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

If you are a parent you know how hard it is to refuse repeated requests for an ice cream or a desperately wanted toy. If you are not a parent, I'm sure you remember asking, even begging for a toy, a treat or permission to stay up past your bedtime, until your parents finally gave in. Your customers and prospective customers are similar. They need to be asked repeatedly too. That is the whole game in a nutshell. Create or get a list of people who have demonstrated they are interested in the type of product or service you offer. AND/OR Get a list of people extremely likely to be interested, even if they haven't already proved they are, by buying from you or one of your competitors. Once you have these lists of people contact them with postcards which offer them the benefits of your products and services and keep making them offers until they inquire and/or buy from you and then ask them to buy more on a regular basis. You will have a smile on your face just like the little kid with a belly full of ice cream he/she convinced mom to buy.

Which of the conclusions can best be drawn from the passage?

  1. Personal communication is very important in business.

  2. People respond to repetition.

  3. Marketing is an art and you have to master it.

  4. The best lessons for business are learnt at home.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

2: Correct; Your “customers need to be asked repeatedly too”.

Multiple choice

Ads in the popular media are often misleading about the efficiency and cost effectiveness of the products that are advertised. This results in unsuspecting consumers often purchasing expensive equipment for their homes.

The conclusion above would be most strengthened if which of the following were true?

  1. Newspaper and journals disclaim any responsibility for the ads they carry.

  2. Advertisements are an important source of revenue for most media.

  3. Ads in the popular media provide less accurate information about the products than do the corporate brochures.

  4. Advertisements are a method of creating awareness among consumers.

  5. Consumers consider advertisements as a reliable source of information about new products.

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

Correct Answer: Consumers consider advertisements as a reliable source of information about new products.

Multiple choice

Directions: The last sentence in the following passage has been deleted. Select the sentence, out of the available options, that best suits the end of the passage.

To succeed in today's crowded marketplace where most of the products and advertising look exactly the same, a small business owner must stand out, shouting above the din with a message so clear and compelling that prospects stop and take notice. It's a matter of business survival. Unfortunately, most entrepreneurs quickly retreat to the supposed security of sameness, soon to be lost in a sea of anonymity and a tidal wave of frustration. In effect, albeit at a subconscious level, they are saying, “I don't want to be different”. In back room offices and store fronts everywhere, salespeople are telling business owners they should do this or that kind of ad because it worked so great for their competitor. The owners nod and sign on. It's already proven to be a winner, right? WRONG!

  1. To make your advertising work, follow the principle if your competition is doing it, don't.

  2. Following your competitor is a sure recipe for disaster.

  3. Win the battle without a fight.

  4. It will fill people with a sense of déjà vu.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

(1) is the logical extension of the preceding line. The entire passage says that businessmen are mostly being copycats in the crowded market place, of their own volition or on 'expert' advice. A question is raised and then answered. The next line ought to explain why it is wrong.

Multiple choice

What type of information is provided by PPC curve?

  1. Alternative production possibilities

  2. Alternate technology available

  3. Alternate use of products

  4. Alternate investment opportunities
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

PPC curve shows the various production possibilities of two products.

Multiple choice

Directions: Select the option that fills in the blanks most suitably (in the same order).

Comparative advertising can sometimes ________ very badly and instead of gaining more ________ the company promoting such practices may actually lose them.

  1. pay, losses

  2. backfire, customers

  3. use, shares

  4. gain, market

  5. hurt, revenue
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The first blank should be filled by a negative word compatible with 'badly'. Both options (2) & (5): 'backfire' and 'hurt' are valid. Option (5): 'instead of gaining more revenue' doesn't fit in grammatically with plural 'lose them'. Option (2) - 'instead of gaining more customers' - sounds convincing. 

Multiple choice

Which of the following is true incase of solution selling?

  1. Solutions to enhance customer risks.

  2. Solutions to decrease customer value.

  3. Solutions to reduce customer cost.

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

Solutions are provided in case of solution selling to reduce costs for the buyer. Hence, it is the right answer.

Multiple choice

Which of the following does the term bottleneck product relate to?

  1. Products of high value and cost for customer that involve little risk of supply

  2. Products with low value and cost to the customer and also involve low risk of supply.

  3. Products with low value and cost to the customer that involve some risk for supply.

  4. Products with high value and cost to the customer that involve high risk.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Products with low value and cost to the customer that involve some risk for supply are reffered to as bottleneck products. Hence, it is the right answer.

Multiple choice

In case of supplier selection, which of the following methods states that the customer ranks its preference for alternative market offerings or concepts and value is placed on each attribute?

  1. Compositional approach

  2. Benchmarks

  3. Conjoint analysis

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

Conjoint analysis refers to the method in which the customer ranks its preference for alternative market offerings or concepts and value is placed on each attribute. Hence, it is the right answer.

Multiple choice

Which of the following are a characteristic of a niche?

  1. Niches are not likely to attract competitors.

  2. Niches gain certain economies by specialisation.

  3. Customers are ready to pay a premium price if their needs are satisfied.

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

All of the above traits define a niche hence it is the right answer.

Multiple choice

To which type of target market strategy does the term cannibalisation belong?

  1. Undifferentiated targeting

  2. Multi segment targeting

  3. Concentrated targeting

  4. None of thees
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Multi segment targeting is the right answer as it involves the targeting of various segments. Hence, the firm carries out cannibalisation of its own product to keep the market segments to itself.