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web.groovymark@gmail.com
- November 28, 2024
Question 21
What type of research technique involves observing customers in their natural environment?
a) Ethnographic research
b) Survey research
c) Focus groups
d) Behavioral observation
Answer: a) Ethnographic research
Explanation:
Ethnographic research involves direct observation of customers in their natural environments to understand their behaviors, preferences, and interactions with products.
Question 22
What is the main objective of consultative selling?
a) To offer a low price to close the sale quickly
b) To build a long-term relationship by truly understanding the customer’s needs
c) To sell additional products through upselling and cross-selling
d) To ensure the customer makes a purchase, regardless of their needs
Answer: b) To build a long-term relationship by truly understanding the customer’s needs
Explanation:
Consultative selling focuses on building trust and forming relationships with customers by understanding and addressing their unique needs and challenges.
Question 23
Which pricing strategy involves setting a low initial price to quickly attract a large number of customers?
a) Prestige pricing
b) Leader pricing
c) Penetration pricing
d) Price skimming
Answer: c) Penetration pricing
Explanation:
Penetration pricing aims to quickly gain market share by setting an initially low price to attract customers, with the goal of increasing market presence.
Question 24
In the social styles matrix, which behavior characteristic defines an “analytical”?
a) Low responsiveness and low assertiveness
b) High responsiveness and high assertiveness
c) Low responsiveness and high assertiveness
d) High responsiveness and low assertiveness
Answer: a) Low responsiveness and low assertiveness
Explanation:
Analyticals are characterized by low responsiveness and low assertiveness, preferring data-driven decisions and focusing on "how" things work.
Question 25
What is the primary role of “influencers” in the organizational buying process?
a) Make the final purchase decision
b) Provide technical expertise to the decision-making process
c) Suggest products for purchase
d) Approve the budget for a purchase
Answer: b) Provide technical expertise to the decision-making process
Explanation:
Influencers provide expert opinions or technical input to help evaluate potential purchases and their fit within the organization’s goals or needs.
Question 26
Which concept in marketing focuses on understanding and meeting customer needs better than competitors?
a) Product orientation
b) Production orientation
c) Marketing concept
d) Sales orientation
Answer: c) Marketing concept
Explanation:
The marketing concept emphasizes identifying and satisfying the needs and wants of the target customer better than the competition to achieve long-term success.
Question 27
What is a common mistake that can cause negotiations to fail?
a) Having a flexible negotiation style
b) Letting emotions derail the process
c) Offering a win-win solution
d) Allowing for compromises
Answer: b) Letting emotions derail the process
Explanation:
Allowing emotions to influence decisions during negotiations can prevent productive discussions and lead to impasses or unfavorable outcomes.
Question 28
Which approach is taken when marketers use different marketing strategies for different market segments?
a) Concentrated marketing
b) Differentiated marketing
c) Undifferentiated marketing
d) Micromarketing
Answer: b) Differentiated marketing
Explanation:
Differentiated marketing involves creating tailored marketing strategies for various market segments to better meet their specific needs and preferences.
Question 29
According to Porter’s Five Forces model, which of the following increases the bargaining power of suppliers?
a) High number of suppliers in the market
b) Low product differentiation
c) High switching costs for buyers
d) Excess supply of products in the market
Answer: c) High switching costs for buyers
Explanation:
High switching costs make it more difficult for buyers to change suppliers, increasing the power that suppliers hold in negotiations and pricing.
Question 30
Which type of conflict resolution style prioritizes empathy over self-interest?
a) Competition
b) Accommodation
c) Compromise
d) Collaboration
Answer: b) Accommodation
Explanation:
The accommodation style focuses on empathizing with the other party’s needs and preferences, often at the expense of one’s own goals or interests.
Question 31
What type of pricing strategy involves combining multiple related products into one package at a reduced price?
a) Leader pricing
b) Penetration pricing
c) Bundling
d) Price skimming
Answer: c) Bundling
Explanation:
Bundling involves grouping related products together and selling them as a package at a lower price than if they were sold individually, which can increase sales volume.
Question 32
Which organizational role typically makes the final purchase decision in a business?
a) Influencers
b) Initiators
c) Deciders
d) Gatekeepers
Answer: c) Deciders
Explanation:
Deciders hold the authority to make the final purchasing decision, often after input from influencers, gatekeepers, and other stakeholders.
Question 33
Which method of segmentation involves dividing the market based on personality, lifestyle, and activities?
a) Demographic segmentation
b) Geographic segmentation
c) Psychographic segmentation
d) Product-related segmentation
Answer: c) Psychographic segmentation
Explanation:
Psychographic segmentation focuses on characteristics such as personality, lifestyle, values, and interests, helping marketers create more personalized marketing strategies.
Question 34
What is the term for using intermediaries to help move goods from producers to end users?
a) Direct distribution
b) Vertical marketing
c) Indirect distribution
d) Horizontal integration
Answer: c) Indirect distribution
Explanation:
Indirect distribution channels involve using intermediaries like wholesalers, retailers, or distributors to help get products from the manufacturer to the consumer.
Question 35
Which research technique involves small groups of people discussing a topic of interest in detail?
a) Focus groups
b) Ethnographic research
c) Survey research
d) In-depth interviews
Answer: a) Focus groups
Explanation:
Focus groups gather small groups of people to discuss specific topics, providing qualitative insights into consumer attitudes, perceptions, and behaviors.
Question 36
What is a characteristic of a “star” product in the BCG matrix?
a) Low market share in a growing industry
b) High market share in a mature industry
c) High market share in a growing industry
d) Low market share in a declining industry
Answer: c) High market share in a growing industry
Explanation:
A "star" has high market share in a fast-growing industry, requiring significant investment to maintain its position and grow along with the market.
Question 37
Which type of sales approach focuses on solving customer problems through a mix of products and services?
a) Solution selling
b) Consultative selling
c) Transactional selling
d) Direct selling
Answer: a) Solution selling
Explanation:
Solution selling involves diagnosing a customer’s problem and recommending a mix of products or services that provide a comprehensive solution to that problem.
Question 38
What is the main objective of guerrilla marketing?
a) To maximize advertising spend through traditional channels
b) To engage customers through innovative and unconventional tactics
c) To drive sales by offering large discounts on products
d) To increase customer loyalty through consistent messaging
Answer: b) To engage customers through innovative and unconventional tactics
Explanation:
Guerrilla marketing focuses on creative, unexpected methods to capture customer attention, often using minimal resources for maximum impact.
Question 39
Which approach to negotiation begins with the big picture before focusing on details?
a) Deductive
b) Inductive
c) Distributive
d) Integrative
Answer: a) Deductive
Explanation:
Deductive negotiation starts with broader concepts and works down to specific details, often used when the overall framework must be established before discussing finer points.
Question 40
In the social styles matrix, which characteristic defines an “amiable”?
a) Low responsiveness and high assertiveness
b) High responsiveness and low assertiveness
c) Low responsiveness and low assertiveness
d) High responsiveness and high assertiveness
Answer: b) High responsiveness and low assertiveness
Explanation:
Amiables are defined by high responsiveness and low assertiveness, focusing on building relationships and understanding the "why" behind decisions.
