Marketing MCQ Questions and Solutions with Explanations | Management

In order for exchange to occur each party must have something of value to the other party. For an exchange to happen, both parties have to have something of value for each other. For instance, a man visiting a coffee shop might have enough money to buy a cup of coffee while the cafe has the coffee. Both parties must be able to communicate with each other, and both must want to exchange something and be able to do so. If the customer in the coffee shop can't make himself understood, or if he decides he doesn't want a cup of coffee, or if he turns out not to have quite enough money, then there will be no exchange. If all of the needed conditions are met, there will be an exchange of money for coffee.

Profitability orientation is not a component of market orientation. A profit-oriented pricing strategy involves setting prices for your products that will guarantee you'll make money on each sale. You determine your cost for manufacturing each product, then add a percentage for profit.

A market orientation recognizes that market intelligence relating to current and future customer needs is important. Market orientation is a business philosophy where the focus is on identifying customer needs or wants and meeting them. When a company has a market orientation approach, it focuses on designing and selling goods and services that satisfy customer needs in order to be profitable.

A critical marketing perspective is the process of determining the worth and impact of marketing activities.

The way in which the product is delivered to meet the customers' needs refers to Place or distribution activities. Distribution can make or break a company. A good distribution system quite simply means the company has greater chance of selling its products more than its competitors. The company that spreads its products wider and faster into the market place at lower costs than its competitors will make greater margins absorb raw material price rise better and last longer in tough market conditions. Distribution is critical for any type of industry or service.

The term 'marketing mix' describes a blending of strategic elements to satisfy specific target markets. Marketing Mix is one of the most commonly used strategies. It blends integral variables together to come up with ideal results.

Newsletters, catalogues, and invitations to organisation-sponsored events are most closely associated with the marketing mix activity of Promotion. Promotions refer to the entire set of activities, which communicate the product, brand or service to the user.

Chimney Sweeps employs people to clean fireplaces and chimneys in homes and apartments.The firm is primarily the marketer of a service.Service marketing is marketing based on relationship and value. It may be used to market a service or a product.

A religion would be the best illustration of a subculture. A subculture may be defined as a group of people in the organization who has a different culture which differentiates them from the culture in which they are currently working.

Bread and milk are Convenience products. A convenience product is a consumer product that takes little thought, is routine, purchased often, appeals to a large target market, and the consumer purchases with little planning.