Marketing Test - 59

An individual who relies on creative techniques for selling its products or services is said to be a demand-creator salesperson. 

Creative selling refers to that method of selling in which a salesperson actively seeks out the customers and employs well-thought-out tactics to close the deal.

SERVQUAL: It is a multidimensional research instrument, designed to capture consumer expectations and perception of service along the five dimensions (reliability, assurance, tangibles, empathy, responsiveness) of service quality.

SERVPREF: Cronin and Taylor proposed that the perception of performance is the only criteria for service quality and developed the SERVPREF model. It focused on trying to overcome the "perceptions-minus-expectations" measurement focus of SERVQUAL.

DINESERV: Dining consumers determine which restaurants meet their service quality and value standards. DINESERV is proposed as a reliable, relatively simple tool for determining how consumers view a restaurant's quality.

RSQS: RSQS is an abbreviation of the Retail Service Quality Scale. As service quality plays a vital role in creating quality perception, retail service quality is also associated with future consumption behavior in terms of customer's intention to visit, purchase, and recommend to others.

Therefore, survey instruments used to assess customer perception of service quality are called SERVQUAL, SERVPREF, DINESERV, and RSQS.

Price rigidity is the price of the product fixed after deliberations and negotiations by the oligopolistic firms, to which they generally stick with a view to avoiding any sort of price war. It refers to a situation in which price tends to stay fixed irrespective of changes in demand and supply conditions. It may occur under an oligopoly market because of the price stability accepted by the firms.

• Price Sensitivity - The degree to which demand fluctuates as a product's or service's price changes is known as price sensitivity. price sensitivity is measured usually with the help of price elasticity of demand, which implies that certain buyers won't pay more if a lower-priced choice is available, this is a typical method for measuring price sensitivity.

Statement I : Only low priced products will sell in rural India.

This statement is incorrect because the statement assumes that the all people residing in rural India have low per capita income and cannot afford high priced products. This is an unrealistic assumption.

Statement II : Rural consumers are a homogenous lot.

This statement is also incorrect as most firms assume that rural markets are homogenous. It is unwise on the part of these firms to assume that the rural market can be served with the same product, price and promotion combination.

A plant shaped and designed specifically for attaining the marketing objectives of a firm is known as a marketing strategy. A marketing strategy is a comprehensive plan or approach developed by a firm to achieve its marketing goals and objectives. It outlines the specific actions and tactics that will be employed to promote and sell products or services, target specific customer segments, and position the brand in the market. 

Marketing function types within a larger business might include performing market research, producing a marketing plan, and product development, as well as strategically overseeing advertising, promotion, distribution for sale, customer service, and public relations.

A black market is a form of commerce that occurs outside of government-approved channels. Illegal market transactions are typically conducted "under the table" in order to dodge government pricing regulations or taxes. A black market's goods and services can be unlawful, in the sense that their acquisition and sale are prohibited by law, or they can be legal but transacted to evade taxes. The correct answer is- A market where the same product sells at different prices geographically is known as the black market. 

"We run a railroad" is NOT a market-oriented definition of a business.

The statement simply describes the nature of the business without emphasizing meeting customer needs or creating value in the market. A market-oriented definition would typically highlight how the business serves customers, addresses their needs, and creates value in the marketplace.

The statement "We run a railroad" is not a market-oriented definition of a business because it focuses solely on the operational aspect of running a railroad without addressing the needs and value creation for customers in the marketplace. Here's why this statement lacks a market-oriented perspective:

• Customer Focus
• Value Creation
• Market Dynamics

Direct marketing is a promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman. 

 Features of direct marketing:

• Interactive Mode of Marketing: This is one of the key features of direct marketing. It allows businesses to communicate directly and interact with a specific target audience. 

• Growth facilitated by Globalization and the Internet: In today’s digital age, direct marketing has become more prevalent and efficient. 

• Not Location Specific: Direct marketing can be carried out from anywhere and still reach customers in any part of the world.