Basics Of Marketing Management

1.This section covers MCQ on Basics of Marketing.

_____ is the father of Modern Marketing.
A. Abraham Maslow
B. Lester Wunderman
C. Peter Drucker
D. Philip Kotler
View Answer
D. Philip Kotler
Explanation:
Dr Philip Kotler is regarded as the Father of Modern Marketing by many scholars.
Peter F Drucker is known as the father of management. Abraham Maslow is well known for
his theory of need hierarchy. Lester Wunderman was an American advertising executive
2.Marketing is a process which aims at ________
A. Production
B. Profit-making.
C. The satisfaction of customer needs
D. Selling products
View Answe
C. The satisfaction of customer needs
Explanation:
Selling focuses on sale and profit only but marketing has broader goal. Marketing achieves his
goal of profit through the customer need satisfaction. In simple words, marketing identifies
customer’s or market’s needs. Then, it tries to fulfill i.e. satisfy that needs by offering right
combination of products and services.
3.The term marketing refers to _______
A. Advertising, Sales Promotion, Publicity and Public Relational activities
B. A new product needs ideas, Developments, concepts and improvements.
C. Sales Planning, Strategy and Implementation
D. A philosophy that stresses customer value and satisfaction.
View Answer
D. A philosophy that stresses customer value and satisfaction
Explanation:
Marketing mainly emphasizes on customer value and satisfaction. Marketing includes all other
elements mentioned in option A, B & C, but the term mainly deals with customer satisfaction. To
satisfy customers, marketer need to offer right combination of benefits and price i.e. value.
4. In the history of marketing, when did the production period end?
A. In the late 1800s.
B. In the early 1900s.
C. In the 1920s.
D. After the end of the Second World War.
View Answer
C. In the 1920s.
5. The best Definition of Marketing given by Philip Kotler is _______
A. Marketing is the process by which companies create value for customers & build strong
customer relationships in order to capture value from customers in return.
B. Marketing is a societal process by which individuals & groups obtain what they need & want
through creating offering & freely exchanging products & services of value with others.
C. Marketing is the activity, set of institutions & processes for creating, communicating,
delivering & exchanging offerings that have value for customers, clients, partners & society at
large.
D. None of the above
View Answer
A. Marketing is the process by which companies create value for customers & build strong
customer relationships in order to capture value from customers in return.
Explanation:
This is an official definition given by Dr Philip Kotler in his marketing books.
6. Marketing is the activity, set of ___________ & processes for creating, communicating,
delivering & exchanging offerings that have value for customers, clients, partners &
society.
A. Institutions
B. Organizations
 C. Companies
D. Enterprises
View Answer
A. Institutions
Explanation:
As per the official definition by American Marketing Association (AMA), Marketing is the
activity, set of institutions & processes for creating, communicating, delivering & exchanging
offerings that have value for customers, clients, partners & society.
Here, Institutions is the broader and more precise term as compared to other options.
7. The key term in the American Marketing Association’s definition of marketing is:
A. Activity
B. Sales
C. Products
D. Value
View Answer
D. Value
8.The most formal and best definition of marketing is ___________
A. An organizational function and a set of process for creating, communicating and delivering,
value to customers and that benefit the organization.
B. Improving the quality of life for consumers by selling them products and services.
C. Marketing is all about Meeting needs profitability i.e. identifying & fulfilling consumer needs.
D. Marketing is an organizational function includes the 4Ps i.e product, place, price and
promotion.
View Answer
A. An organizational function and a set of process for creating, communicating and delivering,
value to customers and that benefit the organization.
Explanation:
This definition of marketing is one of the most comprehensive definitions of Marketing. This
definition covers 4Ps i.e. four important elements & aspects of marketing.
o Product (Creating)
o Promotion (Communicating)
o Place or Distribution mix (Delivering)
o Price (Value & Benefits)
9. Marketing is _______, there is a constant tension between the formulated side of
marketing and the management side.
A. An art
B. A Science
C. Both an “art” and a “science”
D. Selling
View Answer
C. Both an “art” and a “science”
10. Today, marketing must be understood in a new sense that can be characterized
as _________
A. Get there first with the most.
B. Management of youth demand.
C. Satisfying customer needs.
D. Telling and selling.
View Answer
C. Satisfying customer needs
Explanation:
Marketing is much broader than just selling, read this article for further details Why selling is
merely a tip of the Iceberg called Marketing
11. Select an appropriate definition of ‘Want’.
A. More consumer Needs
B. Needs backed by buying power
C. Needs directed to the product
D. Basic human requirements
View Answer
C. Needs directed to the product
12. _______ is the act of obtaining a desired object from someone by offering something in
return.
A. Marketing Myopia
B. Selling
C. Exchange
D. Delivery
View Answer
C. Exchange
13. Want for a specific product backed by an ability to pay is called _____
A. Demand
B. Need
C. Want
D. Customer
View Answer
A. Demand
Explanation:
Need is all about basic requirements whereas want is about a specific need. When a customer has
the ability to pay for his want, that becomes a demand. For example, Krish wants a BMW car of
Rs. 1 Crore and he is able to pay for that, then his want becomes a demand. Now he can buy that
car. So, he can create demand.
14. Marketers often use the term ________ to cover various groupings of customers.
A. Buying power
B. Demographic segment
C. Market
D. People
View Answer
C. Market
15. Good marketing is no accident but a result of careful planning and _____.
A. Promotion
B. Selling
C. Policies
D. Execution
View Answer
D. Execution
16. ______is the best illustration of a subculture.
A. Occupation
B. Income
C. Religion
D. Family & Friends
View Answer
C. Religion
17. ______ are the form of human needs take as shaped by culture & individual
personality.
A. Wants
B. Demands
C. Needs
D. Social Needs
View Answer
D. Social Needs
Explanation: Social needs means needs of society. Almost all social needs are influenced and
shaped by culture, traditions and personality traits.
18. A place where goods are bought and sold against the price consideration between the
buyers and the sellers is called ______.
A. Exchange
B. Market
C. E-commerce
D. Transaction
View Answer
B. Market
Explanation:
Market is a physical or virtual place where sellers meet buyers for transaction purpose. Market is
an open area where shops, malls and other trading centers exists.
Market generally involves at least two parties, one is seller and second is buyer. When trade
activity is done using electronic medium for example mobile, internet, laptop etc. is known as
electronic commerce i.e E-commerce.
19. _______ Involves transfer of ownership of the goods.
A. Selling
B. Assembling
C. Buying
D. Assembling & Buying
View Answer
A. Selling
20. ________ is not a type of Marketing Concept.
A. The production concept
B. The selling concept
C. The societal marketing concept
D. The Supplier Concept
View Answer
D. The Supplier Concept