Bcom Bachelor of Commerce Bachelor of Commerce: Marketing 3 — Questions and Answers
Question 1: Which concept holds that consumers favor products that are widely available and low in cost, so companies should focus on production efficiency?
- Product concept
- Production concept (Correct answer)
- Selling concept
- Marketing concept
Correct answer: Production concept
The production concept assumes demand exceeds supply and customers prioritize availability and affordability above all else.
Question 2: A celebrity endorsing a product to make it seem more trustworthy is primarily leveraging which source of persuasion?
- Source credibility (Correct answer)
- Message framing
- Recency effect
- Cognitive dissonance
Correct answer: Source credibility
Source credibility refers to the degree to which a message source is perceived as knowledgeable and trustworthy by the audience.
Question 3: In B2B marketing, a 'buying center' refers to:
- The physical location where purchases are made
- All individuals involved in a purchase decision (Correct answer)
- The budget allocated for procurement
- The online portal used for ordering
Correct answer: All individuals involved in a purchase decision
A buying center is the group of people within an organization who participate in the purchasing decision process.
Question 4: The process of dividing a market into distinct groups with common needs or characteristics is called:
- Targeting
- Positioning
- Segmentation (Correct answer)
- Differentiation
Correct answer: Segmentation
Market segmentation divides a broad market into subsets of consumers who have common needs or priorities.
Question 5: Which pricing strategy sets an initial low price to quickly attract a large customer base and gain market share?
- Skimming pricing
- Premium pricing
- Penetration pricing (Correct answer)
- Value-based pricing
Correct answer: Penetration pricing
Penetration pricing uses a low introductory price to rapidly build market share before potentially raising prices later.
Question 6: A product's 'augmented' level in the three levels of product model includes:
- The core benefit it provides
- The physical product and its features
- Warranty, delivery, and after-sales service (Correct answer)
- The brand name and packaging
Correct answer: Warranty, delivery, and after-sales service
The augmented product layer includes additional services and benefits such as installation, warranties, and customer support.
Question 7: Which term describes the practice of designing products that are difficult or impossible to repair, encouraging consumers to buy replacements?
- Value engineering
- Planned obsolescence (Correct answer)
- Product proliferation
- Line stretching
Correct answer: Planned obsolescence
Planned obsolescence is a strategy where products are intentionally designed with a limited useful life to stimulate repeat purchases.
Bcom Bachelor of Commerce Bachelor of Commerce: Marketing 3
Which concept holds that consumers favor products that are widely available and low in cost, so companies should focus on production efficiency?