MGT301 Final Term Solved Objective

MGT301 FINAL TERM SOLVED MCQs

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Q1. ( Marks: 1 )

The type of product that results from applying human and mechanical efforts to people or objects refers to which one of the following options?

1. An idea
2. A service
3. A philosophy
4. A concept

Correct answer: A service

Q2. ( Marks: 1 )

When Olympia Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product's benefits. This activity calls for which one of the following marketing mix variables?

1. Price
2. Promotion
3. Distribution
4. Product

Correct answer: Promotion

Q3. ( Marks: 1 )

Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers refers to which of the following options?

1. Customer perceived value
2. Marketing myopia
3. Customer relationship management
4. Customer satisfaction

Correct answer: Customer perceived value

Q4. ( Marks: 1 )

Which one of the following statements by a company chairman BEST reflects the marketing concept?

1. We have organized our business to satisfy the customer needs
2. We believe that marketing department must organize to sell what we produce
3. We try to produce only high quality, technically efficient products
4. We try to encourage company growth in the market

Correct answer: We have organized our business to satisfy the customer needs

Q5. ( Marks: 1 )

Which one of the following concepts is a useful philosophy in a situation when the product’s cost is too high and marketers look for ways to bring it down?

1. Selling concept
2. Product concept
3. Production concept
4. Marketing concept

Correct answer: Production concept

Q6. ( Marks: 1 )

Which one of the following is a key to build lasting relationships with consumers?

1. Price of the product
2. Need recognition
3. Customer satisfaction
4. Quality of product

Correct answer: Customer satisfaction

Q7. ( Marks: 1 )

Which one of the following options enables consumers and companies to access and share huge amounts of information with just a few mouse clicks?

1. Digital age
2. Internet
3. Extranet
4. WWW

Correct answer: Internet