All Free Management Sciences MCQs with Answers

• A. Barnacles
• B. Butterflies
• C. True friends
• D. Strangers

Explanation: In the customer relationship matrix, barnacles have a limited fit with the company’s offerings and generate low profitability, although…

• A. consumer oriented marketing
• B. customer value marketing
• C. innovative marketing
• D. inbound ⁄ outbound marketing

Explanation: Sustainable marketing includes consumer-oriented, customer-value, innovative and societal marketing principles.

• A. deliberate
• B. venturesome
• C. skeptical
• D. tradition bound

Explanation: Innovators are venturesome and willing to try new products despite uncertainty and risk.

• A. good value pricing
• B. cost plus pricing
• C. value added pricing
• D. both a and c

Explanation: Value-based pricing includes good-value pricing and value-added pricing, both of which set price according to perceived customer value…

• A. more satisfied
• B. more dissatisfied
• C. more delighted
• D. none of the above

Explanation: Satisfaction depends on the comparison between perceived performance and expectations: a larger negative gap makes the customer more…

• A. unsought consumer products
• B. specialty industrial products
• C. industrial augmented products
• D. sought primary products

Explanation: Unsought consumer products are not normally sought by customers, so marketers must use substantial promotion, personal selling, and other…

• A. consumerism
• B. seller's extrovert sellers
• C. environmentalism
• D. seller introvert seller

Explanation: Environmentalism is the organized concern of citizens and government agencies for protecting and improving the natural environment for…

• A. price of competitors
• B. strategies of competitors
• C. marketing strategy
• D. all of above

Explanation: Pricing decisions must consider competitors' prices, their pricing strategies, and the firm's overall marketing strategy.

• A. sought products
• B. unsought products
• C. specialty products
• D. both a and b

Explanation: Specialty products have distinctive characteristics and attract buyers who are willing to make a special purchasing effort to obtain them.

• A. Analysis
• B. Planning
• C. Implementation
• D. Control

Explanation: Control involves evaluating the results of marketing activities against planned objectives and taking corrective action when necessary.

• A. deliberate
• B. guided by respect
• C. skeptical
• D. tradition bound

Explanation: Early adopters are generally respected opinion leaders whom other consumers look to for guidance, so they are classified as guided by…

• A. marketing strategy
• B. augmented product
• C. non-augmented product
• D. positioning strategy

Explanation: An augmented product includes added benefits and services surrounding the core product, such as delivery, installation, warranties, and…

• A. cost based pricing
• B. differentiated pricing
• C. competitive pricing
• D. value added pricing

Explanation: Cost-based pricing starts with production and distribution costs and adds a markup or fair return to determine the selling price.

• A. determine incurred costs
• B. design product
• C. assess needs of customer
• D. set target price

Explanation: Value-based pricing typically begins by assessing customer needs and perceived value, then setting a target price based on that value…

• A. Business portfolio
• B. Strategic plan
• C. Mission statement
• D. Vision statement

Explanation: A business portfolio is the complete collection of businesses and products owned by a company.

• A. Market segmentation
• B. Targeting
• C. Differentiation
• D. Positioning

Explanation: Positioning means arranging a product so it occupies a clear, distinctive place in the target customer's mind.

• A. upper middles
• B. working class
• C. lower uppers
• D. upper uppers

Explanation: Upper uppers are the social class associated with inherited wealth, established family status, and long-standing privilege.

• A. innovators
• B. early majority
• C. laggard
• D. early adopter

Explanation: The early majority adopts new ideas after seeing evidence that they work, but they are not usually opinion leaders.

• A. Portfolio analysis
• B. Strategic Business Units (SBU's)
• C. Both a and b
• D. None of above

Explanation: Strategic business units are the company's key businesses or product-market units, each with its own strategy and competitors.

• A. difficult products
• B. sought services
• C. sought products
• D. convenient products

Explanation: Fast food is generally a convenience product because consumers buy it frequently, quickly, and with little comparison or effort.