of Marketing Myopia. In his influential article published in the Harvard Business Review in 1960, Levitt argued that businesses often fail because they focus too narrowly on their products or services, rather than understanding and meeting the broader needs and wants of their customers. He emphasized the importance of a customer-centric approach and urged companies to define their business in terms of satisfying customer needs, rather than being product-centric.

Attitude refers to the learned predispositions to respond to an object or class of objects in a consistently favorable or unfavorable way. It involves the beliefs, feelings, and behaviors towards an object or situation. Attitudes can be positive or negative and can influence our thoughts and actions. It is different from learning, which is a broader concept that includes acquiring knowledge and skills. Perception is the process of interpreting sensory information, and personality refers to an individual's unique set of characteristics and traits.

A meta-market refers to a cluster of complementary goods and services that are closely related in the minds of consumers but are spread across a diverse set of industries. This concept recognizes that consumers often consider multiple products or services together when making purchasing decisions. It emphasizes the interconnectedness and interdependencies between different industries and highlights the need for collaboration and cooperation among businesses operating in these meta-markets.

Mc Carthy is the correct answer because he is the one who coined the term 4Ps. The 4Ps refer to the marketing mix, which includes Product, Price, Place, and Promotion. Mc Carthy introduced this concept in his book "Basic Marketing: A Managerial Approach" in 1960. This framework has become a fundamental concept in marketing strategy and is widely used by businesses to develop their marketing plans.

The correct answer is "Motives based on careful, logical reasoning & self acceptance." This explanation is supported by the phrase "rational motives" in the question. Rational motives refer to the logical and thoughtful reasons behind a buying decision, such as considering the features, benefits, and value of a product or service. Self acceptance also plays a role in rational motives as individuals may consider their own needs, preferences, and personal values when making a purchase.

The correct sequence for the stages in the industrial buying process is as follows: 3-1-6-2-7-8-5-4. The first stage is problem recognition, where the buyer identifies a need or problem. Then, in the general need description stage, the buyer defines the specific requirements for the product or service. Next, in the supplier search stage, the buyer looks for potential suppliers. After that, in the product specification stage, the buyer determines the detailed specifications for the desired product. Then, in the proposal solicitation stage, the buyer requests proposals from potential suppliers. In the supplier selection stage, the buyer evaluates and selects the most suitable supplier. Finally, in the performance review and order route specification stages, the buyer reviews the performance of the chosen supplier and specifies the details of the order.

Marketing myopia is a concept that focuses on the shortsightedness of companies by emphasizing their current product offerings rather than anticipating and adapting to future consumer needs and preferences. This means that instead of solely focusing on their existing products, companies should actively seek to understand and meet the evolving demands of their target market. By doing so, they can avoid the risk of becoming obsolete or losing market share to competitors who are more attuned to customer needs.

The buying behavior reflected here is dissonance reducing buying behavior. Dissonance reducing buying behavior occurs when a consumer feels uncertain or anxious about a purchase decision and seeks to reduce that dissonance or conflict. In this case, Margaret is unable to distinguish between the different paint brands and is uncertain about which one to choose. To reduce her uncertainty, she decides to purchase the Berger brand because the shopkeeper was helpful and offered to deliver the paint. By choosing the brand with the helpful shopkeeper, Margaret is seeking reassurance and reducing her post-purchase dissonance.