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Bonneville Communications Is Concerned About Test Marketing Its New Device. Which Of The Following Is Not A Disadvantage Of Test Marketing That Would Likely Concern Bonneville Communications?

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Solution To The Multiple Choice Question (MCQ) The correct answer is D) as in Test Marketing, marketers get better understanding and know-how valuable market experience about company’s products or services before fully launching the new device or service into the market. It is the main advantage of test marketing which the company (Bonneville Communications) has by implementing Test Marketing. In order to solve this mcq, the students must have clear understanding about test marketing, its advantages / merits and disadvantages / demerits which are discussed below: What Is Test Marketing Test marketing means a company wants to test its new product or service so that the company can check what is probable result will be when the customers try it before fully launching the product or service into the market. The company wants to make some experiments before introducing its product or service such as whether the customers like the product or not. What kind of age like the product the most? ...
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The Act Of Trading A Desired Product Or Service To Receive Something Of Value In Return Is Known As Which Key Concept In Marketing?

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Definition Of Exchange In Marketing The correct answer is b. “exchange”, as Exchange Is The Backbone Of Marketing . Without exchange, the ultimate Purpose Of Marketing can’t be achieved. Marketing is the way to persuade customers to buy goods or services, to create superior customer value and satisfy customers needs, wants and demand in return. The process of marketing will not be completed if the exchange does not take place between two parties who are not agreed to make deals with each other. If the company get return but the customers are not satisfied with the quality of products or services, then exchange process will fail. So, to make a successful trading between the company and customers, both parties must be satisfied at the end. In that way, a successful exchange takes place between the company and the customer. For example, if a company sold a product to a customer at a fair return and customers are satisfied with the quality of product and willing to pay the price, the...
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Any Individual Who Purchases Goods And Services From The Market For His/Her End-Use Is Called _

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Solution To The MCQ Question The correct answer of this MCQ is a. “Customer” , as customer is the person who buys goods or services for his / her end-use and satisfaction or to manufacture or resell goods or services to others. A customer always purchases goods or services but he / she may or may not be the end-user while a consumer is one who consumers or uses goods and services for his / her personal use and they always are the end-user of goods or services. For example, when a customer purchases wheat at a given price, then such person is a customer and when such wheat is used by family members like father, sons, daughter, etc., then all of these are consumers who consumes and uses the wheat. A buyer or purchaser is one who buys or purchases goods or services under the agreement. Initially, a customer when purchases goods or services from company is a customer but later on when he / she uses or consumes goods or services he / she becomes a consumer. A purchaser, if after purchasing ...
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The Strategy That Competitors Cannot Easily Duplicate Or Surpass

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Answer Of Short Question With Brief Explanation: It is “Sustainable Competitive Advantage” as under this competitive advantage, it is very difficult for competitors to duplicate or surpass the features and capabilities of a business. The business has advantage over its competitor that it is very difficult for competitors to meet the needs of customers in such a way as a business performs in the market i.e., a business providing better quality products to customers than its competitors has Sustainable Competitor Advantage over its competitors. Due to this, the company's sales are the best than its competitors in the market. Examples of companies having sustainable competitor advantage are Google, Apple Inc., Amazon, Microsoft, etc. Due to sustainable competitive advantage, the company has better skilled and trained people than the competitors who provides better quality products and services and satisfy customers by solving their problems effectively. In fact, the company is a Mark...
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SWOT Analysis Is Part Of Which Of The Following?

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Answer Of MCQ And Four (4) Parts Of SWOT Analysis The correct answer of this multiple choice (mcq) is e. Situation Analysis because such analysis is related with the analysis of internal and external factors affecting the business. The analysis of these factors shows the Strengths (in which resources and capabilities are seen), Weaknesses (e.g., lack of satisfaction customers 'needs), Opportunities (business environment) and Threats (i.e., from competitors, business loss, etc.). This analysis is helpful for checking the business’ current position in the market and provide a guidance for strategic planning process. SWOT Analysis also shows Strengths, Weaknesses, Opportunities and Threats of the business. So, SWOT Analysis is just a part of Situation Analysis. In Situational Analysis, both internal and external environments are evaluated. In internal environment , the internal factors such as financial resources, human resource management, technology resources, marketing team, sales...
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The Compelling Reason Customers Should Select Your Brand

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Answer Of Short Question The answer is “Value Proposition” , as the value proposition is a concise statement and a promise of value to be delivered or rendered to targeted customers (based on demographically, regionally, etc.) available in the market. It shows the benefits of products and services provided by a company to its potential customers to choose and buy its products or services as compared to its competitors. For example, a company claiming to deliver products to its customer at 10% discount with free delivery cost. It is a promise from the company to the client that the company will give 10% discount with no delivery cost, if he purchases goods from the company may be subject to a specified time period. A value proposition statement for a transportation company may be "Instant And Cost Effective Delivery At Your Doorstep". This statement should be simple and concise mentioning the benefits promised to be delivered to customers. Value proposition emphasizes on the c...
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Which Of The Following Is Not A Core Competency

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Solution To The Multiple Choice Question (MCQ) “Which Of The Following Is Not A Core Competency” The correct answer is “C. Marketing Myopia”, as Marketing Myopia focuses on company’ products or services rather than on the benefits or satisfaction which the company can provide to consumers. It lacks consumers’ needs, wants and demands and as a result the business may lose many new consumers and unable to capture high customer value for new available opportunities created in the market. Companies follow market myopia can't influence customers and as a result the business can't grow and satisfy customer demands during the entire life cycle. It is not the right marketing strategy to run and promote the business. To run the business successfully, market myopia should not be applied as it lacks customers satisfaction and this marketing strategy adopts the product or service without updating or innovative changes. Few examples of Companies face market myopia due to lack of innovation ...
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