Marketing Management Chapter 7 Practice Test! Trivia Quiz

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  • 1/20 Questions

    Credit cards are used for

    • Cash withdrawals
    • Purchase of air tickets
    • Purchase of consumable items from retail outlets
    • All of these
    • None of these
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About This Quiz

Dive into the Marketing Management Chapter 7 Practice Test! This trivia quiz sharpens your understanding of marketing concepts such as segmentation, sales promotion, and credit management. It assesses key skills relevant to marketing professionals and students alike, enhancing practical knowledge in a business context.

Marketing Management Chapter 7 Practice Test! Trivia Quiz - Quiz

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  • 2. 

    A manufacturer offering discount vouchers is an example of __?  

    • Advertising

    • Sales Promotion

    • Sponsorship

    • Corporate Social responsibility

    • None of them

    Correct Answer
    A. Sales Promotion
    Explanation
    A manufacturer offering discount vouchers is an example of sales promotion because it involves offering incentives or discounts to customers in order to increase sales and attract new customers. This strategy is commonly used to create a sense of urgency and encourage immediate purchases. Advertising, sponsorship, and corporate social responsibility are not directly related to offering discount vouchers.

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  • 3. 

    One of the following qualities is not required for effective       marketing.  That is

    • Self-motivation

    • Effective communication skills

    • Team work

    • Perservance

    • Sympathy

    Correct Answer
    A. Sympathy
    Explanation
    Sympathy is not required for effective marketing. While effective communication skills, self-motivation, teamwork, and perseverance are all important qualities for successful marketing, sympathy is not directly related to marketing effectiveness. Marketing involves understanding consumer needs and wants, developing strategies to meet those needs, and promoting products or services effectively. While empathy and understanding can be beneficial in marketing, sympathy, which involves feeling sorry for someone's misfortune, is not a necessary quality for effective marketing.

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  • 4. 

    Digital Banking means

    • Banking with calculators

    • Banking with digital instruments

    • Internet Banking and Tele banking

    • Export finance

    • None of these

    Correct Answer
    A. Internet Banking and Tele banking
    Explanation
    Digital banking refers to the use of digital instruments and technology in banking activities. This includes internet banking, which allows customers to perform various banking transactions online, and telebanking, which allows customers to perform banking transactions over the phone. Therefore, the correct answer is "Internet Banking and Tele banking".

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  • 5. 

    Home loans are granted to  

    • Individuals

    • Institutions

    • Builders

    • All of these

    • None

    Correct Answer
    A. Individuals
    Explanation
    Home loans are granted to individuals. This means that individuals can apply for a loan to purchase a home. Institutions, builders, and other entities are not eligible for home loans.

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  • 6. 

    Delivery channels other than Bank counters are ?

    • ATM’s

    • Internet Banking

    • Tele Banking

    • All of these

    • None of these

    Correct Answer
    A. All of these
    Explanation
    Delivery channels other than Bank counters include ATM's, Internet Banking, and Tele Banking. These channels provide customers with alternative ways to carry out banking transactions and access their accounts without having to visit a physical bank branch. ATM's allow customers to withdraw cash, deposit funds, and perform other basic banking functions. Internet Banking enables customers to access their accounts, transfer funds, pay bills, and perform various transactions online. Tele Banking allows customers to interact with a bank representative over the phone to inquire about account balances, make transactions, and seek assistance. Therefore, all of these options are valid delivery channels other than Bank counters.

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  • 7. 

    Customer Loyalty means

    • Shifting of customers from one bank to another

    • Customers banking with one bank exclusively

    • Customers returning lost items

    • Customer giving gifts to banks

    • None of these

    Correct Answer
    A. Customers banking with one bank exclusively
    Explanation
    Customer loyalty refers to the behavior of customers who consistently choose to do business with one particular bank rather than switching to another bank. This behavior indicates a strong sense of trust, satisfaction, and commitment towards the bank, which leads customers to exclusively use the services and products provided by that bank. This exclusivity demonstrates a high level of loyalty and a long-term relationship between the customers and the bank.

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  • 8. 

    HNI is

    • Highly negative individual

    • High networth individual

    • High neutral individual

    • Highly necessary individual

    • All of these

    Correct Answer
    A. High networth individual
    Explanation
    The correct answer is "High networth individual". HNI refers to individuals who have a high net worth, typically with a significant amount of investable assets. These individuals are often sought after by financial institutions and investment firms due to their ability to make substantial investments and generate high returns.

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  • 9. 

    Rural Marketing involves

    • Selling to farmers and agriculturists

    • Selling to rural households

    • Selling to rural industries

    • Arranging melas

    • All of these

    Correct Answer
    A. All of these
    Explanation
    Rural marketing involves selling products and services to farmers, agriculturists, rural households, and rural industries. Additionally, it also includes arranging melas, which are rural fairs or gatherings where products are showcased and sold. Therefore, the correct answer is "All of these" as rural marketing encompasses all these activities.

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  • 10. 

    Marketing is Find the wrong option

    • An ancient concept

    • A modern need

    • A continuous affair

    • A team effort

    • None of these

    Correct Answer
    A. An ancient concept
    Explanation
    The correct answer is "an ancient concept" because marketing is not an ancient concept but rather a modern need. In ancient times, there were no formal marketing strategies or techniques like there are today. Marketing has evolved over time and has become a necessary aspect of business in the modern world. It involves various activities and strategies to promote and sell products or services. Therefore, the statement "an ancient concept" is incorrect.

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  • 11. 

    Find the incorrect statement.

    • Marketing is redundant in computerized banks

    • Marketing is redundant in foreign countries

    • Marketing is redundant in private establishments

    • Marketing is redundant in Government establishments

    • All of these

    Correct Answer
    A. All of these
    Explanation
    The correct answer is "All of these." This means that all of the statements mentioned in the options are incorrect. The statement "Marketing is redundant in computerized banks" is incorrect because marketing is still necessary in computerized banks to attract and retain customers. Similarly, marketing is also essential in foreign countries, private establishments, and government establishments to promote products or services and reach a wider audience. Therefore, all of these statements are incorrect.

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  • 12. 

    Find the incorrect statement

    • Marketing has no relevance in Public Sector Banks

    • Marketing has no relevance in Private Sector Banks

    • Marketing has no relevance in Foreign Banks

    • All of these

    • None of these

    Correct Answer
    A. All of these
    Explanation
    The correct answer is "All of these". This means that all of the statements mentioned in the options are incorrect. The statement "Marketing has no relevance in Public Sector Banks" is incorrect because marketing plays a crucial role in promoting and attracting customers for public sector banks. Similarly, the statements about private sector banks and foreign banks are also incorrect as marketing is equally important in these sectors for customer acquisition and brand positioning.

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  • 13. 

    Marketing is best suited in  

    • Buyers’ Market

    • Sellers’ Market

    • Internal Marketing

    • Direct Marketing

    • None of these

    Correct Answer
    A. Buyers’ Market
    Explanation
    Marketing is best suited in a buyers' market because in this type of market, there is high demand for products or services, and customers have a wide range of options to choose from. This creates a competitive environment where marketing strategies can be used to attract and retain customers. Marketers can focus on understanding customer needs and preferences, developing targeted advertising campaigns, and offering competitive pricing and promotions to gain a larger market share. In a buyers' market, marketing efforts are crucial for businesses to stand out and differentiate themselves from competitors.

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  • 14. 

    Customer’s Relationship with the Bank is influenced by

    • Customers’ attitudes

    • Attitudes of Bank staff

    • Nterest rates of the Bank

    • Attitude of sales persons

    Correct Answer
    A. Attitudes of Bank staff
    Explanation
    The customer's relationship with the bank is influenced by the attitudes of the bank staff. This means that the way the bank staff interacts with the customer, their behavior, and their overall attitude can affect the customer's perception of the bank and their overall satisfaction with the services provided. Positive attitudes from the bank staff can lead to a stronger and more positive relationship with the customer, while negative attitudes can result in a strained or even damaged relationship.

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  • 15. 

    Gift of gab means  

    • Distributing gifts

    • Collecting garbage

    • Multi-linguist

    • Good communication skills

    • Short-tempered

    Correct Answer
    A. Good communication skills
    Explanation
    The phrase "gift of gab" refers to the ability to speak easily and confidently, often with charm and persuasiveness. It implies that someone has good communication skills, as they are able to effectively express themselves and engage in conversations. This person is likely to be articulate and have the ability to captivate and hold the attention of others through their speech.

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  • 16. 

    In marketing ‘initiator’ is a term which describes

    • Who determines that some need is not being met and authorites a purchase to rectify the situation.

    • Who most directly involved in the consumption of the product

    • Both 1 and 2

    • Neither 1 nor 2

    • None of these

    Correct Answer
    A. Who determines that some need is not being met and authorites a purchase to rectify the situation.
    Explanation
    The correct answer is "who determines that some need is not being met and authorizes a purchase to rectify the situation." This explanation accurately describes the role of an initiator in marketing. An initiator is someone who identifies a need that is not being fulfilled and takes the necessary steps to make a purchase in order to address that need. This person plays a crucial role in the decision-making process and is responsible for initiating the purchase.

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  • 17. 

    Which of the following helps best the better allocation of a       firm’s finite resources ?

    • Marketing Information System

    • Marketing Segmentation

    • Marketing research

    • Marketing Mix

    • Promotion Mix

    Correct Answer
    A. Marketing Segmentation
    Explanation
    Marketing segmentation helps in the better allocation of a firm's finite resources by dividing the market into distinct groups of customers with similar characteristics and needs. This allows the firm to target specific segments and allocate resources more effectively to meet the needs and preferences of each segment. By understanding the different segments and their requirements, the firm can tailor its marketing strategies and allocate resources in a way that maximizes customer satisfaction and profitability.

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  • 18. 

    Marketing is not required in one of the following products.  That       is

    • Sale of Credit/Debit Cards

    • Sale of Net Banking

    • Sale of Corporate Loans

    • Sale of Retail Loans

    • None

    Correct Answer
    A. None
    Explanation
    All of the given products can benefit from marketing efforts. The sale of credit/debit cards, net banking, corporate loans, and retail loans all require marketing to attract customers and promote their features and benefits. Therefore, the correct answer is "None" as none of the products listed do not require marketing.

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  • 19. 

    Which among the following is the first stage of Marketing         Process ?

    • Strategy Formulation

    • Marketing Planning

    • Programming, allocating and budgeting

    • Implementation

    • Monitoring and Auditing

    Correct Answer
    A. Strategy Formulation
    Explanation
    Strategy formulation is the first stage of the marketing process. This involves analyzing the market, identifying target customers, setting marketing objectives, and developing a marketing strategy to achieve those objectives. It is the initial step where the organization decides on its overall approach to marketing and how it will position itself in the market. This stage lays the foundation for the subsequent stages of marketing planning, implementation, and monitoring.

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  • 20. 

    Evaluating marketing performance by comparing it to       established standards is part of

    • Marketing Planning

    • Organizing marketing activities

    • Coordinating marketing activities

    • Marketing control

    • None of the above

    Correct Answer
    A. Marketing control
    Explanation
    Evaluating marketing performance by comparing it to established standards is part of marketing control. Marketing control involves monitoring and measuring the effectiveness of marketing activities and making adjustments as necessary to achieve desired outcomes. By comparing performance against established standards, marketers can assess whether their efforts are meeting expectations and make informed decisions to improve future marketing strategies.

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Quiz Review Timeline (Updated): Mar 11, 2024 +

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  • Current Version
  • Mar 11, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 28, 2012
    Quiz Created by
    Bankexamsportal
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