Principles of Marketing (MGT301)

1. Customer value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

   1. True
   2. False

2. Marketing offers are limited to physical products.

   1. True
   2. False

3. Human needs are shaped by culture and individual personality.

   1. True
   2. False

4. Selling is managing profitable customer relationships.

   1. True
   2. False

5. When railroad companies thought that users wanted trains rather than transportation and overlooked the growing challenge of other modes of transportation they were following the selling concept.

   1. True
   2. False

6. Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships.

   1. True
   2. False

7. The production concept and product concept are two philosophies that can both lead to marketing myopia.

   1. True
   2. False

8. When backed by buying power, needs become demands.

   1. True
   2. False

9. Customer-perceived value depends on the product's perceived performance relative to a buyer's expectations.

   1. True
   2. False

10. Mission statements should be realistic and general in nature.

    1. True
    2. False

11. Strategic control involves looking at whether a company's basic strategies are well matched to its opportunities.

    1. True
    2. False

12. After carefully questioning your msjor suppliers and resellers, you ascertain they do not form important sources of intelligence information for marketing decision making.

    1. True
    2. False

13. Marketing strategy is the marketing logic by which a company hopes to achieve profitable customer relationships.

    1. True
    2. False

14. Making more sales to current customers without changing a firm's products is market penetration.

    1. True
    2. False

15. Your manager asked you to go through three of your competitors' garbage bins to gather marketing intelligence from their discarded paperwork. One of them caught you in the act and has summoned you to court. The judge will most likely rule this to be an illegal activity and fine you and your company.

    1. True
    2. False

16. Strategic market planning is the task of selecting an overall company strategy for long-run survival and growth.

    1. True
    2. False

17. When you collect informationfrom your company's accounting and sales records stored in the computer. You are developing an internal database.

    1. True
    2. False

18. "At Nike, we sell shoes" is a market-oriented business definition.

    1. True
    2. False

19. Derived demand refers to the business demand that ultimately comes from the demand for consumer goods.

    1. True
    2. False

20. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

    1. True
    2. False

21. The late majorities are skeptical; they adopt an innovation only after their friends have tried it.

    1. True
    2. False

22. The buying center is a fixed and formally identified unit within the buying organization.

    1. True
    2. False

23. Strategic market planning is the task of selecting an overall company strategy for long-run survival and growth.

    1. True
    2. False

24. Dissonance-reducing buying behaviour occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see a lot of difference among brands.

    1. True
    2. False

25. Demarketing is a marketing philosophy focused upon product differentiation and positioning.

    1. True
    2. False

26. At Air Online, "we provide online services." is a market-oriented business definition.

    1. True
    2. False

27. When your marketing manager discussed factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers, you knew that she was talking about the external marketing concept.

    1. True
    2. False

28. Customer Relationship Management (CRM) is nothing more than a customer data management activity.

    1. True
    2. False

29. Alternative evaluation is how the consumer processes information to arrive at brand choices. Consumers do not use a simple and single evaluation process in all buying situations.

    1. True
    2. False

30. Product, price, place, and promotion make up the elements of a firm's marketing mix.

    1. True
    2. False

31. Smart marketers look beyond the attributes of the products and services they sell. They create brand experiences for consumers.

    1. True
    2. False

32. Most firms follow the production concept when they face overcapacity.

    1. True
    2. False

33. The simplest definition of modern marketing is managing profitable customer relationships.

    1. True
    2. False

34. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interest.

    1. True
    2. False

35. The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

    1. True
    2. False

36. Marketers of products, services, and ideas only practice marketing, whereas buyers do not.

    1. True
    2. False

37. At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce smoking of tobacco products, it adds more tax to the products and is practicing demarketing.

    1. True
    2. False

38. Marketing management is interested in serving all customers in every way to remain competitive in today's markets.

    1. True
    2. False

39. An exchange is the core concept of marketing, whereas a transaction is marketing's unit of measurement.

    1. True
    2. False

40. The difference between human needs and wants is that needs are states of felt deprivation.

    1. True
    2. False

41. When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

    1. True
    2. False

42. Most firms follow the production concept when they face overcapacity.

    1. True
    2. False

43. Who is our target market and what's our value proposition are two important questions underlying marketing strategy.

    1. True
    2. False

44. “How are you telling consumers in your target group about your product” This question belongs to which marketing concept?

    1. Product
    2. Price
    3. Place
    4. Promotion

45. Which of the following is the marketing unit of measurement?

    1. Value
    2. Transaction
    3. Profit
    4. Satisfaction

46. A local firm wants to adopt the marketing concept. To be consistent with this move, it should adopt which of the following philosophies?

    1. Making money is our business
    2. The customer is always right
    3. Keep prices low
    4. Focus on competitors only

47. Nokia is about to launch a new product but uncertain about the success and failure of the product is called?

    1. Securing market information
    2. Risk taking
    3. Competition
    4. Financing

48. In which of the following stage marketer provides quality product and services without variation in quality?

    1. Storing
    2. Selling
    3. Standardizing and grading
    4. Risk Taking

49. Winning a new customer is usually more costly than retaining an existing customer. How much time it is costly?

    1. 5-10 times
    2. 10-15 times
    3. 15-20 times
    4. 20-25 times

50. Demand marketing is concerned with?

    1. Increasing demand
    2. Decreasing demand
    3. Finding demand
    4. All of the given

51. ________ is defined as achieving goals depends on knowing the needs and wants of the target markets and delivering the desired satisfaction better than competitors do?

    1. Marketing concept
    2. Production concept
    3. Marketing management
    4. Societal marketing

52. The societal marketing concept is divided into:

    1. Society, company, government
    2. Society, company, consumers
    3. Company, consumers, competitors
    4. Society, company, competitors

53. Similar to 4P’s of marketing, the 4C’s are:

    1. Care, choice, community, challenge
    2. Care, choice, community, collection
    3. Care, company, community, challenge
    4. Care, collaboration, command, challenge

54. Females are now more indulged in working in offices then the earlier. This shifts in demographic represents which one of the following?

    1. Increasing diversity of population
    2. Changing family and living patterns
    3. Emergence of a new market
    4. Income and education increases

55. To find the right product for your customers is relevant to which of the following concept?

    1. Societal marketing concept
    2. Selling concept
    3. Marketing concept
    4. Product concept

56. All of the following are included in the Porters five forces model of competition EXCEPT:

    1. Bargaining Power of Competitors
    2. Bargaining Power of Buyers
    3. Threat of New Entrants
    4. Bargaining Power of Suppliers

57. Large number of manufacturers and greater number of product variety increases

    1. Bargaining power of buyers
    2. Bargaining power of suppliers
    3. Rivalry among the competitors
    4. Threat of substitute

58. What is our business? Who’s our customer? What do our customers value? What should our business be? All these simple-sounding questions define which of the following concepts?

    1. Objectives and goals
    2. Mission statement
    3. Business portfolio
    4. Operational strategies

59. ABC Company is identifying and developing new markets for its current product. ABC Company is exploring possibilities for which of the following strategies?

    1. Product development
    2. Market penetration
    3. Diversification
    4. Market development

60. Which of the following set refers to the order of action in marketing control process?

    1. Measure performance – evaluate performance – corrective action – set goals
    2. Corrective action – set goals - measure performance – evaluate performance
    3. Set goals - Measure performance – evaluate performance - corrective action
    4. Set goals - Measure performance – corrective action – evaluate performance

61. Marketing plan is started from which one of the following component?

    1. Executive summary
    2. Marketing strategy
    3. Action programs
    4. Opportunity analysis

62. Which one of the following sets represents 4 C’s of the marketing mix?

    1. Customer Solution, Cost, Convenience, Communication
    2. Customer, Cost, Convenience, Comfort
    3. Convenience, Communication, Coverage, Cost
    4. Cost, Coverage, Communication, Consultancy

63. The marketing environment is made up of ______ forces.

    1. Three
    2. Two
    3. Four
    4. Five

64. Consumers are spending more on products and services that will improve their lives rather than their image” reflects which aspect of the cultural environment?

    1. People's view of others
    2. People's view of themselves
    3. People's view of organizations
    4. People's view of nature

65. Which of the following is NOT a part of the macro-environment?

    1. Demographic forces
    2. Natural forces
    3. Competitors' forces
    4. Political forces

66. Which of the following environment consists of the factors that affect consumer purchasing power and spending patterns?

    1. Demographic environment
    2. Cultural environment
    3. Economic environment
    4. Consumer environment

67. It is one of the major responsibility of marketing manager to have complete marketing information before defining and understanding the consumer markets. Marketing information is very important because it is used to:

    1. Satisfy company objectives
    2. Make better marketing decisions
    3. Make management’s job easier
    4. Please customers

68. Last step of marketing research process is _________.

    1. defining the problem and research objectives
    2. developing the research plan
    3. analyzing the information
    4. presenting the findings

69. Collection of raw facts refers to which of the following options?

    1. Information
    2. Data
    3. Results
    4. Reports

70. The marketing research step that comes after “identifying and defining the research problem” in the marketing research process is which one of the following?

    1. Interpretation
    2. Implementation
    3. Developing the research plan
    4. Observation

71. Which one of the following information can easily be collected through experimental research?

    1. Unknown
    2. Causal
    3. Complicated
    4. Interactive

72. In which of the following contact method where a group of six to ten people have been gathered for interviewing to know the reasons of success or failure of any brand or product?

    1. Personal Interviewing
    2. Telephonic Interviewing
    3. Computer Interviewing
    4. Mail Questionnaires

73. All of the Ahmad’s friends try to copy his style, his dressing and the way he speaks. He is also considered as one of the most reliable person in the group. Ahmad is regarded as a/an:

    1. Group member
    2. Opinion Leader
    3. Group Moderator
    4. All of the given

74. The buying process starts from which one of the following stages in which the buyer recognizes a problem or need?

    1. Need recognition
    2. Information search
    3. Evaluation of alternatives
    4. Purchase decision

75. In the process of buying routinely purchased items, buyers also plays the role of which of the following category?

    1. Deciders
    2. Gatekeepers
    3. Influencers
    4. Buyers

76. Consumer market can be segmenting in how many ways?

    1. 1
    2. 2
    3. 3
    4. 4

77. Bunny bread is mostly used in breakfast times in different areas of Lahore. Manufacture of Bunny bread has made this for all type of customers ranging from housewives to children and teens to old people. Bunny bread is using which of the following market coverage strategy?

    1. Differentiated
    2. Undifferentiated
    3. Concentrated
    4. None of the given

78. When the size, purchasing power and profiles of business market segments can be determined, they are said to possess the requirement of being what?

    1. Measurable
    2. Accessible
    3. Substantial
    4. Actionable

79. Pepsi cola is a carbonated water drink which is used to quench thirst. Here Pepsi cola denotes which type of level of product?

    1. Core product
    2. Actual product
    3. Augmented product
    4. Industrial product

Select a course code for Objective Questions:

ACC311 ACC501 BIF101 BIF401 BIF501 BIO101 BIO201 BIO202 BIO203 BIO204 BIO301 BIO302 BIO303 BIO401 BIO503 BNK603 BT101 BT201 BT301 BT302 BT401 BT402 BT403 BT404 BT405 BT406 BT501 BT504 BT505 BT604 CHE201 CHE301 CS001 CS101 CS201 CS202 CS204 CS301 CS302 CS304 CS311 CS401 CS402 CS403 CS408 CS501 CS502 CS504 CS506 CS508 CS601 CS602 CS604 CS605 CS607 CS609 CS610 CS614 CS707 CS710 ECO401 ECO402 ECO403 ECO404 EDU302 EDU401 EDU402 EDU501 EDU601 ENG101 ENG201 ENG301 ENG501 FIN611 FIN624 FIN625 ISL201 IT430 MCM101 MCM301 MGMT623 MGT101 MGT211 MGT301 MGT401 MGT402 MGT501 MGT502 MGT503 MGT510 MGT601 MGT603 MKT501 MKT610 MKT630 MTH101 MTH202 MTH302 MTH501 MTH601 MTH634 PAK301 PHY101 PHY301 PSY101 PSY403 PSY502 PSY512 SOC101 SOC301 SOC401 STA301 STA630 STA641 ZOO102 ZOO401 ZOO501 ZOO502 ZOO503 ZOO504 ZOO505 ZOO506 ZOO510 ZOO630

Select a course code for Subjective Questions:

ACC311 CS001 CS101 CS201 CS301 CS607 CS701 CS702 CS703 CS704 CS707 CS708 CS710 CS711 CS718 CS721 CS724 ECO401 ECO403 ENG101 ENG301 MGT703 MTH501 STA301