Notesale: Turn your study into money

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Q-1 What is the meaning of Marketing ? Explain its scope and

importance
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Study of consumer wants and needs
2
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Product planning and development
4
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packaging
6
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pricing policies
8
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promotion
10
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after sales services

Q
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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
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• Production Concept is one of the oldest concepts in business
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Manager of production oriented business concentrate on
achieving high production efficiency low cost & mass distribution
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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
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• The Marketing concept emerged in the mid 1950’s
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• The job is not to find the right customers for your product, but to find
right products for your customers
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• Every department & every worker should think customer & act
customer
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It involves understanding broader concerns & the ethical, environmental &
legal and social context of marketing activities & programs
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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
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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
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Price
is crucial in determining the organisation's profit and survival
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Marketers are required to be
aware of the customer perceived value of the product to set the right price
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promotion
includes - advertising, personal selling, public relation, and sales promotion
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In case of services, the producer-oriented model of marketing mix is consists of
7P's
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Physical evidence refers to elements like
uniform of employees, signboards, and etc
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Process refers to the systems and processes followed within organisation
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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
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S
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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
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A firm may produce only one product or
product line and promote it to all customers with a single marketing mix
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It means to offer a single product/service/idea across
different market segments
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Coca Cola, Caterpillar, Sony, Marlboro, Philips, Toyota,
McDonald’s, Volvo and Kodak use global marketing strategy
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▪ The primary purpose of this strategy is to capture sufficient volume to
gain economies of scale and a cost advantage
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If separate products and
programmer are designed for different segments it is called
‘differentiated marketing’
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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
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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
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For example, markets can be grouped into narrow clusters
based on commitment to a product class
▪ or readiness to purchase a given brand
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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’s mind
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e
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Positioning is the process of establishing and maintaining a distinctive place in
the market for the organizations’ product or brands
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Positioning is what you
do to the mind of the customer
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Positioning then is how the
product is perceived and evaluated by the target market, relative to competing
products
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That is why it is said that a
marketing battle is fought in the minds of consumers
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A difference is worth establishing to the extent that it satisfies the following
criteria
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2)
3)
benefit
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5)

Affordable - The buyer can afford to pay for the difference
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Q
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Definition of Consumer Behaviour
According to American Marketing Association, consumer behaviour can
be defined as "the dynamic interaction of affect and cognition, behaviour,
and environmental events by which human beings conduct the exchange
aspects of their lives
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Consumer behaviour is a decision process and physical activity
individuals, groups, or organisations engage in when evaluating, acquiring,
using, or disposing of goods and services
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Purchase behaviour is visible to us, but the decision making
process involves number of complex variables which are not visible to us
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Study
of consumer behaviour attempt to understand the decision making processes
of buyers
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12 What are the characteristics influencing consumer behaviour?

Q
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There are six buyers rolls
1
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3
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5
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Initiator
Influencer
Decider
Buyer
User
Gatekepper

1
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2
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They often help define specific action and also
provide information for evaluating alternatives
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Decider : A person who decides on any component of a
buying decision; whether to buy, what to buy, how to buy, or
where to buy
4
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User: A person who consume or use of product or services
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Gatekeeper: People who have the power to prevent sellers or
information from reaching members of the buying center
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Q
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1
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The learning model
3
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The Sociological Model
5
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The Howard-Sheth Model

Q
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 Their behaviour is motivated by organizational goals, personal
goals and formal organizational structure
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Enviornmental influences
2
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Social Influences
4
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16 Explain niche marketing
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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
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Q
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Marketing research is the systematic design, collection, analysis
and reporting of data and findings relevant to a specific
marketing situation facing the company
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18 Explain the objectives of marketing research
The main objective of Marketing Research (MR) is to provide information to the
marketing manager
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1
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2
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3
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e
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4
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5
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6
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7
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8
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9
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10
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Q
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2
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4
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6
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Solves marketing problem
Increase market efficiency
Facilitates sales forecasting
Authenticity of decision
Helpful in management
Useful to production
Link between producer and consumers
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20 What is the process of marketing research ?
Step 1
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At the core of this understands the root question that needs to be informed by market
research
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Examples of “business problems” might
be “How should we price this new widget?” or “Which features should we prioritize?”
By understanding the business problem clearly, you’ll be able to keep your research focused
and effective
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You might even go as far as to mock up a fake report, with hypothetical data, and
ask your audience: “If I produce a report that looks something like this, will you have the
information you need to make an informed choice?” If the answer is yes, now you just need to
get the real data
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Step 2
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Think of the “research design” as your detailed plan of
attack
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You will also think through specifics about how you will identify and
choose your sample (who are we going after? where will we find them? how will we
incentivize them?, etc
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Once again, remember to keep the end goal in
mind–what will your final report look like? Based on that, you’ll be able to identify the types
of data analysis you’ll be conducting (simple summaries, advanced regression analysis, etc
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Your choice of research instrument will be based on the nature of the data you are trying to
collect
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Exploratory research will help you gain broad insights, narrow your focus, and learn
the basics necessary to go deeper
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Exploratory research is a qualitative form of
research
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The goal of this form of market
research is to measure specific topics of interest, usually in a quantitative way
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Causal Research – The most specific type of research is causal research, which usually comes
in the form of a field test or experiment
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For example, does the music I play in my restaurant increase
dessert sales (i
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is there a causal relationship between music and sales?)
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Design & Prepare Your “Research Instrument”
In this step of the market research process, it’s time to design your research tool
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If a focus group is your instrument of choice, you’ll start
preparing questions and materials for the moderator
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This is the part of the
process where you start executing your plan
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5 should be to test your survey instrument with a small group prior to broad
deployment
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Step 4
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The
answers, choices, and observations are all being collected and recorded, usually in spreadsheet
form
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Step 5
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If it’s on scraps of paper, you’ll probably need to get it in spreadsheet form for further

analysis
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Once that’s all done, the fun begins
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), build tables and graphs, segment your
results by groups that make sense (i
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age, gender, etc
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Start to formulate the story you will tell
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Visualize Your Data and Communicate Results
You’ve spent hours pouring through your raw data, building useful summary tables, charts and
graphs
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A great way to present the data is to start with the research objectives and
business problem that were identified in step 1
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