Marketing — Part 2 MCQs with Explanations

Adding new features to a product is advocated by Product Approach. The Product Approach. In the product approach, also known as the “income approach” as it compares a business's production to the amount spent to create a product, businesses adapt a successful business model previously tested by another organization.

Post purchase behavior is the last stage of the consumer decision process. In the final stage of the buyer decision process, postpurchase behavior, the consumer takes action based on satisfaction or dissatisfaction. In this stage, the consumer determines if they are satisfied or dissatisfied with the purchasing outcome.

Marketer, Suppliers or vendors and Distributors or retailers are considered a “key player” in the marketing industry.

A transaction in which the organization is making an initial purchase of an item to be used to perform a new job refers to New-task purchase. New task purchase is the one purchase decision that has not been done previously by the business as they didnot have the need for a new product / task.

Manufacturer is NOT considered a type of reseller. Resellers buy finished products and resell them to their customers for the purpose of making a profit. Resellers do not modify the products they buy.

Listing alternatives that will solve the problem at hand and determining the characteristics of each occurs during evaluation of alternatives stage of the final consumer’s decision process. An Evaluation of Alternatives is the stage of the buyer decision process in where a consumer uses the information gathered in the Information Search to evaluate alternative brands in the product category.

The act of trading a desired product or service to receive something of value in return is known as Exchange key concept in marketing. Marketing involve exchange of a product between a saller and a buyer usually based on money. But modern marketing is not merely an exchange operation.

The most basic level of a product is called the core product. This will benefit the product positioning within a market and effect the possible competition.

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a Product. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.

Target market is not an element of the marketing mix. A target market refers to a group of potential customers to whom a company wants to sell its products and services.

Physical evidence, process and people are a further 3Ps that are incorporated into the marketing mix. Physical evidence is the physical environment of the business, it has formed another marketing tools because consumers are likely to be influence by what they see and most organizations today are accesses by their physical structures. In order to Influence costumers’ confidence to the organization, marketing manager must ensure a more conducive atmosphere to attract more customers while realizing marketing objectives. The process here refers to the ways in which marketer employ to providing relevant and supportive services to their customer in order to give them more satisfaction for their patronage. Marketing manager must make key decisions such as the kind of after sales service, home delivery etc. to employ because these process when effectively employed will go a long way to create brand loyalty and also a long lasting relationship with the customer. People refer to the marketing personals that carry out these marketing activities. These people who provide the services to the target market now forms other marketing tools since there level of creativity, skills, and product and market awareness goes a long way to influence purchase.

The term marketing refers to a philosophy that stresses customer value and satisfaction. The marketing concept and philosophy states that the organization should strive to satisfy its customers' wants and needs while meeting the organization's goals. In simple terms, "the customer is king".

Packaging involves designing and manufacturing the container or wrapper for a product. The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean. Packaging is more than just your product's pretty face.

Advertising appropriations are largest for Convenience goods. Advertising appropriation is the portion of a total marketing budget that is allocated for advertising over a specific time period. The advertising appropriation policy for a company may be based on any one of a number of approaches.

A television advertisement showing the safety features of the Volvo 240 DL would be best classified as Product advertising. Product advertising is the art of building and maintaining product awareness with potential buyers. A good advertising program educates potential customers on why they need the product, how it is used and the benefits derived from its use.

Production concept best describes the consumer’s preference for products that are widely available to them. Production concept proposes that consumer would like to have a product which is widely available as well as reasonable in price. So in this article excerpt, you will find the differences between product concept and production concept.

Consumer markets refers to the markets where people purchase products for consumption and are not meant for further sale. This market is dominated by the products which consumer use in their daily life.

Food BEST describes the human need. Food is any substance consumed to provide nutritional support for an organism. It is usually of plant or animal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals. The substance is ingested by an organism and assimilated by the organism's cells to provide energy, maintain life, or stimulate growth.

Market oriented firm’s emphasis on product’s benefits to the customers rather than on product attributes. Market orientation often includes improvements in customer service and product support geared to solving concerns raised by consumers.

All of the following are the examples of unsought goods EXCEPT Course books. se books. A course book is a textbook that students and teachers use as the basis of a course.

While considering the place for a product Convenience is important for customer. A convenience good is a consumer item that is widely available and purchased frequently with minimal effort. Convenience goods, such as newspapers and candy, are different than specialty goods, such as cars, which are more expensive and often carry a greater opportunity cost for the consumer.

Market –oriented firms focus on Customers. Market orientation is a business philosophy where the focus is on identifying customer needs or wants and meeting them. Rather than trying to get your customers to like or become aware of the benefits of your products or services, with the marketing orientation approach you tailor them to meet the demands of customers.

Price is the only element in the marketing mix that produces revenue. Pricing is the only revenue-generating element in the marketing mix (the other three elements are cost centres—that is, they add to a company's cost).

Convenience is the products that the customer usually buys frequently and with a minimum of comparison and buying effort. A convenience good is a consumer item that is widely available and purchased frequently with minimal effort.

Warehousing is NOT included in product decisions. Warehousing is the act of storing goods that will be sold or distributed later. While a small, home-based business might be warehousing products in a spare room, basement, or garage, larger businesses typically own or rent space in a building that is specifically designed for storage.

Exchange takes place at retailer’s end. A marketing exchange is what happens any time two or more people trade goods or services. In marketing theory, every exchange is supposed to produce "utility," which means the value of what you trade is less than the value of what you receive from the trade.

Aggressive selling is a characteristic of Selling concept. Aggressive selling (also known as offensive selling) refers to the various sales efforts made aggressively or vigorously by a manufacturer to obtain increased volume of sales for his product.

Brand is a name, term, sign, symbol, design, or a combination of these, that identifies that maker or seller of a product or service. It is essentially a seller's promise to deliver a specific set of features, benefits and services, consistently to the buyers.

The consumer’s estimate of the product’s overall capacity to satisfy his or her needs is called Product Value. Product value is the benefit that a customer gets by using a product to satisfy her needs minus associated costs.

According to the text, a product is everything the customer receives in an exchange.

An example of a convenience consumer product is Petrol. A convenience product is a consumer product or service that customers normally buy frequently, immediately and without great comparison or buying effort.

Computer software to help people complete personal tax forms is NOT an industrial product. An industrial product is a good used by a company for business consumption.

The airline ticket is an example of which type of product Shopping. Shopping products refer to items that the consumers purchase less frequently and compare with available alternatives in the market. Consumers need time, planning and efforts to take the final decision whether to buy the product or not.

Large tools and machines used in a production process for a considerable length of time are classified as Major equipment. Process equipment can be used for tasks a varied as storage, controlling flow, and containing chemical reactions.

Items that are purchased routinely, do not become part of the final physical product, and are treated like expense items rather than capital goods are called Accessory equipment. Accessory equipment needs to be used in the production process in any business firm.

Products that are used directly in the production of a final product but are not easily identifiable are categorised as Process materials. Materials processing is the series of operations that transforms industrial materials from a raw-material state into finished parts or products.

Industrial products are traditionally classified according to their characteristics and intended uses. An industrial product is a good used by a company for business consumption.

A company designs the product with little or no input from customers, the company is practicing Product concept. The idea of production concept – “Consumers will favor products that are available and highly affordable”. This concept is one of the oldest Marketing management orientations that guide sellers.

Place of the 4Ps of marketing mix involves decisions regarding channels coverage, assortments, locations, inventories or transports. Place decisions outline where a company sells a product and how it delivers the product to the market. The goal of business executives is to get their products in front of the consumers most likely to buy them.

Telemarketing is NOT a part of marketing communication mix. Telemarketing is a marketing strategy that involves connecting with customers over the telephone or, more recently, through web-based video conferencing.