Question : Which of the following is an example of a pricing strategy in the marketing mix?
Option 1: Offering a loyalty program for repeat customers
Option 2: Creating eye-catching packaging for a product
Option 3: Deciding to sell a product through a specific distribution channel
Option 4: Setting a high price to position a product as a luxury item.
Correct Answer: Setting a high price to position a product as a luxury item.
Solution : Pricing is one of the four elements of the marketing mix, which refers to the amount a customer pays for a product or service. Setting a high price can be a deliberate pricing strategy to position a product as a luxury item, create a sense of exclusivity, or to signal quality.
Hence, option D is correct.
Question : It involves physical movement of goods from one place to other. Which function of marketing is highlighted in the given statement?
Option 1: Customer support service
Option 2: Pricing of product
Option 3: Transportation
Option 4: Physical distribution
Question : Which element of marketing mix is highlighted in the given statement? Statement: It refers to efforts that inform target buyers about the product's availability, features, and benefits and convince them to purchase it.
Option 1: Product
Option 2: Price
Option 3: Place
Option 4: Promotion
Question : Which feature of marketing is highlighted in the given statement? Statement: The role of the marketer is to enhance the product's value so that consumers choose it over its rivals and make a purchasing decision.
Option 1: Need and want
Option 2: Customer value
Option 3: Creating a market offering
Option 4: Exchange mechanism
Question : As the marketing manager of Z.ltd focuses on quick sales to hit the objective, the manufacturing manager of Z.ltd advises the salesperson to go slowly when selling the product. Which principle of management is being violated here?
Option 1: Unity of command
Option 2: Unity of direction
Option 3: Order
Option 4: Authority and responsibility
Question : Identify the principle of management violated in the below case. The marketing manager has asked his subordinate to grant 15% discount to its regular customer where as the finance minister asked not to give more than 10% discount to any customer.
Option 1: Unity of direction
Option 2: Unity of command
Option 3: Division of work
Option 4: Scaler chain
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