Quiz 14 Marketing Questions and Answers
Question No 1
1. You are required to prepare an end to end marketing strategy and plan for a new product offering in an existing market, what approaches you will follow in that sequence?
Answer: 5C analysis >> STP >> 4P analysis<
Generally you start with situation analysis (5 C) to understand the Company, Collaborators, Customers, Competitors and Context. Then do the STP analysis (Segmentation, Targeting and Positioning) followed by marketing mix analysis i.e. 4P (Product, Price, Promotion, Place).
Question No 2
2. A customer -------- is required for the survival, while -------- is not a survival requirement, If a customer is willing & able to pay for a product then it is called ….....
Answer: Need, Wants, Demand
The correct options are Need, Wants & Demand
Question No 3
3. In order to understand your customer preferences, what are some of the techniques which can be used?
Answer: All of the above
Question No 4
4. Which one of the following competitor bench marking tool will help you to compare competitive attribute?
Answer : Feature Comparison Matrix
Question No 5
5. A retail bank has decided to enter in a new industry with its unique credit product, you are required to do a structured analysis to suggest the way forward, what concept(s) you will not apply in this situation?
Answer: BCG Growth-Share Matrix
BCG matrix is not required as business has already decided to venture in this. You do PESTLE analysis to understand the macro situation and SWOT analysis to understand key aspects of internal & external factors
Question No 6
6. Which one below option may not be a direct way to grow sales?
Answer: Improving the existing processes (Operation Excellence)
Question No 7
7. Which framework below helps you to understand your product’s brand position with respect to competitors?
Answer: Perceptual mapping
Question No 8
8. Which one from below is not a correct sequence?
Answer: Producer >> Retailers >> Wholesalers/ Distributors>> Consumers (Wholesale Channel)
The correct sequence for Wholesale channel is as below:
Producer >> Distributors >> Wholesalers >> Retailers >> Consumers (Wholesale Channel)