q&a marketing

7/29/2019 Q&A Marketing

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MARKETING MANAGEMENT Prepared by G.B. Suresh

MARKETING MANAGEMENT

(Two Marks question & Answer)

1)What is Marketing

Marketing deals with identifying and meeting human and social needs. One of the shorte

definition of the marketing is meeting needs profitably.

The American Marketing Association offers the following formal definition: Marketing is

organizational function and a set of process for creating, communicating and delivering value

the customers and for managing customer relationship in ways that benefit the organization i

stake holders.

2)Integrated Marketing

Integrated marketing takes on two levels. First, the various marketing functions-sales forc

advertising, product management, marketing research, and so on must work together.

Second must be well coordinated with other company departments.

3)Marketing environment

Political, Social-cultural, Technological, Economical and Legal

4)Internal Marketing Environment

Focuses on the resources the company has at hand as labor, finance, equipment, time and other

factors of production. It also analyses the marketing team concerning structure, efficiency,effectiveness, correlation with internal functions and other organizations.

These involve (5M's) Management

1. Manpower

2. Machine

3. Method

4. material and

5. money.

5)External Marketing Environment

Macro factors are the one that affect the organization indirectly, these are (pestle)

Political

Social-cultural

Technological and

Economical

Legal


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While Micro Factors are those which affect the organization directly it involve

customers

competitors

suppliers and

public

6)Marketing Audit

A marketing audit is a comprehensive, systematic, independent and periodic evaluation of a

company's marketing assets. It is a effective tool in reviewing the competence of a marketing

strategy, analyzing the objectives, policies and strategies of the company's marketing department

as well as the manner and the means employed in attaining these goals.

7)Marketing strategy

Is the process of planning and executing the conception(origin), pricing, promotion and

distribution of ideas, goods and services that satisfies individual and organizational objectives.

Strategy:-

A fundamental pattern of present and planned objectives, resource deployments, and interactions

of an organization with markets, competitors, and other environmental factors

the search for a favourable competitive position

8) Marketing mix

A planned mix of the controllable elements of aproduct'smarketing plan commonly termed as 4Ps:product,price, place, andpromotion.

These four elements are adjusted until therightcombinationis found that servesthe needsof the

product'scustomers, while generatingoptimumincome. Sometimes the first P (Product) is substituted

bypresentation. See also marketing and mega marketing.

9)Market Orientation or Mkt Saturation

Abusinessapproach or philosophy that focuses on identifying andmeetingthe stated or hiddenneeds

orwants ofcustomers. See alsoproduct orientation and sales orientation.10) Market penetration

1. The activity orfact of increasing themarket shareof an existingproduct, or promoting a

new product, throughstrategies such asbundling,advertising, lowerprices, orvolume

discounts.2. A measureof the extent of a product's sales volumerelative to the total sales volume of

allcompeting products, expressed as a percentage. Formula: Sales volume of a product x

100 Total sales volume of all competing products.
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vertising.htmlhttp://www.businessdictionary.com/definition/price.htmlhttp://www.businessdictionary.com/definition/volume-discount.htmlhttp://www.businessdictionary.com/definition/volume-discount.htmlhttp://www.businessdictionary.com/definition/measure.htmlhttp://www.businessdictionary.com/definition/sales-volume.htmlhttp://www.businessdictionary.com/definition/competing.htmlhttp://www.businessdictionary.com/definition/formula.htmlhttp://www.businessdictionary.com/definition/element.html


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11) Market orientation

Abusinessapproach or philosophy that focuses on identifying andmeetingthe stated or hiddenneeds

wants ofcustomers. See alsoproduct orientation and sales orientation.12) Market penetration pricing

A strategy adopted for quickly achieving ahighvolume ofsalesand deep market penetration of a new

product. Under this approach, a product is widely promoted and its introductory price is keptcomparatively low.

This strategy is based on the assumption that (1) the product does not have an identifiable price-marketsegment, (2) it has elasticity of demand (buyers are price sensitive), (3) the market is large enough to

sustain relatively lowprofit margins, and (4) the competitors too will soon lower theirprices.

13) PORTERS 5 FORCE MODEL

American Michael Porter was born in 1947. After initially graduating in aeronautical engineering, Portachieved an economics doctorate at Harvard, where he was subsequently awarded university

professorship, a position he continues to fulfil at Harvard Business School.

porter's five forces

1. Existing competitive rivalry between supplie

2. Threat of new market entrants

3. Bargaining power of buyers

4. Power of suppliers

5. Threat of substitute products (including

technology change)

6.

Porters Five Forces

of CompetitivePosition

alan chapman 2005, based on Michael Porter's Five Forces of Competitive Position Model.

Competitive Rivalry, eg:

number and size offirms

industry size and trends

fixed v variable costbases

Supplier Power, eg:

brand reputation

geographical

coverage

product/service

level quality

relationships with

customers

bidding

Buyer Power,

eg:

buyer choice

buyers

size/number

change

cost/frequenc

product/servic

New Market Entrants,

eg:

entry ease/barriers

geographical factors

incumbents resistance
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14) TYPES OF BUYING BEHAVIOR

The four type of consumer buying behavior are:

Routine Response/Programmed Behavior--buying low involvement frequently purchased low cos

items; need very little search and decision effort; purchased almost automatically. Examplesinclude soft drinks, snack foods, milk etc.

Limited Decision Making--buying product occasionally. When you need to obtain information

about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount oftime for information gathering. Examples include Clothes--know product class but not the brand.

Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequentl

bought products. High degree of economic/performance/psychological risk. Examples includecars, homes, computers, education. Spend alot of time seeking information and deciding.

Information from the companies MM; friends and relatives, store personnel etc. Go through all si

stages of the buying process.

Impulse buying, no conscious planning.

15) CRM:-

CRM (customer relationship management) is an information industry term for methodologies,

software, and usually Internet capabilities that help an enterprise manage customer relationships in an

organized way.

16) Online marketing trends

Deals and RewardsMobile Pull Marketing

Mobile Push MarketingThree-Screen Marketing

Local Online Marketing

Proximity MarketingSocial CRM

17) Applications of marketing research

Marketing research is the gathering, recording, and analyzing of data that relates to a specific problem

marketing products or services.

Product and TechnologyDevelopment, eg:

alternatives price/quality

market distribution

changes

fashion and trends
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Market and Economic Analysis, Product Research, Advertising Research, Sales Research

18) Market segmentation

Segmentation is simply the process of dividing a particular market into sections, which display similar

characteristics or behaviour. There are a number of segmentation variables that allow an organisation todivide their market into homogenous groups. These variables will be discussed briefly below--

Demogrphic Segmentation, Geographic, Psychographic, ..etc

19) Market opportunity

Newly identified need, want, ordemandtrend that a firm can exploit because it is not being addresse

by the competitors.

20) Service marketing mix

Product, Price Place, Promotion, People Process and Promotion.

21) Cause related marketing

Cause-related Marketing is type of marketing involving the cooperative efforts of a "for profit" businesand a non-profit organization for mutual benefit. Also referred to as cause marketing, it differs from

corporate giving because the relationship between the two companies is not based around a specific

donation.

22) Types of markets:-

Whole sale and Retail market

National & International Markets

Consumer Markets

Consumer markets are the markets for products and services bought by individuals for their own or fami

use. Goods bought in consumer markets can be categorised in several ways:

Fast-moving consumer goods (FMCG's)

These are high volume, low unit value, fast repurchase

Examples include: Ready meals; Baked Beans; Newspapers

Industrial Markets

Industrial markets involve the sale of goods between businesses. These are goods that are not aimdirectly at consumers. Industrial markets include

Selling finished goods

Examples include office furniture, computer systems
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Holistic marketing

A marketing strategythat is developed by thinking about thebusiness as a whole, its place in the broader

economy and society, and in the lives of itscustomers. Itattemptstodevelop and maintain multiple

perspectiveson the companyscommercialactivities.

(or)

Holistic marketing concept is based on development, design, and implementation of marketing programsprocesses, and activities that recognize their breadth and interdependencies. Holistic marketing recogniz

that "everything matters" with marketing and that a broad, integrated perspective is necessary to attain th

best solution.Four main compnents of holistic marketing are: relationship marketing - integrated marketing - internal

marketing - and socially responsible marketing.

Definition of 'Hypermarket'

A retail store that combines a department store and a grocery supermarket. Often a vary large

establishment, hypermarkets offer a large variety of products such as appliances, clothing and groceries.

Investopedia explains 'Hypermarket'

Hypermarkets offer shoppers a one-stop shopping experience. The idea behind this big box store is to

provide consumers with all the goods they require, under one roof. Some of the more popular

hypermarkets include the Wal-Mart Supercenter, Fred Meyer and Super Kmart.

23) Pull and Push Strategy

In push marketing, you push your content or product towards the audience which may or may not baware of it.

Conversely, in a pull-marketing scenario, the customer pulls your content or product towards

themselves, because they are interested in learning more about it.24) Customer perceived value

The anticipatedbenefit from a consumer'sperspective of aproduct orservice. The customer perceived

value stems from tangible,psychological and social advantages, and since it affects demandfor a produc

it needs to be taken into account when settingprices. (Or)

Customers will buy from the firm that they see as offering the highest perceived value .

Customer perceived value (CPV) is the difference between the prospective customers evaluation of a

thebenefits and all the costs of an offering and the perceived alternatives.

Total customer value is the perceived monetary value of the bundle or economic, functional, anpsychological benefits customers expect from a given market offering.

Total customer cost is the bundle of costs customers expect to incur in evaluating, obtaining , using, an

disposing of the given marketing offering.
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25) Cost Plus Pricing

Cost-plus pricing is apricing method used by companies to maximize their profits.

Cost-plus pricing, also called mark-up pricing is the practice by a company of determining the cost of

their product to them and then adding a percentage on top of that price to determine the selling price tothe customer.

26) Product Positioning

"Product positioning refers to consumers' perceptions of a product's attributes, uses, quality, and

advantages and disadvantages relative to competing brands.

Positioning involves symbol and message manipulation, including displays and packaging.

27) Short notes on Online-Marketing

In Online marketing a customer can reach a market via computer & internet. It gives conveniencneeded information, few hassles, lower cost and build relationship between marketer and customer.

28) Five Types of consumer needs:-

1. Stated needs- Customer wants to by inexpensive car

2. Real needs- Customer wants a car with operating cost, not its initial pricing is low.

3. Unstated needs- Customer expects good service from the dealer

4. Delight needs- Customer would like the dealer to include onboard navigation syste

(Todays desire tomorrows expectation.)

5. Secret needs- Customer wants to be seen by friends as a savvy (senses) consumers.

29) Value Chain

A high-level model of how businesses receive raw materials as input, add value to the raw materials

through various processes, and sell finished products to customers.

Investopedia explains 'Value Chain'

Value-chain analysis looks at every step a business goes through, from raw materials to the

eventual end-user. The goal is to deliver maximum value for the least possible total cost.

30) Value Chain Analysis

Value Chain Analysis describes the activities that take place in a business and relates them to ananalysis of the competitive strength of the business. Influential work by Michael Porter suggested tha

the activities of a business could be grouped under two headings:
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(1) Primary Activities - those that are directly concerned with creating and delivering a product (e.g

component assembly); and

(2) Support Activities, which whilst they are not directly involved in production, may increaseeffectiveness or efficiency (e.g. human resource management). It is rare for a business to undertake a

primary and support activities.

Value Chain Analysis is one way of identifying which activities are best undertaken by a business andwhich are best provided by others ("out sourced").

31) Company demand & Company sales forecast.

Company demand is the companies estimated share of the market demand at alternative levels of the

company marketing efforts in a given period of time.

Company sales forecast is the expected level of company sales based on a chosen marketing plan and a

assumed marketing environment.

32) Stages in PLC

Introduction, Growth, Maturity, Decline.

33) Bench Marking

Benchmarking is the process of identifying "best practice" in relation to both products (including) and th

processes by which those products are created and delivered. The search for "best practice" can taker pla

both inside a particular industry, and also in other industries (for example - are there lessons to be learnefrom other industries?).

The objective of benchmarking is to understand and evaluate the current position of a business ororganisation in relation to "best practice" and to identify areas and means of performance improvement.

34) Process of Bench marking ( Step by step approach)

35) Boston Matrix


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The Boston Consulting Group Box ("BCG Box")

Using the BCG Box (an example is illustrated above) a company classifies all its SBU's according totwo dimensions:

On the horizontal axis: relative market share - this serves as a measure of SBU strength in the mark

On the vertical axis: market growth rate - this provides a measure of market attractiveness

By dividing the matrix into four areas, four types of SBU can be distinguished:

Stars - Stars are high growth businesses or products competing in markets where they are relatively

strong compared with the competition. Often they need heavy investment to sustain their growth.

Eventually their growth will slow and, assuming they maintain their relative market share, willbecome cash cows.

Cash Cows - Cash cows are low-growth businesses or products with a relatively high market share.

These are mature, successful businesses with relatively little need for investment. They need to bemanaged for continued profit - so that they continue to generate the strong cash flows that the

company needs for its Stars.

Question marks - Question marks are businesses or products with low market share but which opera

in higher growth markets. This suggests that they have potential, but may require substantialinvestment in order to grow market share at the expense of more powerful competitors. Management

have to think hard about "question marks" - which ones should they invest in? Which ones should theallow to fail or shrink?

Dogs - Unsurprisingly, the term "dogs" refers to businesses or products that have low relative share i

unattractive, low-growth markets. Dogs may generate enough cash to break-even, but they are rarely

if ever, worth investing in.

36) Selling & Marketing

S:No Marketing Selling


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1 It starts at very beginning before product

is manufactured

It starts after manufacturing the products

2 It is identifying customer needs and

wants to design the product accordingly.

A sale is the act of selling a product or service

in return for money or other compensation. It isan act of completion of a commercial activity.

3. Marketing concept is just placing theproduct in the market.

Selling concept is making the people to but theproduct.

4. Anything that can be offered to amarket for attention, acquisition,use, or consumption that might

satisfy a want or need. It includes

physical objects, services,persons, places, organizations,

and ideas.

Any activity or benefit that one party can offerto another that is essentially intangible and doesnot result in the ownership of anything.

37) Marketing Intelligence

Marketing Intelligence (MI) is the information relevant to a companys markets, gathered and

analyzed specifically for the purpose of accurate and confident decision-making in determining markopportunity, market penetration strategy, and market development metrics. Marketing intelligence is

necessary when entering a foreign market. Marketing Intelligence is not the same as MarketIntelligence (MARKINT).

Marketing Intelligence determines the intelligence needed, collects it by searching environment and

delivers it to marketing managers who need it.

38) Marketing Concept

39) Niche Market

A niche market is the subset of the market on which a specific product is focusing. So the market nichdefines the specific product features aimed at satisfying specific market needs, as well as thepricerang
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production quality and the demographics that is intended to impact. It is also a small market segment.

For example, sports channels like STAR Sports,ESPN, STAR Cricket, and Fox target a niche of sports

lovers.

40) customer value

The difference between the values the customer gains from owning and using a product and the costs o

obtaining the product.

41) customer satisfaction

The extent to which a product's perceived performance matches a buyer's expectations. If the product'sperformance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds

expectations, the buyer is satisfied or delighted.

42) Total quality management (TQM)

Programs designed to constantly improve the quality of products, services, and marketing processes.

43) Transaction

A trade between two parties that involves at least two things of value, agreed-upon conditions, a time o

agreement, and a place of agreement.

44) Relationship marketingThe process of creating, maintaining, and enhancing strong, value-laden relationships with customers

and other stakeholders.

45) Market

The set of all actual and potential buyers of a product or service.

46) marketing management

The analysis, planning, implementation, and control of programs designed to create, build, and maintaibeneficial exchanges with target buyers for the purpose of achieving organizational objectives.

47) Demarketing

Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand, but only to

reduce or shift it.

48) Production concept

The philosophy that consumers will favor products that are available and highly affordable and thatmanagement should therefore focus on improving production and distribution efficiency.

49) Product concept

The idea that consumers will favor products that offer the most quality, performance, and features and

that the organization should therefore devote its energy to making continuous product improvements. Adetailed version of the new-product idea stated in meaningful consumer terms.

50) Selling conceptThe idea that consumers will not buy enough of the organization's products unless the organization

undertakes a large-scale selling and promotion effort.

51) Marketing concept

The marketing management philosophy that holds that achieving organizational goals depends on

determining the needs and wants of target markets and delivering the desired satisfactions moreeffectively and efficiently than competitors do.
http://en.wikipedia.org/wiki/Demographicshttp://en.wikipedia.org/wiki/STAR_Sportshttp://en.wikipedia.org/wiki/STAR_Sportshttp://en.wikipedia.org/wiki/ESPNhttp://en.wikipedia.org/wiki/STAR_Crickethttp://en.wikipedia.org/wiki/Fox_Broadcasting_Companyhttp://en.wikipedia.org/wiki/Demographicshttp://en.wikipedia.org/wiki/STAR_Sportshttp://en.wikipedia.org/wiki/ESPNhttp://en.wikipedia.org/wiki/STAR_Crickethttp://en.wikipedia.org/wiki/Fox_Broadcasting_Company


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52) Societal marketing concept

The idea that the organization should determine the needs, wants, and interests of target markets and

deliver the desired satisfactions more effectively and efficiently than do competitors in a way thatmaintains or improves the consumer's and society's well being.

53) Customer loyalty

Customer loyalty is the process of creating and maintaining Faithfulness, trustworthiness and reliability

through our product or service.
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