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Marketing Awareness Quiz – Set 15

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Hello Aspirants.

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

  1. Which segmentation divides the market into groups based on not-so-visible characteristics, such as personality traits, lifestyles and attitudes ?
    4.Life Style
    5.None of these
    Answer – 2.Psychographic
    Explanation :
    Psychographic segmentation involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers. This segmentation is advantageous because it allows you to engage in product design and marketing in a focused manner.

  2. All marketing efforts towards one well-defined segment of the population is known as _____________
    Answer – 1.Niche
    Explanation :
    A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.
    Ex. Nano Car

  3. ‘Bad money drives out good’ is a monetary principle of______________
    1.Stylized Fact
    2.Say’s law
    3.Okun’s Law
    4.Gresham’s law
    5 None of these
    Answer – 4.Gresham’s law
    Explanation :
    In economics, Gresham’s law is a monetary principle stating that “bad money drives out good”. For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will disappear from circulation

  4. Which of the following relate unemployment rate with GDP ?   
    1.Okun’s law
    2.Iron Law of Wages
    3.Hotelling’s Law
    4.Gresham’s law
    5.Say’s law
    Answer – 1.Okun’s law
    Explanation :
    Okun’s law states that a one point increase in the cyclical unemployment rate is associated with two percentage points of negative growth in real GDP.

  5. The Segmentation based on age, income, family size, socio-economic status is known as
    1.Generational segments
    2.Demographic segmentation
    3.Psychographic segmentation
    4.Geographic segmentation
    5.Attitudinal segmentation
    Answer – 2.Demographic segmentation
    Explanation :
    Demographic segmentation according to demography is based on consumer- demographic variables such as age, income, family size, socio-economic status, etc

  6. According to Maslow’s hierarchy, customer needs categorised into how many types ?
    5.None of these
    Answer – 3.5
    Explanation :
    Maslow’s hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper.Maslow categorized customer’s needs into 5 types
    1. Physiological needs : food , drink , sleep
    2. Safety needs : protection from threatening situation and economic security.
    3. Social needs : friendship , affection and sense of belonging
    4. Esteem needs : self respect , recognition , status and success
    5. Self – actualization : self – fulfillment.

  7. Comparing one’s business processes and performance metrics with other companies processes and performance is known as ______________
    5.None of these
    Answer – 4.Benchmarking 
    Explanation :
    Benchmarking is comparing one’s business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.

  8. MDSS stands for _____________________
    1.Marketing Demand Support System
    2.Multiple Decision Support System
    3.Money Decision Supply System
    4.Marketing Distribution Support System
    5.None of these
    Answer – 2.Marketing Decision Support System.
    Explanation :
    A marketing decision support system (sometimes abbreviated MKDSS) is a decision support system for marketing activity. The system is used to help businesses explore different scenarios by manipulating already collected data from the past events.

  9. Which law states that ‘supply creates its own demand’ ?
    1.Stylized Fact
    2.Say’s law
    3.Okun’s Law
    4.Gresham’s law
    5 None of these
    Answer – 2.Say’s law
    Explanation :
    The Say’s law of markets is an economic rule that says that production is the source of demand. According to Say’s Law, when an individual produces a product or service, he or she gets paid for that work, and is then able to use that pay to demand other goods and services.

  10. Which segmentation is based on knowledge, attitudes, uses and responses to the product ?
    Answer – 1.Behaviouralistic 
    Explanation :
    Behavioural segmentation divides the market into groups based on their knowledge, attitudes, uses and responses to the product. The following are commonly applied behavioural segments