Question 1. Explain How Marketing Management And Metrics Allow Service Organizations To Implement And Measure Their Marketing Strategy?
•To create an effective, cost-efficient marketing management strategy, firms must possess a detailed, objective understanding of their own business and the market in which they operate.
•After the firm’s strategic objectives have been identified, the target market selected, and the desired positioning for the company, product, service or brand has been determined, marketing managers focus on how to best implement the chosen strategy.
•Marketing management often makes use of various organizational control systems to ensure marketing programs achieve desired objectives, and do so in a cost effective manner.
•It is the responsibility of marketing managers to ensure that the execution of marketing programs achieves the desired objectives in a cost-efficient manner.
•Common service marketing metrics include net sales billed, number of product or design registrations, brand surveys to measure brand awareness, return on the investment, and website hits.
Question 2. What Is Marketing Strategy?
a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.
Question 3. What Is Value-chain?
The value chain categorizes the generic value-adding activities of an organization.
Question 4. What Is Marketing Management?
Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities.
Question 5. What Is Service Marketing Management?
Service marketing management represents marketing concept in action. The service firm must be customer oriented & must develop a competitive marketing strategy, that strategy formulation consists of two steps:
* Identifying target markets and their needs
* Developing a marketing mix that satisfies the unique needs of these target markets
Question 6. What Is Marketing Management Process For Services?
ORGANIZING MARK1IING PLANNINGà
ALYSING MARKETING OPPORTUNITIESà
SELECTION OF TARGET MARKETà
DEVELOPING MARKETING MIXà
MANAGING MARKETING EFFORT.
Question 7. How To Organizing Marketing Planning?
Developing a marketing strategy requires market planning and market planning is usually preceded by market analysis. Before making any strategic plan the manager has to go through some self questioning. The answers of these critical questions are the beginning of the development of strategic plan.
Question 8. What Are The Factors To Be Considered In Setting Up The Price:?
Candidates are expected to outline and briefly explain at least 5 factors from the following:
2.Price leadership and Followership
3.Price Making and Taking
4.Company Objectives – profitability, market share e.t.c.
5.Demand – market conditions
Question 9. Who Are Environmental Factors Affecting Marketing Operations?
1.Political-legal factors e.g. stability, laws and regulations
2.Economic factors e.g. interest rates, economic growth, inflation
3.Social factors e.g. population, growth rates, education, employment levels
4.Technological factors e.g. internet, communication technologies
5.Natural environment e.g. global warming, natural disasters
6.Micro Factors such as customers, competitors, suppliers, partners
Question 10. How Can The Business Be Defended From Competitors?
Whenever a new competitor enters an industry or industrial segment, the industry’s dominant players face a critical decision: Should they defend their position or rely on market realities to take care of the newcomer? The decision is a complicated one. “You can’t defend everything,” says Kellogg School marketing professor Tim Calkins. But in his view companies defend far too infrequently. “You can get into trouble when you don’t defend,” he says. “You can trace a lot of business problems back to ineffective defensive efforts.”
Question 11. How Can Competitive Advantage And More Cost Efficient Operations Be Achieved?
The food retail industry is a highly competitive market. More so than ever, organisations need to offer customers value for money. Customers want the best quality products at the lowest possible prices. With such tough competition it is vital for a21-05-0001organisations to understand what their customers want. Aldi understands that its customers want value for money but do not want to compromise on quality. This case study will demonstrate how Aldi uses a lean approach to its business operations to offer its customers quality products at competitive prices.
Efficiency is the relationship between inputs and corresponding outputs. For Aldi operating efficiently involves reducing costs in all areas of the business. Some of the key areas where Aldi is able to minimise costs are by saving time, space, effort and energy. Aldi’s approach to doing this is to run its business around the principles of lean thinking.
Question 12. What Effects Must Be Used To Develop And Test New Product Service Offering?
New products and services are the lifeblood of all businesses. Investing in their development isn’t an optional extra – it is crucial to business growth and profitability.
But embarking on the development process is risky. It needs considerable planning and organisation. This guide will outline the key stages in the lifecycle of products and services so you know when the time is right for your business to start the development process.
It will explain how a planned and phased development process will help you make the wisest investment and budgeting decisions. It will also advise you on how best to create a development team and manage a project.
•The lifecycle of products and services
•Developing your ideas
•Match products and services to market needs
•Pricing your proposed service or product
•The project development process
•Creating a project team
•Investment and cost control
•Manage a development project
Question 13. What Role Can Be Assigned To Planning And Research?
The marketing information for planning purposes can be gathered through marketing research and marketing intelligence. Market research is more structured and quantifiable while marketing intelligence gathering concentrates on intangible ideas and trends.
Question 14. How To Analyzing Marketing Opportunities?
•Analyzing market opportunity is to identify target markets and determine the changing needs of customers and their bases for choosing among the many alternatives offered.
•Marketing orientation requires organizations to monitor their environment to adjust their offering so that customer needs are fulfilled. There are some other imp. Factors to be considered to analyzing the marketing opportunities, they are:
1.The internal environment
2.The immediate external environment
3.The uncontrollable external environment:
c.Political and legal factors
Question 15. How To Selecting The Target Markets?
•The process of identifying and evaluating marketing opportunities gives rise to many new ideas, each of these opportunities must be studied relevance to the company’s resources. This steps involves:
1.Segmenting & Targeting
•Services marketing can not be separated from market segmentation. There are some segmentation methods which are used by service organization:
•After this process market targeting is focused, deciding on which of the market segment to target is a challenging one & after this process the service provider decides upon the number of segments to serve such as:
1.Undifferentiated marketing —e.g. Mass banking
2.Differentiated marketing —e.g. bank products for products for corporate clients and individual clients
3.Concentrated marketing — e.g. special agricultural banks or industrial credit banks.
Question 16. How To Developing The Service Marketing Mix?
The marketing mix which is the essence of every marketing strategy & includes tangible dominant products, they are:
a.Demand oriented method
b.Cost oriented method
c.Competitor based pricing
Question 17. What Is Marketing And Controlling Marketing Effort?
•The service firm must mobilize its people and resources e.g. money equipment, physical facilities within the organization to put the strategic plan to work. Another key issue that relates to the implementation programme is the organizational framework.
•Heskett lays out a link of activities that emphasizes on the interrelation of various activities of the organization. This interdependence between marketing, operations, & human resources is termed as service management trinity.]
•There are some strategies to control service performance:
•Establishing customer service divisions
Question 18. What Is The Application Of Management Process?
The application of the management process involves following steps.
•Organizing the marketing El opportunities
•Analyzing the marketing opportunities
•Selecting the target market
•Developing the marketing mix
•Managing the marketing effort
Question 19. What Is Role Of Marketing In The Organization?
There is an infinite number of roles as listed below, however its up to the discretion of the marker to sense in the answers given:
4.Provide competitive offers
5.Provide effective communication
6.Provide internal customer relationship between employees
7.Identifying customer needs(through research) and translating these into products(solutions)
8.Value creation across the delivery chain
Question 20. What Is Bases Of Segmentation?
There are 6 variables/bases of segmentation:
Consumer Behaviour Interview Questions
Consumer Behaviour Tutorial
Principles of Management Interview Questions
Principles of Management Tutorial
Sales Management Interview Questions
Advertising Management Interview Questions
Sales Management Tutorial
Principles of Management and Organisational Behaviour Interview Questions
Consumer Behaviour Interview Questions
Advertising Management Tutorial
Business Development Interview Questions
Principles of Management and Organisational Behaviour Tutorial
Brand Management Interview Questions
Principles of Management Interview Questions
Marketing Communications Interview Questions