Q. In the context of consumer behavior, what is 'cognitive dissonance'?
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A.
The discomfort experienced after making a purchase
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B.
The process of gathering information before a purchase
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C.
The influence of social factors on buying decisions
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D.
The evaluation of alternatives before making a decision
Solution
Cognitive dissonance is the discomfort experienced after making a purchase, often leading consumers to seek reassurance about their decision.
Correct Answer:
A
— The discomfort experienced after making a purchase
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Q. In the context of marketing, what does 'USP' stand for?
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A.
Unique Selling Proposition
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B.
Universal Sales Plan
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C.
Ultimate Service Package
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D.
Uniform Standard Pricing
Solution
USP stands for Unique Selling Proposition, which highlights what makes a product different from its competitors.
Correct Answer:
A
— Unique Selling Proposition
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Q. What is the main focus of relationship marketing?
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A.
Maximizing short-term sales
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B.
Building long-term customer loyalty
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C.
Reducing marketing expenses
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D.
Increasing product variety
Solution
Relationship marketing focuses on building long-term customer loyalty and engagement rather than just maximizing short-term sales.
Correct Answer:
B
— Building long-term customer loyalty
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Q. What is the primary goal of a marketing audit?
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A.
To assess the effectiveness of marketing strategies
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B.
To increase sales revenue
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C.
To develop new products
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D.
To reduce marketing costs
Solution
The primary goal of a marketing audit is to assess the effectiveness of current marketing strategies and identify areas for improvement.
Correct Answer:
A
— To assess the effectiveness of marketing strategies
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Q. What is the primary purpose of market segmentation?
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A.
To increase production efficiency
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B.
To identify specific customer needs
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C.
To reduce marketing costs
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D.
To enhance product features
Solution
Market segmentation allows businesses to identify and target specific customer needs, leading to more effective marketing strategies.
Correct Answer:
B
— To identify specific customer needs
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Q. What is the role of a 'brand ambassador'?
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A.
To manage the company's finances
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B.
To promote and represent the brand
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C.
To develop new marketing strategies
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D.
To conduct market research
Solution
A brand ambassador promotes and represents the brand, often enhancing its image and reach in the market.
Correct Answer:
B
— To promote and represent the brand
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Q. What is the role of a marketing intermediary?
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A.
To manufacture products
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B.
To facilitate the distribution of products
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C.
To set prices for products
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D.
To conduct market research
Solution
Marketing intermediaries facilitate the distribution of products from manufacturers to consumers, playing a crucial role in the supply chain.
Correct Answer:
B
— To facilitate the distribution of products
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Q. Which of the following best describes 'market positioning'?
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A.
The process of setting prices for products
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B.
The strategy of creating a unique image in the consumer's mind
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C.
The method of distributing products to retailers
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D.
The analysis of competitors' strengths and weaknesses
Solution
Market positioning is the strategy of creating a unique image and identity for a product in the consumer's mind.
Correct Answer:
B
— The strategy of creating a unique image in the consumer's mind
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Q. Which of the following is a key characteristic of a service?
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A.
Intangibility
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B.
Durability
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C.
Standardization
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D.
Ownership
Solution
Intangibility is a key characteristic of services, meaning they cannot be touched or owned like physical products.
Correct Answer:
A
— Intangibility
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Q. Which pricing strategy involves setting a low initial price to attract customers?
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A.
Price skimming
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B.
Penetration pricing
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C.
Value-based pricing
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D.
Cost-plus pricing
Solution
Penetration pricing involves setting a low initial price to attract customers and gain market share quickly.
Correct Answer:
B
— Penetration pricing
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