Marketing MCQs

✅ The correct answer is option B.
A cluster of complementary goods and services across diverse set of industries is called as Meta market. A Meta market brings together different customers who need not necessarily differentiate between closely related products. Meta market is thus, a place, where everything connected with a certain market can be found.

✅ The correct answer is option C.
Variety-seeking buying behavior is NOT one of these stages. There are 5 steps in a consumer decision making process a need or a want is recognized, search process, comparison, product or service selection, and evaluation of decision.

✅ The correct answer is option B.
Acquiring New Customers Is Important, But Retaining Them Accelerates Profitable Growth.

✅ The correct answer is option A.
Customer value is defined as the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits. Customer Value is the level of satisfaction of your customer towards your business.

✅ The correct answer is option D.
Product choice is greatly affected by economic circumstances. All of the following would be among those circumstances EXCEPT Occupation. Product choice is determined by an interaction between firm characteristics, product characteristics, and market conditions.

✅ The correct answer is option B.
Product knowledge refers to the information a consumer has stored in their memory about a product or service. Product knowledge is an essential sales skill. Understanding your products’ features allows you to present their benefits accurately and persuasively. Customers respond to enthusiastic sales staff who are passionate about their products and eager to share the benefits with them.

✅ The correct answer is option C.
One of the key tasks of marketers is to differentiate their products from those of competitors and to create consumer perceptions that the product is worth purchasing.

✅ The correct answer is option C.
The extended marketing mix for services includes: People, Processes and Physical Evidence. The physical evidence within the service marketing mix refers to an environment in which a service comes about from an interaction between an employee and a customer which is combined with a tangible commodity.

✅ The correct answer is option B.
Institutional markets does not consist of people who buy products and services for personal use. It consists of the all the people who have some unsatisfied demand.

✅ The correct answer is option A.
The Distribution chain refers to the various companies that are involved in moving a product from its manufacturer into the hands of its buyers. The path through which goods and services travel from the vendor to the consumer or payments for those products travel from the consumer to the vendor. A distribution channel can be as short as a direct transaction from the vendor to the consumer, or may include several interconnected intermediaries along the way such as wholesalers, distributers, agents and retailers.