Bcom Bachelor of Commerce Bachelor of Commerce: Marketing 3

Question 1

Which concept holds that consumers favor products that are widely available and low in cost, so companies should focus on production efficiency?

Accepted Answer

Production concept

Answer

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?

Accepted Answer

Source credibility

Answer

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:

Accepted Answer

All individuals involved in a purchase decision

Answer

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:

Accepted Answer

Segmentation

Answer

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?

Accepted Answer

Penetration pricing

Answer

Penetration pricing uses a low introductory price to rapidly build market share before potentially raising prices later.

Bcom Bachelor of Commerce Practice Test