Commerce Accountancy · General Awareness

Marketing Concepts and Strategies

2,245 Questions

Marketing concepts and strategies form the core of understanding consumer behavior, brand management, and product distribution. This hub covers essential topics like green marketing, packaging, pricing, and market structures. These questions are highly relevant for IBPS, SBI, and other banking examination preparation.

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Marketing Concepts and Strategies Questions

Multiple choice

Which of the following is not a condition of perfect competition?

  1. A large number of firms

  2. Perfect mobility of factors

  3. Informative advertising to ensure that consumers have good information

  4. Freedom of entry and exit into and out of the market
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Perfect competition requires many firms, perfect mobility of factors, and free entry/exit. Informative advertising implies differentiation and imperfect information - in perfect competition, products are homogeneous and information is perfect by assumption, making advertising unnecessary and inconsistent with the model. Advertising creates brand awareness and preference, contradicting homogeneous products.

Multiple choice

Surrogate advertising is used by which of the following sectors?

(a) Liquor (b) Tobacco Products (c) Mineral Water (d) Fruit Drinks

  1. a and c

  2. a and d

  3. a and b

  4. b and c
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Surrogate advertising is primarily used by liquor and tobacco products sectors, which face direct advertising bans. These companies promote other products (like soda or music CDs) with the same brand name to keep their brand visible while circumventing legal restrictions.

Multiple choice

Which of the following is the most important function of business?

  1. Operations

  2. Finance

  3. Marketing

  4. Product
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

From a business perspective, Marketing is often considered the most important function because it directly connects the business to customers, generates revenue, and creates value. Without effective marketing, even the best products and efficient operations cannot generate sales. Finance manages money, Operations creates products, but Marketing ensures customers buy them.

Multiple choice

What according to the author does not constitute natural market forces?

  1. Forces that are part of the global market.
  2. Forces that determine the globalized economy.
  3. Forces that go by the consumers’ choice.

Directions: Answer the given question based on the following passage:

With the whole world having converged into one market—the barriers, of whatever kind they may be, cannot persist for long. They must make way for the natural market forces.  It is these forces that will determine what will sell and what will not. It is these forces that will produce what consumers would want to consume. Only those who can read these forces will survive in the market. This market will not be local, but global. A successful entrepreneur has to dabble in this global market, in the international milieu, location notwithstanding. An individual’s traits and tenacity will, accordingly, be put to severe test. An institution can justify its existence only if it is able to hone and sharpen the skill of an individual to a level from where he or she can successfully dabble in international milieu. Several management schools are actually doing that while there are several others that are claiming to be doing that. We have set out on course to sift good from not-so-good.
Certain agencies examine these to provide necessary inputs on the mushrooming business schools so that one could take an informed decision on whether or not to choose them to hone entrepreneurial skill to enable them to dabble in any market. India is young. As part of that Young India and of the emerging economy, an academic stint with a quality institution, national or international, will expectedly give necessary tools to explore potential and develop market for India and Indian produce/services in the international arena and vice versa. This, in the process, will become an enabling conduit. 
Interactive sessions with international clientele—which these B-schools should enable —will give an insight into the basic needs of market and people who buy services and products. While smiles of the satisfied customers are rewards in themselves, they will constantly goad market people to keep upgrading their level of services. Frowns of dissatisfied/querulous customers will be lessons on how to deal with fastidious customers. Taking this as a challenge, ways and means of how to bring smile on the faces of the most fastidious of them all could and should be devised. Success or failure of an enterprise will largely depend on this. While life is changing fast, customer needs are changing faster still. This calls for constantly upgrading marketing skills to meet the requirements of ever changing facets of present day clientele. Change being the only constant, need to continuously upgrade individual skills and fine-tune them to understand and master nuances is imperative.

 

 

  1. 1 only

  2. 1 and 2 only

  3. 1 and 3 only

  4. 2 and 3 only

  5. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

This is too big a canvas and it takes everything into its ambit. There is a need to pin-point what exactly constitutes natural market forces which this canvas does not provide.

Multiple choice

Several management schools are actually doing that while there are several others that are claiming to be doing that. What does 'that' refer to?

Directions: Answer the given question based on the following passage:

With the whole world having converged into one market—the barriers, of whatever kind they may be, cannot persist for long. They must make way for the natural market forces.  It is these forces that will determine what will sell and what will not. It is these forces that will produce what consumers would want to consume. Only those who can read these forces will survive in the market. This market will not be local, but global. A successful entrepreneur has to dabble in this global market, in the international milieu, location notwithstanding. An individual’s traits and tenacity will, accordingly, be put to severe test. An institution can justify its existence only if it is able to hone and sharpen the skill of an individual to a level from where he or she can successfully dabble in international milieu. Several management schools are actually doing that while there are several others that are claiming to be doing that. We have set out on course to sift good from not-so-good.
Certain agencies examine these to provide necessary inputs on the mushrooming business schools so that one could take an informed decision on whether or not to choose them to hone entrepreneurial skill to enable them to dabble in any market. India is young. As part of that Young India and of the emerging economy, an academic stint with a quality institution, national or international, will expectedly give necessary tools to explore potential and develop market for India and Indian produce/services in the international arena and vice versa. This, in the process, will become an enabling conduit. 
Interactive sessions with international clientele—which these B-schools should enable —will give an insight into the basic needs of market and people who buy services and products. While smiles of the satisfied customers are rewards in themselves, they will constantly goad market people to keep upgrading their level of services. Frowns of dissatisfied/querulous customers will be lessons on how to deal with fastidious customers. Taking this as a challenge, ways and means of how to bring smile on the faces of the most fastidious of them all could and should be devised. Success or failure of an enterprise will largely depend on this. While life is changing fast, customer needs are changing faster still. This calls for constantly upgrading marketing skills to meet the requirements of ever changing facets of present day clientele. Change being the only constant, need to continuously upgrade individual skills and fine-tune them to understand and master nuances is imperative.

 

 

  1. The vagaries of international market.

  2. The forces that determine the shape of the market.

  3. The ability of institutions to hone and sharpen skills of individuals.

  4. The need for constantly goading market people to keep upgrading the level of service.

  5. The ways and means of how to bring smile on the faces of the most fastidious of customers.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

There is a specific reference to institutions that actually do something and those that claim to be doing something. 'That' specifically refers to this. There are a large number of institutions, some of which are good and some of which are not so good.

Multiple choice

The seasonal products like rain coat, umbrella, etc. enjoy demand at peak only during a certain season. Under which marketing concept does this exempt classify?

  1. Meta marketing concept

  2. Demarketing concept

  3. Synchro marketing concept

  4. Counter marketing concept

  5. Event marketing concept
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

This concept deals in those products which are seasonal based. According to this concept, interests of marketers are protected for a particular season.

Multiple choice

In marketing management, CRM stands for _______________.

  1. Consumer Research Management

  2. Call Research Management

  3. Capital Research Management

  4. Customer Relationship Management

  5. Consumer Related Management
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

CRM stands for Customer Relationship Management. This management focuses on cross selling. It also values both positive and negative feedbacks from customers.

Multiple choice

Which of the following are the 4Ps of marketing mix?

  1. Product, Promotion, Place and Person

  2. Product, Promotion, Place and Price

  3. Position, Place, Perfection and Promotion

  4. Price, Place, Position and People

  5. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Option (2) is correct.

Multiple choice

Prof. Mohan Sawhney has proposed the concept of ___________________ to describe two or more associated products and services that are some what related to each other in the mind of consumers, but are spread across diverse set of industries.

  1. meta market

  2. vertical integration

  3. horizontal integration

  4. beta marketing

  5. synchronized marketing

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Two or more distinct market that are associated in someway to product or services. For example,  for the metamarket for  house cleaning products includes house owners and domestic cleaning service companies.