Marketing Awareness Questions and Answers

Answer: D

Correct answer: High Net Worth Individuals

HNI means High Net Worth Individual - a person with substantial investable assets, commonly taken in India as upwards of a crore. Banks pursue them because a small number of such customers account for a large share of deposits and fee income, which is why they are offered private banking and dedicated relationship managers.

Answer: D

Correct answer: Marketing and Research team

Product design begins with what customers need and what is technically possible, so it belongs to marketing and R&D working together - marketing supplying the requirement, research the means. Front and back office staff deliver the product; they do not design it.

Answer: A

Correct answer: Marketing Consultant

A firm that supplies segmentation data, demographic analysis, tools and expertise to other companies’ marketing departments is a marketing consultant or research house. It does not make or sell the products; it sells the knowledge on which marketing decisions are based.

Answer: A

Correct answer: farmers with large land holding

A tractor is worth buying only where there is enough land to justify it and enough income to repay the loan, so the target group is farmers with large holdings. Farm labourers own no land, and a cold storage plant or an agricultural college has no use for a tractor loan of this kind.

Answer: B

Correct answer: The product life cycle

The product life cycle traces sales and profit from launch to withdrawal, through introduction, growth, maturity and decline. Its practical value is that each stage calls for a different strategy - heavy promotion at introduction, defence of share at maturity, harvesting at decline.

Answer: D

Buyer resistance refers to the deployment of procurement resources by a buyer in an attempt to obtain lower prices from suppliers. When confronting unexpectedly high prices from suppliers, a procurement division may devote resources to resist the price increase.

Answer: D

Correct answer: HDFC Bank

HDFC Bank is a private sector bank - promoted by HDFC Ltd in 1994, after the sector was opened to private entrants. State Bank of India, IDBI Bank and the former Bharatiya Mahila Bank were all government-owned.

Answer: D

Correct answer: All of these

All three are growth strategies. Diversification is entering new products and new markets; horizontal integration is acquiring or merging with competitors at the same level; vertical integration is moving up or down the chain, into supply or into distribution. Each buys growth in a different direction.

Answer: C

Correct answer: Communication Skills

A direct selling agent’s work is entirely persuasion at first hand, so communication skills are the core requirement - explaining a product clearly, listening to what the customer actually wants, and handling objections. Market research and training are other people’s jobs.

Answer: B

Correct answer: Unique Selling Point

USP - the unique selling point or proposition - is the one distinctive benefit that makes a product preferable to its rivals, and the claim an advertisement is built round. Rosser Reeves coined the term in the 1940s.