Question 1: A
company that follows the marketing concept philosophy should:
serve all customer needs at all costs.
understand that the customer is always right.
understand that there is no such thing as a
bad customer.
serve only profitable customers.
Question 2. Which of
the following statements supports technology driven approach to the
marketplace?
Products should be tested and proven before
releasing them.
Providing technology to salespeople can help
increase volumes.
Quality improvement in products can result in
customer value.
Customer information systems can be used to
increase sales.
Question 3. Which of
the following is a disadvantage of an over-engineered product?
The quality of the product will be low.
It is less robust for its application.
It is associated with operational problems.
The product will have unwanted features.
Question 4. Which of
the following is the key difference between traditional value chain and the new
versions of the value chain?
The value chain starts with the customer in
the new perspective.
Customer needs are ignored in traditional
value chain.
Traditional versions are not focused on core
competencies and assets.
Outbound marketing chain is used in the new
perspective.
Question 5. A few
customers cost more to serve than the revenues they generate. Identify the most
appropriate way to handle these customers.
Attempt to turn away the unprofitable
customers.
Provide services at a discounted rate to these
customers.
Avail preferential treatment to these
customers.
Design specific marketing messages for these
customers.
Question 6. Marketing
plans should be written because:
it provides a concrete history of the
product’s strategies.
it is mandatory for a registered firm to have
a written marketing plan.
it considers the external environment alone to
make decisions.
written marketing plans can be distributed to
all stakeholders.
Question 7. Which of the
following organizational structures will be suited for a company that sells
business to business products?
Market-based structure
Product-focused structure
Classic brand structure
Internationally focused structure
Question 8. A company
takes a product or service that is widely marketed and develops a system for
customizing it to each customer’s specifications. This is referred to as:
mass customization.
selective marketing.
user modeling.
behavioral targeting.
Question 9. Which of
the following refers to multi-channel distribution of products?
Clicks and mortar
Buzz marketing
Organized retailing
Viral distribution
Question 10. Product-focused
organizational structure is not suited for:
business-to-business products.
retail products.
consumer durables.
internationally focused products.
Question 11. Marketing
managers use a market penetration strategy to target:
individuals who have never used the product or
service.
offshore customers who have a need for the
product or service.
individuals who are buying your product or
service or a direct competitor’s.
individuals who buy closely-related products
or services.
Question 12. Which of
the following is a characteristic of a competitive advantage?
It makes the product more accessible for the
customers.
It generates customer value.
It makes the product more user-friendly.
It increases cost of the product.
Question 13. Customers
who have purchased your product or service are familiar with its benefits.
Assuming that your customers enjoyed the consumption experience, there is often
potential left in the market from the current customers who could be persuaded
to buy more. You, as a marketing manager, should therefore prioritize:
market development strategy.
diversification strategy.
product development strategy.
market penetration strategy.
Question 14. Firms
can compete on price if they:
focus on market development strategy.
focus on global raw material sourcing.
focus on controlling costs.
focus on merging or acquiring a competitor.
Question 15. Identify
the correct statement about market development strategy.
It is less risky than market penetration
strategy.
It is usually implemented in markets where
growth rate is slowing.
It persuades current customers to buy more
products.
It is cheaper than implementation of market
penetration strategy.
Question 16. Most
likely, marketing managers would like to be first in the market because:
it keeps out competition.
the first mover establishes awareness of its
product as the prototype.
it leads to cost reduction over the product
life cycle.
it leads to quality improvements over the
product life cycle.
Question 17. Which
of the following statements is true regarding the maturity stage of the product
life cycle?
During this stage, the market grows rapidly.
Usually, competition is most intense in this
phase.
Many new competitors enter the market.
This stage comes after the introduction stage.
Question 18. In
the growth stage of the product life cycle, the riskiest move by a follower is
to:
imitate the leader by developing
“me-too” products.
leapfrog the competition.
exit quickly and invest in some other product
with long-term potential.
fortify its position as number two or three.
Question 19. Which
of the following statements is true about the decline stage of the product life
cycle?
During this stage, the market grows rapidly.
Many new competitors enter the market.
Usually, competition is most intense in this
phase.
Product category sales decrease at this stage.
Question 20. When
marketing mangers see that the sales curve has flattened out and few new buyers
are in the market, they know that they are in this stage of the product life
cycle. Identify the stage.
Introduction stage
Growth stage
Maturity stage
Decline stage
