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?

  • 4P analysis >> STP>> 5 C analysis
  • 4P analysis >> 5 C analysis >> STP analysis
  • 5C analysis >> STP >> 4P analysis
  • None of the above

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 ….....

  • Demand, Need, Desire
  • Need, Demand, Want
  • Demand, Want, Need
  • Need, Wants, Demand

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?

  • Talk to customers regularly
  • Engage customers through chatbots
  • Customer surveys
  • All of the above

Answer: All of the above

D is correct answer
Read More:

Question No 4

4. Which one of the following competitor bench marking tool will help you to compare competitive attribute?

  • G2 Crowd Grid
  • Feature Comparison Matrix
  • Competitive Keyword Matrix
  • Competitor Backlink Checker Matrix

Answer : Feature Comparison Matrix

B is correct answer Its 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?

  • BCG Growth-Share Matrix
  • PESTLE and SWOT analysis
  • Porter’s 5 forces analysis
  • Firm’s resources & capability analysis

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?

  • Buying another company (inorganic growth)
  • Pepsi eating away market share of coke (Market Penetration)
  • Toyota comes up with a new car (Product introduction)
  • Improving the existing processes (Operation Excellence)

Answer: Improving the existing processes (Operation Excellence)

D is correct answer, ReadMore :-

Question No 7

7. Which framework below helps you to understand your product’s brand position with respect to competitors?

  • Perceptual mapping
  • Strategic Group analysis
  • Growth & market share matrix
  • Brand image matrix

Answer: Perceptual mapping

Perceptual mapping is a visual representation of perceptions of your product relative to competing alternatives. It’s also called positioning mapping, because it shows the position of your brand, product, or service mapped against that of your competitors.

Question No 8

8. Which one from below is not a correct sequence?

  • Producer >> Consumers (Direct Channel)
  • Producer >> Retailers >> Consumers (Retail Channel)
  • Producer >> Retailers >> Wholesalers/ Distributors>> Consumers (Wholesale Channel)
  • None of the above

Answer: Producer >> Retailers >> Wholesalers/ Distributors>> Consumers (Wholesale Channel)

The correct sequence for Wholesale channel is as below:
Producer >> Distributors >> Wholesalers >> Retailers >> Consumers (Wholesale Channel)

Question No 9

9. Which metrices below can indicate effectiveness of salesperson?

  • Repeat sales
  • Lead conversion rate
  • Customer life time value
  • MRR

Answer: Lead conversion rate

Lead conversion rate is measure the effectiveness of their pitches and to adjust their process to target more qualified leads. The more you know about who converts, the more you can make sure you’re always targeting your ideal customer.

Question No 10

10. What is the biggest component of marketing budget for BigBasket, an Indian online retailer?

  • Online ads
  • Conventional marketing
  • Newspaper pamphlets
  • Ads in housing societies and tech parks

Answer: Vitalik Buterin

Conventional marketing and specifically TV ads. In order to reach out to target segment, especially women, who are decision makers, Big Basket does major advertising on TV, newspapers etc.