Question Details

Question
Question 1.1. Marketing is pervasive in most developed economies due to: (Points : 1)
large disposable income.
increased competition.
increased consumer awareness.
intense economic activity.
Question 2.2. The traditional value chain adopts a __________ oriented approach. (Points : 1)
company
customer
service
competitor
Question 3.3. Which of the following observations is true about the market driven approach to marketplace? (Points : 1)
This kind of organization embraces marketing to excess.
This approach is adopted by high-risk taking companies.
This approach is not suited for consumer goods manufacturers.
This kind of organization can quickly respond to changes in the marketplace.
Question 4.4. Identify a criticism that is often associated with marketing. (Points : 1)
It makes customers buy things that they do not really want.
It is not helpful in creating customer value.
It fully ignores customer needs and wants.
Marketing is often restricted to branding and communication.
Question 5.5. Which of the following is a disadvantage of an over-engineered product? (Points : 1)
The quality of the product will be low.
It is less robust for its application.
It is associated with operational problems.
The product will have unwanted features.
Question 6.6. Based on __________, managers develop objectives, strategies, and programs for the product, product line, or closely related group of products. (Points : 1)
data analysis
historical data
final audit
industry norms
Question 7.7. Customers will not always be able to tell you what products they want and need because: (Points : 1)
customers are aware of only the problems that they have.
customers are not conscious about the cost of product development.
a marketer may not have direct contact with the customer.
the solutions suggested by customers will not be feasible.
Question 8.8. Which of the following organizational structures will be suited for a company that sells business to business products? (Points : 1)
Market-based structure
Product-focused structure
Classic brand structure
Internationally focused structure
Question 9.9. The purpose of performing an audit of the plan is: (Points : 1)
to reveal why something went wrong and what can be improved the next time.
to frame the objectives and strategies associated with the marketing plan.
to finalize the financial resource and the budget of the marketing plan.
to assess expenditure budgets, along with labor, raw material, and other assigned costs.
Question 10.10. The value of a product or service can be quantified by calculating: (Points : 1)
the lifetime value of the customer base.
the total sales value of the product.
the total number of active customers.
the total cost of the product/service.
Question 11.11. Which of the following is a characteristic of a competitive advantage? (Points : 1)
It makes the product more accessible for the customers.
It generates customer value.
It makes the product more user-friendly.
It increases cost of the product.
Question 12.12. Identify the correct statement about market development strategy. (Points : 1)
It is less risky than market penetration strategy.
It is usually implemented in markets where growth rate is slowing.
It persuades current customers to buy more products.
It is cheaper than implementation of market penetration strategy.
Question 13.13. The best method of attaining a low-cost position is to: (Points : 1)
take advantage of economies of scale and experience curve.
take advantage of global raw material acquisition.
take advantage of non-union workers.
send production to low-wage countries.
Question 14.14. Customers who have purchased your product or service are familiar with its benefits. Assuming that your customers enjoyed the consumption experience, there is often potential left in the market from the current customers who could be persuaded to buy more. You, as a marketing manager, should therefore prioritize: (Points : 1)
market development strategy.
diversification strategy.
product development strategy.
market penetration strategy.
Question 15.15. IKEA emphasizes self-service and customer pickup and delivery. Identify the approach that IKEA is using to develop competitive advantage. (Points : 1)
Customer focus advantage
Differentiation advantage
Price-based advantage
Brand-based advantage
Question 16.16. Identify the stage in the product life cycle at which fierce battles for market share take place. (Points : 1)
Introduction stage
Growth stage
Maturity stage
Decline stage
Question 17.17. When the market growth becomes flat, we can say that this stage of the product life cycle has been reached. Identify the stage.(Points : 1)
Introduction stage
Growth stage
Maturity stage
Decline stage
Question 18.18. Which of the following statements is true about the decline stage of the product life cycle? (Points : 1)
During this stage, the market grows rapidly.
Many new competitors enter the market.
Usually, competition is most intense in this phase.
Product category sales decrease at this stage.
Question 19.19. When marketing mangers see that the sales curve has flattened out and few new buyers are in the market, they know that they are in this stage of the product life cycle. Identify the stage. (Points : 1)
Introduction stage
Growth stage
Maturity stage
Decline stage
Question 20.20. Which of the following refers to a strategy of entering the market with a high price and creating a narrow market? (Points : 1)
Switching
Penetration
Skimming
Scanning