Question 1. What Is Marketing?
Marketing can be referred to as a form of communication with your customers, with the help of marketing tools such as advertising, promotion, publicity, design aspects related to the look of the product etc.
Question 2. What Are The Keys To Marketing Success?
Keys to marketing success can be summarized in below mentioned points:
- the foremost important point is to “satisfy the customer”.
- A company should have a clear image in order to achieve marketing success.
- Thirdly work should be clearly distinct from other business activities in an organization. It should be central to the entire organization.
- Fourthly business should develop a unique strategy that is consistent with the circumstances that it faces.
Question 3. Mention The Various Components Of Marketing Management?
Marketing management components can be divided into following points:
- Corporate level : It consists of company’s mission and objectives.
- Functional level : Non marketing and marketing institutions are included in it.
- Marketing level : It consists of situation analysis, objectives, strategy, implementation, budget, and evaluation.
- The marketing mix consists of product, distribution, promotion, and price.
Question 4. What Were The Different Approaches Used In Marketing Earlier?
There were three marketing approaches used earlier:
- Production orientation: An organization which focuses on production specializes in producing most of the given services and products without considering the quality.
- Product orientation: An organization which focuses on product orientation is mainly concerned with the quality of the products.
- Selling orientation: An organization which uses sales orientation mainly focuses on the selling or promoting a particular product, and not determining new consumer desires as such.
Question 5. Explain Service Marketing. Also Explain What Is A Service?
- Service marketing can be defined as marketing of services. It’s not same for tangible products. Services if compared with goods then neither all products are purely goods nor services. In more clear words service can be defined as
- use of the service is not separated from its purchase.
- A service can never be in material form and therefore it cannot be touched, seen, heard, tasted, or smelled.
- The use of a service is inherently subjective, i.e. if many people are experiencing services then each of them will experience it uniquely.
Question 6. What Are The Current Approaches Used For Marketing?
Current approaches used for marketing can be categorized in four categories:
- Relationship marketing: This approach basically deals with customer satisfaction. The whole emphasis is done on the relationship between the suppliers and customers.
- Business Marketing: It does not focuses on consumer products rather it focuses on industrial goods. All sort of marketing techniques are like promotion, advertising, etc are used.
- Social marketing: It focuses on marketing a product socially i.e. online.
Question 7. What Is An International Marketing Plan?
- It involves the organization in making more then one marketing decisions across the nations.
- There are many reasons to enter an international market led by large market size and diversification.
- There are also several reasons to avoid entering international markets, including too much red tape, trade barriers, and transportation difficulties .
- The stages of going international are as follows: exporting, licensing, joint ventures, direct investment, U.s. commercial centers, trade intermediaries, and alliances
Question 8. What Is Marketing Communication?
Marketing communication can be defined as the efforts made by the seller to convey his message to his buyers and to accept it in retrievable form. The main point of communication process is persuasion. It is totally goal oriented. It is not an haphazard activity. Each of its tool consists of specific complexities and potentialities that justify managerial specialization.
Question 9. What Are The Various Types Of Marketing Research?
Various types of marketing research are:
- Field research: It is related to the research for a specific purpose.
- Desk research: Usually it is conducted for one purpose initially but gradually it is used to support another goal.
- Xploratory research: It investigates an assumption..
- Predictive research: This type of research is done to predict any future occurrence.
- Conclusive research: This type of research is done to derive a conclusion of a research process.
Question 10. What Is Real-time Marketing? How It Became Important?
Real time marketing can be defined as marketing done to a customer in a particular time and place. It is the kind of marketing which seeks the most appropriate offer for a particular customer. Real-time marketing is the outcome of customer relationship management (CRM) solutions in major companies.Over time Real-time marketing became a big solution for vendors and maturing customers. Vendors found themselves re-branding real-time marketing products to suggest a more holistic appreciation of enterprise interaction decision management.
Question 11. What Is Interruption Marketing?
Interruption marketing can be defined as promoting a product by the means of advertising, public relation and sales. It is not suitable every time and depends upon company to company. It is very much sales directed, so if a company has limited funds to invest for advertising and wants quick results then interruption marketing is best. But at times it is not considered a fruitful way of marketing.
Question 12. What Is The Difference Between Interruption Marketing And Permission Marketing?
There is a vast difference between permission marketing and interruption marketing. Permission marketing is getting found by the customers by itself by the means of SEO, social media and content. It basically focuses on maintaining long term relationship with the customers which is always helpful in long run whereas Interruption marketing focuses on getting quick sales without any thought of long term relationship with customers. It just targets on promoting the product by the means of advertising, promotion etc. to get quick results.
Question 13. Explain Diversity Marketing?
This type of marketing focuses on creating effective communication methods and mixing with each of the diverse groups active in the market. Because different consumer groups have experiences in different cultural and social settings, therefore diversity marketing recognizes the importance of cultural programming and acknowledges the consumers accordingly. Different cultural programming, the tastes, values, expectations, beliefs, ways of interaction, ways of entertainment, and lifestyle preferences of these groups tend to be different from others so these differences require the creation of customised marketing strategies.
Question 14. What Is Ethical Marketing? Explain In Brief?
Considering marketing ethics in the process of marketing is called ethical marketing. Briefly, if we explain it is the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment. It results into business community which is much more responsible socially and culturally.It’s existence is very much beneficial to the society also. It should be the part of business ethics because it plays a very significant part in any business model. It gives those benefits to it’s customers which other companies does not even recognise.
Question 15. What Is Segmented Market?
Segmenting market is to segment the customer and organizations so that each segments needs can be recognized and fulfilled properly. The advantage is that there is no need of selling the product to all the segments of market infact a particular segment can be targeted according to their requirements.
Market segmentation is done in two steps:
- First step is to identify and classify people into homogeneous groupings which are called segments.
- Second step is finding out which of these segments are target markets.
Question 16. What Are The Objective Of Segmentation Analysis?
The main essence of segmentation analysis is:
- To minimize the risk in taking decisions regarding how, who, when and where to market a a product service or a brand.
- To maximize efficiency of marketing by directing effort towards a particular segment in a consistent manner with that segment’s characteristics.
Question 17. What Are The Two Major Segmentation Strategies Followed By The Marketing Organizations?
The two strategies followed are:
- Concentration strategy: This kind of segmentation strategy deals in a particular segment of market and therefore they set their prices, etc accordingly. For eg Mercedes benz has chosen to concentrate on the luxury segment of the the car market.
- Multi segment strategy: This kind of segmentation strategy focuses on more then one different market segments. They make separate marketing programs for separate segments.
Question 18. What Are Various Kind Of Influences Which Affects Consumer Behaviour?
There are various influences, few of them are:
- Situational Influences: Consist of Market offerings, Demographics and Complexity.
- External Influences: Consist of Cultural, Social class Reference groups.
- Internal factors and processes –
- Psychological Characteristics – Motivation, Learning/socialization, Personality, Attitudes, Lifestyle
- Decision Making – Recognize needs, Search for information, Evaluate alternatives, Make purchase, Post purchase.
Question 19. What Is Test Marketing?
Test marketing is done in order to test the various variabilities including the elements of the product in a marketing plan. It projects the actual launching of the whole marketing program but on a limited basis. In short it can be said that it is the last step before the product is released.
Question 20. Mention The Various Steps Of A New Product Development Process?
Various steps which are followed is mentioned below:
- Creating new product ideas
- Go through ideas
- Research and analyze
- Technical and marketing development
- Manufacturing planning
- Marketing planning
- Test marketing
Question 21. What Is False Advertising?
False advertising is using false statements to promote products and increase profit lines for a company or a brand. Such advertisements use deception to persuade people. Such advertisements completely deny the right to know for consumers and are banned in many countries. Still they have been a trend by finding legal ways to deceive people.
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