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Marketing Awareness Quiz – Set 27

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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 IBPS, LIC, SBI, and other competitive exams. We have included Some Marketing Awareness questions that are repeatedly asked in many bank exams.

  1. The MRTP commission was replaced by which commission  ?
    1.Competition Commission of India
    2.Finance Commission
    3.Nanavati-Shah commission
    4.National Statistical Commission
    5.None of these
    Answer – 1.Competition Commission of India
    Explanation :
    The Monopolies and Restrictive Trade Practices Act, 1969 [MRTP Act] repealed and is replaced by the Competition Act, 2002, with effect from 01st September, 2009

  2. MRTP Act was enacted in which year ?
    1.1997
    2.1969
    3.1996
    4.1970
    5.None of these
    Answer – 2.1969
    Explanation :
    On the basis of recommendation of Dutt Committee, MRTP Act was enacted in 1969 to ensure that concentration of economic power in hands of few rich. The act was there to prohibit monopolistic and restrictive trade practices.

  3. The minimum number of people involved in the exchange marketing is _____________
    1.One
    2.Two
    3.Four
    4.Six
    5.None of these
    Answer – 2.Two
    Explanation :
    A marketing exchange is what happens any time two or more people trade goods or services. In marketing theory, every exchange is supposed to produce “utility,”

  4. Which of the following center is also known as ‘decision-making units’ (DMUs) ?
    1.Marketing Center
    2.Shopping Center
    3.Sales Center
    4.Buying Center
    5.None of these
    Answer – 4.Buying Center
    Explanation :
    A buying center brings together “all those members of an organization who become involved in the buying process for a particular product or service”.Buying centers are also known as ‘decision-making units’ (DMUs)

  5. In which type of exchange, only two parties are involved ?
    1.Restricted Exchanges
    2.Generalized Exchanges
    3.Complex Exchanges
    4.All of these
    5.None of these
    Answer – 1.Restricted Exchanges
    Explanation :
    Simple or “restricted” exchanges are those in which there are only two parties to the exchange. Restricted exchanges are one-on-one relationships, so both parties must receive approximately equal utility if the exchange is to be repeated.

  6. Market orientation business focused on which of the following ?
    1.Distributors
    2.Retailers
    3.Salesman
    4.Customers
    5.None of these
    Answer – 4.Customers
    Explanation :
    Market orientation is a company philosophy focused on discovering and meeting the needs and desires of its customers through its product mix.

  7. ………………….. is the Trade value between two parties
    1.Exchange
    2.Business
    3.Marketing
    4.Transaction
    5.None of these
    Answer 4.Transaction
    Explanation :
    Trade value between two parties denotes transaction of money between two parties in direct and indirect way.

  8. Who will control(s) the flow of information in to and out of the company ?
    1.Gatekeepers
    2.Managers
    3.Executives
    4.Sales Head
    5.None of these
    Answer – 1.Gatekeepers
    Explanation :
    The gatekeeper(s) control(s) the flow of information in to and out of the company and buying center/team

  9. _________________ contributes to the formulation and determination of the specifications of the product or service.
    1.Buyers
    2.Users
    3.Influencers
    4.Sellers
    5.None of these
    Answer 3.Influencers
    Explanation :
    The influencer contributes to the formulation and determination of the specifications of the product or service. The influencer evaluates and recommends which potential supplier satisfies the specific needs of the organization.

  10. Who will make a request to purchase a product or service in buying center?
    1.Buyers
    2.Initiators
    3.Deciders
    4.Sellers
    5.None of these
    Answer –2.Initiators
    Explanation :
    The initiator(s) make a request to purchase a product or service or recognizes the problem, with this action they start the decision-making process. e.g. maintenance manager