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Q1: A marketer needs to be aware of the criteria by which the effectiveness of their segmentation procedures can be assessed. Which of the following is NOT a criterion for evaluating the resulting market segments

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Answer: Perishability

Q2: Marketers use a number of definitions of household income in their segmentation and targeting activities. What does disposable income refer to

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Answer: The income that individuals have available to spend after taxation.

Q3: Which of the following products is most commonly sold on the basis of the emotional attributes of its brand name

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Answer: Soft drinks

Q4: Palmolive soap, shampoo and moisturizer brands belong to a brand___

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Answer: Family

Q5: ___is the process of establishing and maintaining a distinctive place in the market for an organization or its specific product offers

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Answer: Positioning

Q6: A differentiated product may be unique in the marketplace but it will only be successful under which of the following circumstances

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Answer: If it satisfies customers’ needs

Q7: In developing a marketing strategy, why might an organization use a positioning map

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Answer: To discover what position new entrants might move into in the market.

Q8: Owners of brands frequently suffer when rivals make a rival product to resemble their own product. A common law remedy against this is based on the law of___

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Answer: passing off

Q9: A brand is a shorthand method which a manufacturer can use to identify its product as being distinctive. However, to be of value to a customer, this depends on which of the following brand characteristics being present

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Answer: Consistency

Q10: Colours have often come to be associated with certain product features. In western countries, the combination of red and yellow is often used to signify

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Answer: Speed

Q11: Logos are an important part of corporate visual identity. Which of the following statements about the attributes of a good logo is untrue

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Answer: It is a classic design that does not need to be updated to keep it in tune with styles and fashions.

Q12: Which of the following is NOT generally recognized as an element of the marketing mix

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Answer: Profitability

Q13: The core product is best defined as

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Answer: the fundamental benefit of the product.

Q14: An important reason for categorizing products is

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Answer: to learn from the marketing of another product which appears to be different in form, but is similar in terms of the needs it fulfils.

Q15: Consumer goods are defined as

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Answer: Products purchased to satisfy individual or household needs.

Q16: What does the acronym FMCG refer to

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Answer: Fast moving consumer goods

Q17: Which of the following is the best example of a measure of technical quality

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Answer: Length of waiting time for a restaurant table

Q18: Five stages in the product life cycle can be identified. Which of the following is not a generally accepted stage

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Answer: Peak

Q19: A product that is perceived as being of average quality by one person may be perceived as being of high quality by someone with

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Answer: Lower expectations

Q20: At what stage in the product lifecycle does the sales growth start to slow down

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Answer: Maturity stage

Q21: Which group of consumers likes to be seen to own something new and are therefore prepared to purchase a product while it is still expensive

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Answer: Innovators

Q22: Which growth strategy focuses on developing new products for a company’s existing markets

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Answer: Product development

Q23: Which of the following statements is most correct in defining demand for a product

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Answer: 2,000 units per day at £1 each in the UK

Q24: A demand curve relates, for a given market

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Answer: Price and quantity

Q25: Price elasticity of demand refers to

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Answer: the percentage change in volume demanded divided by the percentage change in price.

Q26: A product whose volume of demand increases greatly following a small reduction in price is said to be

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Answer: Highly elastic

Q27: Which of the following is an example of an ‘inferior’ good

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Answer: Pawnbroking services

Q28: A supply curve shows price on the vertical axis and volume on the horizontal. An upward shift to a higher supply curve indicates

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Answer: Less is supplied at any given price level

Q29: Standby air tickets are best described as an example of

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Answer: Marginal cost pricing

Q30: The maximum selling price that a firm can sustain for a product is determined by

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Answer: What customers are prepared to pay for it

Q31: The key feature of oligopolistic competition is

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Answer: Interdependence of suppliers

Q32: Regulation of prices is deemed particularly necessary for industries where

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Answer: Technology provides market entry barriers

Q33: Intermediaries are most closely associated with the concept of

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Answer: Channels of distribution

Q34: Intermediaries typically perform all of the following functions, except

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Answer: Creating direct communication from the customer to manufacturer

Q35: Which type of channel of distribution is most likely to be typical of specialized, highly variable products such as adventure holidays

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Answer: Direct sale from tour operator to consumer

Q36: A branded, high volume, low value consumer good is most likely to be sold through which of the following types of distribution channel

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Answer: Sale through many general retail outlets

Q37: Which of the following is not true of franchisees

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Answer: They are always small owner managed businesses.

Q38: Which of the following services is LEAST likely to be franchised

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Answer: Highly variable, customized, one-to-one services

Q39: In general, as physical distribution systems develop, which of the following is most likely to be true

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Answer: Goods travel longer overall distances

Q40: ‘Just-in-Time’ systems of distribution are particularly dependent upon

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Answer: Information flow between channel members

Q41: Which of the following intermediaries DOES NOT generally create legal relations between a manufacturer or service principal and its customers

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Answer: Service agents

Q42: Although not a conventional product, the UK National Lottery uses which type of distribution for the sale of its tickets

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Answer: Intensive distribution

Q43: Where a manufacturer aggressively sells its products to wholesalers, this is known as

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Answer: A ‘push’ distribution strategy

Q44: Developing a promotional programme for a new service begins with

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Answer: Determining promotional objectives

Q45: Within the promotional mix, public relations is most likely to be an important element for an innovative new product which is in the___stage of its life cycle

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Answer: introduction

Q46: Which of the following communications activities is likely to be most effective for a local hairdressing service

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Answer: Word-of-mouth referral

Q47: According to most communication models, at what point does the communication process finish

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Answer: There is no end as communication is generally an ongoing process.

Q48: Noise is an important element of the process of communicating a promotional message. Which of the following offers the best general definition of noise in this context

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Answer: Interference which occurs between the message source and the receiver.

Q49: There are many methods of determining a company’s total promotional budget. Which of the following methods is generally considered the most appropriate for addressing the marketing needs of a product at the current stage in its lifecycle

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Answer: Objective and task

Q50: Message and media are brought together within a planned time framework in a

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Answer: Campaign

Q51: Two types of reference group impact an individual’s response to its message. These two groups are often categorized as

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Answer: Primary and secondary

Q52: A fundamental principle that underlies most promotional activity is that communication should be designed and placed to reach a specific target audience. Which one of the following is the most precise definition of a target market for a financial services company planning a direct mail campaign for a new type of insurance policy

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Answer: ‘MOSAIC’ lifestyle categories

Q53: Which of the following objectives would be most appropriate to set for branch managers of a public library service

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Answer: Number of books borrowed

Q54: Within financial services organizations, product management structures can result in an organization that is

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Answer: market focused rather than product focused.

Q55: Advertising, marketing research and sales are titles most likely to be attached to groups in a firm which has a___organizational structure

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Answer: functional

Q56: For a national company selling low value, high volume consumer goods, sales management responsibilities are most likely to be allocated on the basis of a___organizational structure

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Answer: geographical

Q57: How is a marketing strategy usually implemented

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Answer: Through a 12 month marketing plan which includes timings, costings, and distribution details.

Q58: Managers within product management organizations typically have

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Answer: considerable responsibility for their service, but little authority.

Q59: Marketing managers in the not-for-profit sector are likely to have more of all of the following EXCEPT which

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Answer: Managerial discretion

Q60: A corporate mission statement is most important in communicating the following to an organization’s employees

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Answer: The core values of the organization

Q61: For a UK budget hotel chain seeking expansion in overseas markets, a ‘push’ factor may be represented by

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Answer: Increasing levels of competition which the company faces in its domestic market

Q62: A theme park operator considering setting up an operation in an overseas country, is most likely to begin its research by

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Answer: conducting secondary research at home.

Q63: The Supreme Court is not bound by its own decisions

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Answer: Correct – True

Q64: The European Convention on Human Rights can be enforced in a domestic court by

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Answer: A victim of a Convention violation, providing that the article in question is expressly covered under the Human Rights Act 1998, and the victim is a type of person covered by the article.

Q65: A person’s contractual capacity refers to

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Answer: The extent to which that person can enter into a legally binding contract.

Q66: The parol evidence rule is not absolute and is subject to a number of exceptions and qualifications. Which ONE of the following is not a valid exception or qualification

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Answer: The courts will always allow extrinsic evidence to be adduced if the contract is contained in a deed.

Q67: James is appointed by Richard to act as his agent and purchase for him a 1965 Rolls Royce Phantom. Jeremy has such a car. James informs Jeremy that he is an agent, but does not disclose the identity of his principal (Richard). Is Richard a ‘disclosed principal?’

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Answer: Yes

Q68: Georgina enters into a contract with Claire, but does not sign any document. At the time they agree to enter into the contract, Claire provides Georgina with a copy of the terms that will govern the contract. Georgina does not read them. A day later, Georgina discovers a limitation clause in the contract and claims that it is not part of the contract and cannot be relied on. Is Georgina correct

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Answer: No

Q69: The House of Lords in Alcock v Chief Constable of South Yorkshire Police laid down an extensive list of requirements that will need to be satisfied if a secondary victim is to recover damages in negligence. Which ONE of the following is NOT a requirement

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Answer: The damage must be caused by a single act.

Q70: Generally, the standard of care expected of a person is judged objectively. However, in certain situations, the courts will allow elements of subjectivity into their deliberations. Which ONE of the following is NOT such a situation

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Answer: Where the defendant suffers a sudden disabling event and is aware of the effect that the event has had.

Q71: In October 2012, Rebecca sustains injuries as a result of Lee’s negligence. In March 2014, she dies of her injuries. Her legal representatives hear of her death in April 2014. When will the limitation period expire regarding any claims in tort that may be made

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Answer: Apr-2014

Q72: A partnership agreement must be in writing. True of False

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Answer: Wrong – False

Q73: A partnership can consist of both natural and legal persons. True or False

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Answer: Correct – True

Q74: It is a prudent step to have in place, before the partnership begins trading, a written partnership agreement setting out the rights and obligations of the partner. Bearing this in mind, which ONE of the following statements is NOT true

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Answer: If a written partnership agreement exists, the implied terms contained in the Partnership Act 1890 will not form part of the partnership agreement.

Q75: Partnership agreements constitute a contract of utmost good faith and, accordingly, the Partnership Act 1890 imposes a number of fiduciary duties upon the partners. Regarding such duties, which ONE of the following statements is NOT true

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Answer: The duty to render accounts will only be breached if the partner acts in a negligent or fraudulent manner.

Q76: Upon dissolution, once the losses of the partnership have been paid, the remaining assets must be applied in a set order. What should these assets be used to pay first

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Answer: Outside creditors.

Q77: Following the case of Petrodel Resources Ltd v Prest, which ONE of the following is a valid reason for ignoring a company’s separate personality

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Answer: The company is interposed in order to evade or frustrate the enforcement of a legal obligation.

Q78: The allotment of shares refers to the process whereby a person’s name is entered into the register of members. True or False

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Answer: Wrong – False

Q79: Statement “Private companies are free to provide financial assistance to acquire their own shares. Generally public companies are prohibited from providing such assistance, but can do so in limited circumstances.”

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Answer: Correct – True

Q80: A company voluntary arrangement is less useful than administration because company voluntary arrangements lack any form of moratorium. True or False

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Answer: Wrong – False

Q81: A compulsory winding-up order can only be made on a number of specified grounds. The majority of such orders are made on the basis of which ground

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Answer: The company is unable to pay its debts.

Q82: Wrongful trading will only occur where, prior to the commencement of a winding up, the director knew that there was no reasonable prospect of the company avoiding insolvent liquidation

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Answer: Wrong – False

Q83: Today, the principal test used to determine the status of a purported employee is to determine how integrated the purported employee is into the employer’s business. True or False

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Answer: Wrong – False

Q84: Edward runs a sole proprietorship and he employs Bella. Bella is paid on commission, but, in the last six months Edward has not provided her with any work and so she has been unable to make a living. Has Edward breached Bella’s contract of employment

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Answer: Yes

Q85: Jacob is an employee of MultiQuest Ltd. As a result of a flood, the factory where Jacob works is closed for two weeks and, during that period, the company refuses to pay Jacob. Has the contract of employment been breached

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Answer: No

Q86: Poppy has worked for her employer for seventeen weeks. For eight of those weeks, she worked sixty hours per week. For the other weeks, she worked forty hours per week. Have the Working Time Regulations 1998 been breached

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Answer: Yes

Q87: In order to establish that a policy amounts to indirect discrimination, the treatment of the claimant must be compared to that of a comparator. The comparator will consist of which ONE of the following

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Answer: A person who does not share the protected characteristic of the claimant, but whose circumstances are not otherwise materially different.

Q88: Martin has been employed by Cullen Ltd for four years and his contract of employment states that he is entitled to eight weeks notice. He engages in an act of negligence and is dismissed, but is only given three week’s notice. Has he been wrongfully dismissed

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Answer: Yes

Q89: On the 26th April 2013, Mario starts work for BioTech plc. His contract provides that he is entitled to six week’s notice. On the 15th May 2014, he is dismissed after he discloses confidential information to a rival company. He alleges unfair dismissal. Is Mario eligible to claim for unfair dismissal

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Answer: No

Q90: Who of the following was NOT a proponent of natural law

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Answer: Jeremy Bentham

Q91: The term ‘common law’ has three different meanings. Which of the following is NOT a meaning of the term ‘common law’

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Answer: Laws created by Parliament.

Q92: The term ‘private law’ refers to

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Answer: The body of laws that seeks to regulate the relationship between individuals.

Q93: Which one of the following is regarded as a private law topic

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Answer: Contract law

Q94: Regarding the system of equity, which one of the following statements is untrue

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Answer: If the common law and equity conflict, the common law prevails.

Q95: Which of the following countries DOES NOT have a common law legal system

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Answer: France

Q96: The phrase ‘civil law’ can refer to those legal systems whose laws are based on Roman law. It can also refer to

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Answer: The body of laws that does not relate to criminal offences.

Q97: Statute law refers to

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Answer: The body of laws created by Parliament in the form of legislation.

Q98: The phrase ‘English legal system’ refers to

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Answer: The legal system of England and Wales.

Q99: Which of the following types of case will NOT be heard in a county court

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Answer: A defamation case.

Q100: The Criminal Division of the Court of Appeal WILL NOT hear appeals from which ONE of the following

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Answer: Decisions of a magistrates’ court.
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