Marketing Management Important Questions with Answers and Case
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Course
Financial Management
Institution
Andhra University
Book
Marketing Management
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With this in mind, pick any product of your choice and write a reflection on effective advertisement for the product and address the following questions Effective Advertising:
Product Life Cycle
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Financial Management
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Marketing Management
Some Questions and Answers for the Final Examinations
Marketing Management
Section A: Objective Type
Part One:
Multiple choices:
1. It is a concept where goods are produced without taking into consideration the choices or
tastes of customers
a. Marketing Mix
b. Production Concept
c. Marketing Concept
d. Relationship Marketing
Answer: b (Production Concept)
2. It involves individuals who buy products or services for personal use and not for
manufacture or resale
a. Environment Analysis
b. Macro Environment
c. Micro Environment
d. Consumer
Answer: d (Consumer)
3. It is the groups of people who interact formally or informally influencing each other’s
attitudes & behavior
a. Consumer Behavior
b. Culture
c. Reference Groups
d. Primary Groups
Answer: c (Reference Groups)
4. The concept of the product that passes through various changes in its total life known as
a. Product Life Cycle
b. Line Stretching
c. Consumer Adoption
d. Product
Answer: a (Product Life Cycle)
,5. It refers to unique set of brand associations that brand strategist aspires to create or
maintain
a. Branding
b. Packaging
c. Brand Identity
d. Brand Image
Answer: d (Brand Image)
6. It involves a pricing strategy that charges customers different prices for the same product
or service
a. Promotional Pricing
b. Price Discrimination
c. Non Price Competition
d. None
Answer: b (Price Discrimination)
7. It refers to an arrangement where another company through its own marketing channel
sells the products of one producer
a. End Customer
b. Wholesaler
c. Retailing
d. Strategic Channel Alliance
Answer: d (Strategic Channel Alliance)
8. It involves facility consisting of the means & equipments necessary for the movement of
passengers of goods
a. Logistics
b. Warehousing
c. Transportation
d. None...
Answer: c (Transportation)
9. The advertising which is used to inform consumers about a new product or feature & to
build primary demands is known as
a. Advertising
b. Informative Advertising
c. Persuasive Advertising
d. Advertising Strategy
,Answer: b (Informative Advertising)
10. The art that predicts the likelihood of economic activity on the basis of certain
assumptions
a. Compensation
b. Sales Forecasting
c. Sales Budgeting
d. Selling Policy
Answer: b (Sales Forecasting)
Part Two:
Short Notes type Questions:
1. Write a note on importance of consumer behavior for a business firm.
Answer
Introduction
Businesses stay in business by attracting and retaining customers. They do this by engaging
in exchanges of resources including information, money, goods, services, status, and
emotions with consumers, exchanges that both businesses and customers perceive to be
beneficial. When companies ask, who are our customers? How do we reach them? What
should we sell to them? What will motivate them to buy? What makes them satisfied? They
are asking questions that require sophisticated understanding of consumer behavior. This unit
provides a brief insight into the meaning and perspective of Consumer behavior as well as
understanding why it is important to study consumers.
Consumer Behavior - Definition
Definition of consumer behavior is "The study of individuals, groups, or organizations and
the processes they use to select, secure, use, and dispose of products, services, experiences, or
ideas to satisfy needs and the impacts that these processes have on the consumer and society."
Importance of Consumer Behavior
The study of consumers helps firms and organizations improve their marketing strategies by
understanding issues such as how
The psychology of how consumers think, feel, reason, and select between different
alternatives (e.g., brands, products, and retailers);
The psychology of how the consumer is influenced by his or her environment (e.g.,
culture, family, signs, media);
The behavior of consumers while shopping or making other marketing decisions;
, Limitations in consumer knowledge or information processing abilities influence
decisions and marketing outcome;
How consumer motivation and decision strategies differ between products that differ
in their level of importance or interest that they entail for the consumer; and
How marketers can adapt and improve their marketing campaigns and marketing
strategies to more effectively reach the consumer.
The most obvious is for marketing strategy—i.e., for making better marketing
campaigns. For example, by understanding that consumers are more receptive to food
advertising when they are hungry, we learn to schedule snack advertisements late in
the afternoon. By understanding that new products are usually initially adopted by a
few consumers and only spread later, and then only gradually, to the rest of the
population, we learn that (1) companies that introduce new products must be well
financed so that they can stay afloat until their products become a commercial success
and (2) it is important to please initial customers, since they will in turn influence
many subsequent customers’ brand choices.
To Make Better Consumers As a final benefit, studying consumer behavior should
make us better consumers. Common sense suggests, for example, that if you buy a 64
liquid ounce bottle of laundry detergent, you should pay less per ounce than if you
bought two 32 ounce bottles. In practice, however, you often pay a size premium by
buying the larger quantity. In other words, in this case, knowing this fact will sensitize
you to the need to check the unit cost labels to determine if you are really getting a
bargain.
2. Define the term ‘Price’.
Answer
Introduction
Setting the right price is an important part of effective marketing. It is the only part of the
marketing mix that generates revenue (product, promotion and place are all about marketing
costs).
Price is also the marketing variable that can be changed most quickly, perhaps in response to
a competitor price change.
Put simply, price is the amount of money or goods for which a thing is bought or sold.
The price of a product may be seen as a financial expression of the value of that product.
For a consumer, price is the monetary expression of the value to be enjoyed/benefits of
purchasing a product, as compared with other available items.
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