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.

Brand extension strategiesPricing strategiesGreen marketing conceptsProduct packaging functionsCustomer satisfaction methods

Marketing Concepts and Strategies Questions

Multiple choice

Which of the following is not included in marketing assessment process?

  1. Defining the problem

  2. Fostering ideas

  3. Feedback

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

The marketing assessment process can be laid down into six steps namely defining the problem, analysis of the situation, obtaining data that is specific to the problem, analysis and interpreting the data, fostering ideas and problem solving, and designing a plan. It does not include feedback.

Multiple choice

Which of the following is/are correct?

  1. Prospecting is building a list of persons who can be approached for life insurance.

  2. Marketing includes an exercise to meet the account holders of a bank.

  3. Meeting known and familiar people who can give an agent interview for life insurance purposes is useful.

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

All the given statements are correct.

Multiple choice

A manufacturer of a consumer product keeps the price of a new product substantially high and over a time period reduces it when the demand reduces. Such pricing is called

  1. geographical pricing

  2. promotional pricing

  3. market skimming pricing

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

Market skimming pricing or price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay. As the demand of the first customers is satisfied, the firm lowers the price to attract another, more price-sensitive segment. 

Multiple choice

If there are declining sales leading to declining profits and no possibility of increasing and improving them, which of the following strategies will be adopted by an organisation?

  1. Product modification

  2. More of product modification and some production elimination

  3. Some production modification and more of production elimination

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

When a product’s performance is falling short of expectations and continued support is no longer justified, it’s time to pull it out of the marketplace, which is known as product elimination. It is done by adopting harvesting, line-simplification and total-line divestment. 

Multiple choice

The system of marketing information is ______ that pertains to marketing.

  1. the structure of people, equipment and procedures for generation and processing of information

  2. the software used for collection of information

  3. the computer hardware which is used for handling database

  4. the set of inputs to collate the information
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Marketing Information System is a system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion.

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 of the following types of service providers can solicit insurance business through distance marketing without coming face to face with the prospect?

  1. Third Party Administrators

  2. Insurance Agents

  3. Insurance Web Aggregators

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

Insurance Web Aggregators are one of the newest types of service providers to be governed by IRDAI regulations. Through their websites and telemarketing, they can solicit insurance business through distance marketing without coming face to face with the prospect and generate leads of interested prospects to insurers with whom they have an agreement.

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.