Advance Marketing Management MCQ || Advance Marketing Management Questions and Answers

Answer.1. Satisfy customer needs

Explanation:

In marketing, satisfying customer needs and wants is the easiest way to increase profits and sell more products and services. The definition of desire in marketing is finding what the consumer is longing for and needing. Marketing strategies look to fulfill different needs to get the consumer to buy the product.

Answer.1. Transaction

Explanation:

A  transaction is a trade of value between two or more parties. A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.

Answer.2. Selling

Explanation:

The Selling Concept holds that consumers and businesses if left alone, will ordinarily not buy enough of the selling company’s products. The organization must, therefore, undertake an aggressive selling and promotion effort.

This concept assumes that consumers typically show buying inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice the selling concept when they have overcapacity. Their aim is to sell what they make rather than make what the market wants.

Answer.2. Competition

Explanation:

The competition includes other companies offering similar products & services to the same customer at similar prices.

Products that are direct competitors provide the same benefits to the customer and are aimed at similar target markets. A great example of directly competitive products is Coke and Pepsi.

Answer.1. Micro Marketing

Explanation:

Micro Marketing consists of a group of customers who share a similar set of wants.

Micromarketing is an approach to advertising that tends to target a specific group of people in a niche market. With micromarketing, products or services are marketed directly to a targeted group of customers.

Answer.1. Mass Marketing

Explanation:

The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is called market segmentation. The starting point for discussing segmentation is mass marketing.

In mass marketing, the seller engages in mass production, mass distribution, and mass promotion of one product for all buyers.

Answer.1. Wants

Explanation:

Needs are fundamental human requirements such as food, clothing, shelter, and health. Humans also have potent needs for education, comfort, social interaction, recreation, and entertainment. These needs become wants when directed to specific objects that might satisfy the need.

A person in Mumbai needs food but may want to eat vada pav at a food stall. Similarly, a person in Kochi needs food but may want to eat curd rice and fish curry. Our needs are essentially the same, but our wants are shaped by our cultural behavior and society.

Answer.2. Prospect

Explanation:

A marketer is someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.

Answer.1. Demand

Explanation:

Demands are want for specific products or services, supported by an ability to afford them. Many people want to buy the latest 1-Phone, but only a few can afford one. Companies must measure not only the aspirational value of their products or services (wants) but also the willingness and ability to buy them (demands).

Answer.2. Services

Explanation:

Service is the application of human and mechanical efforts to people or objects to provide intangible benefits to customers. Air travel, dry cleaning, haircuts. banking medical care and day care are examples of services.

In marketing services, intangibility means the inability of a consumer to assess the value of using a service. Unlike a physical product, a service cannot be seen, tasted, felt, heard, or smelled prior to its purchase. This makes it hard to evaluate its quality.

Answer.2. Sales

Explanation:

• Sales emerge when people decide to satisfy and want through the exchange. When people decide to satisfy needs and wants through the exchange, marketing is involved.
• Exchange refers to the act of obtaining the desired product from someone by offering something in return.
• The exchange takes place between two parties. When an exchange occurs, a transaction takes place, as transactions are the basic unit of exchange.
• A transaction is a trade of values between two parties; it forms a relationship between buyer and seller. Once the transaction has occurred, the exchange is complete.
• The sale is made whether it involves buying a stereo or voting for a political candidate.

Answer.1. Product

Explanation:

• The product concept holds consumers will favor those products that offer the most quality or performance. People, normally, satisfy their wants and need with products offered on the market.
• Broadly, a product can be defined as anything that can be offered to someone to satisfy a need or want.
• Specifically, a product can be defined as an object, service, activity, person, place, organization, or idea.

Answer.2. Production

Explanation:

The idea of the production concept is “Consumers will favor products that are available and highly affordable”.

This concept is one of the oldest in business, holds that consumers prefer products that are widely available and inexpensive. A firm focusing on a production orientation specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope

Answer.3. Selling

Explanation:

The selling concept holds that consumers, it left alone, will ordinarily not buy enough of the organization’s products. The organization must therefore undertake an aggressive selling and promotion effort.

Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. In other words; The aim is to sell what the company makes rather than making what the market wants. Such an aggressive selling program carries very high risks.

A firm using a sales orientation focuses primarily on the selling/promotion of the firm’s existing products, rather than determining new or unmet consumer needs or desires. Consequently, this entails simply selling existing products and using promotion and direct sales techniques to attain the highest sales possible.

Answer.1. Marketing management

Explanation:

Marketing management is the study and management of exchange relationships. Marketing is the business process of creating relationships with and satisfying customers.

The marketing management  process involves

(a) analysis, planning, implementation, and control

(b) covers goods, services, and ideas

(c) rests on the notion of exchange

(d) Goal is to produce satisfaction for the parties involved