Marketing Management Multiple Choice Questions and Answers

Marketing Management Multiple Choice Questions and Answers for preparation for academic and competitive examinations.

Marketing management is a complex and ever-changing field that requires continual adaptation and innovation to remain competitive. As such, it is essential for marketing professionals to have a strong comprehension of the concepts at hand, which can be verified through 75 multiple choice questions.

Brief Introduction and Definition of Marketing Management

1. In simple terms, marketing is the process of creating value for a company by attracting and retaining customers.

2. To be successful in marketing, businesses must have a clear understanding of their target market and what they want from the product or service.

3. Marketing strategies can be divided into three main categories: product, price, and place.

4. It is essential for businesses to track customer reactions to their products and changes to their marketing campaigns in order to fine-tune their strategies accordingly.

5. There are many different tools and techniques that businesses can use to market themselves, including advertising, public relations, direct mailings, and online presence.

6. The most important part of any marketing plan is execution; if a business doesn’t put its plans into action, it will likely fail in its efforts to achieve success.

Marketing Management Multiple Choice Questions and Answers

The following questions are designed to help you assess your understanding of various marketing management topics.

1. The word ‘Market’ is derived from the Latin word ___.
[expand title="Answer"]Mercatus[/expand]

2. In its strict meaning, the market need not necessarily mean a place of exchange. (True / False)
[expand title="Answer"]True[/expand]

3. Although physical markets are still vital, ___ supported by IT networks such as the internet have become the largest and most liquid.
[expand title="Answer"]Virtual marketplace[/expand]

4. When exchanges are confined within a family or close members of the family, such a market can be called?
[expand title="Answer"]Family market[/expand]

5. Foreign exchange market is an international market. (True / False)
[expand title="Answer"]True[/expand]

6. ___ is a market where shares, debentures, bonds, etc., of companies, are purchased or sold.
[expand title="Answer"]Stock exchange market[/expand]

7. ___ refers to all those activities involved in identifying the present and potential requirements of the consumers for goods and services.
[expand title="Answer"]Marketing[/expand]

8. In the words of ___, “Marketing is that phase of business activity through which human wants are satisfied by the exchange of goods and services.”
[expand title="Answer"]J.F. Pyle[/expand]

9. According to Cundiff and Still, “Marketing is the business process by which ___ are matched with the market and through which transfers of ownership are affected.”
[expand title="Answer"]Products[/expand]

10. Name the system of exchange that existed in the initial stage of marketing.
[expand title="Answer"]Barter[/expand]

11. State true or false: In the pre-industrial period, the difficulties of the barter system were removed by adopting common mediums of exchange like cows, pigs, slaves, shells, and sheep.
[expand title="Answer"]True[/expand]

12. The creation of modern marketing is the result of ___
a) Industrial Revolution
b) Barter system
c) Decentralised exchange
d) Pre-industrial period
[expand title="Answer"]a) Industrial Revolution[/expand]

13. ___ is a particular method of doing an activity, generally involving a series of steps or operations.
[expand title="Answer"]Process[/expand]

14. Which of the following is not an element of the traditional marketing mix?
a) Product
b) Pricing
c) Promotion
d) Process
[expand title="Answer"]d) Process[/expand]

15. Production and distribution depend largely on ___.
[expand title="Answer"]Marketing[/expand]

16. If production is less than demand, prices shoot up, resulting in ___.
[expand title="Answer"]Inflation[/expand]

17. Marketing is a connecting link between the consumer and the ___.
[expand title="Answer"]Producer[/expand]

18. Collecting marketing information is a marketing function that’s related to ___.
a) Exchange
b) Physical supply
c) Facilitating
d) Marketing mix
[expand title="Answer"]c) Facilitating[/expand]

19. The functions of ___ refer to those functions which are concerned with the creation of place and time utilities.
[expand title="Answer"]Physical supply[/expand]

20. ___ and grading are facilitating functions.
[expand title="Answer"]Standardisation[/expand]

21. ___ is an act of obtaining a desired product or service from someone by offering something in return.
[expand title="Answer"]Exchange[/expand]

22. Marketing, involves the exchange of a product between a seller and a buyer based on ___ considerations.
[expand title="Answer"]Monetary[/expand]

23. The ___ concept does not cover all the vital ingredients of marketing.
[expand title="Answer"]Exchange[/expand]

24. The ___ concept of marketing is one of the oldest marketing concepts.
[expand title="Answer"]Production[/expand]

25. Which of the following is the criticism against the production concept?
a) Consumers are not given personal attention b) Marketing expenses are costly
c) No efforts are made for reducing the competition
d) There is a large number of buyers and sellers
[expand title="Answer"]a) Consumers are not given personal attention[/expand]

26. Which of the following marketing philosophy believes and operates with the guiding force that the consumers will prefer those products which are available at the right time and at the right places?
a) Production concept b) Exchange concept
c) Product concept d) Marketing concept
[expand title="Answer"]d) Production concept[/expand]

27. ___ concept was the marketing philosophy till 1930.
[expand title="Answer"]Product[/expand]

28. Product concept is that marketing philosophy that believes and operates on the principle that ___ allures consumers.
[expand title="Answer"]Quality[/expand]

29. One of the criticisms against the ___ concept is the assumption that no marketing effort is required since the quality of the product is good.
[expand title="Answer"]Product[/expand]

30. The main criticism against the ___ concept is that it gives emphasis on increasing sales volume, and not on consumer satisfaction.
[expand title="Answer"]Selling[/expand]

31. ___ assumes that any product does not sell itself.
[expand title="Answer"]Selling concept[/expand]

32. Which of the following concept is a common approach for any marketing effort?
a) Selling
b) Production
c) Marketing
d) Product
[expand title="Answer"]a) Selling[/expand]

33. In which year did the modern marketing concept come into being and gained momentum?
a) 1950
b) 1960
c) 1970
d) 1990
[expand title="Answer"]a) 1950[/expand]

34. ___ concept is not just putting sales effort, but, understanding customers’ needs and wants before putting any sales effort.
[expand title="Answer"]Modern marketing[/expand]

35. According to ___, “the marketing concept holds the key to achieving organizational goals consistent with the needs and wants of the target market and deliver the desired satisfaction more effectively and efficiently than competitors”.
a) Philip Kotler
b) Rajan Nair
c) Stanton
d) American Marketing Association
[expand title="Answer"]a) Philip Kotler[/expand]

36. The societal marketing concept is also known as the ___ concept or ecological concept.
[expand title="Answer"]a) Human[/expand]

37. ___ concept serves the business world as well as society as a whole.
[expand title="Answer"]Societal[/expand]

38. The societal marketing concept has gained momentum since ___.
a) 1980
b) 1940
c) 1985
d) 1970.
[expand title="Answer"]a) 1980[/expand]

39. ___ concept clearly suggests that marketing risks can be reduced only by knowing and understanding the market.
[expand title="Answer"]Marketing[/expand]

40. As per marketing concept ___ receive top consideration in all business activities?
[expand title="Answer"]Customers’ needs and wants[/expand]

41. The most common method for preparing a marketing environmental analysis is to conduct a ___ analysis.
[expand title="Answer"]PESTLE[/expand]

42. PESTLE analysis stands for analysis of ___ Economic, Social, Technological, Legal, and environmental factors affecting business.
[expand title="Answer"]Political[/expand]

43. ___ are often factors that a business cannot control.
[expand title="Answer"]External forces[/expand]

44. What is an abbreviation for Strengths, Weaknesses, Opportunities, and threats?
[expand title="Answer"]SWOT[/expand]

45. PEST is a useful tool for understanding risks associated with market growth or decline. (T / F)
[expand title="Answer"]True[/expand]

46. A PEST analysis is used to identify the ___ forces affecting an organization.
[expand title="Answer"]External[/expand]

47. ___ is an organization of employees formed on a continuous basis for the purpose of securing a diverse range of benefits.
[expand title="Answer"]Trade Union[/expand]

48. Trade unions are voluntary associations formed for the pursuit of protecting the common interests of its ___.
[expand title="Answer"]Members[/expand]

49. ___ is a set of understandings or meanings shared by a group of people.
[expand title="Answer"]Culture[/expand]

50. ___ provides the resources required by the company to produce its goods and services.
[expand title="Answer"]Suppliers[/expand]

51. To overcome competition, a company must provide greater ___ than its competitors.
[expand title="Answer"]Customer satisfaction[/expand]

52. ___ market consists of wholesalers and retailers.
[expand title="Answer"]Reseller[/expand]

53. ___ environment consists of those forces which are external to the firm.
[expand title="Answer"]Macro[/expand]

54. ___ means the study of the human population in terms of size, density, location, age, gender, race, occupation, and other statistics.
[expand title="Answer"]Demography[/expand]

55. Political and legal environment are ___ environment factors.
[expand title="Answer"]Macro[/expand]

56. ___ is a tool of revenue generation for marketing.
[expand title="Answer"]Price[/expand]

57. ___ are the sub-marketers or intermediaries who distribute the company’s products.
[expand title="Answer"]Distribution channels[/expand]

58. An advertisement is a tool to grab the attention of an individual and use the attention to communicate a message about the product. (True /False)
[expand title="Answer"]True[/expand]

59. Three additional Ps of marketing were introduced to meet the needs of the manufacturing industry. (True /False)
[expand title="Answer"]False[/expand]

60. ___ is a systematic arrangement that results in the delivery of service.
[expand title="Answer"]Process[/expand]

61. ___ refers to the external factors or surroundings which aid the customer in making a judgment about the company.
[expand title="Answer"]Physical evidence[/expand]

62. ___ Training is crucial for the services industry.
[expand title="Answer"]Behavioural and attitude training[/expand]

63. ___ is a process by which value is delivered to the customer.
[expand title="Answer"]Marketing[/expand]

64. The marketing process is a combination of the ___ variables and the ___ variables.
[expand title="Answer"]Environmental, marketing mix[/expand]

65. The marketing program of the organization is effective only if the components of the marketing mix are properly synthesized into a unified whole. (True /False)
[expand title="Answer"]True[/expand]

66. Marketing mix is one of the steps involved in a strategic marketing plan. (True /False)
[expand title="Answer"]True[/expand]

67. ___ is a part of the yearly planning process for the marketing area and is also a component of the overall business plan of the organization.
[expand title="Answer"]Marketing plan[/expand]

68.___ is one of the tasks of the marketing plan, which helps in identifying the favorable and unfavorable factors in the business environment and their impact on the business.
[expand title="Answer"]Analysis of business environment[/expand]

69. Companies that use price-based strategies use ___ as the competitive advantage.
[expand title="Answer"]Pricing[/expand]

70. In a differentiation strategy, the company offers a ___ to the buyers by way of differentiation from the competition.
[expand title="Answer"]Unique proposition[/expand]

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71. An analysis that outlines the route map for the marketing strategy of an organization is called ___.
[expand title="Answer"]“Marketing Planning”[/expand]

72. ___ is an important process of integration and coordination within the organization.
[expand title="Answer"]Control[/expand]

73. Control techniques ensure that marketing objectives are achieved effectively. (True /False)
[expand title="Answer"]False[/expand]

74. ___ is the process by which the organizational objectives of the entire company are formulated.
[expand title="Answer"]Strategic corporate planning[/expand]

75. In an organization, SBU stands for ___
a. Substitute Business Unit b. Sub Business unit
c. Strategic Business Unit d. Standard Business Unit
[expand title="Answer"](c) Strategic Business Unit[/expand]

Conclusion:

Marketing Management Multiple Choice Questions can be a great way to test your knowledge of the subject. They can also help you to identify any areas that you may need to focus on more. If you are looking to improve your marketing skills, then consider using marketing management MCQs as a tool to help you achieve your goals.

However, it is important to use other resources as well in order to gain a well-rounded understanding of marketing.

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