MKT501 Mid Term Solved Paper By

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1 MKT501 Mid Term Solved Paper By Q1 The building, holding, and harvesting are the types of: a) Market dominance strategy b) Innovation strategy c) Aggressiveness strategy (page 17) d) Diversification strategy Q2 Any tangible thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called: (a) Service (b) Product (page 23) (c) Demand (d) Idea Q3 A brand name is one of the elements of the: (a) Augmented product (b) Actual product (page 23) (c) Core benefit (d) Discounted product Q4 Identify the strategy that deals with the rate of new product development. (a) Innovation strategy (page 17) (b) Aggressiveness strategy (c) Vertical integration (d) Horizontal integration Q5 The high cost, low sales volume and losses are likely to occur at the: (a) Decline stage (b) Maturity stage (c) Introduction stage (page 25) (d) Growth stage Q6 Aggressive pricing is associated with which of the following stage of product life cycle? (a) Introduction (b) Maturity 1

2 (c) Decline (d) Growth Q7 Which of the following is NOT a common reason of decline in the product sales? (a) Competition increases (b) Technology advances (c) Consumer tastes change (d) Increase in product demand Q8 ABC Company is engaged in new product development process. After idea generation, screening, concept development and going through the business analysis. Identify the next step of the company. (a) Consumer testing (b) Beta testing (page 27) (c) Alpha testing (d) Home-placement testing Q9 With what groups do firms conduct concept testing for new products? (a) Competitors (b) Target customers (c) Employees (d) Focus groups Q10 Introducing a new product into the market is called: (a) Commercialization (page 28) (b) Experimenting (c) Beta testing (d) Test marketing Q11 To coordinate many activities involved in launching a new product, which of the following can be used by the marketers? (a) Consumer path scheduling (b) Consumer path analysis (c) Critical Path analysis (page 28) (d) Critical Path Scheduling Q12 Which of the following is quick in innovation? (a) Capital goods (b) Food items (c) Industrial goods (d) IT products 2

3 &aqi=&aql=&oq=&gs_rfai=&fp=d c8 Q13 ABC Co., a major Swedish multinational, provides an example of the power of innovative packaging and customer thinking. ABC Co. is involved in which of the following types of packaging that enables milk, fruit juice, and other perishable liquid foods to be distributed without refrigeration? (a) Boxes (b) Blister packs (c) Cartons (d) Aseptic packages (repeated) Q14 Packaging used for the ice creams is an example of which of the following? (a) Transport packaging (b) Decorative packaging (c) Secondary packaging (d) Primary packaging Q15 Which of the following is a name, term, sign, symbol, design, or a combination of these, that identifies the product or service? Label Co-brand Brand Product Q16 A company has different choices when it comes to developing brands. Which is not one of those choices? (a) Width and depth extension (b) Brand extension (c) Multibrands (d) Line extension Q17 When a company introduces additional items in a given product category under the same brand name, such as new flavors, forms, colors, ingredients, or package sizes it is called as: (a) Line extension 3

4 (b) Brand extension (page 37) (c) Multibrands (d) Co-branding Q18 Which of the following is a brand created and owned by a larg retailer of a product after purchasing in large quantity from manufacturer? Co-brand Private brand (page 36) Manufacturer's brand Licensed brand Q19 ABC Company sells the right to use brand name to other company for noncompeting product the company is following: (a) Brand licensing (page 37) (b) Co-branding (c) Family branding (d) Individual branding Q20 Numerical monetary value of a product is the best description of which of the following? (a) Place (b) Price (page 38) (c) Promotion (d) Cost Q21\ Commission is the price of which of the following? (a) Retailer (b) Salesperson (c) Executive (d) Wholesaler Q22 Which of the following method is mostly used in the retailing? (a) Online shops (b) Courier service (c) Self-service (d) Counter-service (page 41) Q23 Which of the following is NOT an objective of discounts? (a) Move out-of-date stock (b) Reward competitors (page 43) 4

5 (c) Reward valuable customers (d) Increase short-term sales Q24 Some times companies reduce price for bulk purchases. To which of the following would this statement hold TRUE? Seasonal discounts Trade discounts Quantity discounts (page 44) Cash discounts Q25 The buyer at ABC Furniture Store is informed that if he/she will increase his/her recent order of fifteen mattress sets to twenty, she will receive a 14 percent price reduction. This offer is due to a recent overstock condition at the factory and will not be available in the future. What is the type of discount offered by ABC Furniture store? (a) Seasonal (b) Non-cumulative (c) Promotional (d) Trade Q26 Market price is also known as: (a) List price (b) Retail price (c) Effective price (page 43) (d) Wholesaler price Q27 A seller wants payment from buyer within 10 days of sales (whereas customer can made payment within 30 days) and offers 4% discount if payment is made within 10 days. What type of cash discount will be suitable? (a) 4/10 net 30 (page 43) (b) 10/4 net 30 (c) 10/30 net 4 (d) 4/30 net 10 Q28 All of the following conditions favor setting a penetration price EXCEPT: (a) Production and distribution costs fall as sales volume increases (b) The market is highly price sensitive (c) The product s quality and image supports the price (d) The low price discourages actual and potential competitors Q29 5

6 Mr. Ahmed wants to introduce a new product with the goal of quickly gaining mass-market share. As a consultant, you would recommend which of the following strategy? (a) Market-penetration (b) Market-skimming (c) Psychological pricing (d) Cost-orientated pricing Q30 A company wants to maximize market share, assuming that market is price sensitive. What pricing strategy you would suggest for the company to achieve this objective? (a) Cost- oriented pricing (b) Skimming pricing (c) Premium pricing (d) Penetration pricing (page 45) Q31 Which of the following markets require developing a superior product and packaging along with continuous advertising? (a) Global markets (b) Non profit/government markets (c) Business markets (d) Consumer markets(page 2) Q32 Which one of the following 4Ps of marketing mix involves in decisions regarding list prices, discounts, allowances and payment periods or credit terms? (a) Product (b) Price (page 4) (c) Place (d) Promotion Q33 Which of the following 4Ps of marketing mix involves in decisions regarding channels coverage, assortments, locations, inventories or transports? (a) Product (b) Place (page 4) (c) Price (d) Promotion Q34 Which of the following are value maximizers? 6

7 (a) Customers (b) Sellers (c) Marketers (d) Manufacturers Q35 Which of the following firms emphasizes on product s benefits to the customers rather product attributes? (a) Market oriented (page 6) (b) Sales oriented (c) Product oriented (d) Production oriented Q36 The phenomenon, when a customer dislikes a product and talks against the product, is termed as: (a) Unfavorable environment (b) Propaganda (c) Bad mouth (page 8) (d) Bad impression Q37 Which of the following is NOT a distribution decision? (a) Inventory management (b) Personal selling (page 14) (c) Warehousing (d) Distribution centers Q38 If a bakery business bought a wheat farm in order to reduce the risk associated with the dependency on flour. Identify the type of integration. (a) Backward vertical integration (b) Balanced vertical integration (c) Forward horizontal integration (d) Forward vertical integration Q39 Which one of the following strategies emphasizes on brand image? (a) Cost leadership strategy (b) Market dominance strategy (c) Differentiation strategy (page 20) (d) Market segmentation strategy Q40 Which of the following products requires mass promotion by a producer? (a) Convenience (b) Shopping (c) Specialty (page 24) 7

8 (d) Unsought Q41 Setting price for the product is critical task for the marketers. What are the critical questions do you think a marketer should answer before setting the price and also explain the factors that influence the pricing objectives. 8