Marketing Management MCQs â 101+ Multiple Choice Question and Answers. Module 7 Coke called its product Coke C2, while Pepsi named its competing brand PepsiEdge. Operations research (or operational research, as it's called in Europe) refers to scientific methods (statistical and mathematical modeling, experiments, simulation, ⦠3.1.3. Pricing, place (distribution), advertising and other decisions are influenced by the product decisions. It is a source of revenue for the seller. iv. What is Product Marketing? Marketing mix is a set of marketing tools that a firm uses to pursue its marketing objectives in a target market. Consumer products b. Before settling on a marketing strategy, marketers often do marketing research to collect and analyze relevant data. Strategic decisions generally involve lengthy deliberations and also may have much impact on the functioning of the business concern. The company can sell all it can make of either product. Marketing Intermediaries can also be called as an important factor in the micro environment. 1.True, 2.False Market models assume that ⦠The fundamental among them was the 4 Ps of marketing.Later in the 1960s, Jerome McCarthy devised the 7 Ps model, refining the essentials from the marketing mix.Over time many Ps have been crystallized like 5Ps, 8Ps, etc.But the ⦠The first two strategies are called compensatory strategies. Adding new features to a product is advocated by which of the approaches? The terms Operations Research and Management Science tend to be used synonymously. Answer: Market segmentation is the process of dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes. If most of the products on the market cost about the same and have many of the same features or qualities, the purchase decision comes down to subjective preference. She makes sure that the bags are positioned in the gift wrapping areas in the store with special offers the smaller bags that sell 2 for $1. Understanding how consumers make purchase decisions can help marketing managers in several ways. Should the entrepreneur write a business plan soon after launching the business. 10. is products bought by individuals and organizations for further processing or for use in conducting a business. The market value of by-product inventory, if material, should be reported in a footnote to the balance sheet. Purchase. d. call-service approach. ... 2. It is the value that a buyer passes on to the seller in lieu of the product or service provided. Product planning a. 13. MGT602 Entrepreneurship Final term Papers & MCQs The resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing: Entrepreneurship Intrapreneurship Managerial domain Administrative domain For the success of business plan the goals should be Limitless Generalized Specific Imaginary ⦠(d) lines a company offers. The term â growth hacking â has become quite a buzzword over the past few years, referring to non-traditional digital marketing strategies to ensure rapid growth. green marketing. (By the way, both products failed and were taken off the market.) b. ⦠Letâs start with a definition. 48. (b) features in each brand. Exporting can be very lucrative, especially 'if it is of high value added produce. Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall in ⦠Market targeting is the process of evaluating each market segmentâs attractiveness and selecting one or ⦠True. The consumer decision process also called the buyer decision process, helps markets identify how consumers complete the journey from knowing about a product to making the purchase decision. Some buy it immediately after the product is launched. Policy and Operating Decisions: E. product equity. (a) dimensions in the product line. This collection of products is called a product portfolio. That whole process is still very much the same: Stage 1: You have a problem or a need. C) Improved decision making enables executives to more accurately foresee future financial trends. Who are the customers or subset (segment) of customers you are targeting? To catch customers at this point, you must make it as easy as possible for them to buy. They are the one who promote, distribute and sell the goods on behalf of the company. Academia.edu is a platform for academics to share research papers. Operations research is about deriving optimal solutions to maximize sales or profits and/or to minimize costs, losses, or risks. A. product extension. Product Marketing Terms. As the most visible form of marketing, advertising is one of the principal motors of a capitalist economy and also one of the largest modern industries: The global advertising market was valued at $495 billion in 2013 (the United States was the largest national market at $152 billion). A critical decision in marketing is choosing the target market for the product. If the sales are fair a decision to modify the product and undertake another test run may be taken and if the sales are poor the decision to abandon the product may be the right decision. Price often influences purchasing decisions, so getting it right is important. This cycle can be broken up into different stages, includingâdevelopment, introduction, growth, maturity, saturation, and decline. The variables or elements of Product means anything of value that is offered to the market for sale. A marketing mix can consist of any combination of factors, but most commonly refers to what is known as the 4 Ps of marketing: product, price, promotion and place. Product Variety: Customers are no longer satisfied with the same product for a long time howsoever good it may be. C. marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality. ; Advertising platform - The product attributes and issues conveyed in an advertising message to the target audience. A gray market, also called parallel importing, is a situation where products are sold through unauthorized channels of distribution. Moreover, this determines the success and future of the business. Offer Early Use Incentives. Stage 2: They want to do an information search. C. always be well-stocked with the basic items that customers would expect to find in your store. QUESTION. Meanwhile, Coke and Pepsi have to watch Nantucket Nectars, whose fruit drinks are substitute products. C. brand leveraging. The width of a product mix is measured by the number of product. We will now focus on one special category of products: consumer products. Table 1) Modern Marketing Mix Marketing mix elements Features Product Level of quality Accessories Volume of product Retail Management MCQ Questions and Answers Part â 3. Services c. Industrial products d. Specialty products 11. Product design is an important marketing decision, which helps in increasing sales. The value chain analysis used in connection with the make-or-buy decision often leads a. firm to make use of: C. Outsourcing options. Hewlett-Packard's ill-fated TouchPad. B. offer the lowest prices in town. In the 1950s Neil Borden popularised the term marketing mix which contained more than ten elements of marketing. False . When making a buying decision about a product the organization has purchased before, if an organization decides that it needs to change the specification of the product, further negotiate on price levels with the supplier, or perhaps make an arrangement for alternative delivery patterns, this is an example of which type of buying decision? 1. The oneâs who buy products from intermediaries are the final buyers. 4 Types of Consumer Products and Marketing Considerations â Convenience, Shopping, Speciality and Unsought Products. 17. Ethics. Product decisions are based on how much the organisation has to adjust the product on the standardisation - adaptation continuum to differing market conditions. McCarthy has called these four marketing decision variables as the âfour Pâsâ of the marketing-mix. b. A. marketing information systems gather, access, and analyze data from intracompany sources, while marketing research handles all external sources. Product Costs on Cost Control and Decision Making. A central aspect of NPD is product design, along with various business considerations.New product development is described broadly as the transformation of a ⦠In the 1950s Neil Borden popularised the term marketing mix which contained more than ten elements of marketing. But modern marketing is not merely an exchange operation. Every firm has to determine its optimum Marketing-mix (i.e., best combination of all marketing variables or ingredients) so that it can realize its goals such as return on investment, sales, volume, market share, etc. iv. She has been asking the group about what influences their decision-making process and discovered a number of reasons why the factors sway customers' decisions one way or another. Pricing, place (distribution), advertising and other decisions are influenced by the product decisions. Four important dimensions of a product mix can be identified. Qualification is the testing required to ensure that the developed product meets the market or customer needs. Adding new product lines, Lengthen existing product lines, Add more versions of each product, pursue more product line consistency comes under which type of product mix decision. Betty is a marketer for a small convenience store chain. Good design helps in value additions to the product, by way of attractiveness, convenience, utility and safety. Your market analysis will help you make a "go/no go" decision, but donât be afraid to rely on your instincts.
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