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Test your Understanding

1) Which of the following sentences is true?

a) Marketing is not required in a Buyers' Marketb) Marketing is not required in a Sellers market

c) Marketing is not required due to competitiond) 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 expensesb) 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 functione) Marketing is a waste of time

3) A Target market is

a) entire countryb) entire cityc) entire globed) 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 tastese) All of these

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

a) Advertisementb) Publicity

c) Market Research

d) Market Segmentation

e) None of these

6) When companies make marketing decisions by considering consumers' wants and thelong-run interests of the company, consumer, and the general population, they arepracticing which of the following principles?

a) Innovative marketing

b) Consumer-oriented marketing

c) Value marketingd) Societal marketing

e) Niche marketing

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a. Marketing is a subsidiary component of sellingb. The aim of marketing is to make selling superfluous

c. The aim of selling is to make marketing superfluousd. 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 ratiosc) A new staff incentive scheme

d) Cultural convergence

16) Which of the following represents the most directly important reason why firmsmonitor their demographic environment?

a) To explain historical trends

b) To predict political change

c) To predict the size of market segmentsd) To predict business cycles

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

a) Customers

b) Suppliers

c) Competitorsd) Government legislation

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

b) Employees

c) Wholesalersd) Retailers

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

a) Ecological systemb) Micro-environment

c) Closed systemd) Open system

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

a) Marketing is only a selling process which results from the identification andanticipation of customer requirements.

b) The strategic business function that creates value by stimulating, facilitating andfulfilling customer demand-it does this by building brands, nurturing innovation,

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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.