Marketing MCQ Questions and Solutions with Explanations | Management

One of the key tasks of marketers is to differentiate their products from those of competitors and to create consumer perceptions that the product is worth purchasing.

Channel markets are made up of members of the distribution chain. Channel marketing is what facilitates the movement of products from the manufacturer to the consumer. Also referred to as intermediaries, channel partners ensure that the products reach their intended audience. Such business partnerships help to reduce the cost of delivery and improve efficiency.

Institutional markets include a wide variety of profit and non-profit organizations, such as hospitals, government agencies, and schools, which provide goods and services for the benefit of society. Institutional markets are entities such as cafeterias in state and local government buildings, schools, universities, prisons, hospitals, or similar organizations. These institutions are becoming more interested in buying local food, which provides a new marketing opportunity for a medium to large-scale farm.

The promotion “P” of marketing is also known as Marketing Communication. Marketing communications are those techniques that the company or a business individual uses to convey promotional messages about their products and services.

When a company distributes its products through a channel structure that includes one or more resellers, this is known as Indirect marketing. Indirect marketing is a way for a business to market their product, idea, or service without having to use the methods of SPAM or direct advertising and marketing.

In marketing theory, every contribution from the supply chain adds Value to the product. A basic marketing theory states that to maximize sales, a company must position its products or services in the marketplace in such a way that consumers believe they need a particular product for service or that a product or service they need has a particular benefit.

In Latent demand consumers may share a strong need that cannot be satisfied by an existing product. Latent demand is basically the desire for a product that a consumer is unable to satisfy because he is himself unable to point it out or doesn't realise what is missing until pointed out.

Marketing is both an “art” and a “science” there is constant tension between the formulated side of marketing and the Creative side. Marketing is a science because marketing is about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. This is similar to Newton's' third law - cause and effect. For every marketing action there is a reaction. The science is in anticipating the reactions to your actions. Marketing is an art because marketing is about appreciating the nuances of human behaviors. Beauty is in the eye of the beholder. Beauty is art.

Mr. Lopez buys goods and services for use in the production of products that are sold and supplied to others. Mr. Lopez is involved in business buyer behavior. Business buyer behaviour is the intent and behaviour shown by companies and employees into making purchases for the organization. Business buying behaviour is the concept of understanding the needs and wants of a business and making appropriate purchases, which ultimately help a company get profits.

The Societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being. Societal marketing concept holds that a company's marketing policy must consider society's long-term interests, consumers' wants, the company's profit.