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Marketing Quiz By M C Rashid Khan

Marketing Quiz By M C Rashid Khan

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  • is the marketing an art or a science?
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    Marketing Quiz By M C Rashid Khan Marketing Quiz By M C Rashid Khan Presentation Transcript

    • Welcome to GSBA Who wants to be a Marketing Champion?
    • Who wants to be a Marketing Champion?
    • Do you know ?
      • The concept of Marketing Mix was coined by whom and in which year?
      • Philip Kotler , 1975
      • Neil H Borden, 1962
      • Michael Porter , 1971
      • Igor Anoff , 1984
      M C Rashid Khan .... Quiz
      • 2. What is the set of marketing tools that the firm uses to peruse its marketing objectives in the target market is called ?
      • Marketing Mix
      • Marketing environment
      • Marketing channels
      • None of these
      M C Rashid Khan .... Quiz
      • 3. Who of the following are the stakeholders of a company ?
      • Customers
      • Employees
      • Suppliers
      • All of above
      M C Rashid Khan .... Quiz
      • 4. Society shapes our ………………….
      • Beliefs
      • Values
      • Norms
      • All of above
      M C Rashid Khan .... Quiz
      • 5. Which of the following is defined as a state of felt deprivation of some basic satisfaction?
      • Need
      • Want
      • Demand
      • Utility
      M C Rashid Khan .... Quiz
    • Explanation
      • 5 . a) Need
      • Needs constitute basic requirements for the existence of life such as food, clothing, shelter and need for belonging. A want, on the other hand, arises when basic needs are satisfied. The extent to which a product satisfies customer needs and wants is called utility. It is the amount of satisfaction a customer derives by consuming the product. Demand is want backed by the ability of the customer to pay.
      M C Rashid Khan .... Quiz
      • 6. What is the basic difference between a ‘need’ and a ‘want’?
      • a need is a basic requirement where as want arises when needs are satisfied
      • A want is a basic requirement where as need arises when wants are satisfied
      • Both needs and wants are basic requirements of customers
      • None of the above
      M C Rashid Khan .... Quiz
    • Explanation
      • 6. A)
      • Explanation : Needs constitute the basic requirements for the existence of life such as food, clothing, shelter and need for belonging. A want, on the other hand, arises when basic needs are satisfied.
      M C Rashid Khan .... Quiz
      • 7. Societal marketing is a key concept that firms adopt to ensure long-term profitability. Which of the following alternatives explains the Societal Marketing Concept in the most appropriate manner?
      • Initiative to satisfy customer needs and wants
      • Initiative for product promotion and distribution
      • Initiative to offer better quality product at minimum price
      • Initiative to maintain and improve societal well being
      M C Rashid Khan .... Quiz
    • Explanation
      • 7. D)
      • The Societal Marketing Concept is related to the idea that profitability cannot be the only objective of marketing. Marketers should also have social responsibility for the wellbeing of society at large.
      M C Rashid Khan .... Quiz
      • 8. ITC dedicated one rupee from the sale of each packet of Sunfeast for the education of physically challenged children. Which approach is the company following?
      • Production concept
      • Marketing concept
      • Selling concept
      • Societal marketing concept
      M C Rashid Khan .... Quiz
    • Explanation
      • 8. d
      • The Societal Marketing Concept deals with the idea that firms should not only think in terms of profitability but also in terms of goodwill that can be earned from being a socially responsible company.
      M C Rashid Khan .... Quiz
      • 9. Marketers must adopt a different approach while selling intangible products. Which of the following combinations truly represents intangible products?
      • Goods and services
      • Goods and ideas
      • Goods and products
      • Service and ideas
      M C Rashid Khan .... Quiz
    • Explanation :
      • 9. d) Services and ideas
      • Services and ideas are intangible products because they have no physical form.
      M C Rashid Khan .... Quiz
      • 10 . Companies are now offering services like selling and delivering products over the Internet. What is this kind of business service known as?
      • Outsourcing
      • E-commerce
      • Reengineering
      • BPO
      M C Rashid Khan .... Quiz
    • Explanation
      • 10. b) E-Commerce
      • E-Commerce refers to the selling and delivering of products over the Internet.
      M C Rashid Khan .... Quiz
    • Round 2
      • One of the following is the correct definition of marketing used by the Chartered Institute of Marketing and the others are fundamentally flawed. Which one is correct?
      • The selling process which results from the identification and anticipation of customer requirements
      • The management process which identifies, anticipates and supplies customer requirements efficiently and profitably
      • An accounting process of minimizing costs and maximizing revenues
      • The supply of goods and services to customers in such a way that the company becomes the preferred source of supply for customers
    • Explanation:
      • b) The management process which identifies, anticipates and supplies customer requirements efficiently and profitably.
      • Remember that a key definition of marketing revolves around the whole range of business processes that seek to satisfy customers' needs, and not just selling.
      • How old are the principles and practices of marketing? Which of the following represent the oldest instances of individuals or organization practicing the principles of marketing?
      • a) The traders of ancient Greece
      • b) Textile companies in Victoria England
      • c) American Soap powder manufacturers in the 1930s
      • d) Service based companies from the 1960s
    • Explanation: :
      • a) The traders of ancient Greece
      • The principles of marketing are ancient - don't confuse these with modern day techniques.
      • Supply chain management systems include of the following EXCEPT:
      • A) consumers.
      • B) manufacturers.
      • C) warehouses, stores.
      • D) suppliers.
    • Explanation:
      • A) consumers.
      • Supply chain management systems include the efforts of manufacturers, warehouses, stores, and suppliers working together to efficiently and effectively create a seamless supply chain.
      • Peter Drucker noted the relationship between selling and marketing in the following terms:
      • a) Marketing is a subsidiary component of selling
      • b) The aim of marketing is to make selling superfluous
      • c) The aim of selling is to make marketing superfluous
      • d) Selling and marketing are essentially the same thing
    • Explanation:
      • b) The aim of marketing is to make selling superfluous
      • The contemporary view is that selling is just one of the tools of marketing.
      • Which of the following statements is NOT true about the concept of a customer?
      • a) A customer and consumer are always the same thing - the terms are completely interchangeable
      • b) Customers can be described as clients
      • c) A customer doesn't necessarily consume the product that they have purchased
      • d) Students can be described as customers of a university
    • Explanation:
      • a) A customer and consumer are always the same thing - the terms are completely interchangeable
      • A customer may buy a product, but will not necessarily consume it (e.g. parents buying for children)
      • Which of the following is the best definition of value?
      • a) A technical measure of a company's selling price relative to its production costs.
      • b) A measure of the mark-up charged by companies
      • c) The lowest prices available to consumers
      • d) The best ratio of benefits to costs available to buyers
    • Explanation:
      • d) The best ratio of benefits to costs available to buyers
      • Value is a subjective measure as people will perceive different benefits from any given product.
      • Which of the following is NOT usually defined as an element of the marketing mix?
      • a) Products
      • b) People
      • c) Place
      • d) Profits
    • Explanation:
      • d) Profits
      • Profits should be a result of successful management of the marketing mix, rather than a part of the mix itself.
      • Market ______ is the process of identifying groups of customers with basically similar wants, needs, preferences or buying behaviors.
      • a) development
      • b) positioning
      • c) segmentation
      • d) targeting
    • Explanation:
      • c) segmentation
      • Segmentation is the process of identifying groups; targeting and positioning follows later.
      • Positioning of a product is based on:
      • a) the price charged for the product.
      • b) the promotional pitch for the product.
      • c) product characteristics.
      • d) all of the above
    • Explanation:
      • d) all of the above
      • Positioning refers to the standing in the market place of one product in relation to other competing products. The whole of the marketing mix is used to position a product.
      • The maximum selling price that a firm can sustain for a product is determined by:
      • a) what it costs to produce.
      • b) competitor's prices.
      • c) what customers are prepared to pay for it.
      • d) competitive parity.
    • Explanation:
      • c) what customers are prepared to pay for it.
      • Ultimately, it is customers who determine the maximum amount that a company can charge. A company's costs may well be higher than this figure, but this is no guarantee that a company can sustain sales to customers.
    • Round 3
      • What does the acronym FMCG refer to?
      • a) Functional, mid-priced, or compulsory goods
      • b) Famous manufacturer's clothing goods (i.e. designer labels)
      • c) Fast moving consumer goods
      • d) Frequent market, consumption goods
    • Explanation:
      • c) Fast moving consumer goods
      • Examples of fast moving consumer goods include soap, soft drinks and household cleaners.
      • Intermediaries are most closely associated with the concept of:
      • a) market targeting.
      • b) market segmentation.
      • c) channels of distribution.
      • d) marketing information systems
    • Explanation:
      • c) channels of distribution.
      • The terms channels of distribution and intermediaries are often used interchangeably.
      • Intermediaries typically perform all of the following functions, EXCEPT:
      • a) breaking down bulk.
      • b) making goods locally available.
      • c) providing expert local market knowledge.
      • d) creating direct communication from the customer to manufacturer.
    • Explanation:
      • d) creating direct communication from the customer to manufacturer.
      • Intermediaries often hamper the process of making direct communication between a manufacturer and the customers who ultimately buy its products, which explains why many manufacturers have adopted a direct sales strategy which cuts out the role of the intermediary.
      • A branded, high volume, low value consumer good is most likely to be sold through which of the following types of distribution channel?
      • a) Direct sale from the manufacturer to consumer
      • b) Sale through brokers
      • c) Sale through specialist retail outlets
      • d) Sale through many general retail outlets
    • Explanation:
      • d) Sale through many general retail outlets
      • Think of bars of chocolate or soft drinks. Here the challenge for manufacturers is to make the product available through as many channels as feasible.
      • Which of the following communications activities is likely to be most effective for a local hairdressing service?
      • a) Radio advertisements
      • b) Sales promotion
      • c) Word-of-mouth referral
      • d) Public relations
    • Explanation
      • c) Word-of-mouth referral
      • Think about how you chose a hairdresser. The chances are that it would have been through recommendation from friends. Only large national hairdressing chains (e.g. Habib’s , VLCC ) are likely to use the other methods of promotion in a big way.
      • Message and media are brought together with a planned time framework in a:
      • a) service blueprint.
      • b) campaign.
      • c) communication model.
      • d) communication process
    • Explanation
      • b) campaign.
      • A campaign comprises a plan which brings together all promotion mix element within a timed schedule
      • Advertising is best defined as:
      • a) one-to-one communication designed to bring about a sale.
      • b) all pre-sales communication with the customer.
      • c) a range of personal and non-personal publicity techniques.
      • d) mass, paid, communication
    • Explanation
      • d) mass, paid, communication which is used to transmit information, develop attitudes, and induce a response from the audience.
      • Advertising should be distinguished from other elements of the promotion mix because it is essentially paid for (unlike PR) and aimed at large groups of people, rather than individuals (unlike personal selling and direct marketing, for example
      • Which of the following is NOT generally recognized as an element of the promotion mix?
      • a) Advertising
      • b) PR
      • c) Pricing
      • d) Sponsorship
    • Explanation:
      • c) Pricing
      • Pricing is part of the broader marketing mix, and is not generally recognized as one of the elements which communicates with buyers (although of course a low price can be an important aspect of sales promotion activity).
      • Marketing involves all of the following EXCEPT:
      • A) evolutionary production.
      • B) satisfying customer needs and wants.
      • C) creating value.
      • D) exchange.
    • Explanation :
      • A. evolutionary production.
      • Many people perceive marketing to be advertising and personal selling but, it involves much more including efforts by individuals and organizations to satisfy customer needs and wants, create value, and make exchanges. It does not include evolutionary production.
      • Supply chain management is also known as:
      • A) endless chain marketing.
      • B) situational distribution efficiency.
      • C) delivering the value proposition.
      • D) wholesaling.
    • Explanation:
      • C. delivering the value proposition
      • Supply chain management focuses on delivering the value proposition which includes all the activities necessary to get the right product to the right customer when that customer wants it.
    • Round 4
      • The goal of promotion is to _______________ potential buyers about a product or service.
      • A) manipulate
      • B) coach and cultivate
      • C) inform, persuade, or remind
      • D) ignore, manipulate, and intimidate
    • Explanation:
      • C) inform, persuade, or remind
      • Promotional messages are designed to accomplish one or more of the three promotional goals; informing customers, persuading customers to take action, or reminding customers about a marketer?s product or service
      • When retailers purchase merchandise from producers in large amounts and sell to consumers in smaller amounts, retailers function as:
      • A) market remediation specialists.
      • B) monopolists.
      • C) regulators of consumer demand.
      • D) market intermediaries
    • Explanation:
      • D) market intermediaries
      • Retailers reduce the number of exchanges consumers make and, thus, are market intermediaries.  Without retailers, consumers would have to buy directly from manufacturers, that is a cumbersome and time-consuming process
      • What you get for what you give is called: A) the lowest cost option.
      • B) brand name surplus.
      • C) Value
      • D) everyday low prices.
    • Explanation :
      • C) Value
      • Value reflects the relationship of benefits to costs
      • When expanding globally, marketing provides the critical function of:
      • A) production efficiency.
      • B) understanding customers.
      • C) personnel management.
      • D) economic analysis.
    • Explanation:
      • B) understanding customers.
      • Since marketers are the ?eyes and ears? of an organization, they are in the best position to help organizations understand customers.
      • Globalization refers to the process by which _____________ flow across national borders.
      • A) goods and services
      • B) capital
      • C) people, ideas
      • D) all of the above
    • Explanation
      • D) all of the above
      • Initially, globalization of business focused on finding less expensive places for manufacturers to produce. Today, globalization involves the flow of all business factors across borders.
      • When selecting a target market, a marketer should:
      • A) determine a customer's objective.
      • B) describe past market segments.
      • C) evaluate the attractiveness of each consumer.
      • D) Match the firm's competency with a market segment's attractiveness.
    • Explanation:
      • D) Match the firm's competency with a market segment's attractiveness.
      • No marketer has sufficient resources to create value for all consumers. The essence of target marketing is matching the firm's competency with a market segment’s attractiveness.
      • Brand awareness matters most for products that are:
      • A) not purchased in packages.
      • B) equitably distributed among the world's consumers.
      • C) associated with scientific activities.
      • D) bought without much thought, such as bread and candy.
    • Explanation:
      • D) bought without much thought, such as bread and candy.
      • For products consumers purchase and repurchase without consideration of alternatives, marketers need consumers who are familiar with the brand and what it stands for and have an opinion about the brand.
      • The first goal of a marketing communication is to:
      • A) generate sales action.
      • B) offer testimonials from past consumers.
      • C) determine the level of desire needed to sustain action.
      • D) gain the attention of the consumer.
    • Explanation:
      • D) gain the attention of the consumer.
      • Without gaining the recipient's attention, the marketer will be unable to accomplish any of the three communications goals: inform, persuade, or remind.
      • Price is the_______________________ a consumer is willing to make to acquire a specific product or service.
      • A) financial expenditure
      • B) total cost
      • C) target return
      • D) overall sacrifice
    • Explanation:
      • D) overall sacrifice
      • Price is more than just the money consumers pay for a product. It also includes the time, travel, and search costs associated with purchase decisions.
      • If the price for a product decreases, the demand for its substitute will:
      • A) decrease.
      • B) increase.
      • C) stay the same.
      • D) become more elastic.
    • Explanation:
      • A) decrease.
      • In cross-price elasticity of demand, as the price of one product decreases, demand for substitute products will decrease as consumers purchase more of the product whose price has been lowered.
    • Round 4
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    • Round - 5
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    • Identify the logo
      • Cannon
      • Sony
      • Xerox
      • Polaroid
    • Identify the logo
      • Intex
      • Zenith
      • PCC
      • Logitech
    • Identify the logo
      • African petroleum
      • Australian petroleum
      • British petroleum
      • shell
    • Identify the logo
      • Escort
      • Havel’s
      • Anchor
      • Johnson control
    • Identify the logo
      • Ford
      • Ferrari
      • Fiat
      • Beatle
    • Identify the logo
      • Mahindra
      • Fiat
      • Toyota
      • Skoda
    • Identify the logo
      • Idea
      • Ericsson
      • AT & T
      • HTC
    • Identify the logo
      • Parker
      • Mont Blanc
      • Luxor
      • Mitshibishi
    • Identify the logo
      • Tag heuer
      • Rado
      • Ebel
      • Omega
    • Identify the logo
      • The Ritz Carlton
      • Marriot
      • The Grand Hyatt
      • The Ashoka
    • Identify the Company Round - 6
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    • And You Win
    • M C Rashid Khan ..... Orientation Program Give your feedback at : gsba.rashidkhan @ gmail.com