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Marketing Awareness Quiz – Set 12

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Hello Aspirants. Welcome to Marketing Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important events in Marketing Awareness , which are common for all the bank exams like LIC, SBI and other competitive exams. We have included Some Marketing Awareness questions that are repeatedly asked in many bank exams.

  1. Sources of verbal information include _________.
    A. Radio and Television Reports
    B. Customers and Consultants
    C. Financial Institutions
    D. All of these
    D. All of these
    Explanation:The sharing of information between individuals by using speech. Individuals working within a business need to effectively use verbal communication that employs readily understood spoken words, as well as ensuring that the enunciation, stress and tone of voice with which the words are expressed is appropriate.

  2. Retailing includes all activities incident to selling to the ultimate __________.
    A. consumer
    B. firm
    C. agents
    D. wholesaler
    A. consumer
    Explanation:Retailing is a distribution channel function where one organization buys products from supplying firms or manufactures the product themselves, and then sells these directly to consumers. A retailer is a reseller (i.e., obtains product from one party in order to sell to another) from which a consumer purchases products.

  3. Decision- making is a future oriented activity. It involves forecasting and planning. The function of decision-making is to choose alternatives for the _________.
    A. future
    B. present
    C. profit
    D. loss
    A. future
    Explanation:Decision-making process consists of five steps, which are need recognition, information search, evaluations of alternatives, purchase and post-purchase behavior. These steps can be a guide for marketers to understand consumers communicate effectively to them. One note is that consumers do not always move in the exact order through the process; it can depend on the type of product, the buying stage of the consumer and even financial status.

  4. Product market integration may be defined as a state wherein both product image and consumer self-image are in focus, there is a match between product attributes and consumer expectations both economic and _________.
    A. social
    B. political
    C. non-economic
    D. none of these
    C. non-economic
    Explanation:Market integration is a term that is used to identify a phenomenon in which markets of goods and services that are somehow related to one another being to experience similar patterns of increase or decrease in terms of the prices of those products.
    •The term can also refer to a situation in which the prices of related goods and services sold in a defined geographical location also begin to move in some sort of similar pattern to one another.

  5. Which of the following is not factors of the demand variable, according to Fillip Kotler?
    A. customer variable
    B. competition variable
    C. environment variable
    D. all of these
    D. all of these
    Explanation:Philip Kotler (born in Chicago, Illinois) is an American marketing author, consultant, and professor.
    •He is the author of over 55 marketing books, including Principles of Marketing, Kotler on Marketing: How to Create, Win, and Dominate Markets, and Marketing 3.0: From Products to Customers to the Human Spirit.
    •Kotler describes strategic marketing as serving as “the link between society’s needs and its pattern of industrial response.”

  6. A good control system should active correct action no sooner _______ occur.
    A. flexible
    B. deviations
    C. controllable
    D. none of these
    B. deviations
    Explanation:An effective marketing control system:
    •Set matching standards
    •Guaranteed quick detection of deviations and prompt action
    •Match with organisation pattern
    •Make it understandable
    •Make it flexible
    •Make it economical

  7. A departmental store offers a wide range of products in an organised fashion and is easily accessible to the _________.
    A. consumers
    B. firm
    C. suppliers
    D. governments
    A. consumers
    Explanation:A departmental store is a large retail trading organization. It has several departments, which are classified and organized accordingly.
    •Departments are made as per different types of goods to be sold.
    •For example, individual departments are established for selling packed food goods, groceries, garments, stationery, cosmetics, medicines, sports, furniture, etc., so that consumers can purchase all basic household requirements under one roof.
    •It provides them maximum shopping convenience and therefore, also called as ‘Universal Providers’ or ‘One spot shopping’. The concept of a departmental store first originated in France.

  8. The net profit will be maximised when _______.
    A. fixed cost remains same
    B. contribution is maximised
    C. fixed is increased
    D. contribution is minimized
    D. contribution is minimized
    Explanation:The net profit margin is a more accurate measure of a company’s profitability, as it reveals the percentage of revenue that actually reflects a company’s profit per dollar of sales.
    •The formula for net profit margin is “Net profit margin = (revenue – cost of goods – operating expenses – other expenses – interest – taxes) / revenue”

  9. Those cost items which attach or cling to units of finished goods are called ________.
    A. full costs
    B. product costs
    C. fixed costs
    D. variable costs
    B. product costs
    Explanation:Product cost refers to the costs used to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead.
    •Product cost should include all costs related to a service, such as compensation, payroll taxes, and employee benefits.
    •The calculation is: (Total direct labor + Total direct materials + Consumable supplies + Total allocated overhead) / Total number of units = Product unit cost)

  10. The contribution approach to pricing is based on the incremental _______.
    A. market force
    B. cost systems
    C. trade customs
    D. cost principle
    D. cost principle
    Explanation:The cost principle is one of the basic underlying guidelines in accounting. It is also known as the historical cost principle. The cost principle requires that assets be recorded at the cash amount (or its equivalent) at the time that an asset is acquired.