Tag: elements of business

Questions Related to elements of business

The selling concept is most likely to be used by firms which sell _______.

elements of business marketing and sales difference between marketing and sales marketing and sales department ideologies/concepts/views of marketing management

  1. convenience goods

  2. shopping goods

  3. speciality goods

  4. unsought goods

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Correct Option: D
Explanation:

Selling concept states that consumers will not buy enough of company's products unless they are persuaded to do so through selling efforts. Hence organizations should undertake selling and promotion of their product for marketing success. Unsought goods are the goods or products that customers do not know about or do not think of buying.

Which segmentation approach is the most compatible with the spirit of the marketing concept?

elements of business marketing and sales difference between marketing and sales marketing and sales department ideologies/concepts/views of marketing management

  1. Benefit sought

  2. Income

  3. Social class

  4. Family size

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Correct Option: A
Explanation:

Benefit sought is a segmentation approach which divides the market based upon the perceived value, benefit or advantage consumers perceive that they receive from a product or service. Benefit sought is the most compatible with the spirit of the marketing concept because it delivers the maximum  customer satisfaction and makes a win win situation for the organization and consumers.

Which of the following is not a method of segmenting a market?

elements of business marketing and sales difference between marketing and sales marketing and sales department ideologies/concepts/views of marketing management

  1. Behavioural segmentation

  2. Psychograpic segmentation

  3. Benefits segmentation

  4. Customer segmentation

Show answer
Correct Option: D
Explanation:

Market segmentation refers to dividing a vast market or consumers. It is carried out to select the best suitable market for the product or service offered by a company. 

The most common forms of market segmentation are-behavioral segmentation which divides the market based on the consumer's behaviour, usage pattern and buying pattern.
  • Physchographic segmentation uses the people' lifestyle, activities and interests as a bases of segmentation.

Benefits segmentation refers to dividing the market based on the advantage or benefit the consumers perceive that they obtain from the product. 

Family Market existed during.

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. Village economy

  2. Town economy

  3. Both (A) and (B)

  4. None of the above

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Correct Option: A

Which of the following relates to relationship marketing?

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. One time purchase

  2. Two time purchase

  3. Repeated purchase

  4. Wealth maximisation

Show answer
Correct Option: C
Explanation:

Relationship marketing is a part of Customer Relationship Management, Relationship marketing focuses on customer loyalty and long term engagement rather than short term goals. Repeated purchase made by the consumer relates to the loyalty of the consumer towards the brand. 

Sales management refers to.

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. A future course of action

  2. Targets to be achieved

  3. Top level function of 'thinking'

  4. Lower level function of 'doing'

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Correct Option: D

The basic steps in marketing planning is?

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. Sales planning

  2. Demand forecasting

  3. Profit forecasting

  4. All the above

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Correct Option: A

Match the following.

$1$. Physical distribution a) distribution activities
$2$. Termination b) settlement of contact
$3$. Consumer co-operative c) A retail store owned and operated by a company to sell primary to its employees
$4$. Industrial store d) A retail business owned and operated by ultimate consumer to purchase and distribute goods and services primarily to the members
elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. $1$-a, $2$-b, $3$-c, $4$-d

  2. $1$-a, $2$-b, $3$-d, $4$-c

  3. $1$-a, $2$-c, $3$-d, $4$-b

  4. $1$-d, $2$-b, $3$-c, $4$-a

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Correct Option: B

Which of the following is a modern marketing concept?

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. Sales maximisation

  2. Customer satisfaction

  3. Profit maximisation

  4. Wealth maximisation

Show answer
Correct Option: B
Explanation:

Modern marketing concept is a broad concept. It relates to finding out the consumers and to develop a product as per their needs rather than providing them with the already manufactured goods. Modern marketing concept aims at complete customer satisfaction by fulfilling their needs and wants. Consumer concept believes in giving attention to individual customer.

Sales planning implies.

elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

  1. A future course of action

  2. Targets to be achieved

  3. Sales personnel

  4. Dividing the work according to importance

Show answer
Correct Option: A