Marketing And Business Knowledge Quiz!

CRM stands for Customer Relationship Management. It is a strategy used by companies to manage and analyze their interactions with customers and potential customers. CRM helps businesses improve customer service, increase customer satisfaction, and ultimately drive sales and revenue. It involves the use of technology to organize, automate, and synchronize sales, marketing, customer service, and technical support processes. CRM allows companies to better understand their customers, personalize their interactions, and build long-lasting relationships. Therefore, the correct answer is Customer Relationship Management.

Innovation refers to the process of implementing new ideas or new methods. It involves the development and application of creative solutions to solve problems or improve existing processes. Innovation is about introducing something new and different, whether it be a product, service, or approach, that brings about positive change and advancements. It is not related to compensation, inspiration, or additional perquisites, which are unrelated concepts to the definition of innovation.

Value-added services refer to additional services or features that are provided by a company to enhance the value of their core product or service. These additional services go beyond what is expected or required and provide extra benefits to the customer. Value-added services can include things like extended warranties, personalized customer support, free training or consultations, or additional features that enhance the functionality or convenience of the product or service. These services are aimed at providing a competitive edge and improving customer satisfaction by offering something extra beyond the basic offering.

A DSA stands for Direct Selling Agent. This term refers to an individual or entity that is authorized to sell products or services on behalf of a company directly to consumers. The DSA acts as a middleman between the company and the customers, promoting and selling the company's offerings. They play a crucial role in expanding the company's customer base and generating sales through direct interactions with potential buyers.

In modern days, the sales approach is based on all of the above options. This means that sales professionals focus on value sharing, building relationships with customers, and using a coordinated approach to maximize sales effectiveness. Value sharing involves providing customers with information and solutions that are valuable to them, helping to build trust and loyalty. Relation building emphasizes the importance of establishing strong relationships with customers, understanding their needs, and providing personalized experiences. A coordinated approach involves aligning sales strategies and efforts across different channels and teams to ensure consistency and efficiency in reaching sales goals.

The correct answer is "Both 1 & 2." In the banking services market, segmentation can be done based on both density and customers. Density refers to the concentration of potential customers in a particular geographic area, while customers refer to the different types of individuals or organizations that avail banking services. By segmenting based on both density and customers, banks can target specific groups of customers in different areas and tailor their services accordingly. This helps in better market penetration and customer satisfaction.

Primary data is generally collected through surveys. Surveys involve gathering information directly from individuals or groups through questionnaires, interviews, or online forms. This method allows researchers to collect specific data that is tailored to their research objectives. Surveys provide a structured approach to data collection and offer the opportunity to gather a large amount of information from a diverse range of respondents. This makes surveys an effective and commonly used method for collecting primary data in various fields such as social sciences, market research, and public opinion studies.

Sales targets are fixed on the basis of various factors. Past experience plays a crucial role in determining sales targets as it helps in analyzing previous sales performance and setting realistic goals for the future. The time period also influences sales targets as they may vary depending on short-term or long-term goals. Brand positioning is another important factor as it determines the market share and competitiveness of the brand, which in turn affects the sales targets. Therefore, all the mentioned factors contribute to the fixation of sales targets.

Internal marketing refers to the practice of promoting and selling products or services to the employees of a company. This involves creating a marketing strategy that targets the employees as customers, with the aim of increasing their satisfaction and loyalty. By selling to the employee, companies can create a positive work environment, improve employee morale, and ultimately enhance the overall customer experience. This approach recognizes the importance of the internal customer (employees) in the success of a business and emphasizes the need to satisfy their needs and wants.

Hoardings are an example of secondary media because they are a form of outdoor advertising that reaches a wide audience. Secondary media refers to advertising channels that are not considered traditional or mainstream, such as billboards, signage, or transit advertising. While television, newspapers, and radio are commonly known as primary media, hoardings fall under the secondary media category due to their unique and non-traditional nature of reaching consumers.

The correct answer is "All of the above". Emotional and rational buying motives can be differentiated based on all the given factors. Time in purchasing refers to the timing of the purchase decision, whether it is made impulsively or after careful consideration. Dominance refers to the dominant factor influencing the purchase decision, whether it is emotional or rational. The nature of the product also plays a role, as some products may be more likely to be purchased based on emotional motives while others may be more influenced by rational motives. Therefore, all of these factors can be used to differentiate between emotional and rational buying motives.

Soap is considered a non-durable good because it is a consumable item that is used up relatively quickly. Unlike durable goods such as color T.V and clothes, which are designed to last for an extended period of time, soap is typically used and disposed of within a short period. Therefore, soap does not have a long lifespan and is not considered a durable good.

An oligopoly is a type of competitive structure where a few sellers dominate the market and control a significant portion of the supply of a product. In this market structure, the actions and decisions of one seller have a direct impact on the others, leading to interdependence among the sellers. Oligopolies often result in limited competition and can lead to price collusion or strategic behavior among the few sellers. Therefore, the given correct answer for this question is Oligopoly.

During a recession, consumers become more price-conscious and are more likely to prioritize value and utility in their purchasing decisions. Promotional efforts that highlight the value and utility of a product or service can attract customers and drive sales. This can include offering discounts, emphasizing cost savings, or showcasing how the product or service can meet the essential needs of consumers during tough economic times. By focusing on promoting value and utility, businesses can position themselves as a reliable and cost-effective option for consumers and increase their chances of success during a recession.

The correct answer is "None of these". The nature of internet commerce cannot be described as tangible because it involves the exchange of intangible goods and services, such as digital downloads or online subscriptions. Additionally, it cannot be described as non-territorial because internet commerce operates across national borders and is subject to different laws and regulations in different countries. Therefore, neither option 1 nor 2 accurately describes the nature of internet commerce.

In the context of routinely purchased items, the buyers themselves are typically the deciders. They are the ones who make the final decision on which product to purchase. Users refer to the individuals who will actually use the product, while influencers are those who may have an impact on the buyer's decision-making process. However, in this case, the question specifically asks about the buyers, making them the deciders.

A brand name is one of the elements of the actual product. The actual product refers to the physical attributes and features of a product that provide value to the customer. A brand name is a unique identifier that distinguishes a product from its competitors and helps to build brand recognition and loyalty. It is an integral part of the actual product as it contributes to its overall image and perception in the market.

Digital Marketing is a way of direct marketing because it involves directly reaching out to the target audience through various digital channels such as email, social media, search engines, and websites. It allows businesses to communicate directly with their customers, build relationships, and promote their products or services. Unlike indirect marketing, which focuses on creating brand awareness and generating leads, digital marketing aims to directly influence and persuade the target audience to take a specific action, such as making a purchase or subscribing to a service.

In most organizations, purchase decisions are not made by one person alone. Instead, they are made by a group of individuals known as the buying center. The buying center consists of various members from different departments within the organization, such as purchasing agents, inventory control personnel, and other relevant stakeholders. These individuals collaborate and contribute their expertise and input to ensure that the purchasing decisions align with the organization's goals and requirements. Therefore, the correct answer is A firm's buying centre.

Marketing efforts are specifically aimed at facilitating satisfying exchange relationships. This means that marketing strategies and activities are designed to create mutually beneficial transactions between the company and its customers. By understanding buyer behavior and meeting buyer needs, marketing efforts can effectively establish and maintain positive relationships with customers, leading to customer satisfaction. Therefore, the correct answer is facilitating satisfying exchange relationships.