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MGT301-Principles of Marketing Quiz No.03 Spring 2014 Solution & Discussion Due Date:Jul 21, 2014

Quiz # 03
PRINCIPLES OF MARKETING (MGT301)

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This is to inform that Quiz # 03 will be opened on July 17, 2014 and last date to attempt quiz will be July 21, 2014.

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· Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 23 to 32. 
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Replies to This Discussion

If the competitor’s price cut harm the company’s sales and profit then what should your company do:
Select correct option:
Hold the current price
Increase the price
Decrease the price
All of the given options

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit that reflects which one of the following concepts?
Select correct option:
Cost-plus pricing
Value-based pricing
Break-even price
Penetration pricing

Which one of the following is a technique to stimulate the creation of ideas?
Select correct option:
Through questionnaire
Briefing
Brainstorming
Banqueting

If ABC Company observes all compact disc customers as pretty much alike and thus offered only one marketing mix, it would be using which of the following approach?
Select correct option:
Heterogeneous
Undifferentiated
Differentiated
Concentrated

Which one of the following step in developing new product involves determining whether the product idea is compatible with company objectives, needs and resources on a general level?
Select correct option:
Product development
Screening
Idea generation
Business analysis

Mr. Akmal is a person who dislikes the changes in something. He always follows a traditional way to purchase the product like he considers himself as a true judger of product and don’t care to anyone feelings about that product. However if the new product comes into the market he always dislike it and wait for a number of people to use that product. Mr. Akmal belongs to the group of:
Select correct option:
Innovators
Early Majority
Late Majority
Laggards

Yogurt” comes under which type of consumer product?
Select correct option:
Convenience
Shopping
Specialty
Unsought

In which of the following pricing the seller selects a given city as a "basing point" and charges all customers the freight cost from that city to the customer location, regardless of the city from which the goods are actually shipped?
Select correct option:
Base-point pricing
Freight absorption pricing
Transfer pricing
Zone pricing

Quantity discounts are a legal form of price discrimination. A quantity discount is a price reduction to buyers who purchase _____.
Select correct option:
Frequently
Large volumes
Inferior merchandise
Superior merchandise

All of the following are the stages involved in the consumer adoption process EXCEPT:
Select correct option:
Desire
Awareness
Interest
Trial

Answers:

Decrease the price

2. Cost-plus pricing

3. Brainstorming

4. Concentrated

5. Screening

6. Laggards

7. Convenience

8. Base-point pricing

9. Large volumes

10. Desire

Mgt301 Quiz 03


1. Which one of the following groups serves as opinion leaders to the rest of the market?
Select correct option:

Late majority
Early Adopter
Early Majority
Laggards

2. You are planning to install a steel manufacturing plant in your city. For that purpose you want to have a supplier who supplies you the steel in raw form for manufacturing. Here supplier supplies you which of the following form of industrial product?
Select correct option:

Material and parts
Capital items
Supplies and services
None of the given options

3. Which of the following statements about rebates is true?
Select correct option:

Refunds paid to consumers after a purchase.
Final consumer gets a producer's price reduction.
Offered but then never request the refund.
All of the above.

4. Which of the following is NOT an alternative to increase in the price of a commodity?
Select correct option:

Reducing product size
Using less expensive materials
Unbundling the product
None of the above

5. Selecting the right competitive advantage is part of which one of the following concepts?
Select correct option:

Target marketing
Market Positioning
Market segmentation
Undifferentiated Marketing

6. If ABC Company observes all compact disc customers as pretty much alike and thus offered only one marketing mix, it would be using which of the following approach?
Select correct option:

Heterogeneous
Undifferentiated
Differentiated
Concentrated

7. Which one of the following step in developing new product involves determining whether the product idea is compatible with company objectives, needs and resources on a general level?
Select correct option:

Product development
Screening
Idea generation
Business analysis

8. Mr. Akmal is a person who dislikes the changes in something. He always follows a traditional way to purchase the product like he considers himself as a true judger of product and don’t care to anyone feelings about that product. However if the new product comes into the market he always dislike it and wait for a number of people to use that product. Mr. Akmal belongs to the group of:
Select correct option:

Innovators
Early Majority
Late Majority
Laggards

9. Yogurt” comes under which type of consumer product?
Select correct option:

Convenience
Shopping
Specialty
Unsought

10. In which of the following pricing the seller selects a given city as a "basing point" and charges all customers the freight cost from that city to the customer location, regardless of the city from which the goods are actually shipped?
Select correct option:

Base-point pricing
Freight absorption pricing
Transfer pricing
Zone pricing

11. _______ is a statement of organization’s purpose. It acts as invisible hand that guides people in an organization.
Select correct option:
• Vision statement
• Mission statement
• Corporate statement
• Slogan

12. ________ is defined as strategies focused on increasing customer satisfaction, loyalty, and profitability by leveraging superior customer knowledge acquired, stored, and acted upon with the aid of information technology.
Select correct option:
• Marketing management
• Knowledge management
• Customer management
• Customer relationship management
13. Zara, the cosmetics brand focuses on quality products, performance and features. It holds which of the following concept?
Select correct option:
• Production concept
• Product concept
• Marketing concept
• Total Quality Management

14. A researcher on the University Book Shop's survey asks respondents to tell what they like least about textbook shopping. What type of question it is?
Select correct option:
• An open-ended
• A dichotomous
• A multiple choice
• A close ended

15. Distribution of product to get it in the market refers to which of the following activities?
Select correct option:
o Selling activities
o Advertising activities
o Promotion activities
o Place or distribution activity
16. Identify the final step in the strategic planning process?

Select correct option:
• Planning functional strategies
• Defining the Company Mission
• Developing the growth strategies
• Designing the business portfolio

17. The BCG growth-share matrix classifies which of the following four types of SBUs?
Select correct option:
• Product; price; promotion; placement
• Sales; market share; price; promotion
• Stars; cash cows; question marks; dogs
• Planning; organizing; leading; controlling

18. Natural environment includes all, EXCEPT:
Select correct option:
• Shortage of raw materials
• Increased pollution
• Competition
• Government intervention

19. Mr. ABC and his staff have decided to use target marketing to reach their sales goals. Which are their three steps (in order) to target marketing?
Select correct option:
o Market segmentation, market positioning, and target marketing
o Market segmentation, target marketing, and market positioning
o Market alignment, market segmentation, and market positioning
o Market recognition, market preference, and market insistence
20. Which of the following forces shows the marketing macro environment?
Select correct option:
o Demographic, economic, natural, technological, political, and social
o Demographic, natural, economic, political, social, and cultural
o Demographic, economic, natural, technological, political, and cultural
o Demographic, economic, natural, social, political, and legal

Correct Options (Correct Answers)

1.Early Adopter

2. Material and parts

3. Refunds paid to consumers after a purchase.

4. Using less expensive materials

5. Market Positioning

6. Concentrated

7. Screening

8. Laggards

9. Convenience

10. Base-point pricing

11. Base-point pricing

12. Mission statement

13.  Customer relationship management

14.  Total Quality Management

15. An open-ended

16. Place or distribution activity

17. Stars; cash cows; question marks; dogs

18.  Shortage of raw materials

19. Market segmentation, target marketing, and market positioning

1. Which one of the following groups serves as opinion leaders to the rest of the market?
Select correct option:

Late majority
Early Adopter   Ans
Early Majority
Laggards

2. You are planning to install a steel manufacturing plant in your city. For that purpose you want to have a supplier who supplies you the steel in raw form for manufacturing. Here supplier supplies you which of the following form of industrial product?
Select correct option:

Material and parts  Ans
Capital items
Supplies and services
None of the given options

3. Which of the following statements about rebates is true?
Select correct option:

Refunds paid to consumers after a purchase.  Ans
Final consumer gets a producer's price reduction.
Offered but then never request the refund.
All of the above.

4. Which of the following is NOT an alternative to increase in the price of a commodity?
Select correct option:

Reducing product size
Using less expensive materials  Ans
Unbundling the product
None of the above

5. Selecting the right competitive advantage is part of which one of the following concepts?
Select correct option:

Target marketing
Market Positioning  Ans
Market segmentation
Undifferentiated Marketing

6. If ABC Company observes all compact disc customers as pretty much alike and thus offered only one marketing mix, it would be using which of the following approach?
Select correct option:

Heterogeneous
Undifferentiated
Differentiated
Concentrated  Ans

7. Which one of the following step in developing new product involves determining whether the product idea is compatible with company objectives, needs and resources on a general level?
Select correct option:

Product development
Screening  Ans
Idea generation
Business analysis

8. Mr. Akmal is a person who dislikes the changes in something. He always follows a traditional way to purchase the product like he considers himself as a true judger of product and don’t care to anyone feelings about that product. However if the new product comes into the market he always dislike it and wait for a number of people to use that product. Mr. Akmal belongs to the group of:
Select correct option:

Innovators
Early Majority
Late Majority
Laggards  Ans

9. Yogurt” comes under which type of consumer product?
Select correct option:

Convenience  Ans
Shopping
Specialty
Unsought

10. In which of the following pricing the seller selects a given city as a "basing point" and charges all customers the freight cost from that city to the customer location, regardless of the city from which the goods are actually shipped?
Select correct option:

Base-point pricing  Ans
Freight absorption pricing
Transfer pricing
Zone pricing

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