Marketing Awareness Questions and Answers

Answer: C

Correct answer: Develop market strategy

The stages of new product development run: idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing and commercialisation. So once the concept has been tested, the next step is to set out how it would be marketed - target market, positioning, sales and profit goals - which is what the business analysis is then run against.

Answer: C

Correct answer: all high income individuals

A car loan needs a borrower who can service a substantial instalment for several years, so the target is higher-income individuals. Dealers are the channel through which such loans are sourced, not the borrowers, and those below the poverty line cannot support the repayments.

Answer: C

Correct answer: Selling Product

In the narrow sense used here, marketing is the art of selling the product - identifying what customers want and bringing the product to them at a price and place that suits. (Modern definitions go further, treating selling as only one part of a process that begins with understanding the customer, but this is the intended answer.)

Answer: A

Correct answer: Empathy

Empathy - the ability to see the purchase from the customer’s side and understand what they actually need - is what makes a salesperson effective, because it turns selling into problem-solving. Sympathy is feeling for the customer rather than with them, and aggressiveness drives buyers away.

Answer: C

Correct answer: as per the convenience of the depositor

A savings account has no fixed schedule: money may be paid in and drawn out whenever the depositor chooses. That flexibility is its defining feature, and what distinguishes it from a recurring deposit, which requires a fixed sum each month, or a term deposit, which is locked in.

Answer: B

Correct answer: Below The Line

BTL is Below The Line: promotional activity aimed at particular customers rather than at a mass audience - direct mail, sponsorship, trade promotions, point-of-sale material. Above The Line means mass media such as television and press. The distinction originally described how agencies were paid, and now describes how targeted the activity is.

Answer: C

Correct answer: scope available for selling

Market space is the room a firm has to sell in - the potential and reach available to it, including the electronic space that has no physical location. It is distinct from a marketplace, which is a physical site where goods change hands.

Answer: C

Correct answer: Product, Price, Place, Promotion

The four Ps, framed by McCarthy, are the controllable variables a firm sets to reach its market. Services marketing commonly extends them to seven by adding People, Process and Physical evidence.

Answer: A

Correct answer: Decline

Keeping a product on the market while cutting back the money spent supporting it is the classic decline-stage tactic, sometimes called harvesting: sales are falling, so promotion is reduced to whatever the remaining loyal customers justify, and the product is milked for cash until withdrawal.

Answer: B

Correct answer: 5 star

The Bureau of Energy Efficiency rates appliances from 1 to 5 stars, and more stars mean lower energy consumption. A 5-star refrigerator costs more to buy but less to run, and over the ten years or so it will be in use the electricity saved normally outweighs the difference.