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CBSE Questions for Class 12 Commerce Business Studies Marketing Quiz 8 - MCQExams.com
CBSE
Class 12 Commerce Business Studies
Marketing
Quiz 8
Which one of the following is the desired future position?
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Financial Statement
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Vision Statement
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Objectives
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All of the above
Explanation
The vision statement of a company is the desired future that a company is aiming towards. A vision statement is a a reminder of the main aim that it wants to persue and accomplish.
Network marketing includes how many distribution channels?
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0
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1
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2
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3
Explanation
Network Networking is business model in which a distributor network is needed to build the business. It is also known as multilevel marketing. In this kind of marketing the distribution channel is at $$0$$ level as the firm sells goods directly to distributors.
Good marketing is no accident, but a result of careful planning and _______.
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execution
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selling
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strategies
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tactics
Explanation
Good marketing is necessary for any business to increase its sale and satisfy its customers and it can only be possible if proper planning and execution is done to utilize its efforts.
Market segmentation aims to ________.
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identify the similarities and differences between groups of customers or users
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identify the similarities between groups of customers or users
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identify the differences between organizations and their competitors
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none of the above
A business tool used for determining a products offering is ________.
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marketing mix
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administration
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human resource management
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selling
Explanation
Marketing mix is a combination of factors that are in a company's control to influence consumers to purchase its products. The 4P's of marketing mix are-
Product- A product a tangible or intangible service offered by the company to meet customers' requirements and needs.
Price- Price is the actual amount the end user is expected to pay for the product or service.
Place- Place refers to the how the product would be made available to the consumers.
Promotion- Promotion refers to all the marketing strategies that would persuade a consumer to buy the company's product.
Products sold under a brand name used to command premium prices because, in general, they were superior to non-brand rival products. Technical expertise in product development has become so widespread, however, that special quality advantages are very hard to obtain these days and even harder to maintain. As a consequence, brand-name products generally neither offer higher quality nor sell at higher prices' Paradoxically, brand 'names area bigger marketing advantage than ever.
Which of the following, if true, most helps to resolve the paradox outlined above?
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Brand names are taken by consumers as a guarantee of getting a product as good as the best rival product
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Consumers recognised that the quality of products sold under invariant brand names can drift over time
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In the acquisition of one corporation by another, the acquiring corporation is interested more in acquiring the right to use certain brand names than in acquiring existing production facilities.
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In the earlier days when special quality advantages were easier to obtain than are now, it was also easier to get new brand names established.
Explanation
According to the passage, these days brand-name products neither offer higher quality nor sell at higher prices. Still, brand names provide a bigger marketing advantage. This is because brand names guarantee to provide products that are as good as their rival's products.
Hence, option (a) is the correct answer.
A correct statement about advertising is ________.
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it is a paid communication to the masses
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it is meant to impart information, develop attitudes and create needs.
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it induces action beneficial to the advertiser
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all the stated options are correct
When a firm charges different prices for different groups of customers, it may be accused of _________.
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cultural relativism
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money laundering
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facilitating payments
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price discrimination
Explanation
Price discrimination is a pricing strategy that charges customers different prices for the same product or service. In pure price discrimination, the seller charges each customer the maximum price he or she will pay. In more common forms of price discrimination, the seller places customers in groups based on certain attributes and charges each group a different price.
Price discrimination is most valuable when the profit from separating the markets is greater than the profit from keeping the markets combined. This depends on the relative elasticity of demand in the sub-markets. Consumers in the relatively inelastic sub-market pay a higher price, while those in the relatively elastic sub-market pay a lower price.
Which of the following would be characteristic of an effective marketing brochure?
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Right justified text on all the inside panels
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Use of lists
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Use of six different fonts
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Long paragraphs of descriptive text
Who coined the concept of "Industry Analysis"?
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Michel Porter
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HN Hansen
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Koontz O Donnel
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Joseph Schumpeter
Caveat emptor means _________.
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let the seller beware
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let the buyer beware
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let the producer beware
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let the agent beware
Explanation
'Caveat emptor' is a Latin term that means 'let the buyer beware'. It is assumed that the buyer assumes the risk that a product may fail to meet expectations or have defects. The principle of 'caveat emptor' serves as a warning that buyers might not have any recourse with the seller if the product does not meet their expectations.
______defines Marketing Mix is the combination of four inputs which constitute the core of a company's marketing system, i.e., the product, the price structure, the promotional activities and the distribution system.
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Culliton
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Kotler
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William J. Stanton
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Howard and Upton
Selling + customer satisfaction = __________.
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Networking
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Financing
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Survey
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Marketing
Explanation
Marketing is based on the concept that customer is the most important person to the organisation.
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Thus it can be said that Selling + customer satisfaction = Marketing.
"Marketing may be defined as the performance of business activities that directs the flow of goods and services through producers to consumers."
This definition is given by _________.
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H.L. Hansen
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Indian Marketing Association
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American Marketing Association
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Howard and Upton
Who has defined Marketing Mix as "set of marketing tools that the firm uses to pursue its marketing objectives in the target market"?
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Culliton
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Kotler
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William J. Stanton
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Howard and Upton
Which of the following American company fall under the network marketing umbrella?
Ducati
Coca cola
Amway
Select the correct answer from the options given below.
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1 & 3
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2 only
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3 only
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All of above
"We invite new thinking, so even more fantastic ideas can evolve. We take chances. We exceed expectations. We help dreamers dream." This is vision of....
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Nike
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Facebook
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Google
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Sony
Greater emphasis was placed on _______ the product.
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Increasing
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Decreasing
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Sustaining
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Improving
Explanation
With the help of industrial revolution, the production became much easier and cheaper. To attract the consumer's to buy the company's product in competition to the rivals, the company had to improve the quality and features of the product.
One aim of societal marketing is to ___________.
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consider consumers needs and long-term welfare
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encourage satisfaction of short-term needs
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demand support from local communities
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form partnerships which benefit the selling organization
Explanation
The
societal marketing
is a
marketing
concept that holds that a company should make
marketing
decisions not only by considering consumers' wants, the company's requirements, but also society's long-term interests.
Availability and ______ of the product was considered to be the key to the success of a firm.
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Accountability
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Affordability
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Price
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Quality
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. Due to this vast production, the products were made affordable for the consumers by decreasing the production cost.
Producing on a large scale reduces the _________ of the product.
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Average cost
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Average price
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Average profit
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Average time
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. Due to the use of machine, large number of goods could be produced in a very short period of time. Vast number of goods were produced in a smaller period of time due to which the average cost of production reduced. This increased the profitability of the products and company earned good revenue.
__________ defines Marketing Mix as "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
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Culliton
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Kotler
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William
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Stanton
_______ are the products which are purchased frequently.
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Consumer
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Industrial
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Convenience
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Services
Explanation
Convenience goods are a sub category of consumer goods. Convenience goods are the inexpensive frequent purchases, there s little efforts needed to purchase them. it includes food, toiletries and confectionery goods. Such goods are widely available.
The focus of business activities during industrial revolution was the ________.
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Expanding business.
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Profit maximization
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Production of goods
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Selling of goods
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. Due to the use of machine, large number of goods could be produced in a very short period of time. This increased the profitability of the products and company earned good revenue.
During the early days of the ___________, the demand for industrial goods started picking up.
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Industrial revolution
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Modern revolution
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Technological revolution
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Revolution
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system.
Due to the demand of _______ goods, the demand exceeded the supply during the early days of industrial revolution.
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homemade
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conventional
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daily
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industrial
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools, industrial goods and factory system.
______ could be maximized by producing at large scale.
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Sales
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Value
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Profits
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Equity
Explanation
The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. Due to the use of machine, large number of goods could be produced in a very short period of time. This increased the profitability of the products and company earned good revenue.
Which of the following does not include in marketing assessment process?
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Defining the problem
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Fostering ideas
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Feedback
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Designing a plan
________ products are the products in the purchase of which, consumers devote considerable time.
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Consumer
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Sales
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Shopping
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Industrial
Explanation
Shopping products are a higher end products occasionally bought by consumers that are usually compared for their appropriateness, quality, cost and features before making a purchase decision. Consumers tend to take more time when purchasing a shopping good produced by a business, and they might even travel to buy such products.
Products can be classified in two categories.
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True
0%
False
Explanation
A product is an item offered for sale. It can be an item or a service, virtual or cyber form. Every product is made at a cost and each is sold at a price. The product should be relevant, the users must have an immediate use for it. It can be classified into two categories i.e industrial products which are used to produce further products for consumer use and consumer products which is also known as final good that can be used by consumers.
______ can be defined as anything that can be offered to a market to satisfy a want or a need.
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Product
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Market
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Package
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Price
Explanation
A product is an item offered for sale. It can be an item or a service, virtual or cyber form. Every product is made at a cost and each is sold at a price. The product should be relevant, the users must have an immediate use for it.
Our decision to buy a product is not only affected by its physical qualities but also its tangible and ___________ factors.
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Non tangible
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Psychological
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Sociological
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Economical
Which is not a part of 4Ps of marketing?
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Place
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Promotion
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Product
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Packaging
Explanation
Marketing mix is a combination of factors that are in a company's control to influence consumers to purchase its products. The 4P's of marketing mix are-
Product- A product a tangible or intangible service offered by the company to meet customers' requirements and needs.
Price- Price is the actual amount the end user is expected to pay for the product or service.
Place- Place refers to the how the product would be made available to the consumers.
Promotion- Promotion refers to all the marketing strategies that would persuade a consumer to buy the company's product.
Products which are purchased by ultimate consumers or users for satisfying their personal needs and wants are known as __________.
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Products
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Consumer products
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Industrial products
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Commercial products
Explanation
A product is an item offered for sale. It can be an item or a service, virtual or cyber form. Consumer products are the merchandise or other items of common and daily use ordinarily bought by individuals or house holds for private consumption. Consumer goods are also called as final goods.
______ products are the products which have certain special features because of which people make special efforts while purchasing such products.
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Special
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Shopping
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Expensive
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Consumer
Explanation
Special goods are a classification of consumer goods. Special goods are purchased with a predetermined pattern in mind. Special goods can be refereed to as an item that is extraordinary or unique enough to motivate people to make an extra effort to purchase it The buyers are willing to spend a lot of money and time to purchase it in comparison to the shopping goods.
Industrial revolution brought in the changes in ______ system.
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Distribution
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Selling
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Packaging
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Production
Explanation
The industrial revolution was the transition to new manufacturing process. This transition includes going from hand production methods to machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. More and more companies started undertaking new production method after looking at the benefits offered by industrial revolution.
Packaging affects our buying decision.
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True
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False
Explanation
Product packaging is the process of designing, evaluating and designing packages that protect the products from spoilage, helps in easy transportation and also provide information about the product to consumers. Product promotion is the new consideration as packaging with the help of attractive designs and colors help in drawing people's attention towards the product. This leads to increase sales.
Place is one of the four elements of marketing mix.
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True
0%
False
Explanation
Marketing mix is a combination of factors that are in a company's control to influence consumers to purchase its products. The 4P's of marketing mix are-
Product- A product a tangible or intangible service offered by the company to meet customers' requirements and needs.
Price- Price is the actual amount the end user is expected to pay for the product or service.
Place- Place refers to the how the product would be made available to the consumers.
Promotion- Promotion refers to all the marketing strategies that would persuade a consumer to buy the company's product.
A ______ is a sign, symbol, term, design or a combination of them, used to identify the product.
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Name
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Brand
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Generic
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Logo
Explanation
A brand is the idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company which owns the idea or image. This helps the consumer to differentiate the brand from those of competitors. Branding allows companies to build their reputations as well as expand beyond the original product and service and add to the revenue generated by the original brand.
Brand helps the seller to _______ between its product and competitor's products.
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Connect
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Differentiate
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Draw similarity
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Refer
Explanation
A brand is the idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company who owns the idea or image. This helps the consumer to differentiate the brand from those of competitors. Branding allows companies to build their reputations as well as expand beyond the original product and service and add to the revenue generated by the original brand.
Marketer has to decide whether the product will be sold under brand name or ______ name.
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General
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Generic
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Non brand
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Branded
Explanation
A generic brand is a type of consumer product that lacks a widely recognized name or logo because it is typically isn't advertised. Generic brands are usually less expensive than brand-named products. The marketer has to decide whether to develop a brand for the specific product over give it a generic brand without spending on the advertisement and promotions
A part of a brand that is given legal protection is called _______.
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Brand name
0%
Brand mark
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Symbol
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Trade mark
Explanation
A trademark is a recognized sign, symbol or expression which identifies product or service of a particular source from those of others. A trademark owner can be an individual, organisation or a legal entity. The purchased trademark cannot legally be used by any other company.
_______ products are the products which are used as an input to produce other products.
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Shopping
0%
Convenience
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Consumer
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Industrial
Explanation
An industrial product is a good used by a company for business consumption. it is distinct from a consumable goods, which is purchased by individuals for personal and family consumption. It is a product sold by one company to another company to carry out production function.It is a B2B product.
Which of the following is not a characteristic of industrial products?
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Number of buyers
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Channel levels
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Convenience
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Derived demand
Explanation
An industrial product is a good used by a company for business consumption. it is distinct from a consumable goods, which is purchased by individuals for personal and family consumption. It is a product sold by one company to another company to carry out production function.It is a B2B product. The number of buyers are limited and predetermined. it is one the first level of channel distribution and made only on demand.
On the basis of durability, consumer goods are classified in four categories.
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True
0%
False
Explanation
A product is an item offered for sale. It can be an item or a service, virtual or cyber form. Consumer products are the merchandise or other items of common and daily use ordinarily bought by individuals or house holds for private consumption. Consumer goods are classified in three categories i.e convenience goods, shopping goods, specialty goods on the basis of buying behaviour of the consumer towards these goods.
______ is creating a brand identity for a consumer.
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Branding
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Marketing
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Brand logo
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None of the above
Explanation
Branding is when the idea or image of a brand is marketed so that it is recognizable by more and more people, and identified with certain service or product when there are many other companies offering the same service or product.Branding allows companies to build their reputations as well as expand beyond the original product and service, and add to the revenue generated by the original brand.
Primary packaging refers to additional layer of packaging.
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True
0%
False
Explanation
Product packaging is the process of designing, evaluating and designing packages that protect the products from spoilage, helps in easy transportation and also provide information about the product to consumers.
Primary packaging which refers to product's immediate package.
There are _____ levels of packaging.
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One
0%
Two
0%
Three
0%
Four
Explanation
Product packaging is the process of designing, evaluating and designing packages that protect the products from spoilage, helps in easy transportation and also provide information about the product to consumers.
There are three levels of packaging i.e
Primary packaging which refers to product's immediate package.
Secondary packaging is the additional packaging given to a product to protect it.
Transportation packaging refers to packages essential for storing, identifying and transporting.
Transportation packaging is on which level of packaging?
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One
0%
Two
0%
Three
0%
Four
Explanation
Product packaging is the process of designing, evaluating and designing packages that protect the products from spoilage, helps in easy transportation and also provide information about the product to consumers.
Transportation packaging is the third level of packaging that refers to packages essential for storing, identifying and transporting.
Branding does not help the customers to identify the product.
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0%
True
0%
False
Explanation
Branding is when the idea or image of a brand is marketed so that it is recognizable by more and more people, and identified with certain service or product when there are many other companies offering the same service or product. Effective branding helps the consumer to identify and differentiate between the product of the brand and the competitors.
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