Internal MCQ Examination For Marketing Management!

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Internal MCQ Examination For Marketing Management! - Quiz

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Questions and Answers
  • 1. 

    Godrej, a manufacturer of consumer white goods, want to introduce a new washingmachine that can adjust the time depending upon the load of clothes to be washed. Inwhich stage of NPD, the firm can introduce it in market? 

    • A.

      A) Business analysis

    • B.

      B) Commercialization

    • C.

      C) Field testing

    • D.

      D) Product development

    Correct Answer
    B. B) Commercialization
    Explanation
    The correct answer is b) Commercialization. In the commercialization stage of the New Product Development (NPD) process, the firm introduces the new product into the market. This is the stage where the product is launched and made available to consumers. In this case, Godrej, the manufacturer of consumer white goods, wants to introduce a new washing machine that can adjust the time depending on the load of clothes to be washed. Therefore, they would introduce it in the market during the commercialization stage of the NPD process.

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  • 2. 

    Test marketing offers a number of benefits, which option states these benefits?

    • A.

      A) A real test conducted in a market

    • B.

      B) It offers a chance of fine tuning

    • C.

      C) Gives an opportunity to vary some of the mix variables

    • D.

      D) All of the above

    Correct Answer
    D. D) All of the above
    Explanation
    Test marketing offers a number of benefits. It involves conducting a real test in a market, which provides valuable insights and feedback. It also offers a chance to fine-tune the product or marketing strategy based on the results. Additionally, test marketing allows for the opportunity to vary some of the mix variables, such as pricing, packaging, or promotion, to determine the most effective combination. Therefore, option d) "All of the above" correctly states these benefits.

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  • 3. 

    Maturity stage of the PLC is also known as: 

    • A.

      A) Market acceptance stage

    • B.

      B) Plateau stage

    • C.

      C) Pioneering stage

    • D.

      D) Awareness stage

    Correct Answer
    B. B) Plateau stage
    Explanation
    The correct answer is b) Plateau stage. The maturity stage of the PLC refers to the phase in which a product has reached its maximum market acceptance and sales have stabilized. During this stage, the product is well-established and has a loyal customer base. The growth rate of sales slows down, and the product enters a period of stability, often referred to as a plateau. This stage is characterized by intense competition, as other companies try to capture the market share. The focus shifts from expanding the customer base to maintaining market share and maximizing profits.

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  • 4. 

    You are the owner of an organization manufacturing a range of personal care products &your shampoo & moisturizer is a brand leader in the market. Your product is in thegrowth stage. Your competitor is planning to launch an exclusive shampoo that is likelyto affect your number one position. Who will be the customers for your competitor’sproduct? 

    • A.

      A) Laggards

    • B.

      B) Middle majority

    • C.

      C) Innovators

    • D.

      D) Early adopters

    Correct Answer
    D. D) Early adopters
    Explanation
    The customers for the competitor's exclusive shampoo would be the early adopters. Early adopters are a group of customers who are willing to try new products and innovations. They are usually the first to adopt new products and are influential in spreading awareness and creating demand for them. Since the competitor's shampoo is exclusive and likely to affect the market leader's position, it is expected that the early adopters would be the ones to try and switch to the new product.

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  • 5. 

    Which of the following is not the feature of Introduction stage of PLC?

    • A.

      A) High promotional expenses

    • B.

      B) Low sales

    • C.

      C) High profits

    • D.

      D) None of these

    Correct Answer
    C. C) High profits
    Explanation
    The correct answer is c) High profits. This is because the introduction stage of the product life cycle is characterized by low sales and high promotional expenses as the product is being introduced to the market. During this stage, companies often invest heavily in marketing and advertising to create awareness and generate demand for the new product. However, profits are typically low or even negative during this stage as companies are still recovering their initial investment and establishing their market presence. As the product moves into the growth stage, sales and profits start to increase.

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  • 6. 

    Which of the following is not a new-product pricing strategy? 

    • A.

      A) Yield management

    • B.

      B) Market penetration pricing

    • C.

      C) Market skimming pricing

    • D.

      D) Prestige pricing

    Correct Answer
    A. A) Yield management
    Explanation
    Yield management is not a new-product pricing strategy because it is a pricing strategy used in service industries, particularly in the airline and hotel industries. It involves adjusting prices based on demand and maximizing revenue by selling the right product to the right customer at the right time. This strategy is not specific to new products, but rather focuses on optimizing pricing for existing products or services.

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  • 7. 

    The Gold’s gymnasium has recently launched a Happy Hours Scheme whereinmembership is available at half the normal price for workouts between 1Pm to 4PM.Under which category of pricing will you place this strategy? 

    • A.

      A) Product mix pricing

    • B.

      B) Discriminatory pricing

    • C.

      C) Geographical pricing

    • D.

      D) Promotional pricing

    Correct Answer
    D. D) Promotional pricing
    Explanation
    The Gold's gymnasium is offering a special discounted price for workouts during specific hours of the day. This strategy is aimed at promoting the gym and attracting more customers during the less busy hours. It falls under the category of promotional pricing because it is a temporary price reduction designed to stimulate sales and create customer interest.

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  • 8. 

    Which of the following promotional strategies a firm must use in the maturity phase ofthe PLC? 

    • A.

      A) Persuasive

    • B.

      B) Competitive

    • C.

      C) Informative

    • D.

      D) None of the above

    Correct Answer
    B. B) Competitive
    Explanation
    In the maturity phase of the product life cycle (PLC), the market becomes saturated with competitors and the product reaches its peak level of sales. To maintain or increase market share, a firm must adopt competitive promotional strategies. These strategies aim to differentiate the product from competitors and attract customers by highlighting its unique features or benefits. Competitive strategies may include price discounts, advertising campaigns, sales promotions, or product improvements. By using competitive promotional strategies, a firm can effectively compete in the mature market and extend the product's life cycle.

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  • 9. 

    Jindal Steel, a major steel company has developed a new process for galvanizing steelsheets so that they can be painted & used in car body parts to avoid rusting. Which of thefactors can the firm consider when pricing its product? 

    • A.

      A) Objectives of the organization

    • B.

      B) Product life cycle

    • C.

      C) Product differentiation

    • D.

      D) All of the above

    Correct Answer
    D. D) All of the above
    Explanation
    The firm can consider all of the factors mentioned above when pricing its product. The objectives of the organization will influence the pricing strategy as it may aim for profit maximization or market penetration. The product life cycle will also play a role in pricing, as different pricing strategies may be used during different stages of the product's life. Additionally, product differentiation, such as the unique process for galvanizing steel sheets, can justify a higher price point. Therefore, considering all of these factors will help the firm determine the most appropriate pricing for its product.

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  • 10. 

    As a marketing manager in an organization manufacturing office automation products,which Promotional strategy will you adopt in the Introductory Phase of a new range ofphotocopiers? 

    • A.

      A) Competitive

    • B.

      B) Persuasive

    • C.

      C) Informative

    • D.

      D) None of the above

    Correct Answer
    C. C) Informative
    Explanation
    In the introductory phase of a new range of photocopiers, it would be best to adopt an informative promotional strategy. This is because customers are likely not familiar with the new product and its features. By providing detailed information about the product's capabilities, benefits, and how it can meet their needs, the marketing manager can effectively educate and inform potential customers. This strategy can help create awareness, generate interest, and build credibility for the new range of photocopiers.

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  • 11. 

    Discriminatory pricing includes: 

    • A.

      A) Competition pricing

    • B.

      B) Break Even pricing

    • C.

      C) Promotional Pricing

    • D.

      D) Time based pricing

    Correct Answer
    D. D) Time based pricing
    Explanation
    Time based pricing refers to the practice of setting different prices for a product or service based on the time of purchase or use. This strategy is often used to take advantage of peak demand periods and maximize profits. By charging higher prices during times of high demand and lower prices during times of low demand, businesses can effectively manage their inventory and optimize revenue. This type of pricing can be seen in industries such as airlines, hotels, and entertainment venues, where prices fluctuate based on factors like season, day of the week, or time of day.

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  • 12. 

    When a customer buys a new Skoda, he or she will be concerned with its performance, looks, modernity, colour choice, design, engine and specification. The sale will be influenced by the brand's name and image, as well as the quality of the car and its various product features, such as twin airbags, electric windows front and rear, electric sunroof etc. The case of Skoda is related to which of the following? 

    • A.

      A) Brand Equity

    • B.

      B) Brand positioning

    • C.

      C) Brand Elements

    • D.

      D) None of the above

    Correct Answer
    C. C) Brand Elements
    Explanation
    The case of Skoda is related to brand elements because it mentions various aspects that contribute to the brand's image and perception, such as the brand's name and image, as well as the quality of the car and its various product features. These elements play a crucial role in influencing the customer's decision to purchase a Skoda car. Brand elements are the tangible and intangible attributes that distinguish a brand from its competitors and create a unique identity in the minds of consumers.

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  • 13. 

    _________ is a price reduced on the products or services offered to the buyers whopromptly pay their bills. 

    • A.

      A) Cash discounts

    • B.

      B) Price discounts

    • C.

      C) Quantity discounts

    • D.

      D) Functional discounts

    Correct Answer
    A. A) Cash discounts
    Explanation
    Cash discounts are price reductions offered to buyers who promptly pay their bills. This means that if a buyer pays their bill within a certain time frame, they will receive a discount on the price of the products or services they purchased. This is a common practice used by businesses to incentivize prompt payment and improve cash flow. Cash discounts can help businesses maintain a healthy financial position by encouraging customers to pay their bills on time.

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  • 14. 

    In the __________ stage of PLC, the producer may decide to maintain the same productwithout change; if it has reason to ensure that the competitors will leave the industry. 

    • A.

      A) Decline stage

    • B.

      B) Growth stage

    • C.

      C) Maturity stage

    • D.

      D) Introduction stage

    Correct Answer
    A. A) Decline stage
    Explanation
    In the decline stage of the PLC, the producer may decide to maintain the same product without change if they have reason to ensure that competitors will leave the industry. This is because in the decline stage, the product is experiencing a decrease in demand and sales, and competition may also be decreasing. Therefore, the producer may choose to continue offering the product as is, without making any changes, in order to capitalize on the remaining market share and potentially push out any remaining competitors.

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  • 15. 

    Laggards in the Adoption Process constitutes: 

    • A.

      A) 16%

    • B.

      B) 2 & a half %

    • C.

      C) 34%

    • D.

      D) 13 & a half %

    Correct Answer
    A. A) 16%
    Explanation
    Laggards in the Adoption Process constitute 16% of the total. This means that 16% of the population or group being studied are the last to adopt a new idea, product, or technology. Laggards are typically resistant to change and prefer to stick with traditional methods or products. This percentage suggests that a significant portion of the population is slow to adopt new innovations.

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  • 16. 

    The three basic principles of packaging are: 

    • A.

      A) Labeling, containment and tamper proofing

    • B.

      B) Protection, containment and identification

    • C.

      C) Tamper proofing, identification and containment

    • D.

      D) Identification, containment and labeling

    Correct Answer
    B. B) Protection, containment and identification
    Explanation
    The correct answer is b) Protection, containment, and identification. These three principles are essential in packaging. Protection refers to safeguarding the product from damage during handling, transportation, and storage. Containment means securely holding the product in place to prevent any leakage or spillage. Identification involves clearly labeling the package with relevant information such as product name, quantity, instructions, and warnings, allowing for easy identification and communication.

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  • 17. 

    The term New Product Development does not include the following: 

    • A.

      A) The development of new products and services

    • B.

      B) Improvements in the product

    • C.

      C) Modifications of the product

    • D.

      D) An already existing product, perceived by customers as being novel or new brands

    Correct Answer
    D. D) An already existing product, perceived by customers as being novel or new brands
    Explanation
    New Product Development refers to the process of creating and introducing new products or services to the market. This can involve the development of completely new products, making improvements to existing products, or making modifications to existing products. However, it does not include an already existing product that is perceived by customers as being novel or a new brand. In other words, if customers already perceive a product as new or different, it is not considered a part of the New Product Development process.

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  • 18. 

    ______________ is a set of brand assets and liabilities connected to a brand, its name &symbol that add to or subtract from the value offered by a product or service to anorganization and to its customers. 

    • A.

      A) Brand loyalty

    • B.

      B) Brand association

    • C.

      C) Brand equity

    • D.

      D) Brand name

    Correct Answer
    C. C) Brand equity
    Explanation
    Brand equity refers to the set of brand assets and liabilities connected to a brand, including its name and symbol, that contribute to or detract from the value offered by a product or service to an organization and its customers. It represents the value and strength of a brand in the market, including factors such as brand recognition, customer loyalty, and perceived quality. Building and maintaining brand equity is crucial for businesses as it can positively impact customer preference, market share, and financial performance.

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  • 19. 

    Factors affecting PLC include: 

    • A.

      A) Rate of acceptance of the product by the customer

    • B.

      B) Promotion mix

    • C.

      C) Profit cycles

    • D.

      D) Product line

    Correct Answer
    A. A) Rate of acceptance of the product by the customer
    Explanation
    The rate of acceptance of a product by customers is a key factor affecting the product life cycle (PLC). The success of a product depends on how well it is accepted by the target market. If customers quickly adopt and embrace the product, it will have a shorter introduction phase and a longer growth phase. On the other hand, if customers are slow to accept the product, it may have a longer introduction phase and a shorter growth phase. The rate of acceptance also affects the decline phase of the PLC, as customers' interest and demand for the product decrease over time.

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  • 20. 

    ____________ type of Label does not provide any information about the product andthe producer. 

    • A.

      A) Grade label

    • B.

      B) Brand label

    • C.

      C) Descriptive and Illustrative label

    • D.

      D) None of these

    Correct Answer
    A. A) Grade label
    Explanation
    Grade labels are used to indicate the quality or grade of a product, such as the quality of meat or the grade of a diamond. Unlike brand labels, which provide information about the producer or manufacturer, grade labels do not give any information about the product or the producer. Therefore, the correct answer is a) Grade label.

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  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 10, 2015
    Quiz Created by
    Sarikakadam
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