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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
A cosmetic manufacturing company is spending a lot of money on advertisement to sell their products as they believe that the seles of good depends on the quality of advertisement.Name the marketting phiologophy followed by him. State any other two marketing philosophy. |
| Answer» The type of marketting philosophy followed by this firm is "selling concept". | |
| 52. |
Expalin any two functions of marketing that are performed before goods actually produced. |
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Answer» (i) Gathering and analysing market information (ii) Marketing planning (iii) Product designing and development |
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| 53. |
R & T Reality, the property development arm of the construction and engineering giant R & T in a recent report to the media shared that it is betting on bigger and bette projects providing greater benefits to the customers, lower prices and faster execution to boost its growth. The spokesperson of the company informed the media that besides the innovative features, quality and brand, the fair pricing followed by the company is also a hit with the buyers.He said that the company is also focusing on accurate, speedy and timely delivery. Proper communication with the market was being maintained through advertising. Even dealers were to be offered incentives to boost the sales. The above para describes the combination of variables used by R&T Reality to prepare its market offering. Identify and explain briefly the variables. |
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Answer» The following are the variables used by R & T Reality to prepare its market offering: (a) Product (b) Price (c ) Place (d) Promotion |
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| 54. |
Raman, Joginder, John, Iqbal and Shreya are friends. They are operating different businesses, Each one has his/her own concept regarding operating their businesses. Raman believes in producing products at a large scale, thereby decreasing the average cost of the products and selling it at a reasonable price. Joginder focuses on providing best quality products beccause he believes that a customer always wishes to buy a good quality product. The price of the product is secondary. John is of the belief most important aspect of business is sales and so he undertakes aggressive selling and promotional effort. Iqbal believes that his firm can achieve its goals only by identifying the needs of the customer satisfying them better than the competitors. Shreys feels that her firm has a responsibility towards the society as well. So she provides customer satisfaction along with using techniques which are environmental friendly. Identify and explain the marketing concepts followed by each of them. |
| Answer» Raman - Production concept, Joginder - Product concept, John - Selling concept, Iqbal - Marketing concept and Shreya - Societal marketing concept | |
| 55. |
How advertising creates confidence amongst prospective buyers ? |
| Answer» When products are advertised, buyers feel more comfortable and assured about the product quality and hence feel more satisfied. | |
| 56. |
Where should warehouse for a agricultural goods be located ? |
| Answer» Warehouse for storing agricultural goods should be located near the production sites. | |
| 57. |
What is the societal concept of marketing? |
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Answer» The societal marketing concept is n extension of the marketing concept as customer satisfaction is supplemented by social welfare. This concept pays attention to social , ecological and ethical aspects of marketing for dealing with problems like environmental pollution, deforestation, shortage of resources, population explosion , etc. |
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| 58. |
Which concept of marketing suggests that organisation should earn profit through customer satisfaction and soclal welfare? |
| Answer» Societal Marketing Concept | |
| 59. |
Simone, a budding entrepreneur wishes to operate a business of Flowers. Since they are perishable in nature, she plans to open a flowoer so that she can directly sell them to the customers. Being a small venture, the number of consumers is also less. So she decides that the direct channel of distribution is better. Her friend, Ankit is a manufacture of gift items. He is confused regarding the level of channel he should follow. Can you guide him regarding the problem? Give points for support of yours answers. |
| Answer» Correct Answer - Indirect. | |
| 60. |
If a manufacturer achieves a breakthrough by developing a car engine, which can run on both petrol and disel, and this news is covered by televison or radio or newspapers in the form of a news item. It would be termed asA. publicityB. advertisingC. sales promotionD. personal selling |
| Answer» Here in question, the case is of publicity because the engine manufacturer would benefit from such dissemination of information about its achievement by the media but would not bear any cost for the same. | |
| 61. |
Identify the four market segments that Nokia plans to address as per the news report above. |
| Answer» Live, connect, achieve and explore. | |
| 62. |
You have invented a new device to detect impurities of petrol. Which two advertising media would you use and why? |
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Answer» I would prefer to use following two media. i) Newspapers, ii) TV [Give advantages of both the media]. |
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| 63. |
Advertising is an economical mode of communication. Do you agree? |
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Answer» Yes, because of its wide reach, the overall cost of advertising gets spread over numerous communication links. As a result, per unit cost of advertising comes low. |
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| 64. |
Zoom Udyog, a car manufacturing Co., has started its business with Zoom 800 and slowly launched Zoom-1000, Wagon-Z, Swy-fy etc. and offered various services like after sale service, availability of spare parts etc. Identify the element of marketting mix referred here. |
| Answer» Correct Answer - Product. | |
| 65. |
Explain the major activities involved in the physical distribution of products. |
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Answer» The major activities involved in the physical distribution of Products. `(a)` ORDER PROCESSING : The product flow from manufacturers to customers with the help of channels of distribution whereas the orders flows in the reverse direction from the customers. The physical goods distribution system should provide for speedy and accurate processing of orders. `(b)` TRANSPORTATION : It is regarded as the backbone of any producing unit or company. If the means of transportation are not effective and quick, company may suffer loss and even loss their customer base. `(c)` WAREHOUSING : Warehousing is required to meet distribution system more effective. The important decisions in the distribution system is to choose the place of storage of the products. For the goods requiring long term storage, warehouses are located near the production site whereas the goods which are bulky in size are stored near the markets. `(d)` INVENTORY CONTROL : Warehousing decision is directly linked inventory control. As for the inventory touches lower level, the store keeper order for more inventory. Higher the level of inventory will ensure higher customers satisfaction but it will lead to high holding and insurance cost. |
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| 66. |
Describe the functions of labelling in the marketing of products. |
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Answer» Functions of labbelling are : `(i)` Describe the product and specify its contents It specifies the contents and other features of the product. It enables the manufacturer to give clear instructions to the consumer about the proper use of his product. It helps to describe the product, its usage, cautions in use, contents manufacturing and expiry dates, price, quantity , etc. `(ii)` Identification of the product or brand It gives a definite identity to the product or brand and therefore, the identification of a product becomes easy. e.g. The name Pears printed on toilet soaps helps us to know which soap out of several soaps is Pears. `(iii)` Grading of products It enables the manufacturer to grade the product into different categories, e.g. Hindustan Lever sells different grades of tea under green, yellow and red labels. |
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| 67. |
What is advertising ? Explain briefly its advantages to manufacturers and customers. |
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Answer» Advertising means any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor. Benefits to Manufacturers1.It increases sales volume by creating attraction towards the product. 2.It helps easy introduction of new products into the markets by the same manufacturer. 3.It helps to create an image and reputation not only of the products but also of the producer or advertiser. In this way, it creates goodwill for the manufacturer. 4.Retail price, maintenance is also possible by advertising where price appeal is the promotional strategy. 5.It helps to establish a direct contact between manufacturers and consumers. Benefits to Consumers 1.Advertising provides awareness of the existence of the product to the customer. 2.Advertising stresses quality and very often prices. This forms an indirect guarantee to the consumers of the quality and price. Further large scale production assumed by advertising enables the seller to seller product at a lower cost. 3.Advertising helps in eliminating the middlemen by establishing direct contacts between producers and consumers. It results in cheaper goods. 4.It helps them to know where and when the products are available. This reduces their shopping time. 5.It provides an opportunity to the customers to compare the merits and demerits of various substitute products. |
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| 68. |
Enumerate the pricing objectives of a firm. |
| Answer» A company can choose from pricing objectives such as maximizing profits, maximizing sales, capturing market share, achieving a target return on investment (ROI) from a product, and maintaining the status quo in terms of the price of a product relative to competing products. | |
| 69. |
How is marketing relevent to non-profit organisations? |
| Answer» Marketing is relevant to non-profit organisations such as hospitals, schools, sports club etc. It helps these organisations in spreading social messages sch as family planning, improving literacy rates and providing medication to the sick. | |
| 70. |
Zoom Udyog, a car manufacturing Co., has started its business with Zoom 800 and slowly launched Zoom-1000, Wagon-Z, Swy-fy etc. and offered various services like after sale service, availability of spare parts etc. Identify the element of marketing mix referred here. |
| Answer» Correct Answer - Product | |
| 71. |
One manufacture of electronic product produces such products which need special care while using it. But the company has not given the intructions to consumers. If you were the manager of the company what steps you would take? |
| Answer» Give all the information on Label. | |
| 72. |
Proper and Gamble (India) has many products such as Vicks (health care), Airtel and Tied (fabric care), pamper (baby care). While LG and Samsung use the same name for all the products be it TVs, refrigerators, washing machines. They are all solid in the name of LG or Samsung. These decision, whether to sell under different names or single name, forms an important area of marketing function. Identify it. |
| Answer» Branding This strategy is an important decision, whether to give separate brand name to each product or same brand name will be extended to all products. | |
| 73. |
What are the benefits of market research ? |
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Answer» The benefits of market research are : `(i)` It helps in determining and facing competition. `(ii)` It helps in determining needs and wants of customers. `(iii)` It helps in increasing demand of products. |
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| 74. |
List the decisions involved in the physical distribution of a product. |
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Answer» The decisions involved in the physical distribution of a product are : `(i)` Decision regarding channels of distribution. `(ii)` Physical movement of goods i.e. transportation. |
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| 75. |
State any two pIllars of marketing concept. |
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Answer» Pillars of marketing concept: `(i)`Target Market:Companies do the best when they choose their target market’s carefully and prepare tailored marketing program. `(ii)`Customer Needs:Companies do the best when they choose their target market’s carefully and prepare tailored marketing program |
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| 76. |
Which concept to attracting and persuading customers to buy the products?A. Production conceptB. Product conceptC. Sales conceptD. Marketing concept. |
| Answer» Correct Answer - Sales concept | |
| 77. |
State one limitation of sales promotion. |
| Answer» Excessive use of sales promotion may spoil the image of the product. | |
| 78. |
What is derived demand for products? |
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Answer» Derived demand refers to the demand of one good that directly depends on demand of another related good. Example -When demand for Car rises, demand for Petrol is also likely to rise. So demand for petrol in this context has a derived demand. |
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| 79. |
Sales promotion is helpful in new product launch. How ? |
| Answer» Sales promotion techniques such as sampling and product combination help in introducing the new product easily in the market. | |
| 80. |
Give two merits of sales promotion. |
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Answer» Two merits of sales promotion are : `(i)` It has huge attention value. `(ii)` It is useful in launching new products. |
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| 81. |
What is the persona who maintain public relations called ? |
| Answer» Public Relations Officer (PRO) | |
| 82. |
State three techniques of sales promotion |
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Answer» Three techniques of sales promotion are : `(i)` Rebate `(ii)` Lucky draw `(iii)` Sampling |
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| 83. |
Explain any three functions of labelling. |
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Answer» Functions of labelling are : `(i)` Describe the product and specify its contents :It specifies the contents and other features of the product. It enables the manufacturer to give clear instructions to the consumer about the proper use of his product. It helps to describe the product, its usage, cautions in use, contents manufacturing and expiry dates, price, quantity , etc. `(ii)` Identification of the product or brand: It gives a definite identity to the product or brand and therefore, the identification of a product becomes easy. e.g. The name Pears printed on toilet soaps helps us to know which soap out of several soaps is Pears. `(iii)` Grading of products: It enables the manufacturer to grade the product into different categories, e.g. Hindustan Lever sells different grades of tea under green, yellow and red labels. |
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| 84. |
Ginika, Tanish and Rohit were friends from college days and now they are doing different kinds of business. They regularly meet and discuss their business ideas and exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques, social concerns etc. In one of such meetings, Ginika drew the attention of Tanish and Rohit towards the exploitation of consumers. She told that most of the sellers were exploting the consumers in various ways and were not paying attention towards the social, ethical and ecological aspects of marketing , whereas she was not doing so. Tanish told that they were under pressure to satisfy the consumers, but stated that the consumers would not buy enough unless they were adequately convinced and motivated for the same. Rohit stressed that a company cannot achieve its objective without understanding the needs of the customers. It was the duty of the businessmen to Keep consumer satisfaction in mind because business is run by the resources made available to them by the society. He further stated that he himself was taking into consideration the needs of the customers. Identify the various types of thinking that guided Ginika, Tanish and Rohit in the marketing efforts of their business. Also, state one more feature of the various types of thinking identified that is not given in the above para. |
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Answer» Various types of thinking that guided the marketing efforts were: Ginika-Societal Marketing concept Tanish -Selling concept Rohit - Marketing concept |
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| 85. |
What does the traditional viewpoint of marketing state ? |
| Answer» Traditional marketing refers to any type of promotion, advertising or campaign that has been in use by companies for years, and that has a proven success rate. Methods of traditional marketing can include print advertisements, billboards, flyers or pamphlets, TV, newspaper, radio, etc. | |
| 86. |
Define the term market in modern sense. |
| Answer» It refers to a set of actual and potential buyers of a product or service. | |
| 87. |
Define the term market in traditional sense. |
| Answer» It refers to the place, where buyers and sellers gather to facilitate the exchange of goods and services. | |
| 88. |
What is the basis of classification of the market used by the company ? |
| Answer» Socio-economic Class (SEC), usage and lifestyle. | |
| 89. |
What do your mean by reallignment of product portfolio ? Illustrate this from the case above. |
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Answer» The product portfolio is the collection of businesses and products that make up the company. The best product portfolio would be one which gives optimum returns in terms of market shares and cash flows. Through market research, companies continuously change the product/service offerings to suit the changed consumer preferences and tastes. This process of realignment of product portfolio is being done by Nokia in the case. New classification of consumers on four basis, which has been done by Nokia in terms of usage, income level and lifestyle of consumers. The four different portfolio/segments are Live, Connect, Achieve and Explore, being planned keeping the needs of four different types of users. |
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| 90. |
Identify the points that can be highlighted in marketing compaigns for each segment. |
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Answer» The points of that can be highlighted in marketing compaigns for each segment can be : `(i)` Live segment Basic handset, low price and less features aimed at first time users who just require the connectivity. `(ii)` connect segment For more evolved users than first time users. Features focused will be more functionality, features and connectivity, by providing GPRS, music and camera. `(iii)` Achieve segment For high-end users, especially with business functionalities needs. The phone with QWERTY keyboards and full internet capabilities are offered for this segment. `(iv)` Explore segment Aimed for high-end lifestyle users, the handsets will focus on applications, imaging, mobile, TV, music and gaming. |
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| 91. |
What is marketing management ? |
| Answer» It is the process of planning, organising, directing and controlling the activities relating to exchange of goods and services. | |
| 92. |
What is the focal point of marketing management ? |
| Answer» Customer satisfaction | |
| 93. |
State the disadvantages of labelling. |
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Answer» Disadvantage of labelling are : `(i)` For an illiterate population, it is of no use. `(ii)` It increases the cost of the product, since labelling involves expenditure on the part of the manufacturer. `(iii)` Labelling is effective only where goods are standardised. `(iv)` It enables the customer to weigh and compare the advantages of products before they are used. This ultimately ends in discarding of one product in favour of the other. |
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| 94. |
What is labelling ? Explain the advantage of labelling. |
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Answer» Labeling is the process of providing identification to the product. It is a sub part of the branding process & aims at providing uniqueness to the product. It is simply a printed slip that is attached to the product. It contains all the information regarding the product like price, ingredients used, quantity, manufacture date etc. Advantages of Labeling: 1.Provides Identification:Labelling plays an efficient role in providing uniqueness & identity to products. It helps the consumers in the identification of products among large number of products available in the market.It prevents confusion among the people that can be created by the substitute products of other competitors. Therefore, through customer easily recognises its brand. For example, the Label of Dettol helps people in easy identification of its products. 2.Provides Description:Label is a medium that communicates the information regarding the product to customers. It is basically a slip that contains detail like nature, quality, price, quantity etc. Customers can easily get each & every required information by simply reading labels. It will help them in making their decision during the buying process fast & easily. 3.Makes Products Comparison Easy:Comparison is something on which customers relies to make the best & right choice. It has an important part in the buying process of the customers. Labelling gives each & every detail regarding the product on a small printed slip. |
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| 95. |
Define place mix. Explain the components of place mix. |
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Answer» Place Mix:Place mix is related to distribution of product. This element of marketing mix basically concerns with physical distribution and channel of distribution. This is the last element of marketing mix but very important as marketing goals can be achieved only if the products reach the hand of consumers conveniently. This element concerns with making the products available to the customers effectively. That means, the right products can be made available to the right consumers, in the right way, at the right time and at the right place, and in the right form. Components of Place mix 1.Channel of Distribution:A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer. Distribution channels can include wholesalers, retailers, distributors, and even the Internet. 2.Physical Distribution:Physical distribution includes all the activities associated with the supply of finished product at every step, from the production line to the consumers. Important physical distribution functions include customer service, order processing, inventory control, transportation and logistics, and packaging and materials. |
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| 96. |
Define leasing and lease rental. |
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Answer» Lease- It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period. Lease Rental- The periodic payment made to the owner of a property for the use of said property, as determined by a lease (rental) agreement. |
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| 97. |
Define customer. |
| Answer» People or an organisation who want to satisfy their need.They are also called seekers of satisfaction. | |
| 98. |
What are the constituents of cost ? |
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Answer» The constituents of cost are: 1.Fixed Cost – It is the cost of fixed inputs used in production. These costsdo not vary with the change in volume of production. 2.Variable Cost – It is the cost of variable inputs used in production. Thesecosts vary with the change in volume of production. 3.Semi Variable Cost – It refers to costs which are partly fixed and partlyvariable. These types of cost do not directly affect the level of productionbut may vary with change in production facilities e.g. administrative cost,maintenance cost, depreciation cost etc. 4.Total Cost – It refers to the total cost of production |
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| 99. |
List the components of Price Mix. |
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Answer» The components of Price Mix: 1.Price range 2.Profit margin 3.Discounts to be offered. 4.Credit terms 5.Pricing strategies and policies. |
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| 100. |
What are the various objectives of a marketer ? |
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Answer» The various pricing objectives of a marketer are: 1.Obtaining market share leadership by setting the price at lower levels. 2.surviving in a competitive market by setting price at lower levels. 3.For attaining product quality leadership ,higher prices are set to cover high quality and cost of research and development. |
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