-
web.groovymark@gmail.com
- November 29, 2024
Question 41
What is a limitation of primary data sources in marketing research?
a) They are always outdated
b) They are costly and time-consuming to collect
c) They lack credibility
d) They are difficult to interpret
Answer: b) They are costly and time-consuming to collect
Explanation:
Primary data collection is often expensive and requires significant time and resources, but it provides highly specific and relevant data for a company’s marketing needs.
Question 42
Which pricing strategy involves setting a high price to create a perception of exclusivity and premium value?
a) Price skimming
b) Prestige pricing
c) Leader pricing
d) Penetration pricing
Answer: b) Prestige pricing
Explanation:
Prestige pricing sets a higher price to create a sense of luxury and exclusivity, appealing to customers who associate higher prices with higher value.
Question 43
What is the key purpose of using a positioning statement in marketing?
a) To define the target market and how the product is different from competitors
b) To outline the company’s future growth plans
c) To develop pricing strategies for a product
d) To determine the best distribution channels for the product
Answer: a) To define the target market and how the product is different from competitors
Explanation:
A positioning statement clearly defines the target market, the product or service being offered, and how it is differentiated from competitors, helping to guide marketing efforts.
Question 44
Which conflict management style is focused on avoiding confrontation altogether?
a) Competition
b) Collaboration
c) Avoidance
d) Compromise
Answer: c) Avoidance
Explanation:
Avoidance involves steering clear of the conflict rather than addressing it directly, often hoping the issue will resolve itself without confrontation.
Question 45
Which tool in the marketing planning process helps to evaluate the competitive forces in an industry?
a) BCG matrix
b) PEST analysis
c) Porter’s Five Forces
d) SWOT analysis
Answer: c) Porter’s Five Forces
Explanation:
Porter’s Five Forces is a strategic model that evaluates the competitive forces in an industry, including the power of suppliers, buyers, and the threat of new entrants.
Question 46
Which stage of the consumer decision-making process involves searching for options and gathering information?
a) Decision
b) Post-purchase evaluation
c) Problem recognition
d) Search
Answer: d) Search
Explanation:
The search stage occurs when a consumer seeks information about the available options after recognizing a problem or need, helping them evaluate potential purchases.
Question 47
Which BCG matrix quadrant represents products with low market share and high market growth potential?
a) Star
b) Question mark
c) Dog
d) Cash cow
Answer: b) Question mark
Explanation:
A question mark has low market share but exists in a high-growth market. The product has potential for growth but requires significant investment and careful management.
Question 48
Which factor is assessed in the PEST analysis under the social and cultural category?
a) Consumer preferences and societal values
b) Legal regulations and policies
c) Economic trends
d) Technological advancements
Answer: a) Consumer preferences and societal values
Explanation:
Social and cultural factors in PEST analysis include shifts in consumer preferences, societal values, and attitudes that may influence how products are marketed and perceived.
Question 49
Which type of pricing strategy involves setting a new product’s price high initially to maximize profitability?
a) Price skimming
b) Penetration pricing
c) Prestige pricing
d) Leader pricing
Answer: a) Price skimming
Explanation:
Price skimming sets a high initial price for a new product to capture profits from early adopters, with the price gradually lowered over time as competition increases.
Question 50
What is the main focus of vertical marketing systems?
a) Coordinating product development across departments
b) Ensuring uniform pricing across regions
c) Cooperation between different levels of the distribution channel
d) Diversifying the company’s product portfolio
Answer: c) Cooperation between different levels of the distribution channel
Explanation:
Vertical marketing systems involve coordination and cooperation between manufacturers, wholesalers, and retailers to streamline the distribution process and increase efficiency.
