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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.
| 151. |
Define market offering. |
| Answer» An offering in marketing is the total offer to your customers. An offering is more than the product itself and includes elements that represent additional value to your customers, such as availability, convenient delivery, technical support or quality of service. | |
| 152. |
The process of marketing incolves creating a market offering and to satisfy and wants of the present and potential buyers. The real question is how to create a market offering. Suppose, after gathering and analysing market information, a profitable business opportunity is seen by some firm in the field of producing soft drinks. To develop and market a new brand of soft drinks, the firm takes a number of important decisions, for example whether to go for any collaboration with a foreign manufactures of the new product so that it is attractive to the target customers, whether the drink will be packed in glass bottles or plastic cans, what will be the name (brand name ) of the drinks, at what price it will be sold (at par with the price at which other competitive brands are sold or below it or above it), and so on. (a) Identify and explain the two features of marketing discussed above. (b) Identify and explain any functions of marketing discussed above. |
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Answer» (a) The features of marketing discussed in the given paragraph are : (i) Needs and wants (ii) Creating a market offering (b) The functions of marketing discussed in the given paragraph are : (i) Gathering and analysing market information (ii) Marketing planning (iii) Product designing and development (iv) Packaging (v) Branding (vi) Pricing of product |
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| 153. |
What is a label ? |
| Answer» Labelling is the display of label in a product. A label contains information about a product on its container, packaging, or the product itself. It also has warnings in it. It helps the product stand out in the market, and identifies it as a part of a particular brand. | |
| 154. |
Discuss the role of intermediaries in the distribution of consumer non-durable products. |
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Answer» Channels of distribution of intermediaries smoothen the flow of goods by creating possession, place and time utility. The important functions performed by the are : `(i)` Sorting It refers to the process of sorting the product into homogeneous groups on the basis of size, quality, features and price. `(ii)` Accumulation It refers to the process of accumulation of goods into larger homogeneous stocks. This helps to maintain a continuous flow of supply. `(iii)` Allocation It involves breaking homogeneous stocks into smaller, marketable lots. This helps in making sales easily according to different requirements of different buyers. `(iv)` Assorting It refers to the process of combining various goods of the same line of product, for sale to customers such as a cricket kit containing a bat, a ball, gloves, wickets, stumps, helmet and leg guards. |
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| 155. |
Name the term used to describe the combination of variables chosen by a firm to prepare its market offering. |
| Answer» Correct Answer - Marketing mix | |
| 156. |
State some tools or techniques, by which you can create public relations. |
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Answer» Some tools to create public relations are : `(i)` By posting latest details of companies on its official websites. `(ii)` By giving press release to interact with general public. |
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| 157. |
Define transportation. |
| Answer» Transportation is a means of moving goods and people from one location to the other. In marketing, it involves the movement of goods from the place of production to the place of consumption.The various modes of transportation in this country are: Rail, Water, Road, Pipeline, and Air transport. | |
| 158. |
Which variables make marketing tools ? |
| Answer» The marketing mix is the combination of the four controllable variables–product, place, promotion, and price (the four Ps). | |
| 159. |
Why does personal selling involve minimum wastage ? |
| Answer» Personal selling helps in minimum wastage of the goods as in personal selling, a salesman can select the target market and concentrate on the customers. He need not communicate with the people. Therefore, personal selling involves minimum wastage of effort. | |
| 160. |
List two features of services. |
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Answer» Features of Services: 1.Intangibility: A physical product is visible and concrete. 2.Inseparability: Personal services cannot be separated from the individual. |
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| 161. |
Explain any two factors affecting price of a product. |
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Answer» Factors affecting price of a product (Any two factors). i)Product Cost. ii) Utility and Demand. iii) Extent of competition and Legal Regulations. v) Pricing objectives. vi) Marketting Methods used. |
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| 162. |
Mansi, a shoe manufacture for school students, decided to maximise her profit by producing and distributing at large scale and thereby reducing the average cost of production. i) Identify the marketting management philosophy adopted by Mansi. ii) Explain this philosophy on the basis of: a) Main focus b) Means and ends. |
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Answer» `(i)` Mansi adopted the production concept. The focus of business activites was on production of goods as the demand for goods started picking up as the supply was low. Thus, it was believed that profit could be maximised by producing at large scale, thereby, reducing the average cost of production. `(ii)` `(a)` The main focus of production concept is on quantity of product. `(b)` Availablity and affordability of product is the means and profit through volume of production is the end. |
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| 163. |
What are the major activities involved in the physical distribution of goods? |
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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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| 164. |
What are the uncontrollable factors affecting marketing decisions called ? Give two examples. |
| Answer» They are called environmental factors.e.g. Government policy, taxation, inflation, etc. | |
| 165. |
State two ways in which personal selling benefits the society. |
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Answer» Benefits to society: 1. Converts Latest Demand:Personal selling helps in converting latest demand into effective demand. This results in more production, and hence leads to increase in GDP. 2. Employment Opportunities:It provides opportunity to unemployed people to work as salespersons for earning income. |
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| 166. |
What benefits are provided by a product ? |
| Answer» Product benefits are the things a product offers to satisfy the needs, desires and wants of a consumer. They are what a consumer hopes to get, feel or achieve when he/she uses a product. Product benefits can either be actual or perceived. Perceived benefits include the products popularity, its image or its reputation. | |
| 167. |
According to which concept of marketing, avallabillty and affordabillty of the product are consldered to be the key to the success of the firm?A. Production conceptB. Product conceptC. Sales conceptD. Marketing concept. |
| Answer» Correct Answer - Production concept | |
| 168. |
Explain market planning, product designing and development as functions of marketing. |
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Answer» `(i)` Marketing planning :Marketing develops appropriate marketing plans, so that the marketing objectives of the organisation can be achieved. E.g. A marketer of LED TVs, having `10%` of the current market share, aims at enhancing his market share to `20%` in the next two years. For this, they will hae to develop a complete marketing plan covering various important aspects including the plan for increasing the level of production , promotion of products , etc. `(ii)` Products designing and development : Marketing activity also relates with designing and developing the product in such a way that it attracts the target customers. A good design can improve performance of a product and also give it a competitive advantage in the market. e.g. if we plan to buy a car, we will not only consider its features like price, mileage, etc, but its design, shape, style also. |
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| 169. |
Nisha a school bag manufacture decided to improve the product for profit maxmimisation and thus added a water bottle holder to the existing design. i) Idenfity the marketing management philosophy adapted by Nisha. ii) Explain this philosophy. |
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Answer» `(i)` Nisha adopted the product concept, With the increase in the supply of goods, customers started looking for products which are of high quality. Thus, the firm in this concept emphasises on quality or adds some extra features in the product. `(ii)` `(a)` Main focus of the product concept is on quality, performance and features of product. `(b)` Product improvement is the means and profit maximisation through product quality is the end. |
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| 170. |
What impact does a good design have on the product ? |
| Answer» A good design helps to attract the customers and improve performance of the product. | |
| 171. |
Explain the following functions of marketing `(i)` Market planning. `(ii)` Product designing and development. |
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Answer» `(i)` Marketing planning Marketing develops appropriate marketing plans, so that the marketing objectives of the organisation can be achieved. E.g. A marketer of LED TVs, having `10%` of the current market share, aims at enhancing his market share to `20%` in the next two years. For this, they will have to develop a complete marketing plan covering various important aspects including the plan for increasing the level of production , promotion of products , etc. `(ii)` Products designing and development Marketing activity also relates with designing and developing the product in such a way that it attracts the target customers. A good design can improve performance of a product and also give it a competitive advantage in the market. e.g. if we plan to buy a car, we will not only consider its features like price, mileage, etc, but its design, shape, style also. |
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| 172. |
Why is gathering and analysing market information, necessary? |
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Answer» When marketers use a conglomeration of these techniques, they create a fine-tuned, luxury Internet experience. Utilizing consumer information allows marketers to create unique user experiences. It allows marketers to show consumers what they want to see: unique, relevant ads and not lousy, irrelevant ones. Gathering and analysing information is important to identify the needs and wants of the customers and thus to produce such products which makes the customers satisfied. |
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| 173. |
Explain the role of marketing in a firm. |
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Answer» Marketing emphasises customer satisfaction as the key to survival and growth of an organisation. It helps to focus the activities of the organisation on fulfilling the needs and wants of consumers, by designing the product according to them. This helps to develop brand loyalty and bring prosperity for the firm. |
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| 174. |
Explain the following functions of marketing `(i)` Gathering and analysing market information `(ii)` Customer support services |
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Answer» `(i)` Gathering and analysing market information To gather market information, the marketer makes a SWOT analysis, i.e the analysis of strengths and weaknesses of the organisation and the available opportunities and threats. Collection of market information is necessary to identify the views and opinions and needs of customers before taking decisions regarding what opportunity can be best pursued by the firm. `(ii)` Customer support services An important function of marketing relates with developing customer support services such as after sales services, handling customer complaints, etc. All these services aim at providing maximum satisfaction to the customers, which, in turn, helps in procuring repetitive sales from the customers and develop brand loyalty for the product. |
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| 175. |
Why is gathering and analysing market information necessary ? |
| Answer» It helps in analysing strengths, weakness, opportunities and threats of the organisation for deciding what opportunities can best be pursued by it and take various decisions for the successful marketing of products. | |
| 176. |
Defne advertising. What are its main features ? Explain. |
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Answer» Advertising is an impersonal form of communication, which is paid for by the marketers to promote some goods or services. The common modes of advertising are newspapers, magazines, television, radio and internet. The main features of advertising are as follows : `(i)` Paid form of communication: It is a paid form, as the advertiser has to pay for the advertising media used, for the space or time used to communicate the message tot he user. `(ii)` Impersonal: Advertising presents the information regarding a product, service or idea in a non-personal form, as no face to face contact is involved between the seller and the customers. `(iii)` Identified sponsor :Sponsor may be an individual or a firm, who pays for the advertisement. |
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| 177. |
Define advertising. What are its important features? |
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Answer» Advertising is a technique used for promotion of a product. Through advertising the companies attract customers towards their product and induce them to purchase it. Some of the common modes of advertising are newspapers, magazines, television, etc. The following are the important features of advertising. `i)`Cost Involved: Advertising involves a cost. It is a paid form of promotion. The costs involved in advertising are to be borne by the sponsors. `ii)` Impersonal Mode: Advertising is an impersonal mode of communication. That is, there is no face-to-face interaction between the customer and the advertiser. Thus, it lacks a personal touch and creates a monologue. `iii)` Specific Sponsor: There are always some identified individuals or sponsors who undertake the responsibility of designing it and bearing the cost involved. |
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| 178. |
Define advertising. What are its main features? Explain. |
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Answer» Advertising is defined as any “paid-for method of promotion” and is the main form of “above the line promotion”. Advertising presents or promotes the product to the target audience through a variety of media such as TV, radio, cinema, online, newspapers and magazines 4 important features of advertising are listed below: `*`Paid Form: ADVERTISEMENTS `*`Impersonal Presentation:Advertising is non-personal presentation of information. `*`Speedy and Mass Communication: Advertising is a speedy medium of communication. `*`Identified Sponsor. |
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| 179. |
Expenditure on advertising is a social waste. Do you agree? Discuss. |
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Answer» The opponents of advertising say that the expenditure on advertising is a social waste as it adds to the cost, multiplies the needs of the people and undermines social values. The proponents, however argue that advertising is very useful as it increases the reach, brings the per unit cost of production down and adds to the growth of the economy. Following are the points of criticism: `1.`Adds to Cost:The opponents of advertising argue that advertising unnecessarily adds to cost of product, which passes on to the buyers in the form of high price. However, on the other hand, proponents claim that advertising helps to increase the demand of the product.An increase in production leads to large scale production which ultimately helps in reducing cost due to economies of scale and thus, the price of the product. `2.`Undermines Social Wallies:Advertising causes discontentment among the customers and promote materialism, as they come to know about newer and better products available in the market.But, the objections are not entirely true because advertisements help the buyers by informing them about the new products over the existing ones. If they are not informed, they may be using inefficient products. `3.`Confuses the Buyers:The opponents say that so many advertisements make similar claims and the buyer gets confused as to which one is true and can be relied upon. It may create a state of confusion as to which product he should buy in the market.However, the criticisms are not true as we know that - consumers are rational human beings, who can take their decisions considering various aspects of a product. He can use his wisdom along with information provided by advertisements to make the right choice of purchase. `4.`Encourages Sale of Inferior Goods:Opponents of advertising claim that it does not distinguish between superior and inferior goods and persuade people to purchase even the inferior goods. However, we also know that no good is superior or inferior. The level of quality depends upon the economic status of the target customer. Advertisements promote all goods, customers may pick them according to their requirements. |
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| 180. |
Mention the three levels of indirect channels. |
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Answer» The three levels of indirect channels are : `(i)` One level channel `(ii)` Two level channel `(iii)` Three level channel |
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| 181. |
Who are called the channels of distribution? |
| Answer» Channels of distribution refer to the people or middlemen who help in distributing the goods. | |
| 182. |
What is meant by place mix ? |
| Answer» It refers to the combination of all those decisions, which are relating to make products available to consumers at every possible location. | |
| 183. |
Give any two benefits of branding to marketer. |
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Answer» Two benefits of branding: i) Product differentiation, ii) Helps in advertising. |
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| 184. |
What do you mean by market mix? |
| Answer» The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. | |
| 185. |
Name two shopping products. |
| Answer» Two shopping goods are: car, furniture, garments. | |
| 186. |
Name four elements of Marketting Mix. |
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Answer» Four elements of marketting mix are: i)Products, ii) Price iii)Place iv) Promotion. |
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| 187. |
"Two sell whatever is produced" and "To produce whatever is needed by customer" are two concepts of marketting". Name them and difference both the concept. |
| Answer» Seling and marketting. | |
| 188. |
Explain all the business concepts of marketing. |
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Answer» Various concepts of marketing management: `a)`Production concept:Firm can sell its products by producing inexpensive products. `b)`Product concept:It concentrates on production of quality product. `c)`Selling concept:This concept insists on selling what is produced. `d)`Marketing concept:This concept is consumer-oriented and insists on designing product according to needs of customer and selling by keeping in mind consumer satisfaction. `e)`Societal marketing concept:This concept intends to include social goal with need satisfaction. |
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| 189. |
State different concepts or philosophies of marketing management. |
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Answer» Different concepts of marketing are : `(i)` Production concept `(ii)` Product concept `(iii)` Selling concept `(iv)` Marketing concept `(v)` Societal marketing concept |
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