Commerce Accountancy · General Awareness

Marketing Concepts and Strategies

2,239 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.

Brand extension strategiesPricing strategiesGreen marketing conceptsProduct packaging functionsCustomer satisfaction methods

Marketing Concepts and Strategies Questions

Multiple choice

The value of premiums that could be derived by persuading the customer to buy additional products is known as:-

  1. Historic value

  2. Present value

  3. Potential value

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

The value of premiums that could be derived by persuading the customer to buy additional products is known as Potential value. Potential value is defined as the profit or value delivered by a customer if he behaves ideally, i.e., the customer purchases all products or services he currently buys in the market at full price at the focal company.

Multiple choice

Which one of the following statements best describes a Testimonial?

  1. An endorsement from a satisfied customer

  2. Test result for a product in a benchmarking test

  3. List of tests that a product must pass

  4. Money required to test a product
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A testimonial is a written recommendation from a celebrity or satisfied customer affirming the performance, quality, and/or value of a product or service. Testimonials are one of the most potent tools of marketing.

Multiple choice

Directions: In the question below there are four statements which express the same idea. Choose the alternative that is most clear and concise.

  1. A marketer would do well to remember that a brand's equity lies with the consumer.

  2. A marketer would do well to remember that the equity of a brand is lying with the consumer.

  3. That a brand's equity lies with the consumer is something a marketer would do well to remember.

  4. A marketer would do well in case he remembered that a brand's equity lies with the consumer.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

 Option 1 is the most general statement.

Multiple choice

A creative exercise tried with every existing product. It is not what you do to a product is called as _____

  1. Product Exercise

  2. Research

  3. Product Positioning

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Product Positioning refers to the creative exercise of establishing a distinctive place for a product in customers' minds relative to competitors. It involves defining how the product is perceived, what unique value it offers, and why customers should choose it over alternatives. Product Exercise is vague, Research is a preliminary step, and Product Positioning directly matches the description of defining how a product is perceived and differentiated.

Multiple choice

Which of the following are the different options that a company have to position or reposition its products?

  1. By making altogether different claim or USP

  2. By highlighting the new product features

  3. By entering in new market segment

  4. All the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Companies can position or reposition products through multiple strategic approaches: creating entirely new claims or unique selling propositions (USPs), highlighting newly developed features to attract different customer segments, and entering new market segments where the product may have competitive advantages. All these approaches are valid positioning strategies, making D the comprehensive answer.

Multiple choice

Which of the following is the best determinant for the Successful product positioning?

  1. Design creative product proposition

  2. Existence of warranted competition

  3. Sizeable, Sensitive and profitable market segment

  4. All the Above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Successful product positioning depends on multiple factors working together: a creative and compelling product proposition that resonates with customers, presence of warranted competition to justify the positioning, and identification of a sizeable, sensitive, and profitable market segment that values the positioning. All three elements (A, B, and C) are critical determinants of successful product positioning.

Multiple choice

Either changing the product itself or repositioning it by changing its promotional focus. It is viable alternative to new product development because, it is less expensive and is crowned with greater degree of success is called as _____

  1. Product repositioning

  2. Product change

  3. Product Modification

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

Product Modification involves either changing the product itself or repositioning it through promotional focus. It is a viable alternative to new product development because it requires less investment and typically has a higher success rate than developing entirely new products.

Multiple choice

Given below are the different steps that involved in the product positioning. Arrange in them in a particular order? i) Choosing the competitive advantage ii) Signalling the competitive advantage iii) Identifying potential competitive advantage

  1. (i), (ii) and (iii)

  2. (ii), (iii) and (i)

  3. (ii), (i) and (iii)

  4. (iii), (i) and (ii)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The logical sequence for product positioning begins with identifying potential competitive advantages (iii), then choosing which specific advantage to leverage (i), and finally signalling that chosen advantage to the target market (ii). This step-by-step approach ensures a clear and effective positioning strategy.

Multiple choice

Which of the following is NOT an objective of Product diversification?

  1. Quality of the product

  2. Growth in the Market

  3. Survival in the Market

  4. Stability in the Market
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Product diversification objectives include growth, survival, and stability in the market. Quality of the product is an outcome or characteristic, not typically stated as a strategic objective of diversification itself. The other three options (growth, survival, stability) are well-established strategic objectives.

Multiple choice

'Product' one of the P's of marketing mix helps in achieving the marketing objectives only when there is happy and lasting wedding between the product and the market. This congruity product and market is called as _______

  1. Product-Market Mix

  2. Market-Product Mix

  3. Marketing Mix

  4. Product-Market Integration
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Product-Market Integration refers to the congruity or 'happy wedding' between a product and its market. When the product fits well with market needs and preferences, marketing objectives can be achieved effectively. The term describes this strategic alignment between product offerings and market demands.

Multiple choice

Which of the following is NOT and objective of the Pricing?

  1. Target return on investment

  2. Resource mobilization

  3. Survival and stability in the Market

  4. To attract the people irrespective of the profit / loss
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Pricing objectives include target return on investment, resource mobilization, survival, and market stability. Attracting people irrespective of profit or loss is not a viable pricing objective - businesses must balance customer attraction with financial sustainability to survive long-term.

Multiple choice

Which of the following is NOT the right approach to the Pricing?

  1. Identify the target customers

  2. Estimate the costs and demand

  3. Observe competitor's price

  4. Maximize the profits
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The right approach to pricing involves identifying target customers, estimating costs and demand, and observing competitor prices. Simply maximizing profits is not a comprehensive or effective pricing approach - it ignores customer value, competition, and long-term sustainability.