31. At which stage in the International Trade Cycle does a country usually import foreign goods?
Introduction stage
Growth stage
Maturity stage
Saturation stage
Answer.1. Introduction stage
Explanation:
The international product lifecycle (IPL) is an abstract model briefing how a company evolves over time and across national borders.
A country will usually import foreign goods at the introduction stage of the International Trade Cycle. In the introduction stage, a product is launched in the market. Generally, this stage is characterized by a bare product without variety, a slow increase in sales, high promotion costs, selective distribution, high price points, and negative profits.
Introduction decides whether a product will be accepted in the marketplace, and if so, how quickly.
32. Which stage of the product lifecycle is marked by falling costs and raising revenues?
Introduction stage
Growth stage
Maturity stage
Saturation stage
Answer.4. Saturation stage
Explanation:
In the growth stage of the product, the lifecycle is marked by falling costs and raising revenues. rate. The growth stage is characterized by a large number of variants of the basic product, high competitive activity, increased number of competitors, lowering or constant prices, and rising profits (due to volumes).
33. The usual source for new products is _____.
Marketing research
R&D
Accidental discoveries
A variety of sources including customers, competitors, serendipity and formal processes
Answer.1. Marketing research
Explanation:
The usual source for new products is Marketing research.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impact customer behavior.
34. The term marketing refers to_____.
New product concepts and improvements
Advertising and promotion activities
A philosophy that stresses customer value and satisfaction
Planning sales campaigns
Answer.3. A philosophy that stresses customer value and satisfaction
Explanation:
Marketing is the study and management of exchange relationships. It is a philosophy that stresses customer value and satisfaction. Marketing is the business process of creating relationships with and satisfying customers. With its focus on the customer, marketing is one of the premier components of business management.
35. A brand is a _______
Name
Term
Sign
A combination of all of the above
Answer.4. A combination of all of the above
Explanation:
A brand consists of all the features that distinguish the goods and services of one seller from another: name, term, design, style, symbols, customer touch points, etc.
Brand refers to a business and marketing concept that helps people identify a particular company, product, or individual. Brands are intangible, which means you can’t actually touch or see them.
36. A marketing philosophy summarized by the phrase a good product will sell itself is characteristic of the_________ period.
Production
Sales
Marketing
Relationship
Answer.1. Production
Explanation:
A marketing philosophy summarized by the phrase a good product will sell itself is characteristic of the product period. Product-oriented strategy, of the early years, assumed that a good product will sell itself.
In today’s era, there is no such thing as called good or bad product. All that is required is to create products and offerings that satisfy the demands/requirements of the consumers. In essence, the product characteristics must encompass the functionality and quality along with other features like service, support, and warranty.
37. An organization with a______ orientation assumes that customers will resist purchasing Products not deemed essential. The job of marketers is to overcome this resistance through personal selling and advertising.
Production
Marketing
Relationship
Sales
Answer.2. Marketing
Explanation:
Marketing Firms assumed that customers will resist purchasing goods and services not deemed essential and that the task of selling and advertising is to convince them to buy. But selling is only one component of marketing.
38. In the relationship marketing firms focus on__________ relationships with__________.
Short-term customers and suppliers
Long-term customers and suppliers
Short-term and customers
Long-term and customers
Answer.4. Long-term and customers
Explanation:
In relationship marketing firms focus on Long-term relationships with customers. Relationship marketing is a long-term strategy with a focus on building close relationships with your customers. A long-term customer relationship means that you work on building a relationship with your customers to create high-level loyalty for your company. That’s the best that your business can get on the road to success.
39. Which of the following is NOT an element of the marketing mix?
Promotion
Product
Target market
Pricing
Answer.3. Target market
Explanation:
The elements of the marketing mix are product, price, place, promotion, and people.
Note:- A target market is a group of people with some shared characteristics that a company has identified as potential customers for its products.
40. The term marketing mix describes _____.
A composite analysis of all environmental factors inside and outside the firm
A series of business decisions that aid in selling a product
The relationship between a firm’s marketing strengths and its business weaknesses
A blending of four strategic elements to satisfy specific target markers
Answer.1. A composite analysis of all environmental factors inside and outside the firm
Explanation:
The marketing mix (or four Ps) is a blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
The starting point of the marketing mix is the product offering. Products can be tangible goods, ideas, or services. Place (distribution) strategies are concerned with making products available when and where customers want them.
Promotion includes advertising, public relations, sales promotion, and personal selling. Price is what a buyer must give up to obtain a product and is often the easiest to change of the four marketing mix elements.
41. Newsletters, catalogs, and invitations to organization-sponsored events are most closely associated with the marketing mix activity of _____.
Pricing
Distribution
Product development
Promotion
Answer.4. Promotion
Explanation:
Promotion elements include advertising, sales promotion, direct selling, public relations, publicity, etc. Promotion is all about disseminating information about your brand. It helps in spreading a positive image of your brand and the company’s vision in general. Promotion is largely achieved through advertisements.
42. A market with which of the following characteristics would generally be less competitive?
High barriers to entry
Lots of potential substitutes exist
Strong bargaining power among buyers
Strong bargaining power among suppliers
Answer.3. Strong bargaining power among buyers
Explanation:
Strong bargaining power among buyers characteristics would generally be less competitive.
When conducting Porter’s 5 forces buyer power industry analysis, low buyer bargaining power makes an industry more attractive and increases profit potential for the seller, while high buyer bargaining power makes an industry less attractive and decreases profit potential for the seller.
Both buyers and suppliers may exert bargaining power in an industry, with the potential to reduce profitability. The supplier exerts power by being one of only a few possible sources or offering a product with unique characteristics, for example to the buyer’s specification. The buyer may exert power by being one of only a limited potential group of customers, for example, potential purchasers of large aircraft.
43. The process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as_______
Researching
Planning
Controlling
Managing
Answer.2. Planning
Explanation:
Planning is the process of anticipating future events and conditions and of determining the best way to achieve organizational objectives. Give an example of strategic planning and tactical planning.
Effective planning helps businesses crystallize their visions, which are described in the next section, avoid costly mistakes, and seize opportunities. Effective planning requires an evaluation of the business environment and a well-designed road map of the actions needed to lead a firm forward.
44. Which one of the following best describes the present value of the stream of future profits expected over the customer s lifetime purchase?
Customer’s Lifetime value
Suppliers Lifetime Value
Company s lifetime value
Future value
Answer.1. Customer’s Lifetime value
Explanation:
Customer lifetime value describes the present value of the stream of future profits expected over the customer s lifetime purchase
Lifetime value is estimated by using past behaviors to forecast future purchases, gross margin from these purchases, and costs associated with servicing the customer.28 Costs associated with a customer include the cost of advertising and promotions used to acquire the customer and the cost of goods returned.
45. Market expansion is usually achieved by_______
More effective use of distribution
More effective use of advertising
By cutting prices
All of the above are suitable tactics
Answer.2. More effective use of advertising
Explanation:
Market expansion is a business growth strategy. A Market Expansion strategy is an approach that helps companies grow when they have already expanded as far as possible in their existing channels. Success depends on confirming that they have fulfilled existing markets. Market expansion is usually achieved by more effective use of advertising.
