Internal Online Examination- Oct. 2017 [a.Y. 2017-2018]
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Anekant Education Society's
Anekant Institute of Management Studies (AIMS)
Generic Core Course: Basics of Marketing
Course Code: 106
Questions and Answers
- 1.
Marketing people market ______ types of entities:
- A.
A) four
- B.
B) eight
- C.
C) ten
- D.
D) two
Correct Answer
C. C) ten -
- 2.
By orchestrating several services and goods at places like amusement park and theme restaurant, a firm markets:
- A.
A) Services
- B.
B) Events
- C.
C) Experiences
- D.
D) None of the above
Correct Answer
C. C) ExperiencesExplanation
By orchestrating several services and goods at places like amusement parks and theme restaurants, a firm is able to create and market unique experiences for its customers. These experiences go beyond just providing services or hosting events, as they involve a combination of different elements such as entertainment, food, atmosphere, and interaction. By offering these immersive and memorable experiences, the firm is able to differentiate itself from competitors and attract customers who are seeking more than just a typical service or event.Rate this question:
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- 3.
‘Tangibilize the intangible’ refers to which p?’
- A.
A) People
- B.
B) Process
- C.
C) Product
- D.
D) Physical evidence
Correct Answer
D. D) pHysical evidenceExplanation
The phrase "tangibilize the intangible" suggests the idea of making something that is intangible or abstract more tangible or concrete. In this context, physical evidence refers to the tangible elements that can be used to demonstrate the quality or value of a product or service. Therefore, choosing option d) Physical evidence as the correct answer aligns with the concept of making intangible aspects more tangible.Rate this question:
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- 4.
Samsung belongs to which country?
- A.
South Korea
- B.
China
- C.
Malaysia
- D.
Japan
Correct Answer
A. South KoreaExplanation
Samsung belongs to South Korea because it is a multinational conglomerate company that was founded and is headquartered in South Korea. It is one of the largest and most influential companies in South Korea, with a diverse range of products and services including electronics, shipbuilding, construction, and more. Samsung has played a significant role in the growth and development of the South Korean economy and is recognized as a global leader in technology and innovation.Rate this question:
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- 5.
Which pricing strategy is adopted by Parle G?
- A.
Skimming Pricing
- B.
Penetration Pricing
- C.
EDLP
- D.
Competitive Pricing
Correct Answer
B. Penetration PricingExplanation
Penetration pricing is a pricing strategy where a company sets a low initial price for its product to attract a large number of customers and gain market share. Parle G, a popular biscuit brand in India, is known for its affordability and wide distribution network. By adopting penetration pricing, Parle G aims to capture a significant market share by offering its biscuits at a competitive and affordable price, making it accessible to a large consumer base. This strategy helps Parle G in building brand loyalty and establishing itself as a market leader in the biscuit industry.Rate this question:
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- 6.
A Titan watch has one year warranty. In some showrooms they have provided an extended warranty of three years. Which type of customer need is the company trying to satisfy?
- A.
A) Real need
- B.
B) Stated need
- C.
C) Unstated need
- D.
D) Delight need
Correct Answer
D. D) Delight needExplanation
The company is trying to satisfy a delight need. By providing an extended warranty of three years, the company is going above and beyond the customer's expectations and providing them with an added benefit that they did not originally anticipate. This not only satisfies their basic need for a warranty but also exceeds their expectations, leading to customer delight.Rate this question:
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- 7.
A group of relevant brands that a prospective consumer is favorably familiar with when they are thinking about making a purchase is known as: ___________.
- A.
A) Market place
- B.
B) Super set
- C.
C) Evoked set
- D.
D) Sub set
Correct Answer
C. C) Evoked setExplanation
The term "evoked set" refers to a group of relevant brands that a prospective consumer is favorably familiar with when they are considering making a purchase. This means that when a consumer is thinking about buying a particular product or service, they have a set of brands that come to mind as potential options. These brands are considered because the consumer has previous knowledge or experience with them, and they are more likely to be considered for purchase compared to other brands that the consumer is not familiar with.Rate this question:
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- 8.
___________________ is discomfort caused by post purchase conflict.
- A.
A) Cognitive dissonance
- B.
B) Intention
- C.
C) Decision
- D.
D) Alternative evaluation
Correct Answer
A. A) Cognitive dissonanceExplanation
Cognitive dissonance refers to the discomfort or psychological tension that arises when an individual holds conflicting beliefs, attitudes, or values. In the context of post-purchase conflict, cognitive dissonance occurs when a person experiences doubts or regrets about a purchase decision. This can happen when the individual realizes that the chosen product or service does not fully meet their expectations or when they come across information that challenges their decision. The discomfort caused by cognitive dissonance motivates individuals to seek ways to reduce the conflict, such as seeking reassurance or returning the product.Rate this question:
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- 9.
Opinion leaders are sometimes referred to as ________.
- A.
A) Purchasing pals
- B.
B) Buzz marketers
- C.
C) Influentials
- D.
D) Market mavens
Correct Answer
C. C) InfluentialsExplanation
Opinion leaders are individuals who have a significant impact on the opinions and behaviors of others. They are seen as knowledgeable and trustworthy, and their recommendations and endorsements carry weight. They are often referred to as "influentials" because they have the power to influence the attitudes and actions of others. This term accurately captures the role and influence of opinion leaders in society.Rate this question:
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- 10.
A teenage girl continually nags her mother to buy her a pair of high-heeled shoes that feel very uncomfortable to walk in, but are worn by all of her friends. This is an example of:_______________.
- A.
A) Physiological needs
- B.
B) Personal needs
- C.
C) Safety needs
- D.
D) Social needs
Correct Answer
D. D) Social needsExplanation
This scenario demonstrates social needs because the teenage girl wants to fit in with her friends by wearing the same type of shoes that they wear. She is willing to endure discomfort in order to meet this social expectation and feel accepted by her peers.Rate this question:
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- 11.
Mr. Fernando who acts as an insurance agent visited ABC Ltd., with the hope of persuading a few members of the staff to purchase his product and was prevented by the secretary from meeting them. In the above instance the secretary acted as:
- A.
A) a Buyer
- B.
B) a Decider
- C.
C) an Influencer
- D.
D) a Gatekeeper
Correct Answer
D. D) a GatekeeperExplanation
In this scenario, the secretary is acting as a gatekeeper. A gatekeeper is someone who controls access to decision-makers or key individuals within an organization. The secretary is preventing Mr. Fernando from meeting the staff members, thus acting as a barrier or gatekeeper between him and the potential customers.Rate this question:
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- 12.
Shoe manufacturers will not buy much more leather if the price of leather falls. Nor will they buy much less leather if the price rises unless they can find satisfactory substitutes. It is an example of:
- A.
A) Derived demand
- B.
B) Fluctuating demand
- C.
C) Inelastic demand
- D.
D) None of the above
Correct Answer
C. C) Inelastic demandExplanation
This scenario demonstrates inelastic demand because the quantity demanded of leather by shoe manufacturers does not change significantly in response to changes in price. This indicates that the demand for leather is relatively insensitive to price fluctuations. The manufacturers are not willing to buy much more leather even if the price falls, and they will not significantly reduce their purchases even if the price rises. This suggests that the demand for leather is not highly responsive to changes in price, making it an example of inelastic demand.Rate this question:
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- 13.
The generation of people born during the 1980s and early 1990s.
- A.
A) Generation Y
- B.
B) Generation X
- C.
C) Baby Boomers
- D.
D) Both a & b
Correct Answer
A. A) Generation YExplanation
The correct answer is a) Generation Y. Generation Y refers to the generation of people born during the 1980s and early 1990s. This generation is also known as millennials and is characterized by their familiarity with technology and the internet, as well as their diverse and global perspective.Rate this question:
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- 14.
The ________ includes the immediate actors involved in producing, distributing, and promoting the offering. The main actors are the company, suppliers, distributors, dealers, and the target customers.
- A.
A) Operations environment
- B.
B) Management environment
- C.
C) Strategic environment
- D.
D) Task environment
Correct Answer
D. D) Task environmentExplanation
The task environment refers to the immediate actors involved in producing, distributing, and promoting the offering. This includes the company itself, as well as suppliers, distributors, dealers, and the target customers. These actors directly interact with the company and have a direct impact on its operations and success. The task environment is more specific and focused compared to the broader strategic environment or management environment.Rate this question:
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- 15.
Niche marketers' objective is to understand their customers' need so well following which the customers are ________
- A.
A) Willing to pay a premium
- B.
B) Reluctant to pay a premium
- C.
C) Not willing to buy at even discounts
- D.
D) None of the above
Correct Answer
A. A) Willing to pay a premiumExplanation
Niche marketers aim to deeply understand their customers' needs in order to cater to them effectively. By doing so, they can create products or services that are tailored to their customers' specific preferences and desires. This level of customization and attention to detail often leads customers to perceive a higher value in the offerings, making them more willing to pay a premium price for the unique benefits they receive.Rate this question:
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- 16.
Companies address needs by putting forth a ________, a set of benefits that they offer to customer to satisfy their needs.
- A.
A) Brand
- B.
B) Value proposition
- C.
C) Deal
- D.
D) Demand
Correct Answer
B. B) Value propositionExplanation
A value proposition is a set of benefits that a company offers to customers in order to satisfy their needs. This can include the unique features and advantages of a product or service, as well as the overall value and benefits that customers can expect to receive. A value proposition is an important aspect of marketing and helps companies differentiate themselves from competitors and attract customers.Rate this question:
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- 17.
When Marriott Corporation designs its hotel/motel service at many different price ranges (Residence Inns, Fairfield Inns, Marriott Resort Hotels), it is using what type of strategy?
- A.
A) Niche Marketing
- B.
B) Concentrated Marketing
- C.
C) Differentiated Marketing
- D.
D) Mass Marketing
Correct Answer
C. C) Differentiated MarketingExplanation
Marriott Corporation is using a differentiated marketing strategy by designing its hotel/motel service at many different price ranges. This means that they are targeting multiple segments of the market with different products or services to meet the specific needs and preferences of each segment. By offering different brands such as Residence Inns, Fairfield Inns, and Marriott Resort Hotels, Marriott is able to cater to a wide range of customers and provide options at various price points. This strategy allows them to capture a larger market share and maximize their potential customer base.Rate this question:
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- 18.
At the third level of customer value hierarchy, marketers need to design a
- A.
A) Expected Product
- B.
B) Augmented Product
- C.
C) Basic Product
- D.
D) None of the above
Correct Answer
A. A) Expected ProductExplanation
At the third level of customer value hierarchy, marketers need to design an "Expected Product." This refers to the basic features and attributes that customers expect from a product in a particular category. It includes the minimum requirements that customers consider when evaluating a product's suitability for their needs. Marketers must ensure that their product meets these basic expectations and delivers the core benefits that customers are looking for. By providing an expected product, marketers can establish a foundation of customer satisfaction and build upon it with additional features and benefits at higher levels of the hierarchy.Rate this question:
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- 19.
Total length of each product line is divided by number of product lines which is carried by company to calculate:
- A.
A) Average Width of Product Mix
- B.
B) Average Length of Product Mix
- C.
C) Average Depth of Product Mix
- D.
D) Consistency of Product Mix
Correct Answer
B. B) Average Length of Product MixExplanation
The correct answer is b) Average Length of Product Mix. The explanation for this is that the total length of each product line is divided by the number of product lines carried by the company. This calculation gives us the average length of the product mix, which represents the average size or duration of the products in the company's portfolio.Rate this question:
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- 20.
The ___________ of the product mix implies to how closely associate the several product lines are in distribution channels, production requirements or some other way.
- A.
A) Length
- B.
B) Depth
- C.
C) Width
- D.
D) Consistency
Correct Answer
D. D) ConsistencyExplanation
Consistency refers to how closely associated the several product lines are in terms of distribution channels, production requirements, or some other way. It indicates the similarity or homogeneity of the products within the product mix. A high level of consistency means that the product lines are closely related and share similar characteristics, making it easier to market and distribute them together. On the other hand, a low level of consistency means that the product lines are diverse and may require different distribution channels or production processes.Rate this question:
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Sep 02, 2023Quiz Edited by
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Oct 24, 2017Quiz Created by
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