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Title: Marketing management questions and answer
Description: Looking to ace your Marketing Management exams? Look no further than my notes on Marketing Management questions and answers basics! With these comprehensive notes, you'll have everything you need to succeed, from understanding the fundamentals of marketing to mastering advanced marketing strategies. Get ready to impress your professors and colleagues with your deep understanding of marketing principles and techniques. Don't wait - grab a copy of my notes on Marketing Management questions and answers basics today and take the first step towards acing your exams!
Description: Looking to ace your Marketing Management exams? Look no further than my notes on Marketing Management questions and answers basics! With these comprehensive notes, you'll have everything you need to succeed, from understanding the fundamentals of marketing to mastering advanced marketing strategies. Get ready to impress your professors and colleagues with your deep understanding of marketing principles and techniques. Don't wait - grab a copy of my notes on Marketing Management questions and answers basics today and take the first step towards acing your exams!
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Q-1 What is the meaning of Marketing ? Explain its scope and
importance
...
Study of consumer wants and needs
2
...
Product planning and development
4
...
packaging
6
...
pricing policies
8
...
promotion
10
...
after sales services
Q
...
What are the core marketing concepts?
Traditional Concepts
• Exchange concept
• Production
concept
• Product concept
• Selling concept
Modern Concepts
• Marketing concept
• Societal concept
• Holistic marketing
concept
• Exchange Concept holds that the exchange of a product between seller
& buyer is the central idea of marketing
...
• Production Concept is one of the oldest concepts in business
...
Manager of production oriented business concentrate on
achieving high production efficiency low cost & mass distribution
...
Managers in these organization
focus on making superior products & improving them over time
• Selling Concept holds that consumers, if left alone, will ordinarily not
buy enough of the organizations product and thus the organization must
undertake an aggressive selling promotion effort for pushing its
products
...
• The Marketing concept emerged in the mid 1950’s
...
• The job is not to find the right customers for your product, but to find
right products for your customers
...
• Every department & every worker should think customer & act
customer
...
It involves understanding broader concerns & the ethical, environmental &
legal and social context of marketing activities & programs
...
7 What are the components of marketing mix?
According to Philip Kotler - "Marketing Mix is the combination of four
elements, called the 4P's (product, Price, Promotion, and Place), that every
company has the option of adding, subtracting, or modifying in order to
create a desired marketing strategy"
Product - Products are offerings that a marketer offers to the target audience to
satisfy their needs and wants
...
Tangible products are goods like - cellphone, television, or motor car, whereas
intangible products are services like - financial service in a bank,
health treatment by a doctor, legal advice of a lawyer
...
Price
is crucial in determining the organisation's profit and survival
...
Marketers are required to be
aware of the customer perceived value of the product to set the right price
...
promotion
includes - advertising, personal selling, public relation, and sales promotion
...
In case of services, the producer-oriented model of marketing mix is consists of
7P's
...
Physical evidence refers to elements like
uniform of employees, signboards, and etc
...
Process refers to the systems and processes followed within organisation
...
8 What is meant by market segmentation and what are its
variables?
Market Segmentation:
▪ Dividing a market into distinct groups with distinct
needs, characteristics, or behavior who might require
separate products or marketing mixes
...
S
...
9 What is meant by Targeting and types of targeting ?
Target Market
▪ Consists of a set of buyers who share common needs or
characteristics that the company decides to serve
...
A firm may produce only one product or
product line and promote it to all customers with a single marketing mix
...
It means to offer a single product/service/idea across
different market segments
...
Coca Cola, Caterpillar, Sony, Marlboro, Philips, Toyota,
McDonald’s, Volvo and Kodak use global marketing strategy
...
▪ The primary purpose of this strategy is to capture sufficient volume to
gain economies of scale and a cost advantage
...
If separate products and
programmer are designed for different segments it is called
‘differentiated marketing’
...
For
example, a store can promote a sale that appeals to people in at least two
cities or locations, or a company can market a product that appeals to
women in at least two age groups
...
The market niche defines the product features aimed at
satisfying specific market needs, as well as the price range, production
quality and the demographics that it is intended to target
...
For example, markets can be grouped into narrow clusters
based on commitment to a product class
▪ or readiness to purchase a given brand
...
10 What do you understand by positioning?
This is the act of designing a company’s offering and image to occupy a
distinctive place in the target market’
Title: Marketing management questions and answer
Description: Looking to ace your Marketing Management exams? Look no further than my notes on Marketing Management questions and answers basics! With these comprehensive notes, you'll have everything you need to succeed, from understanding the fundamentals of marketing to mastering advanced marketing strategies. Get ready to impress your professors and colleagues with your deep understanding of marketing principles and techniques. Don't wait - grab a copy of my notes on Marketing Management questions and answers basics today and take the first step towards acing your exams!
Description: Looking to ace your Marketing Management exams? Look no further than my notes on Marketing Management questions and answers basics! With these comprehensive notes, you'll have everything you need to succeed, from understanding the fundamentals of marketing to mastering advanced marketing strategies. Get ready to impress your professors and colleagues with your deep understanding of marketing principles and techniques. Don't wait - grab a copy of my notes on Marketing Management questions and answers basics today and take the first step towards acing your exams!