Marketing Management Chapter 7 Practice Test! Trivia Quiz

The correct answer is "All of these" because credit cards can be used for cash withdrawals, purchase of air tickets, and purchase of consumable items from retail outlets. Credit cards provide the convenience of accessing cash from ATMs, making online or in-store purchases, and booking flights. Therefore, all the options mentioned are valid uses of credit cards.

A manufacturer offering discount vouchers is an example of sales promotion because it involves offering incentives or discounts to customers in order to increase sales and attract new customers. This strategy is commonly used to create a sense of urgency and encourage immediate purchases. Advertising, sponsorship, and corporate social responsibility are not directly related to offering discount vouchers.

Sympathy is not required for effective marketing. While effective communication skills, self-motivation, teamwork, and perseverance are all important qualities for successful marketing, sympathy is not directly related to marketing effectiveness. Marketing involves understanding consumer needs and wants, developing strategies to meet those needs, and promoting products or services effectively. While empathy and understanding can be beneficial in marketing, sympathy, which involves feeling sorry for someone's misfortune, is not a necessary quality for effective marketing.

Digital banking refers to the use of digital instruments and technology in banking activities. This includes internet banking, which allows customers to perform various banking transactions online, and telebanking, which allows customers to perform banking transactions over the phone. Therefore, the correct answer is "Internet Banking and Tele banking".

Home loans are granted to individuals. This means that individuals can apply for a loan to purchase a home. Institutions, builders, and other entities are not eligible for home loans.

Delivery channels other than Bank counters include ATM's, Internet Banking, and Tele Banking. These channels provide customers with alternative ways to carry out banking transactions and access their accounts without having to visit a physical bank branch. ATM's allow customers to withdraw cash, deposit funds, and perform other basic banking functions. Internet Banking enables customers to access their accounts, transfer funds, pay bills, and perform various transactions online. Tele Banking allows customers to interact with a bank representative over the phone to inquire about account balances, make transactions, and seek assistance. Therefore, all of these options are valid delivery channels other than Bank counters.

Customer loyalty refers to the behavior of customers who consistently choose to do business with one particular bank rather than switching to another bank. This behavior indicates a strong sense of trust, satisfaction, and commitment towards the bank, which leads customers to exclusively use the services and products provided by that bank. This exclusivity demonstrates a high level of loyalty and a long-term relationship between the customers and the bank.

The correct answer is "High networth individual". HNI refers to individuals who have a high net worth, typically with a significant amount of investable assets. These individuals are often sought after by financial institutions and investment firms due to their ability to make substantial investments and generate high returns.

Rural marketing involves selling products and services to farmers, agriculturists, rural households, and rural industries. Additionally, it also includes arranging melas, which are rural fairs or gatherings where products are showcased and sold. Therefore, the correct answer is "All of these" as rural marketing encompasses all these activities.

The correct answer is "an ancient concept" because marketing is not an ancient concept but rather a modern need. In ancient times, there were no formal marketing strategies or techniques like there are today. Marketing has evolved over time and has become a necessary aspect of business in the modern world. It involves various activities and strategies to promote and sell products or services. Therefore, the statement "an ancient concept" is incorrect.

The correct answer is "All of these." This means that all of the statements mentioned in the options are incorrect. The statement "Marketing is redundant in computerized banks" is incorrect because marketing is still necessary in computerized banks to attract and retain customers. Similarly, marketing is also essential in foreign countries, private establishments, and government establishments to promote products or services and reach a wider audience. Therefore, all of these statements are incorrect.

The correct answer is "All of these". This means that all of the statements mentioned in the options are incorrect. The statement "Marketing has no relevance in Public Sector Banks" is incorrect because marketing plays a crucial role in promoting and attracting customers for public sector banks. Similarly, the statements about private sector banks and foreign banks are also incorrect as marketing is equally important in these sectors for customer acquisition and brand positioning.

Marketing is best suited in a buyers' market because in this type of market, there is high demand for products or services, and customers have a wide range of options to choose from. This creates a competitive environment where marketing strategies can be used to attract and retain customers. Marketers can focus on understanding customer needs and preferences, developing targeted advertising campaigns, and offering competitive pricing and promotions to gain a larger market share. In a buyers' market, marketing efforts are crucial for businesses to stand out and differentiate themselves from competitors.

The customer's relationship with the bank is influenced by the attitudes of the bank staff. This means that the way the bank staff interacts with the customer, their behavior, and their overall attitude can affect the customer's perception of the bank and their overall satisfaction with the services provided. Positive attitudes from the bank staff can lead to a stronger and more positive relationship with the customer, while negative attitudes can result in a strained or even damaged relationship.

The phrase "gift of gab" refers to the ability to speak easily and confidently, often with charm and persuasiveness. It implies that someone has good communication skills, as they are able to effectively express themselves and engage in conversations. This person is likely to be articulate and have the ability to captivate and hold the attention of others through their speech.

The correct answer is "who determines that some need is not being met and authorizes a purchase to rectify the situation." This explanation accurately describes the role of an initiator in marketing. An initiator is someone who identifies a need that is not being fulfilled and takes the necessary steps to make a purchase in order to address that need. This person plays a crucial role in the decision-making process and is responsible for initiating the purchase.

Marketing segmentation helps in the better allocation of a firm's finite resources by dividing the market into distinct groups of customers with similar characteristics and needs. This allows the firm to target specific segments and allocate resources more effectively to meet the needs and preferences of each segment. By understanding the different segments and their requirements, the firm can tailor its marketing strategies and allocate resources in a way that maximizes customer satisfaction and profitability.

All of the given products can benefit from marketing efforts. The sale of credit/debit cards, net banking, corporate loans, and retail loans all require marketing to attract customers and promote their features and benefits. Therefore, the correct answer is "None" as none of the products listed do not require marketing.

Strategy formulation is the first stage of the marketing process. This involves analyzing the market, identifying target customers, setting marketing objectives, and developing a marketing strategy to achieve those objectives. It is the initial step where the organization decides on its overall approach to marketing and how it will position itself in the market. This stage lays the foundation for the subsequent stages of marketing planning, implementation, and monitoring.

Evaluating marketing performance by comparing it to established standards is part of marketing control. Marketing control involves monitoring and measuring the effectiveness of marketing activities and making adjustments as necessary to achieve desired outcomes. By comparing performance against established standards, marketers can assess whether their efforts are meeting expectations and make informed decisions to improve future marketing strategies.