Marketing MCQ Questions and Solutions with Explanations | Management

Promotion is a type of communication between the buyer and the seller. The seller tries to persuade the buyer to purchase their goods or services through promotions. It helps in making the people aware of a product, service or a company. It also helps to improve the public image of a company. This method of marketing may also create interest in the minds of buyers and can also generate loyal customers.

Good marketing is no accident but a result of careful planning and execution of proper tools and techniques. It is generally said that company do better marketing because of customer response and it's a just accidental action. Good marketing is a mental exercise in which markets need to think of future at present.

Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketing is an organizational function and a set of processes for creating, communicating and delivering values to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Marketers often use the term market to cover various groupings of customers. The term market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

The Selling concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products. The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization's products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.

The buying process starts when the buyer recognizes a Problem or need. The consumer buying process is the steps a consumer takes in making a purchasing decision. The steps include recognition of needs and wants, information search, evaluation of choices, purchase, and post-purchase evaluation.

If actual performance exceeds the expected performance of the product, then customer is delighted. This can lead to satisfaction among customers. If actual performance exceeds the target performance (positive disconfirmation), it can lead to a particularly large degree of satisfaction among customers (enthusiasm).

Parents buy toys for their children act as decider, buyer and maintainer in the buying process. A buying process is the series of steps that a consumer will take to make a purchasing decision.

If a firm is practicing Internal marketing, the firm is training and effectively motivating its customer-contact employees and all of the supporting service people to work as a team to provide customer satisfaction. Internal marketing is the promotion of a company's objectives, products and services to employees within the organization. The purpose is to increase employee engagement with the company's goals and fostering brand advocacy.

A cluster of complementary goods and services across diverse set of industries is called as Meta market. A Meta market brings together different customers who need not necessarily differentiate between closely related products. Meta market is thus, a place, where everything connected with a certain market can be found.