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web.groovymark@gmail.com
- November 28, 2024
Question 01
Which of the following is a characteristic of solution selling?
a) Selling the same product to every customer
b) Tailoring a solution based on the customer’s problem
c) Focusing solely on closing the sale
d) Providing only the cheapest product option
Answer: b) Tailoring a solution based on the customer’s problem
Explanation: Solution selling involves diagnosing the customer's problem and offering a mix of products and services to solve it. The other options do not focus on the customer’s specific needs.
Question 02
In the BCG matrix, what should you do with a product that is classified as a cash cow?
a) Continuously invest large amounts in the product
b) Maximize short-term profits and reinvest in stars and question marks
c) Discontinue the product due to low market growth
d) Treat it like a star by investing heavily
Answer: b) Maximize short-term profits and reinvest in stars and question marks
Explanation: Cash cows generate consistent profit in a low-growth market, and the best strategy is to "milk" these products and use the profits to invest in higher growth opportunities like stars and question marks.
Question 03
What is the final phase in the negotiation process where an agreement is reached or fails?
a) Opening
b) Bargaining
c) Closure
d) Presentation
Answer: c) Closure
Explanation: Closure is the final stage of negotiation, where both parties either reach an agreement or decide to walk away. The other options are earlier stages of the negotiation process.
Question 04
What type of marketing strategy focuses on a very limited, specific segment of the market?
a) Mass marketing
b) Differentiated marketing
c) Niche marketing
d) Undifferentiated marketing
Answer: c) Niche marketing
Explanation: Niche marketing, also known as concentrated marketing, targets a very specific and limited market segment. This is in contrast to mass or undifferentiated marketing, which targets broader audiences.
Question 05
What does the Dual Concern Model grid show?
a) The balance between empathy and assertiveness in conflict styles
b) A plan to expand market share for question marks
c) The relationship between customer lifetime value and retention
d) The market positioning of products based on customer preference
Answer: a) The balance between empathy and assertiveness in conflict styles
Explanation: The Dual Concern Model evaluates the degree of cooperation (concern for others' needs) and assertiveness (concern for one's own needs) in different conflict-handling styles.
Question 06
What is the best approach when dealing with a question mark in the BCG matrix?
a) Abandon the product immediately
b) Divest the product without analysis
c) Carefully analyze if the product can become a star or should be divested
d) Treat it as a cash cow and maximize profits
Answer: c) Carefully analyze if the product can become a star or should be divested
Explanation: Question marks have the potential to become stars or dogs, so they must be analyzed thoroughly to determine whether further investment is worthwhile.
Question 07
Which type of research focuses on exploring ideas, perceptions, and behaviors rather than numerical data?
a) Qualitative research
b) Quantitative research
c) Experimental research
d) Survey research
Answer: a) Qualitative research
Explanation: Qualitative research is used to understand ideas, perceptions, and behaviors, while quantitative research focuses on numerical and statistical data.
Question 08
What is leader pricing?
a) Setting the price high to indicate premium value
b) Offering products below market price to draw customers to the store
c) Bundling similar products for a discount
d) Setting a competitive price based on rivals
Answer: b) Offering products below market price to draw customers to the store
Explanation: Leader pricing involves offering a product below its usual price to attract customers, often in the hope that they will purchase additional items.
Question 09
In which step of the customer life cycle does the company turn a prospect into a paying customer?
a) Retention
b) Acquisition
c) Conversion
d) Advocacy
Answer: c) Conversion
Explanation: Conversion occurs when a prospect makes a purchase, turning them into a paying customer.
Question 10
Which marketing strategy uses existing products to capture new markets?
a) Market penetration
b) Product development
c) Market development
d) Diversification
Answer: c) Market development
Explanation: Market development is a growth strategy where a company tries to sell existing products to new markets. This contrasts with product development, where new products are sold to existing markets.
Question 11
Which conflict-handling style focuses on maximizing self-interest over empathy?
a) Accommodation
b) Collaboration
c) Competition
d) Compromise
Answer: c) Competition
Explanation: The competition style is characterized by a high concern for self-interest and a low concern for others' needs.
Question 12
A customer buys toothpaste with little consideration each month. What type of decision-making process does this represent?
a) Extended problem solving
b) Routine decision-making
c) Limited problem solving
d) High-involvement decision-making
Answer: b) Routine decision-making
Explanation: Routine decision-making involves habitual purchases with little effort or research, typical of low-involvement products like toothpaste.
Question 13
In the BCG matrix, what is a characteristic of a star?
a) High market share in a low-growth market
b) Low market share in a high-growth market
c) High market share in a high-growth market
d) Low market share in a mature market
Answer: c) High market share in a high-growth market
Explanation: A star represents a product with a high market share in a rapidly growing market, requiring significant investment to maintain its position.
Question 14
What is the primary focus of the marketing concept?
a) Developing products based on competitor offerings
b) Identifying and satisfying customer needs and wants
c) Expanding market share by lowering prices
d) Reducing production costs to maximize profit
Answer: b) Identifying and satisfying customer needs and wants
Explanation: The marketing concept focuses on creating value by understanding and fulfilling customer needs and wants.
Question 15
What is a characteristic of a modified rebuy in B2B sales?
a) Purchasing a new product for the first time
b) Reordering a product without changes
c) Reordering a product with modifications to price, quantity, or specifications
d) Canceling an order after initial purchase
Answer: c) Reordering a product with modifications to price, quantity, or specifications
Explanation: In a modified rebuy, the organization makes adjustments to the original order, such as changes to the product specifications, price, or quantity.
Question 16
Which of the following is a vertical marketing system where a single company controls multiple stages of the distribution process?
a) Administered system
b) Contractual system
c) Corporate system
d) Independent system
Correct Answer: b) To prevent unauthorized access to a network
Explanation: Firewalls are designed to block unauthorized access to or from a network, thus protecting the internal systems from external threats.
Question 17
What is a primary advantage of primary research?
a) It is less expensive than secondary data
b) It directly addresses the research problem
c) It is faster to collect than secondary data
d) It relies on previously collected data
Answer: b) It directly addresses the research problem
Explanation: Primary research is designed to directly address the specific research problem, unlike secondary data, which may not be as relevant.
Question 18
Which pricing strategy involves setting a high initial price and lowering it over time?
a) Penetration pricing
b) Price skimming
c) Leader pricing
d) Competitive pricing
Answer: b) Price skimming
Explanation: Price skimming involves setting a high price initially and then gradually lowering it over time as competition increases or demand decreases.
Question 19
What is a key difference between B2B and B2C markets?
a) B2C involves sales to other businesses, while B2B involves direct sales to consumers
b) B2B focuses on individual needs, while B2C focuses on organizational goals
c) B2B involves sales to organizations, while B2C involves sales to end consumers
d) B2C has a longer buying process than B2B
Answer: c) B2B involves sales to organizations, while B2C involves sales to end consumers
Explanation: B2B refers to business-to-business sales, where companies sell products or services to other organizations, whereas B2C refers to sales directly to individual consumers.
Question 20
What type of research is used to understand customer opinions and behaviors through interviews and focus groups?
a) Quantitative research
b) Experimental research
c) Qualitative research
d) Secondary research
Answer: c) Qualitative research
Explanation: Qualitative research explores customer opinions and behaviors through methods like interviews and focus groups.
