Marketing Multiple Choice Questions

Marketing Fundamentals

• The aim of marketing is to identify and meet human and social needs.
• Adding value to a product involves creating utility, such as form, time, place, and possession utility.

Types of Goods

• Convenience goods are those that are easily accessible and frequently purchased.

Key Concepts and Authors

• The book 'Marketing Myopia' was written by Theodore Levitt.

Marketing Mix

• The abbreviation '4P' stands for Product, Price, Place, and Promotion.
• The 4Ps are used to create a unique marketing mix to meet customer needs.

Pricing

• Factors that are not very significant for price fixation of a product include marginal cost.

Advertising

• The aim of advertisement is to inform, persuade, and remind customers about a product.
• A limitation of advertising is that it may not be able to reach all customers.

Marketing Concepts

• The modern marketing concept is oriented towards creating customer satisfaction.
• The society-oriented marketing concept emphasizes the well-being of society.
• According to PF Drucker, the main objective of business is to create a customer.

Branding and Naming

• A brand name is used in naming or branding of a product.

Marketing Limitations

• Wastage of resources is not a limitation of advertising.

Marketing Mix Elements

• The elements of marketing mix are Product, Price, Place, and Promotion; therefore, Customer is not an element of marketing mix.

Distribution Channels

• In two-layered channels of distribution, the wholesaler is the middleman.

Marketing Pioneers

• Neil Borden introduced the concept of Marketing Mix first.