1. What is ‘brand equity’?
A. The financial value of a company’s assets.
B. The differential effect that knowing the brand name has on customer response to the product or its marketing.
C. The cost of creating a brand logo.
D. The number of employees working for a brand.
2. A company decides to acquire a completely unrelated business in a different industry. This is an example of:
A. Market penetration
B. Product development
C. Market development
D. Diversification
3. Which concept emphasizes that a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests?
A. Production concept
B. Product concept
C. Selling concept
D. Societal marketing concept
4. What is the primary goal of marketing?
A. To maximize profit.
B. To build and maintain profitable customer relationships.
C. To increase sales volume.
D. To create innovative products.
5. What is the ‘marketing mix’?
A. The combination of advertising channels used by a company.
B. The set of marketing tools a firm uses to pursue its marketing objectives.
C. The different types of products offered by a company.
D. The various pricing strategies employed by a company.
6. A company that focuses on continuous product improvement and innovation is following which concept?
A. The marketing concept
B. The production concept
C. The product concept
D. The selling concept
7. Which of the following is the most accurate definition of marketing?
A. A process by which companies create customer interest in products or services.
B. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
C. Selling products and services to customers.
D. Advertising and promotion of products and services.
8. A company decides to focus its marketing efforts on millennials. This is an example of:
A. Market penetration
B. Market segmentation and targeting
C. Product development
D. Diversification
9. Which of the following is a demographic segmentation variable?
A. Lifestyle
B. Personality
C. Age
D. Values
10. Which of the following is a key component of a ‘customer relationship management’ (CRM) system?
A. Managing the company’s finances.
B. Collecting and analyzing customer data to improve customer relationships.
C. Developing new products.
D. Managing the company’s supply chain.
11. What is the role of marketing research in the marketing process?
A. To develop new products.
B. To gather and analyze information about the market, customers, and competitors.
C. To create advertising campaigns.
D. To manage the sales force.
12. Which of the following is NOT a key element of a customer-driven marketing strategy?
A. Market segmentation
B. Targeting
C. Differentiation
D. Mass marketing
13. What is the purpose of a ‘value proposition’?
A. To define the company’s mission statement.
B. To communicate the unique benefits a product or service offers to customers.
C. To set the price of a product.
D. To determine the distribution channels for a product.
14. Which of the following is an example of a ‘strength’ in a SWOT analysis?
A. A new competitor entering the market.
B. An outdated technology.
C. A strong brand reputation.
D. A declining economy.
15. A fast-food chain introduces a new burger targeting health-conscious consumers. This is an example of:
A. Market penetration
B. Product development
C. Market segmentation
D. Diversification
16. What is ‘customer lifetime value’ (CLV)?
A. The total sales a customer generates for a company.
B. The predicted revenue a business will generate from a customer during their entire relationship with the company.
C. The cost of acquiring a new customer.
D. The average amount of time a customer remains a customer.
17. Which of the following best describes the concept of ‘customer equity’?
A. The total combined customer lifetime values of all of the company’s customers.
B. The value of a company’s brand name.
C. The amount of money a customer spends on a single purchase.
D. The cost of acquiring a new customer.
18. Which of the following is an example of ‘marketing myopia’?
A. A focus on the immediate needs of customers.
B. Defining a business in terms of products rather than customer benefits.
C. Using data analytics to understand customer behavior.
D. Developing a strong brand image.
19. What is ‘differentiation’ in marketing?
A. Offering lower prices than competitors.
B. Creating a unique and superior value proposition for customers.
C. Selling the same product to different market segments.
D. Using the same advertising campaign across all media channels.
20. What is a ‘market segment’?
A. A group of products that are sold together.
B. A group of customers with similar needs and characteristics.
C. A geographic region where a company sells its products.
D. A type of advertising campaign.
21. A company focusing solely on selling what they make, rather than what the market wants, is exhibiting which marketing orientation?
A. Marketing concept
B. Selling concept
C. Product concept
D. Societal marketing concept
22. What is the purpose of market segmentation?
A. To create a single product that appeals to everyone.
B. To identify and target specific groups of customers with tailored marketing strategies.
C. To lower the price of products.
D. To increase the overall marketing budget.
23. What does SWOT analysis stand for?
A. Sales, Workforce, Opportunities, and Threats.
B. Strengths, Weaknesses, Opportunities, and Threats.
C. Strategy, Worth, Objectives, and Tactics.
D. Service, Warranty, Options, and Training.
24. A company decides to expand its existing product line into a new market it has not previously served. This is an example of:
A. Market penetration
B. Product development
C. Market development
D. Diversification
25. Which of the following is an example of a ‘weakness’ in a SWOT analysis?
A. A strong supply chain.
B. High customer satisfaction.
C. Limited financial resources.
D. Growing market demand.
26. What is ‘positioning’ in marketing?
A. The location where a product is sold.
B. The place a product occupies in consumers’ minds relative to competing products.
C. The process of setting the price of a product.
D. The method of distributing a product.
27. Which of the following is an example of ‘geographic segmentation’?
A. Targeting customers based on their income level.
B. Targeting customers based on their lifestyle.
C. Targeting customers based on their region or city.
D. Targeting customers based on their brand loyalty.
28. Which of the following is NOT one of the four Ps of marketing?
A. Price
B. Promotion
C. People
D. Product
29. Which marketing philosophy considers the long-term welfare of consumers and society?
A. Production concept
B. Selling concept
C. Marketing concept
D. Societal marketing concept
30. What is the main difference between the ‘marketing concept’ and the ‘selling concept’?
A. The marketing concept focuses on profitability, while the selling concept focuses on sales volume.
B. The marketing concept focuses on customer needs, while the selling concept focuses on selling what the company makes.
C. The marketing concept is short-term, while the selling concept is long-term.
D. There is no difference between the two concepts.
31. What is ‘customer lifetime value’ (CLTV)?
A. The predicted revenue a business will generate from a customer during their entire relationship with the company.
B. The initial cost of acquiring a new customer.
C. The total number of customers a company has.
D. The average price of a company’s products.
32. Which of the following is NOT typically considered part of the ‘macroenvironment’ in marketing?
A. Technological factors
B. Economic factors
C. Competitive factors
D. Political factors
33. Which of the following is an example of ‘value’ in the context of marketing?
A. A customer’s perception of the benefits received compared to the costs paid for a product or service.
B. The cost of producing a product or service.
C. The price at which a product or service is sold.
D. The amount of advertising spent on a product or service.
34. Which of the following is an example of ‘place’ in the marketing mix for an online retailer?
A. Website design and logistics
B. Product pricing strategy
C. Social media advertising
D. Customer service policies
35. Which of the following best describes the ‘marketing concept’?
A. A business philosophy that prioritizes maximizing profits above all else.
B. A management orientation that focuses on achieving organizational goals by understanding and meeting customer needs and wants.
C. A sales-oriented approach that emphasizes aggressive promotion and selling techniques.
D. A production-oriented strategy that focuses on efficiency and low costs.
36. What is the purpose of ‘branding’?
A. To create a unique identity and image for a product or company in the minds of consumers.
B. To lower the price of a product.
C. To increase the quantity of products sold.
D. To reduce the cost of advertising.
37. If a company is primarily focused on improving its manufacturing processes to reduce costs, it is likely following the:
A. Production concept
B. Selling concept
C. Marketing concept
D. Societal marketing concept
38. A company launching a new product is using ‘marketing’ to primarily:
A. Communicate the value and benefits of the new product to potential customers.
B. Reduce production costs.
C. Increase employee satisfaction.
D. Minimize environmental impact.
39. What is the primary difference between a ‘need’ and a ‘want’ in the context of marketing?
A. A need is a basic requirement, while a want is a culturally shaped desire for a specific product or service.
B. A need is a luxury, while a want is a necessity.
C. A need is a desire that can never be satisfied, while a want is easily fulfilled.
D. There is no difference; the terms are interchangeable in marketing.
40. Which of the following is an example of a ‘marketing channel’?
A. A retail store
B. A pricing strategy
C. An advertising campaign
D. A product design
41. Changes in laws and regulations that affect businesses are part of the:
A. Political environment
B. Economic environment
C. Technological environment
D. Cultural environment
42. If a business focuses solely on maximizing short-term sales without considering customer needs or long-term relationships, it is likely following the:
A. Selling concept
B. Marketing concept
C. Product concept
D. Societal marketing concept
43. What is the benefit of understanding customer ‘needs’ and ‘wants’ for a marketer?
A. It allows marketers to create products and services that are more likely to be successful.
B. It reduces the need for marketing research.
C. It guarantees customer loyalty.
D. It eliminates competition.
44. What is ‘positioning’ in marketing?
A. Creating a clear and desirable place for a product in the target consumer’s mind relative to competing products.
B. Determining the optimal price for a product.
C. Selecting the best advertising channels.
D. Managing a company’s inventory.
45. A company decides to lower its prices to gain a larger market share. Which of the 4Ps is being addressed?
A. Price
B. Product
C. Promotion
D. Place
46. A local bakery decides to donate a portion of its profits to a local charity. This aligns with which marketing concept?
A. Societal marketing concept
B. Production concept
C. Selling concept
D. Product concept
47. A strong brand helps a company to:
A. Differentiate its products from competitors and build customer loyalty.
B. Reduce production costs.
C. Avoid competition altogether.
D. Increase employee turnover.
48. Which of the following best exemplifies ‘marketing myopia’?
A. A railroad company defining itself as being in the railroad business instead of the transportation business.
B. A company focusing on customer satisfaction.
C. A company adapting to changing market conditions.
D. A company conducting thorough marketing research.
49. A company is analyzing demographic trends such as age, income, and education levels. This is part of analyzing the:
A. Macroenvironment
B. Microenvironment
C. Internal environment
D. Competitive environment
50. A company focusing on ‘building relationships’ with customers to ensure long-term satisfaction is practicing which type of marketing?
A. Relationship marketing
B. Transactional marketing
C. Guerrilla marketing
D. Product marketing
51. Which of the following is NOT one of the four Ps of the marketing mix?
A. Product
B. Price
C. Promotion
D. Packaging
52. A company is using social media to engage with customers and build a community around its brand. This is an example of:
A. Relationship marketing
B. Transactional marketing
C. Direct marketing
D. Guerilla marketing
53. What is the role of ‘marketing research’ in the marketing process?
A. To gather information about consumers, competitors, and the market environment to inform marketing decisions.
B. To create advertising campaigns.
C. To manage a company’s sales force.
D. To set prices for products and services.
54. Which of the following is the best example of a ‘value proposition’?
A. ‘Our product offers superior quality and performance at a competitive price.’
B. ‘Buy our product now!’
C. ‘We are the market leader.’
D. ‘Our product is made in the USA.’
55. What is the ‘societal marketing concept’?
A. A marketing philosophy that considers the long-run welfare of consumers and society in addition to company profits.
B. A marketing strategy focused solely on maximizing profits.
C. A marketing approach that ignores ethical considerations.
D. A marketing practice limited to non-profit organizations.
56. A company that customizes its products and marketing messages to individual customers is practicing:
A. Micromarketing
B. Mass marketing
C. Niche marketing
D. Segment marketing
57. What is the role of intermediaries in a marketing channel?
A. To help move products from the manufacturer to the end consumer.
B. To create advertising campaigns.
C. To set prices for products.
D. To design new products.
58. What is ‘market segmentation’?
A. Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
B. The process of selling products in international markets.
C. Creating a single marketing message for all consumers.
D. The analysis of a company’s internal strengths and weaknesses.
59. A company is using celebrity endorsements in its advertising campaigns. This is an example of which of the 4Ps?
A. Promotion
B. Product
C. Price
D. Place
60. Which marketing orientation assumes that consumers will favor products that offer the most quality, performance, and features?
A. Product concept
B. Selling concept
C. Marketing concept
D. Societal marketing concept
61. What is the production concept?
A. Focusing on producing goods efficiently and in large quantities.
B. Focusing on creating innovative products.
C. Focusing on understanding customer needs and wants.
D. Focusing on providing excellent customer service.
62. Which of the following is the most accurate definition of marketing?
A. A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
B. The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
C. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
D. The management process responsible for identifying, anticipating and satisfying customer requirements profitably.
63. What is the difference between needs and wants?
A. Needs are basic human requirements, while wants are how people choose to fulfill those needs.
B. Needs are optional, while wants are essential.
C. Needs are determined by marketers, while wants are determined by customers.
D. Needs are for luxury items, while wants are for necessities.
64. Which of the following is NOT one of the four Ps of the marketing mix?
A. Price
B. Promotion
C. People
D. Product
65. Which of the following is an example of creating customer ‘delight’?
A. Meeting customer expectations.
B. Exceeding customer expectations in unexpected ways.
C. Providing basic customer service.
D. Reducing product prices.
66. What is the difference between a market-oriented and a product-oriented company?
A. A market-oriented company focuses on customer needs, while a product-oriented company focuses on product features.
B. A market-oriented company focuses on mass marketing, while a product-oriented company focuses on niche markets.
C. A market-oriented company focuses on short-term sales, while a product-oriented company focuses on long-term growth.
D. There is no difference between the two.
67. Which of the following is an example of ‘promotion’ in the marketing mix?
A. Developing a new product design.
B. Offering a discount on a product.
C. Distributing products through online retailers.
D. Running a television advertisement.
68. How does the societal marketing concept differ from the marketing concept?
A. The societal marketing concept considers the long-term welfare of society, while the marketing concept focuses primarily on customer satisfaction.
B. The societal marketing concept focuses on short-term profits, while the marketing concept focuses on long-term growth.
C. The societal marketing concept is more expensive to implement than the marketing concept.
D. There is no difference between the two.
69. What is the primary goal of marketing?
A. To maximize short-term profits.
B. To create value for customers and build strong customer relationships.
C. To increase brand awareness.
D. To reduce production costs.
70. What is the role of technology in modern marketing?
A. To automate marketing processes and improve efficiency.
B. To replace human interaction with customers.
C. To increase marketing expenses.
D. To create barriers to entry for new competitors.
71. Which marketing philosophy focuses on achieving organizational goals by understanding the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
A. Production concept
B. Selling concept
C. Marketing concept
D. Societal marketing concept
72. What is ‘customer equity’?
A. The total combined customer lifetime values of all of the company’s customers.
B. The value of a company’s brand.
C. The amount of money a customer spends on a company’s products.
D. The level of customer satisfaction with a company’s products.
73. What is ‘market segmentation’?
A. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
B. Selling products in different geographical locations.
C. Offering products at different price points.
D. Promoting products through different channels.
74. What is ‘marketing myopia’?
A. The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
B. The practice of focusing solely on short-term sales gains.
C. The failure to conduct adequate market research.
D. The inability to adapt to changing market conditions.
75. What does ‘value’ mean in the context of marketing?
A. The monetary worth of a product.
B. The ratio of benefits to costs.
C. The lowest price at which a product can be sold.
D. The features and attributes of a product.
76. What is the importance of understanding the competitive landscape in marketing?
A. To identify opportunities and threats.
B. To copy competitor strategies.
C. To ignore competitor actions and focus solely on internal operations.
D. To reduce marketing expenses.
77. What is ‘target marketing’?
A. Selecting one or more segments to pursue.
B. Attempting to appeal to all potential customers.
C. Ignoring market segments and focusing on mass marketing.
D. Selling products only to existing customers.
78. How can companies avoid marketing myopia?
A. By focusing on the long-term needs and wants of customers.
B. By continuously improving product features.
C. By aggressively promoting their products.
D. By reducing production costs.
79. Which of the following is a potential drawback of the selling concept?
A. It may lead to dissatisfied customers and damage the company’s reputation.
B. It may result in lower sales volumes.
C. It may require higher marketing expenses.
D. It may be difficult to implement.
80. How does ‘customer lifetime value’ (CLV) impact marketing decisions?
A. It helps companies focus on building long-term relationships with profitable customers.
B. It encourages companies to focus on short-term sales gains from all customers.
C. It has no impact on marketing decisions.
D. It only applies to certain industries.
81. Which of the following is an example of ‘place’ in the marketing mix?
A. Advertising on social media.
B. Setting a competitive price.
C. Distributing products through retail stores.
D. Developing a new product feature.
82. What is ‘positioning’ in marketing?
A. Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
B. The physical location where a product is sold.
C. The process of setting a product’s price.
D. The process of selecting the best advertising channels.
83. How can social media be used in marketing?
A. To build brand awareness, engage with customers, and drive sales.
B. To avoid direct interaction with customers.
C. To replace traditional advertising methods entirely.
D. To focus solely on selling products without building relationships.
84. What is the societal marketing concept?
A. A marketing philosophy that considers the long-term welfare of society along with customer wants and company requirements.
B. A marketing philosophy that focuses solely on maximizing profits for the company.
C. A marketing philosophy that prioritizes customer satisfaction above all else.
D. A marketing philosophy that emphasizes the production of goods at the lowest possible cost.
85. What is customer relationship management (CRM)?
A. A system for managing a company’s finances.
B. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
C. A strategy for reducing production costs.
D. A method for tracking employee performance.
86. What is the selling concept?
A. Focusing on aggressive sales techniques to achieve high sales volumes.
B. Focusing on understanding customer needs and wants.
C. Focusing on producing high-quality products.
D. Focusing on building long-term customer relationships.
87. Which of the following is a key element of a customer-driven marketing strategy?
A. Focusing on mass marketing to reach the largest possible audience.
B. Segmenting the market and targeting specific customer groups.
C. Ignoring competitor actions and focusing solely on internal operations.
D. Prioritizing short-term sales gains over long-term customer relationships.
88. How does marketing create value for customers?
A. By offering products at the lowest possible price.
B. By providing benefits that meet customer needs and wants.
C. By using aggressive sales tactics to persuade customers to buy.
D. By focusing solely on product features and ignoring customer feedback.
89. Which of the following is an example of a ‘need’?
A. A desire for a luxury car.
B. A craving for a specific brand of soda.
C. The requirement for food to survive.
D. The preference for a particular style of clothing.
90. What is the role of marketing research in the marketing process?
A. To develop new product ideas.
B. To understand the marketplace and customer needs and wants.
C. To set prices for products.
D. To manage a company’s social media accounts.
91. Which of the following is an example of a ‘want’ in marketing?
A. The need for food.
B. The need for shelter.
C. The desire for a specific brand of clothing.
D. The need for water.
92. Which of the following is NOT one of the four Ps of the marketing mix?
A. Product
B. Price
C. Promotion
D. People
93. Which of the following best describes the core concept of marketing?
A. Production and distribution efficiency.
B. Creating, communicating, and delivering value to customers.
C. Maximizing short-term profits.
D. Selling as many products as possible.
94. What is ‘customer lifetime value’?
A. The total revenue a customer brings to the company.
B. The discounted stream of future profits a customer will generate over their relationship with the firm.
C. The cost of acquiring a new customer.
D. The number of years a customer remains loyal.
95. What is ‘market segmentation’?
A. Creating new products for existing markets.
B. Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
C. Selling products in international markets.
D. Focusing on a single customer segment.
96. What is the meaning of ‘value proposition’?
A. The price of a product.
B. The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
C. The cost of producing a product.
D. The company’s mission statement.
97. Which of the following reflects the ‘marketing concept’ philosophy in practice?
A. A company aggressively pushing sales of its existing products.
B. A company investing heavily in research to understand customer needs before developing new products.
C. A company focusing on mass production to lower costs.
D. A company prioritizing short-term profits over customer satisfaction.
98. Which of the following best describes ‘customer equity’?
A. The value of a company’s brand name.
B. The total combined customer lifetime values of all of the company’s customers.
C. The cost of acquiring new customers.
D. The percentage of customers who are loyal to a brand.
99. What is the purpose of ‘target marketing’?
A. To appeal to all potential customers.
B. To focus marketing efforts on one or more key customer segments.
C. To lower advertising costs.
D. To increase production volume.
100. A business that defines itself as being in the ‘transportation’ industry rather than the ‘railroad’ industry is avoiding:
A. Market segmentation
B. Marketing myopia
C. Product differentiation
D. Target marketing
101. Which of the following is the most direct result of successful marketing?
A. Increased advertising spending.
B. Strong customer relationships.
C. Lower production costs.
D. Higher employee satisfaction.
102. A firm that aims to achieve short-term sales gains without regard for long-term customer relationships is likely following the:
A. Marketing concept
B. Selling concept
C. Societal marketing concept
D. Production concept
103. What is the potential downside of the ‘production concept’?
A. It can lead to higher prices.
B. It may result in neglecting customer needs and preferences.
C. It can reduce production efficiency.
D. It can limit product availability.
104. Which of the following is NOT a key element of a customer-driven marketing strategy?
A. Market segmentation
B. Targeting
C. Differentiation
D. Mass production
105. If a company focuses primarily on making products affordable and widely available, it is likely following the:
A. Marketing concept
B. Selling concept
C. Product concept
D. Production concept
106. Which concept emphasizes the importance of ethical and socially responsible actions in marketing?
A. Selling concept
B. Product concept
C. Societal marketing concept
D. Production concept
107. What is the primary goal of the ‘selling concept’?
A. Understanding customer needs.
B. Building long-term customer relationships.
C. Selling what the company makes, rather than making what the customer wants.
D. Creating products that are easy to sell.
108. What is a ‘need’ in the context of marketing?
A. A want backed by purchasing power.
B. A basic human requirement.
C. A specific product or service.
D. A desire for luxury items.
109. Which marketing orientation focuses on achieving organizational goals by understanding the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
A. Production concept
B. Selling concept
C. Marketing concept
D. Product concept
110. Which of the following is most closely associated with creating ‘customer satisfaction’?
A. Offering the lowest prices.
B. Meeting or exceeding customer expectations.
C. Aggressive advertising.
D. Maximizing production output.
111. What is ‘differentiation’ in marketing?
A. Selling the same product at different prices.
B. Creating superior customer value by actually differentiating the company’s offering.
C. Targeting multiple market segments.
D. Reducing production costs.
112. A company donating a portion of its profits to a charitable cause as part of its marketing efforts is an example of:
A. The selling concept
B. The product concept
C. The societal marketing concept
D. The production concept
113. A company focusing on continuously improving its product without considering customer needs is following the:
A. Marketing concept
B. Selling concept
C. Product concept
D. Societal marketing concept
114. How does ‘marketing’ differ from ‘sales’?
A. Marketing is focused on short-term goals, while sales is focused on long-term goals.
B. Marketing focuses on understanding and meeting customer needs, while sales focuses on convincing customers to buy.
C. Marketing and sales are essentially the same thing.
D. Sales is more important than marketing.
115. What is ‘partner relationship management’?
A. Managing relationships with competitors.
B. Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
C. Managing relationships with government regulators.
D. Managing relationships with shareholders.
116. Which of the following is an example of ‘marketing myopia’?
A. Focusing on the benefits of a product rather than its features.
B. Defining a business in terms of products rather than customer needs.
C. Conducting thorough market research.
D. Adapting to changing market conditions.
117. A company that only considers the immediate needs of consumers and ignores the long-run welfare of consumers and society is practicing:
A. Sustainable marketing
B. Societal marketing
C. Unethical marketing
D. Short-sighted marketing
118. What is the role of ‘exchange’ in marketing?
A. The process of advertising a product.
B. The act of obtaining a desired object from someone by offering something in return.
C. Setting a price for a product.
D. Distributing products to retailers.
119. Which of the following is the best example of ‘customer-perceived value’?
A. The actual cost of producing a product.
B. The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
C. The price a company charges for its products.
D. The amount of advertising a company does.
120. What is ‘customer relationship management’ (CRM)?
A. Managing the company’s finances.
B. Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
C. Controlling the supply chain.
D. Overseeing the production process.
121. Which of the following is NOT a part of the marketing mix?
A. People.
B. Price.
C. Place.
D. Promotion.
122. What does SWOT analysis stand for?
A. Strengths, Weaknesses, Opportunities, and Threats.
B. Sales, Wages, Operations, and Technology.
C. Strategy, Work, Organization, and Teamwork.
D. Service, ওয়ারেন্টি, Ownership, and টাইম.
123. What is the main benefit of adopting a customer relationship management (CRM) strategy?
A. Building customer loyalty and long-term relationships.
B. Reducing marketing expenses.
C. Increasing sales volume.
D. Improving product quality.
124. What is the focus of the ‘promotion’ element in the marketing mix?
A. Communicating the value of products to target customers.
B. Setting prices that maximize profit.
C. Developing new product features.
D. Managing inventory levels.
125. Which of the following is an example of a ‘want’ in marketing?
A. A desire for a specific brand of clothing.
B. The need for food.
C. The need for shelter.
D. The need for water.
126. A company that primarily focuses on selling existing products rather than understanding evolving customer needs is likely exhibiting:
A. Marketing Myopia.
B. The Marketing Concept.
C. Effective Market Segmentation.
D. Sustainable Competitive Advantage.
127. What is the marketing environment?
A. The competitive, economic, political, legal, regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.
B. The physical location where products are sold.
C. The company’s internal resources and capabilities.
D. The activities involved in selling products.
128. Which of the following is an example of a ‘need’ in marketing terms?
A. Basic necessities like food, water, and shelter.
B. A desire for a luxury car.
C. Wanting the latest smartphone.
D. A preference for a specific brand of clothing.
129. Which of the following is the most accurate definition of marketing?
A. The process of creating, distributing, promoting, and pricing goods and services to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
B. The process of selling products to customers.
C. The process of advertising products.
D. The process of managing a company.
130. What is the purpose of a marketing plan?
A. To provide a framework for implementing and controlling marketing activities.
B. To maximize short-term profits.
C. To develop innovative products.
D. To reduce production costs.
131. A technology company releases a new smartphone with advanced features just as a major economic recession begins. This represents a challenge primarily from which element of the marketing environment?
A. Economic forces.
B. Technological forces.
C. Sociocultural forces.
D. Competitive forces.
132. What is the role of marketing ethics in marketing?
A. To guide marketers’ decisions and actions with principles of honesty and fairness.
B. To maximize profits regardless of consequences.
C. To manipulate consumers into buying products.
D. To ignore stakeholders’ concerns.
133. Which of the following scenarios best illustrates the application of the marketing concept?
A. A company conducts extensive research to understand customer preferences before developing a new product.
B. A company focuses solely on mass production to lower costs.
C. A company relies heavily on aggressive advertising to boost sales.
D. A company prioritizes internal efficiency over customer satisfaction.
134. Which of the following is a key component of a marketing strategy?
A. Target market selection.
B. Production efficiency.
C. Financial planning.
D. Human resource management.
135. What is the primary focus of the marketing concept?
A. Achieving organizational goals by meeting customer needs and wants.
B. Maximizing profits by reducing costs.
C. Increasing sales volume through aggressive promotion.
D. Developing innovative products and technologies.
136. What is the role of stakeholders in marketing?
A. To influence marketing activities through their interests and concerns.
B. To directly purchase products and services.
C. To manage the company’s finances.
D. To develop new product features.
137. Before launching a new line of organic baby food, a company analyzes consumer trends, competitor offerings, and potential regulatory changes. This activity is most closely related to:
A. Environmental Scanning.
B. Product Development.
C. Sales Forecasting.
D. Brand Management.
138. What is the primary goal of marketing research?
A. To gather information to make better marketing decisions.
B. To increase sales volume.
C. To reduce marketing expenses.
D. To develop innovative products.
139. How can a company overcome marketing myopia?
A. By defining its mission in terms of customer needs rather than products.
B. By focusing on maximizing profits.
C. By ignoring competitors’ actions.
D. By reducing marketing expenses.
140. Which of the following is an example of a sociocultural force in the marketing environment?
A. Changes in consumer attitudes and lifestyles.
B. Interest rates and inflation rates.
C. New technological innovations.
D. Government regulations on advertising.
141. Which of the following is a key characteristic of the marketing concept?
A. A customer-centric approach.
B. A product-centric approach.
C. A sales-centric approach.
D. A production-centric approach.
142. How does the concept of ‘customer lifetime value’ (CLV) impact marketing decisions?
A. It encourages marketers to focus on building long-term customer relationships.
B. It encourages marketers to focus on short-term sales.
C. It encourages marketers to ignore customer service.
D. It encourages marketers to reduce marketing expenses.
143. What is the first step in the strategic planning process?
A. Analyzing the organization’s strengths and weaknesses.
B. Developing a marketing strategy.
C. Identifying the target market.
D. Setting marketing objectives.
144. Which element of the marketing mix involves decisions about channels of distribution and physical distribution?
A. Place.
B. Price.
C. Promotion.
D. Product.
145. What is the role of marketing in creating value for customers?
A. To provide benefits that meet customers’ needs and wants.
B. To maximize company profits.
C. To create innovative products.
D. To reduce production costs.
146. A local bakery decides to offer a ‘buy one, get one free’ promotion on all cupcakes. This is an example of which element of the marketing mix?
A. Price.
B. Product.
C. Place.
D. Promotion.
147. What is ‘value’ in the context of marketing?
A. A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
B. The monetary price of a product.
C. The features and attributes of a product.
D. The amount of advertising a product receives.
148. Which of the following best describes ‘marketing myopia’?
A. Focusing on products rather than customer needs.
B. Focusing on short-term profits.
C. Focusing on competitor’s actions.
D. Focusing on internal operations.
149. How does technology impact the marketing environment?
A. By creating new products, distribution, and communication methods.
B. By reducing the need for marketing research.
C. By eliminating competition.
D. By decreasing the importance of customer service.
150. What is the significance of ‘exchange’ in marketing?
A. It is the provision or transfer of goods, services, or ideas in return for something of value.
B. It is the process of advertising products.
C. It is the process of setting prices.
D. It is the process of distributing products.
