Tag: evolution of marketing

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Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Which of the following is known as the "Contraction of product mix?"

  1. Product modification

  2. Product elimination

  3. Product line contraction

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

Contraction of the product mix refers to reducing the number of products or product lines offered by a firm, which is achieved through product line contraction.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Product line contraction is also termed as_________.

  1. Modification

  2. Simplification

  3. Diversification

  4. Expansion
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In marketing terminology, product line contraction or the reduction of the product mix is often referred to as simplification, as it streamlines the company's offerings.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Marketing basically involves the selection of a.

  1. Marketing mix

  2. Competent sales staff

  3. Proper price

  4. Effective promotion and distribution
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Marketing is the process of creating, communicating, and delivering value to customers, which is operationalized through the selection and management of the marketing mix.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Sales volume is achieved under the marketing concept by.

  1. New product development

  2. Effective advertising

  3. Aggressive selling

  4. Appropriate marketing mix
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Under the marketing concept, sales volume is not achieved through aggressive selling, but through an integrated approach where an appropriate marketing mix satisfies customer needs.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

The main reason for product diversification is to.

  1. Follow competitive companies

  2. Boost company morale

  3. Achieve greater rate of growth of sales and profits

  4. Use available company funds and know-how most effectively
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Product diversification allows firms to leverage their existing resources, funds, and technical know-how to enter new markets or offer new products, thereby spreading risk and enhancing growth.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Product mix is mainly broadened to.

  1. Meet competition

  2. Make a salesman more effective

  3. Fit customer requirement

  4. Utilize by-product
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Broadening the product mix is typically done to offer a wider variety of choices, ensuring that the firm can better meet the diverse and specific requirements of its customers.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Promotion is the.

  1. Third element in the marketing mix

  2. Fourth element in the marketing mix

  3. Final element in the marketing mix

  4. Both (B) and (C)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Promotion is generally listed as the fourth element in the 4Ps framework (Product, Price, Place, Promotion).

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

Profit depends upon.

  1. Market share

  2. Product mix

  3. Cost control

  4. Combination of product mix, market share
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Profitability is influenced by a complex interplay of factors, including the effectiveness of the product mix and the company's ability to capture and maintain market share.

Multiple choice commercial applications sales and selling process distinction between marketing and sales meaning, elements and factors influencing marketing mix evolution of marketing

The concept of four P's as elements of marketing mix was given by ________.

  1. Philip Kotler

  2. W.J. Stanton

  3. E.J. McCarthy

  4. Bruce J. Walker
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The 4P's are the elements of marketing mix. E.J. McCarthy was an American marketing professor. He proposed the concept of 4P's of marketing mix 1960  book "Basic Marketing'. The 4P's of marketing mix are Product, Price, Promotion, Place.