Question 1

_____ pertains to a customer’s perception of the benefits he or she received compared with the costs.

Options :

A : Distributive fairness

B : Procedural fairness

C : Qualitative fairness

D : Extent of responsiveness

E : Extent of reliability

Answer: A

Question 2

The planning phase of the marketing plan involves

Options :

A : defining the mission and vision for the business.

B : evaluating different opportunities by engaging in segmentation, targeting, and positioning.

C : executing the marketing mix using the four Ps.

D : taking any necessary corrective actions to correct deviations from the plan.

E : evaluating the performance of the marketing strategy using marketing metrics.

Answer: A

Question 3

The place aspect of the marketing mix typically involves interactions between the marketer and _____.

Options :

A : customers

B : regulatory bodies

C : suppliers

D : advertisers

Answer: C

Question 4

In Travnia, an industrial country, the government controls most of the utilities, including power and water supply. The bottled-water market, however, has four major players: Balk, Pentl, Valr, and Tidum. Each of the companies markets its product using a distinct branding strategy. In an attempt to gain a larger market share, Pentl reduces the price of its products by 10%. It expects to make up for the lost revenue from an increase in sales. Which of the following is true of this scenario?

Options :

A :

The government-s control of most of the utilities including power and water supply represents monopolistic competition.

B : The power supply industry in Travnia is oligopolistic in nature.

C : The competition in the bottled-water industry represents pure competition.

D : Pentl-s current pricing strategy can be termed as predatory pricing.

E : A price war would erupt if the other firms reduced prices, too, and forced Pentl to reduce prices further.

Answer: E

Question 5

Which of the following is an advantage of secondary data collection?

Options :

A : It always provides data that is specific to immediate needs.

B : It requires sophisticated training and hence is always accurate.

C : It offers in-depth consumer behavioral insights.

D : It guarantees information without bias.

E : It saves time and effort in collecting and analyzing.

Answer: E