MKT501 Solved Mid Term Papers 2010 By

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1 MKT501 Solved Mid Term Papers 2010 By Q1 The skimming, penetration, bargaining and discounts are included in which of the following marketing mix strategy? (a) Product decisions (b) Price decisions (c) Place decisions (d) Promotion decisions Q2 The marketing plan is one of the most important outputs of: (a) Business plan (b) Marketing process (c) Production process (d) Selling plan Q3 Which of the following has the largest market share in the relevant product market? (a) Market leader (b) Market challenger (c) Market nicher (d) Market follower Q4 A market nicher can reduce their operating expense through less spending on: (a) Market segment and advertising (b) R & D and market segment (c) Advertising and promotion (d) R & D and advertising (page 20) Q5 A market leader firm can expand the total market through: (a) Decreasing distribution of the product 1

2 (b) Introducing the new usage of the product (c) Eliminating some features of product (d) Increasing cost Q6 The strategy which involves creating a product that is perceived as unique and should provide superior value for the customer is called: (a) Market segmentation strategy (b) Market dominance strategy (c) Differentiation strategy (page 20) (d) Cost leadership strategy Q7 Soap is an example of which of the following goods? (a) Unsought (b) Specialty (c) Convenience (d) Shopping Q8 Which of the following goods are purchased without any planning or search effort? (a) Emergency (b) Specialty (c) Impulse (d) Shopping Q9 Highest percentage of ideas for new products originates with/from which of the following sources? (a) Top management (b) Customers (c) Competitors (d) Employees Q10 Which of the following is EXCLUDED from business analysis? (a) Profit analysis (b) Management analysis (page 28) (c) Cost analysis (d) Sales forecast Q11 2

3 ABC Company is engaged in new product development process. After idea generation, screening, concept development and going through the business analysis. Identify the next step of the company. (a) Home-placement testing (b) Consumer testing (c) Beta testing (page 27) (d) Alpha testing Q12 With what groups do firms conduct concept testing for new products? (a) Competitors (b) Focus groups (c) Target customers (d) Employees what+groups+do+firms+conduct+concept+testing+for+new+products%3f&aq= f&aqi=&aql=&oq=&gs_rfai=&fp=d c8 Q13 Which of the following is NOT one of the stages that customers go through in the process of adopting a new product? (a) Desire (b) Awareness (c) Evaluation (d) Interest Q14 Which product is MOST likely to be purchased through routine decision making? (a) Television set (b) Soft drink (c) Shirt (d) Car Q15 Which of the following is less likely to damage reputations of a brand if a new product fails? (a) Individual branding (b) Overall family branding (c) Line family branding (d) Brand extension branding Q16 3

4 Which of the following is NOT a use of secondary packaging? (a) It is recyclable and environmentally safe (b) It facilitates transportation, storage, and handling for middlemen (c) It can not be reused for purposes other than its initial use (d) It can be used as a promotional tool Q17 According to Research supporting odd pricing theory which of the following number out of all the numbers between 1 and 100 is thought to have least perceived value as compared to its actual value? (a) 90 (b) 77 (page 40) (c) 55 (d) 25 Q18 Which of the following is an indicator of high quality of the product? (a) Psychological price (b) Penetration price (c) Premium price (page 39) (d) Low price Q19 A seller wants payment from buyer within 10 days of sales (whereas customer can made payment within 30 days) and offers 4% discount if payment is made within 10 days. What type of cash discount will be suitable? (a) 4/10 net 30 (b) 10/4 net 30 (c) 10/30 net 4 (d) 4/30 net 10 Q20 Which of the following best describes 3/10 net 40 ROG? (a) The buyer must pay within 10 days of receipt of goods but will receive 3% discount if paid in 10 days (b) The buyer must pay within 3 days of receipt of goods but will receive 10% discount if paid in 40 days (c) The buyer must pay within 10 days of receipt of goods but will receive 3% discount if paid in 40 days (d) The buyer must pay within 40 days of receipt of goods but will receive 3% discount if paid in 10 days Q21 Which of the following pricing is used to maximize the company's market share? (a) Cost-orientated pricing (b) Psychological pricing (c) Market penetration (page 45) (d) Market skimming 4

5 Q22 Market-penetration pricing will likely to be used most in selling which of the following items? (a) Specialty (b) Convenience (c) Unsought (d) Pharmaceuticals Q23 Which of the following discourages the entry of competitors as well as low prices act as a barrier to entry? (a) Cost-orientated pricing (b) Psychological pricing (c) Penetration pricing (page 46) (d) Market skimming pricing Q24 To attract customers into stores, the store advertises its milk at a price less than cost, hoping that customers will purchase other groceries as well. Milk is acting as which of the following? (a) Premium item (b) On- sale item (c) Discounted item (d) Loss leader (page 45) Q26 A company wants to maximize market share, assuming that market is price sensitive. What pricing strategy you would suggest for the company to achieve this objective? (a) Cost- oriented pricing (b) Skimming pricing (c) Premium pricing (d) Penetration pricing (repeated) Q27 Many companies try to set a price that will maximize current profit. This strategy assumes that company has knowledge of its: (a) Cost and production function (b) Revenue and cost function (c) Demand and market function (d) Demand and cost function Q28 Which of the following markets require developing a superior product and packaging along with continuous advertising? (a) Consumer markets (page 2) (b) Business markets 5

6 (c) Global markets (d) Non profit/government markets Q29 Which of the following markets involve decisions such as: what country to enter in, how to enter, how to adopt their product and services and how to price? (a) Consumer markets (b) Business markets (c) Global markets (page 2) (d) Non profit markets Q30 Identify the other name for global market. (a) Import market (b) Export market (c) Government market (d) Consumer market Q31 Which of the following are value maximizers? (a) Customers (b) Sellers (c) Marketers (d) Manufacturers Q32 Identify which one is an ancillary service. (a) Delivery (page 6) (b) Promotion (c) Labeling (d) Packaging Q33 Which of the following concepts is used when a company wants to expand the market? (a) Production concept (b) Product concept (c) Selling concept (d) Marketing concept Q34 A customer requirement about any product in which he/ she needs to avail core features in that product, is called: (a) Real need (b) Stated need (c) Unstated need (d) Delighted need Q35 6

7 Distributors are part of which of the following environment? (a) Task environment (page 11) (b) Broad environment (c) Natural environment (d) Political environment Q36 In which section of the marketing plan you would find the detailed information about the marketing environment, market trends, customers and competitors? (a) Situation analysis (b) Product/market background (c) Marketing strategies (d) Market analysis (page 15) Q37 If a bakery business bought a wheat farm in order to reduce the risk associated with the dependency on flour. Identify the type of integration. (a) Backward vertical integration (b) Balanced vertical integration (c) Forward horizontal integration (d) Forward vertical integration Q38 Which of the following is NOT an option available for market leaders? (a) Reduce the product quality(page 19) (b) Improve customer service (c) Protect the existing market share (d) Expand the total market Q39 The companies who adopt focus strategy are called: (a) Market challenger (b) Market nicher (page 20) (c) Market leader (d) Market follower Q40 An elaborated version of the idea expressed in the meaningful consumer terms, describes which of the following? (a) Product screening (b) Product test (c) Product concept (d) Product idea Q41 7

8 Setting price for the product is critical task for the marketers. What are the critical questions do you think a marketer should answer before setting the price and also explain the factors that influence the pricing objectives. (10) 8