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

A target market is

  1. entire country

  2. entire city

  3. entire globe

  4. that which consists of customers who need the identified product

  5. all of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A target market is a specific group of potential customers identified by a business as the most likely to purchase its products or services based on their needs and characteristics.

Multiple choice

In today's world, in a selling process

  1. only standard products are sold

  2. no customization required

  3. the seller need not have product knowledge

  4. the seller should aim at customer satisfaction

  5. only quantum of sales matters
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Modern selling focuses on building relationships and meeting customer needs rather than just pushing products. Customer satisfaction is the primary goal of a successful sales process.

Multiple choice

Sales forecasting involves which of the following?

  1. Sales planning

  2. Sales pricing

  3. Distribution channels

  4. Consumer tastes

  5. All of these
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

Sales forecasting is a comprehensive process that considers various internal and external factors. Planning, pricing, distribution, and consumer behavior are all critical inputs for an accurate forecast.

Multiple choice

Cross-selling covers which of the following?

  1. Identifying customer needs

  2. Matching the products to customer needs

  3. Convincing the customers of product benefits

  4. Responding to questions and objections of customers

  5. All of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Cross-selling involves identifying additional products or services that complement what a customer already has or needs, effectively matching the right products to their specific requirements.

Multiple choice

Which of the following sentences is true?

  1. Marketing is not required in a buyer's market.

  2. Marketing is not required in a seller's market.

  3. Marketing is not required due to globalization.

  4. Marketing is not required due to competition.

  5. Marketing is not required due to liberalization.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In a seller's market, demand exceeds supply, meaning products are easily sold without significant marketing effort. In contrast, other market conditions require active marketing to compete.

Multiple choice

Which of the following pairs does not match in the context of marketing mix (i.e. product, price, promotion and place)?

  1. Brand name - product

  2. Credit terms - price

  3. Discount - promotion

  4. Transport - place
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Each of the four Ps has its own tools to contribute to the marketing mix:

Product: variety, quality, design, features, brand name, packaging, services Price: list price, discounts, allowance, payment period, credit terms Place: channels, coverage, assortments, locations, inventory, transportation, logistics Promotion: advertising, personal selling, sales promotion, public relations  

Multiple choice

Various factors influence the pricing of a product which can be internal factors and external factors. Which of the following is not correctly categorized?

  1. Social considerations - internal

  2. Govt. controls and regulations - external

  3. Manufacturing and marketing cost - internal

  4. Characteristics of the product - internal
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

(A) Internal Factors:

  1. Organisational Factors
  2. Marketing Mix
  3. Product Differentiation
  4. Cost of the Product
  5. Objectives of the Firm (B) External Factors:
  6. Demand 2. Competition 3. Suppliers 4. Economic Conditions 5. Buyers 6. Government
Multiple choice

Which among the following are components of promotion mix?

(a) advertising (b) personal selling (c) public relations (d) sales promotion

  1. (a) to (d) all

  2. (a), (b) and (c) only

  3. (a), (b) and (d) only

  4. (a), (c) and (d) only
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Activities identified as elements of the promotional mix vary, but typically include the following: Advertising Personal Selling Sales Promotion Public Relations Direct Marketing Corporate Image Sponsorship Guerrilla Marketing Product Placement

Multiple choice

A product means something that can be offered to satisfy a want or need which can be physical goods, services, persons, places, ideas etc. Which of the following pairs does not match?

  1. Idea - adult education

  2. Places - Goa, Kashmir

  3. Persons - Bismilla Khan

  4. Services - tooth paste
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A product is a commodity, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. In this, goods are tangible. You can see them, feel them, touch them etc. Services are intangible; the result of human or mechanical efforts to people or objects. Thus, option 4 is correct.

Multiple choice

Which of the following features is incorrect in case of goods and services as a product?

  1. Goods are search products, and services are experienced products.

  2. Goods and services are tangible.

  3. Goods relate to a stage prior to purchase or use.

  4. Services are the products that relate to a stage after buying or consuming.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A product is a commodity, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. In this, goods are tangible. You can see them, feel them, touch them etc. Services are intangible. 

Multiple choice

Directions: In the following question, there is a statement followed by two conclusions. Statement: Reputed management institutes focus on both quality and advertisement. Conclusion: I. There are only two important factors for a reputed management institute: quality and advertising. II. Small management institutes focus on only one: quality and advertising.

  1. If only conclusion I follows.

  2. If only conclusion II follows.

  3. If conclusions I and II both follow.

  4. If neither I nor II follows.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

We cannot say that there are only 2 important factors for reputed management institutes as there could be more factors present too. Similarly, we cannot draw any conclusion about small management institutes. Thus, neither conclusion can be drawn from the statement. Hence, Option (4) is correct.

Multiple choice

As an Executive Director ( R & D) of a cosmetic multinational company you are besieged with the following dilemma. Your company is about to make a public launch of a sunscreen cum anti ageing cream. You are aware that a rival company is about to launch a similar cream shortly. As a marketing strategy it is important for you to launch your company’s product earlier so as to capture the market as a pioneer in this domain. But field trial reports show that nearly 10% of the human samples showed signs of allergy to the cream. Products in which allergies/ adverse reaction is observed in more than 2% of sample are not permitted to be launched. But not launching the product timely will imply economic loss to the company and may jeopardise your career. What action would you take?

  1. Ask your R & D team to conduct a fresh trial on those persons who did not have allergy to the cream. Specific selection of sample is not to be disclosed in the R & D report. This way the trial report will be successful.

  2. Launch the cream irrespective of the R & D report by suppressing it. By the time complaints of allergies are received from the consumers the R & D division will be able to identify the allergen and remove the ingredient/ find suitable substitute.

  3. Withhold the launch despite the economic consequences and ask the R & D division to identify the cause of allergy and rectify it.

  4. Present the finding to the Board of Directors in a Board meeting which is to take place in another 10 days and await their decision.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

2.5 marks for option (c) 1.5 marks for option (d) 0 mark for option (a) and (b) Rationale/ Reasoning (c) Withholding the launch and rectifying the problem is the best course of action. Although it may entail short-term economic loss, it is ethically and legally the right thing to do. Besides, it may prevent the erosion of company’s brand value if the product allergy gets noted and disclosed in the media. (d) Option (d) is the next best course to adopt. However there is a loss of 10 days time which otherwise can be used for rectifying the product. Besides, this option also implies, leaving the decision to the Board, which otherwise is primarily in the R&D domain. (a) and (b) Options (a) and (b) are legally as well as ethically incorrect. Principles/ Values tested Upholding ethics in public life