Marketing Fundamentals & Mix: 16 MCQs with Explanations

The Product concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

The concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organizations products is termed as Selling Concept .

Several scholars have found that companies who embrace the marketing concept achieve superior performance. This was first demonstrated for companies practicing a Reactive market orientation understanding and meeting customers expressed needs.

In the course of converting to a marketing orientation, a company faces three hurdles Organized resistance, slow learning, and fast forgetting .

Companies that practice both a reactive and proactive marketing orientation are implementing a Total market orientation and are likely to be the most successful.

In response to giant retailers and category killers, entrepreneurial retailers are building entertainment into stores with coffee bars, lectures, demonstrations, and performances. They are marketing a(n) Customer value rather than a product assortment.

In order to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries, Mohan sawhney has proposed the concept of Meta Market .

The age which promises to lead to more accurate levels of production, more targeted communications, and more relevant pricing is term as Information Age .

The most formal definition of marketing is an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. .

Customers are showing greater price sensitivity in their search for Value .

Marketing management is The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value, .

Rising promotion costs and shrinking profit margins are the result of Heightened competition .

Physical goods constitute the bulk of most countries production and marketing efforts.

In overfull demand more customers would like to buy the product than can be satisfied.

Marketing is both an œart and a œscience there is constant tension between the creative side of marketing and the Formulated side side.

Good marketing is no accident, but a result of careful planning and Execution .