MGT301 Final Term Quizzes 1-3

MGT301 GRAND QUIZ AND QUIZZES FILE (Most Important) (56. No statement remaining)

Q1. Product, price, place and promotion make up the elements of a firm’s marketing mix.

1. True (Chapter no 1 Original Book Page no 34)
2. False

Correct answer: True (Chapter no 1 Original Book Page no 34)

Q2. Selling is managing profitable customer relationships.

1. True
2. False (Lesson no 44 Page no 220 Old Handouts)

Correct answer: False (Lesson no 44 Page no 220 Old Handouts)

Q3. Human needs are shaped by culture and individual personality.

1. True
2. False (Chapter no 1 Original Book Page no 8)

Correct answer: False (Chapter no 1 Original Book Page no 8)

4. The twofold goal of marketing is to attract new customers by promising

superior value and to keep and grow current customers by delivering satisfaction.

A. True (Lesson no 44 Page no 220 Old Handouts)

B. False

Q5. When backed by buying power, needs become demands.

1. True
2. False (Lesson no 2 Page no 11 Old Handouts and Lesson no 44 Page no 222 Old Handouts)

Correct answer: False (Lesson no 2 Page no 11 Old Handouts and Lesson no 44 Page no 222 Old Handouts)

Q6. At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce the smoking of tobacco products, it adds more tax to the products and is practicing demarketing.

1. True
2. False

Correct answer: True

Q11. An exchange is the core concept of marketing, whereas a transaction is marketing’s unit of measurement.

1. True (Lesson no 2 Page no 11 Old Handouts)
2. False

Correct answer: True (Lesson no 2 Page no 11 Old Handouts)

Q12. Customer-perceived value depends on the product’s perceived performance relative to a buyer’s expectations.

1. True
2. False (Lesson no 2 Page no 11 Old Handouts)

Correct answer: False (Lesson no 2 Page no 11 Old Handouts)

Q14. The difference between human needs and wants is that needs are states of felt deprivation.

1. True
2. False

Correct answer: True

Q15. The selling concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.

1. True (Lesson no 4 Page no 20 Old Handouts)
2. False

Correct answer: True (Lesson no 4 Page no 20 Old Handouts)

Q16. Customer value is defined as the customer’s evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

1. True (Lesson no 2 Page no 12 Old Handouts)
2. False

Correct answer: True (Lesson no 2 Page no 12 Old Handouts)

Q17. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society’s interest.

1. True (Lesson no 4 Page no 21 Old Handouts)
2. False

Correct answer: True (Lesson no 4 Page no 21 Old Handouts)

Q18. When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

1. True
2. False (Lesson no 2 Page no 11 Old Handouts)

Correct answer: False (Lesson no 2 Page no 11 Old Handouts)

Q19. Smart marketers look beyond the attributes of the products and services they sell. They create brand experiences for consumers.

1. True (Lesson no 44 Page no 222 Old Handouts)
2. False

Correct answer: True (Lesson no 44 Page no 222 Old Handouts)

Q20. When backed by buying power, wants become demands.

1. True (Lesson no 2 Page no 11 Old Handouts and Lesson no 44 Page no 222 Old Handouts)
2. False

Correct answer: True (Lesson no 2 Page no 11 Old Handouts and Lesson no 44 Page no 222 Old Handouts)

Q1. Raheela works for the Aftab Beverage Company. She helps define product specifications and also provides information for evaluating alternatives. Raheela plays the role of gatekeeper.

1. True
2. False

Correct answer: False