Test your Understanding

1) Which of the following sentences is true?

a) Marketing is not required in a Buyers' Market
b) Marketing is not required in a Seller’s market
c) Marketing is not required due to competition
d) Marketing is not required due to liberalization
e) Marketing is not required due to globalization

2) Which of the following statement is true

a) Marketing makes the company to go into loss due to higher expenses
b) Marketing is not required in profit making companies
c) Marketing seeks to create and exchange products and value with others
d) Marketing is a time bound seasonal function
e) Marketing is a waste of time
3) A Target market is
a) entire country
b) entire city
c) entire globe
d) that which consists of customers who need the identified product
e) all of these

4) Sales forecasting involves

a) Sales Planning
b) Sales Pricing
c) Distribution Channels
d) Consumer tastes
e) All of these

5) If Marketing is done effectively which of the following is not required?

a) Advertisement
b) Publicity
c) Market Research
d) Market Segmentation
e) None of these

6) When companies make marketing decisions by considering consumers' wants and the
long-run interests of the company, consumer, and the general population, they are
practicing which of the following principles?
a) Innovative marketing
b) Consumer-oriented marketing
c) Value marketing
d) Societal marketing
e) Niche marketing
7). which of the following is not correct with regard to marketing?
a. Marketing is a Management Function
b. Marketing is a Philosophy
c. Marketing is not related to Business Activity alone.
d. Marketing means selling.
e. Objective of Marketing is to achieve customer satisfaction.

8) Which of the following is a part of Marketing Management?

a. Identification of Business Opportunities
b. Understanding the Customer needs
c. Producing according to customer needs
d. Delivering as per Customer convenience
e. All the above
9) For promotion under 4P which aspect is not taken into account ?
a. Publicity
b. Sales Promotion
c. Sales Force
d. Public Relations
e. None of the above
10) Rural Markets are
a. Homogeneous
b. Heterogeneous
c. Organized
d. Un-organized
e. None of these
11) The act of obtaining a desired object from someone by offering something in return is
called
a. Transaction
b. Exchange
c. Relationship
d. Value
12) The Strategy used to charge different prices for the same product is called
a. Price discrimination
b. Price Revision
c. Tariffs
d. Restrictions
e. None of these
13) Which of the following is NOT usually defined as an element of the marketing mix?
a. Product
b. Pricing
c. Placement
d. Profits
e. Promotion
14) Peter Drucker noted the relationship between selling and marketing in the
following terms:
 a. Marketing is a subsidiary component of selling
b. The aim of marketing is to make selling superfluous
c. The aim of selling is to make marketing superfluous
d. Selling
e. None of these
15) Which of the following is least likely to be associated with a firm's macro-
environment?
a) Study of the changing birth rate
b) Analysis of household savings ratios
c) A new staff incentive scheme
d) Cultural convergence

16) Which of the following represents the most directly important reason why firms
monitor their demographic environment?
a) To explain historical trends
b) To predict political change
c) To predict the size of market segments
d) To predict business cycles

17) Which of the following is NOT part of an organization's micro-environment?

a) Customers
b) Suppliers
c) Competitors
d) Government legislation

18) Which of the following is an element of an organization's internal-environment?

a) Competitors
b) Employees
c) Wholesalers
d) Retailers

19) Which of the following is the best definition of an organization's "environmental

set"?
a) Ecological system
b) Micro-environment
c) Closed system
d) Open system

20) One of the following is the correct definition of marketing used by the Chartered
Institute of Marketing and the others are fundamentally flawed. Which one is correct?

a) Marketing is only a selling process which results from the identification and
anticipation of customer requirements.
b) The strategic business function that creates value by stimulating, facilitating and
fulfilling customer demand-it does this by building brands, nurturing innovation,
developing relationships, creating good customer service and communicating
benefits.
c) An accounting process of minimizing costs and maximizing revenues.
d) The supply of goods and services to customers in such a way that the company
becomes the preferred source of supply for customers.