MGT301 Solved Grand Quiz 2020

MGT301 Solved Grand Quiz 2020

Q1. Revlon has clearly defined its “mission” of selling lifestyle and self-expression. As the firm prepares to launch its strategic plan, the mission needs to be turned into a detailed set of objectives that guide the whole company.

1. False

Q2. During proposal solicitation, the buying center often will draw up a list of desired supplier attributes and their relative importance.

1. True

Q3. Customer-perceived value depends on the product’s perceived performance relative to a buyer’s experience.

1. False

Q4. When a consumer learns about a new product for the first time and makes a decision to try it, it is called the alternative evaluation process.

1. False

Q5. The elements of the marketing mix commonly known as the “four Ps” include: product, price, place, and promotion.

1. False

Q6. Most businesses that manufacture products for the consumer market also sell directly to consumers.

1. False

Q7. Holiday inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting.

1. True

Q8. The owner of the 21-store chain of bicycles, explained to the store managers at a recent sales meeting that marketers, more than any group in the company, must be the trend trackers and opportunity seekers.

1. False

Q9. ABC Fortunes has just developed a formal statement of its purpose. This firm has put together a mission statement.

1. False

Q10. Environmental concerns have been on the decline in the past decade; more government legislation and the green movement may be the cause of this trend.

1. True

Q11. Today’s marketers recognize the importance of working with their intermediaries as channel through which they sell their products rather than as mere partner.

1. True

Q12. More and mor companies are shifting their brand management focus toward customer relationship management.

1. True

Q13. Today’s marketers must be a good at building relationships in order to connect effectively with customers, others in the company, and external partners.

1. True