Internal Online Examination, Semester I, Oct., 2016- 106

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Internal Online Examination, Semester I, Oct., 2016- 106 - Quiz

Anekant Education Society's
Anekant Institute of Management Studies (AIMS)
Internal Online Exam- Oct., 2016
Subject: Basics of Marketing (106)


Questions and Answers
  • 1. 

    Marketing is best defined as: 

    • A.

      A) Matching a product with its market

    • B.

      B) Promoting & selling products

    • C.

      C) Facilitating satisfying exchange relationships

    • D.

      D) Distributing products at the right price to stores

    Correct Answer
    C. C) Facilitating satisfying exchange relationships
    Explanation
    Marketing is best defined as facilitating satisfying exchange relationships. This means that marketing involves creating and maintaining mutually beneficial relationships between businesses and customers. It goes beyond simply selling products and includes activities such as market research, product development, pricing, promotion, and distribution. Marketing aims to understand and meet the needs and wants of customers, while also delivering value to the business. By facilitating satisfying exchange relationships, marketing helps businesses build customer loyalty, increase sales, and achieve long-term success.

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  • 2. 

    Customer loyalty is also known as________

    • A.

      A) Customer royalty

    • B.

      B) Brand name loyalty

    • C.

      C) Customer satisfaction

    • D.

      D) Customer delight

    Correct Answer
    B. B) Brand name loyalty
    Explanation
    Customer loyalty refers to the tendency of customers to consistently choose and support a particular brand over its competitors. It is based on the trust, satisfaction, and positive experiences that customers have with a brand. Brand name loyalty specifically emphasizes the importance of the brand name in influencing customer loyalty. This means that customers are not only loyal to the product or service itself, but also to the brand and its reputation. By choosing option b) Brand name loyalty, it acknowledges the connection between customer loyalty and the brand name.

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  • 3. 

    A web-based market centered around an event or an industry, rather than a single product is known as__________

    • A.

      A) Market place

    • B.

      B) Market space

    • C.

      C) Meta market

    • D.

      D) Mega market

    Correct Answer
    C. C) Meta market
    Explanation
    A web-based market centered around an event or an industry, rather than a single product is known as a meta market. In a meta market, multiple products and services related to a specific event or industry are offered, providing a comprehensive platform for buyers and sellers in that particular market segment. This concept goes beyond a traditional marketplace or market space by focusing on a specific niche or theme, catering to the specific needs and interests of a particular target audience.

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  • 4. 

    When DuPont develops new carpets that are highly stain resistant & durable, it must educate consumers about the product’s benefits. This calls for activity in which of the following marketing mix variables?

    • A.

      A) Price

    • B.

      B) Promotion

    • C.

      C) Place

    • D.

      D) Product

    Correct Answer
    B. B) Promotion
    Explanation
    When DuPont develops new carpets that are highly stain resistant & durable, it must educate consumers about the product's benefits. This requires the company to engage in promotional activities. Promotion is a marketing mix variable that involves communicating the value and benefits of a product to the target market. In this case, DuPont needs to inform consumers about the stain resistance and durability of their carpets, which are key selling points. Through promotional activities such as advertising, personal selling, public relations, and sales promotions, DuPont can effectively communicate the benefits of their carpets and persuade consumers to purchase them.

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  • 5. 

    ___________ includes all the actual & potential rival offerings & substitutes that a buyer might consider.

    • A.

      A) Competition

    • B.

      B) The product offering

    • C.

      C) A value proposition

    • D.

      D) The supply chain

    Correct Answer
    A. A) Competition
    Explanation
    Competition refers to all the actual and potential rival offerings and substitutes that a buyer might consider. This includes other products or services that serve the same purpose or meet the same needs as the product being considered. Understanding the competitive landscape is important for businesses as it helps them identify their competitors, analyze their strengths and weaknesses, and develop strategies to differentiate their offering and attract customers.

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  • 6. 

    Brands that meet consumers’ initial buying criteria are called the ________.

    • A.

      A) Total set

    • B.

      B) Consideration set

    • C.

      C) Choice set

    • D.

      D) Awareness set

    Correct Answer
    B. B) Consideration set
    Explanation
    When consumers are making a purchasing decision, they often have a set of brands that they consider before making a final choice. This set of brands is known as the consideration set. It consists of the brands that meet the consumers' initial buying criteria, such as price range, quality, features, and reputation. The consideration set is important because it represents the brands that consumers are actively considering and evaluating before making a purchase.

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  • 7. 

    A type of low involvement decision making where purchases are made with little or no advance planning is ___________

    • A.

      A) Learned buying motive

    • B.

      B) Rational buying motive

    • C.

      C) Impulse buying

    • D.

      D) Organizational buying

    Correct Answer
    C. C) Impulse buying
    Explanation
    Impulse buying refers to the type of low involvement decision making where purchases are made without much advance planning. It is characterized by spontaneous and unplanned purchases, often triggered by emotions or external stimuli. In impulse buying, consumers may not carefully evaluate the product or consider its rational benefits, but rather make impulsive decisions based on immediate desires or urges. This type of buying behavior is commonly associated with low-cost items, convenience goods, or items that are visually appealing or on sale.

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  • 8. 

    Anil comes to conclusion that Maruti is the car for his family, his statement is _______________ stage of consumer buying.

    • A.

      A) Need recognition

    • B.

      B) Development of decision

    • C.

      C) Evaluation of alternative

    • D.

      D) Decision

    Correct Answer
    D. D) Decision
    Explanation
    Anil's statement indicates that he has made a decision regarding which car to choose for his family. This decision stage is the final stage in the consumer buying process, where the consumer evaluates all the alternatives and finally selects one. Therefore, the correct answer is d) Decision.

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  • 9. 

    A teenage girl continually nags her mother to buy her a pair of high-heeled shoes that feel very uncomfortable to walk in, but are worn by all of her friends. This is an example of:_______________.

    • A.

      A) Physiological needs

    • B.

      B) Personal needs

    • C.

      C) Safety needs

    • D.

      D) Social needs

    Correct Answer
    D. D) Social needs
    Explanation
    The teenage girl's desire to have high-heeled shoes that are uncomfortable to walk in, but are worn by all of her friends, indicates that her motivation stems from social needs. She wants to fit in and be accepted by her peers, even if it means sacrificing her own comfort. This desire to belong and be part of a group is a characteristic of social needs.

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  • 10. 

    _______is the process through which a relatively permanent change in behavior results from the consequences of past behavior.

    • A.

      A) Action

    • B.

      B) Motive

    • C.

      C) Perception

    • D.

      D) Learning

    Correct Answer
    D. D) Learning
    Explanation
    Learning is the process through which a relatively permanent change in behavior results from the consequences of past behavior. This means that when individuals engage in certain behaviors and experience positive or negative consequences as a result, they are more likely to either repeat or avoid those behaviors in the future. Learning involves acquiring new knowledge, skills, or behaviors through experiences, observation, and practice. It is an essential process for adapting to new situations and environments, and it plays a crucial role in shaping human behavior.

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  • 11. 

    The main demographic force that marketers monitor is _________.

    • A.

      A) Population

    • B.

      B) Literacy

    • C.

      C) Sex

    • D.

      D) None of the above

    Correct Answer
    A. A) Population
    Explanation
    Marketers monitor the main demographic force of population because it helps them understand the size, composition, and characteristics of the target market. Population data provides insights into consumer behavior, preferences, and trends, which are crucial for developing effective marketing strategies. By analyzing population demographics, marketers can identify potential customers, tailor their messages, and make informed decisions about product development, pricing, and distribution. Additionally, population trends inform marketers about the growth or decline of specific market segments, allowing them to adapt their strategies accordingly.

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  • 12. 

    Every new technology is a force for_________________.

    • A.

      A) Mass destruction

    • B.

      B) Mass construction

    • C.

      C) Creative destruction

    • D.

      D) None of the above

    Correct Answer
    C. C) Creative destruction
    Explanation
    Creative destruction refers to the process in which new technologies or innovations replace older ones, leading to the destruction of existing industries or economic structures, but also creating new opportunities for growth and development. This concept recognizes that while new technologies may disrupt and destroy certain industries or jobs, they also pave the way for new industries, products, and services to emerge. Therefore, every new technology can be seen as a force for creative destruction, as it brings about both destruction and creation in the economy.

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  • 13. 

    All factors affecting purchasing power of consumers are included in____________________.

    • A.

      A) cultural environment

    • B.

      B) demographic environment

    • C.

      C) economic environment

    • D.

      D) both a and b

    Correct Answer
    C. C) economic environment
    Explanation
    The correct answer is c) economic environment. The economic environment includes all factors that affect the purchasing power of consumers, such as inflation, interest rates, income levels, employment rates, and economic policies. Cultural and demographic environments may also have some influence on purchasing power, but they are not inclusive of all factors like the economic environment is.

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  • 14. 

    Generation born before 1964 and after world war II is classified as__________________.

    • A.

      A) generation X

    • B.

      B) generation Y

    • C.

      C) baby boomers

    • D.

      D) both a and b

    Correct Answer
    C. C) baby boomers
    Explanation
    The correct answer is c) baby boomers. The generation born before 1964 and after World War II is classified as baby boomers. This term refers to the significant increase in birth rates that occurred after the war, resulting in a "boom" in the population. Baby boomers are often characterized as being born between the mid-1940s and mid-1960s, and they have experienced significant social, cultural, and economic changes throughout their lives.

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  • 15. 

    Macro environment of any company or organization includes_______________.

    • A.

      A) cultural environment

    • B.

      B) demographic environment

    • C.

      C) customers in international markets

    • D.

      D) both a and b

    Correct Answer
    D. D) both a and b
    Explanation
    The macro environment of any company or organization includes the cultural environment and the demographic environment. The cultural environment refers to the values, beliefs, and behaviors of a society, which can greatly influence consumer preferences and buying behavior. The demographic environment includes factors such as age, gender, income, and education level of the population, which are important for understanding the target market and developing marketing strategies. Therefore, both the cultural and demographic environments are essential components of the macro environment that organizations need to consider in their business operations.

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  • 16. 

    Socioeconomic classification, lifestyle and personality are major segmentation variables in which category? 

    • A.

      A) Geographic

    • B.

      B) Behavioral

    • C.

      C) Demographic

    • D.

      D) Psychographic

    Correct Answer
    D. D) Psychographic
    Explanation
    Psychographic segmentation involves dividing a target market based on socioeconomic classification, lifestyle, and personality. This type of segmentation focuses on understanding the attitudes, interests, values, and behaviors of consumers, allowing businesses to tailor their marketing strategies to specific psychographic segments. Therefore, the correct answer is d) Psychographic.

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  • 17. 

    Rural markets in South India are _________ in terms of size, occupation and population of people, income levels, accessibility socio-cultural factors, and similar dimensions. 

    • A.

      A) Heterogeneous

    • B.

      B) Homogeneous

    • C.

      C) Both a and b

    • D.

      D) None of the above

    Correct Answer
    A. A) Heterogeneous
    Explanation
    Rural markets in South India are heterogeneous in terms of various factors such as size, occupation, population of people, income levels, accessibility, socio-cultural factors, and similar dimensions. This means that these markets vary significantly in terms of these characteristics, indicating diversity and differences among them.

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  • 18. 

    People within the same demographic group exhibits ________ psychographic profiles.

    • A.

      A) Very Different

    • B.

      B) Similar

    • C.

      C) Can't say

    • D.

      D) None of the above

    Correct Answer
    A. A) Very Different
    Explanation
    People within the same demographic group exhibit very different psychographic profiles. This means that even though individuals may share similar characteristics such as age, gender, or income level, their attitudes, values, interests, and lifestyles can vary greatly. Psychographic profiles delve deeper into understanding the psychological and behavioral aspects of individuals, which can differ significantly even within the same demographic group. Therefore, it can be concluded that people within the same demographic group exhibit very different psychographic profiles.

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  • 19. 

     In ____________, marketers classifies buyers intro groups depending on attitude toward, knowledge of, response to or use of a product. 

    • A.

      A) Demographic segmentation

    • B.

      B) Behavioral segmentation

    • C.

      C) Psychographic segmentation

    • D.

      D) None of the above

    Correct Answer
    B. B) Behavioral segmentation
    Explanation
    Behavioral segmentation is the correct answer because it involves classifying buyers into groups based on their behavior towards a product. This can include their attitudes, knowledge, response, or usage of the product. Demographic segmentation focuses on dividing buyers based on demographic factors such as age, gender, income, etc. Psychographic segmentation involves dividing buyers based on their lifestyle, interests, values, etc. Since the question specifically mentions behavior, the correct answer is behavioral segmentation.

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  • 20. 

    Why is market segmentation carried out?

    • A.

      A) To break down large markets into smaller markets.

    • B.

      B) Provides an opportunity to surpass competitors.

    • C.

      C) By grouping together customers with similar needs, it provides a commercially viable method of serving these customers.

    • D.

      D) Allows the achievement of greater market share.

    Correct Answer
    C. C) By grouping together customers with similar needs, it provides a commercially viable method of serving these customers.
    Explanation
    Market segmentation is carried out to group together customers with similar needs, which in turn provides a commercially viable method of serving these customers. By identifying and understanding the specific needs and preferences of different customer segments, companies can tailor their products, services, and marketing strategies to better meet those needs. This allows them to effectively target their marketing efforts, differentiate themselves from competitors, and ultimately increase their chances of success in the market. Market segmentation helps companies to focus their resources and efforts on the most profitable customer segments and maximize their sales and profitability.

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