Marketing MCQ Questions and Solutions with Explanations | Management

Need becomes want when they are directed towards a specific object. Human wants are desires for specific satisfaction of deeper needs that means the needs become wants when they are directed to specific object that might satisfy the need.

Products that are relatively inexpensive and are purchased frequently with minimal effort can be classified as Convenience products. Convenience products refer to those types of consumer products and services that consumers buy more frequently with minimum buying efforts and comparisons.

The Label identifies the product or brand. The brand name is the central focus on the label for identifying a product. Nevertheless, such elements as the logos, brand marks, color schemes, designs, and graphics may also serve to identify a specific brand.

An augmented product exceeds customer expectations. The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium.

The skimming, penetration, bargaining and bundling are decided in the price decisions of the Marketing Mix strategy. Pricing decisions are basically decided on the basis of Cost of the product.

Marketing Mix is the most visible part of the marketing strategy of an organization. A marketing strategy refers to a business' overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.

Businesses spend most of their advertising expenses on business-to-customer (B2C) markets. Business-to-business marketing (or B2B marketing, as it is commonly known) involves the sale of one company's product or service to another company.

Institutional markets does not consist of people who buy products and services for personal use. It consists of the all the people who have some unsatisfied demand.

Convenience products usually have intensive distribution because sales of these products tend to have a direct relationship to availability. A convenience product is a consumer product or service that customers normally buy frequently, immediately and without great comparison or buying effort.

Red Cross blood donations are not considered to be specialty products and, therefore, have a specialty offer to the consumer.