Marketing MCQ Questions and Solutions with Explanations | Management

Open descending is a type of auction. An auction market is a market in which buyers indicate the highest price they are willing to pay and sellers indicate the lowest price they are willing to accept. A trade occurs when the buyer and seller agree on a price.

Research has shown that younger and higher income customers are more likely to use self-service channels. A powerful self-service channel, best used to provide quick information to customers like account balances, outstanding amounts, location, confirmations etc.

Acknowledging their feelings, Apologising and owning the responsibility, offering alternatives, making amends, anticipating customer needs is the sequence of steps for the service recovery process.

Franchising has become a popular way to expand delivery of an effective service concept to multiple sites without the level of investment capital that would be otherwise needed. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees). If buying an existing business doesn't sound right for you but starting from scratch sounds a bit intimidating, you could be suited for franchise ownership.

Electronic channels are the only service distributors which o not require direct human interactions. Electronic channels overcome some of the problems associated with service inseparability and allow a form of standardisation not previously possible in most services.

Service quality is an attitude formed by a long-term, overall evaluation of a firm's performance. Service quality generally refers to a customer's comparison of service expectations as it relates to a company's performance.

The collection of strategies and tactics firms use to scientifically manage demand for their products and services is known as Revenue management. Revenue management is an extremely important concept within the hospitality industry, because it allows hotel owners to anticipate demand and optimise availability and pricing, in order to achieve the best possible financial results.

SERVQUAL compares perceptions to what a customer should expect from a firm the delivers high-quality services. Service quality (SQ), in its contemporary conceptualisation, is a comparison of perceived expectations (E) of a service with perceived performance (P), giving rise to the equation SQ=P-E.

Employee satisfaction is not one the five dimensions that is measured by the SERVQUAL SCALE. Employee satisfaction or job satisfaction is, quite simply, how content or satisfied employees are with their jobs. Employee satisfaction is typically measured using an employee satisfaction survey.

In commerce there are three types of price discrimination that exist. The exact price discrimination method that is used depends on the factors within the particular market. First degree price discrimination: the monopoly seller of a good or service must know the absolute maximum price that every consumer is willing to pay and can charge each customer that exact amount. This allows the seller to obtain the highest revenue possible. Second degree price discrimination: the price of a good or service varies according to the quantity demanded. Larger quantities are available at a lower price (higher discounts are given to consumers who buy a good in bulk quantities). Third degree price discrimination: the price varies according to consumer attributes such as age, sex, location, and economic status.