Marketing Test - 58

Product mix, also known as product diversity or product portfolio, refers to the entire set of products and/ or services provided by a company. A product mix consists of product lines, which are associated particulars that consumers tend to consume together or consider as resembling products or services.

Dimensions of Product Mix are: 

1. Product mix width
2. Product mix length 
3. Product mix dept
4. Product mix Consistency

According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer's response”.

The controllable variables in this context refer to the 4 'P's- product, price, place (distribution), promotion

Each firm strives to build up such a composition of 4‘P’s, which can create the highest level of consumer satisfaction and at the same time meet its organizational objectives.

Statement I: The aim of marketing is to make selling superfluous.

Making selling redundant is the goal of marketing, which means that when marketing is done well, selling what you have to offer will be lot simpler. reaching out to someone who is familiar with your company and has your trust is much simpler. Thus, The aim of marketing is to make selling superfluous.

Statement Il: Marketing should result in a customer who is ready to buy

Marketing's goal is to know and comprehend the consumer so thoroughly that the good or service fits him and sells itself. The ideal outcome of marketing is a customer who is prepared to make a purchase. Then, all that ought to be required is to make the good or service accessible. Thus, Marketing results in a customer who is ready to buy. 

Thus, Both Statement I & Statement II are correct.

Task Management - Authority-obedience approach; Authority-obedience leadership can help to maintain order within an organization. 

Country Club Management - Love conquers all approaches.

Impoverished Management - Speak no evil, hear no evil, see no evil approach; The Impoverished or "indifferent" manager is mostly ineffective. It is often known as Speak no evil, hear no evil, and see no evil approach as here the manager has low regard for both production and people.

Team Management: Team managers prioritize both the organization's production needs and their people's needs. Often known as the "One plus one can add up to three"

DSA is an abbreviation of Direct Selling Agent. A direct selling agent or DSA is a person who works as a referral agent for a bank or NBFC. They are marketing agents who bring business to the banks. The job of a DSA is to find potential customers for the bank they represent. To do this, DSAs will look for people who are in the market for a loan. These leads are then directed to the concerned bank or NBFC and the loan process is taken forward. For the effort put in by the DSA, a payout is provided. This payout is a percentage of the type of loan and the loan amount. And this payout is a great way to earn a little extra cash. In rural areas, DSAs are known as business correspondents.

Factors determining distribution channel:

1. Size of the market: The larger the market size, the longer the channel. Conversely, the smaller the market the smaller the channel. Hence, option (A) is correct.
2. Order lot size: If the order lot size is small, it is better to have a longer channel and vice-versa. Hence, option (B) is incorrect
3. Service Requirements: If the product and market require a high level of service, and it is a major factor in buying decisions, it is better to keep a shorter channel. Hence, option (C) is correct.
4. Product variety: If a wide assortment of the same type of product is available in the market, then it is advisable to select a wider channel. Hence, option (D) is correct.

Assertion (A) is true because offering a low initial price can indeed be a principal means for entering the mass market with a new product. A low price can attract a larger number of customers, especially those who are price-sensitive or looking for a bargain. This strategy can help the product gain rapid adoption and market share, eventually leading to economies of scale and increased profitability.

Reason (R) is false because firms do not necessarily enter production of new products with excess capacity initially. When launching a new product, companies often invest resources in research and development, marketing, and production setup. This might lead to using a substantial portion of their capacity, not excess capacity. The goal is to ramp up production gradually as demand increases, rather than relying on initial excess capacity.

So, while Assertion (A) is true, Reason (R) is not accurate in the context of entering the market with a new product.

Multinational Corporation:

• An organization is considered a global corporation if its operations span at least two nations.
• A business with resources or facilities spread across several nations is known as a multinational corporation (MNC).
• It keeps a central office in a single nation that manages all of its other offices, including administrative branches and manufacturing.

The correct answer is A, B, C, D and E only.

• The ad motivates consumers to consider purchases of the brand. This is a true statement. One of the primary goals of an advertising campaign should be to motivate or persuade the consumer to purchase the product or service offered by the brand.
• The ad gives the maximum possible product knowledge to the customer. While it is important for an advertisement to impart knowledge about product features and benefits, inundating consumers with excessive amounts of information can also have negative impacts.
• The ad causes the consumer to pay attention but does not distract from the intended message. This is a crucial aspect of an ideal advertisement campaign. 
• The ad properly reflects the consumer's level of understanding and behaviors with the product and the brand. 
• The right consumer is exposed to the right message at the right place and at the right time.

Online and social media marketing - Social media marketing often referred to as digital marketing and e-marketing, is the process of using social media—the websites where people create social networks and share information—to strengthen a company's reputation, boost sales, and direct visitors to its website. Social media marketing gives businesses a method to interact with current consumers and attract new ones. 

• Rich - Online and social marketing are rich in media. The Internet was created to send multimedia information, including text, voice, images, and other types of data. As a result, there are numerous ways to communicate information and make a bargain.
• Interactive - The internet is able to achieve interaction and communication between supply and demand through the presentation of product images and the provision of commodities information queries. It is also capable of testing products.
• Up to date - Businesses have more time and space for marketing since the Internet can exchange information by overcoming time and space restrictions. They could offer worldwide marketing at any time and any place. Thus, businessmen are able to have up-to-date details and information of the market.