Minimum 10 Questions were asked in Previous exams

Easy & Selected topics are covered

Need- Necessity, Requirement

Type Example

Stated needs A Bike Convenience

Real need Operating Expenses

Food, House

Unstated needs

Expectations Bungalow

Delighted Needs

Extra Bungalow with swimming pool

Secret Needs Attention from others

Status in society

Wants-something that you feel you need or desire but not having & Money is necessary

Demands- Need+ Desire+ affordability

The action or business of- Promoting & selling product or services

- Including market research & advertising.

Marketing Sales

Satisfying need profitability

Art of closing deal

Broad term which includes sales

Narrow term

Deals with numbers as well a

s long term objective

Deals with only numbers

Marketing is like marrying her

Sales is making a girlfriend

It is a consulting Only selling

Includes sales, CRM, advt. etc

Include buyers & sellers.

Establish brand, creating revenues

Increases revenue

Buyers need is the motive

Company's need is the motive

1.Which of the following is not a type of need?1.Stated need2.Secret need3.Unstated need4.Continue need5.None of these2. What is the right combination which will

create demand for the product in Market?1.Need+ Want+ Desire2.Want + Desire + Affordability3.Need+ Desire+ Affordability 4.None

3. Which of the following is not a non Durable Product?

1.Laptop2.Scooter3.Milk4.Cycle5.None 4. Which of the following is Durable Product?1.Cadbury2.Plastic Bucket3.Biscuits4.Tomato Sauce 5.None

5.High involvement product are also known as.....1.Unsought goods2.Industrial goods3.Non durable goods4.Durable goods5.None6. Life Insurance is a......1.Industrial Good2.Convenience Good3.Speciality good4.Unsought good5.None

7.Which of the following is not a right pair?1.Durable Good- Laptop2.Speciality good- Ferrari car3.Unsought goods- Medicines4.Industrial goods- Iron rods5.None8. Which of the following is High involvement

Product?1.Refrigerator 2.Milk3.Bread4.Eggs5.None

9. Marketing is a.....1.Short term Objective2.Long term Objective3.Not a objective4.Only selling a product.5.None of these10. Sales is a part of- 1.Service2.Marketing3.Forecasting4.Measuring5.None of these

A business tool used in Marketing by Marketeers.

Earlier 4 P’s were used, but it is expanded to 7 P’s.

MARKETINGMIX

Product Variety

QualityDesignFeaturesBrand NamePackagingSizesServicesWarrantyReturns

-An item that satisfies what a consumer demands.-It is a tangible good or intangible service

- The amount a customer pays for the product.

- Determines profit of company Least PriceDiscountAllowancesPayment PeriodCredit Term

-Refers to providing the product at a place which is convenient for consumer to access.

ChannelsCoverageAssortmentsLocation InventoryTransport

- Methods of communication which are used to provide information about the product.

Sales PromotionAdvertisingSales ForcePublic relationDirect Marketing

Employees that execute the serviceFocuses on manner & skill in which

they produce the product or provide the services

- The process and systems within the organisation that affect the execution of its service.

- Evidence which shows that a service was performed.

Product Service

Tangible Intangible

Homogeneous Heterogeneous

Product & Distribution separated from Consumption

Service, Distribution and consumption are

simultaneous process

A thing An activity

Core value produced in factory

Core value produced in buyer-seller interaction

Customer don't participate in the production

Customer participate in the production

Can be kept in stock Cant be kept in stock

Transfer of ownership No transfer of ownership

1.Which of the following is not a component of Marketing Mix?

1.Promotion2.Place3.Progress4.Process5.None of the above2. ‘Public Relation’ is a part of which Marketing

Mix?1.Place2.People3.Promotion4.Physical Evidence5.None of these

3. Which of the following is not a component of Marketing Mix ‘Place’?

1.Channel 2.Coverage 3.Location4.Inventory5.None of the above4. Product is- 1.Intangible2.Kept in stock3.Homogenous 4.An activity5.None of these

5.Service is- 1.Heterogeneous2.An Activity3.Both 1 & 24.Only 25.None of these6. The process & System is important in- 1.Product2.Process3.Promotion4.Place5.None of these

7. Which of the following activity is not a part of ‘Promotion’?1. Sales promotion2.Direct Marketing3.Transportation4.Public Relation5.None of these8. Which of the following is Most important ‘P’ of Marketing

Mix?1.Promotion2.Place3.Product4.Price5.All of the above

9.We can transfer ownership of –1.Product2.Service3.Bothe 1 & 24.Neither 1 nor 25.None of these

Important Terminologies

Portfolio of Products of the company in called Product Mix

Example- Tata, Reliance,

An individual who uses a product or service (they may not be the buyer)

Selling different parts of a product range, that they have not previously bought, to an existing customer

Category of different products which intended for similar use & having similar characteristic

Example- Soap

Trading up is adding a higher priced product to a line

Trading down is adding lower priced item to a line

Indentifies & Differentiates the products or service of a particular company

Brand Mark- involves symbol, logo or design

Brand name- worlds, letters or numbers that can be vocalized or trademark

Brand is created by providing best pre & after sales service to customer

Known asUnique Selling PropositionUnique selling productUnique selling PriceImportant factor which differentiate the product or service to others.

Can refer to a market, product or industry whereby the context is of a firm selling to another organisation

to either use the product or service or change into another product or service,

rather than a consumer buying for personal consumption.

Can refer to a market, product or industry whereby the context is of a firm selling to an individual for his own personal consumption, rather than to an organisation for their use or consumption

This is the process of telephoning or calling at the door of people or companies who have not previously expressed an interest in the product, service or firm

The use of a database for storing information about customers so that specific groups can be selected and targeted for marketing activity

A method of segmenting markets by demography

Information profiling a population in terms of their age, gender, income, stage in the family life cycle, religion and social class; is frequently used for segmenting consumer markets.

A pricing strategy whereby a firm charges different prices for different market segments.

Is also called Segmentation Pricing

Innovators- well informed, risk takers who are willing to try new products(2.5%)

Early Adopters- based on feedback of innovators they begin to purchase the product(13.5%)

Early Majority- careful, avoid risk, rely on(34%) recommendation,

Late Majority- purchase when product becomes common.(34%)

Laggards- those who avoid change & may not adopt new product(16%)

The stages an individual goes through during their life egg single, married no children, married with young children and so on. It is often used as a method of demographic segmentation

A method of segmentation where the market is classified by where they live or are located

Where a firm sets up a purchasing agreement with suppliers which involved stock being ordered and supplied at short notice [1]. This prevents the cost of the customer holding stock and timing of delivery and quality tend to be more important than price for a firm requiring J-I-T

A person or firm that has either shown an interest in a product or service or one that has been recommended by someone else as having a potential interest

Niche Market A small or narrow market segment

A model indicating the stages a product goes through from pre-launch to withdrawal from the market: most commonly, there are four and five stage models.

The four stage model: introduction, growth, maturity and decline

The five stage model: development, introduction, growth, maturity, decline

Small to Medium Enterprise. There a various definitions of what an SME is but the most common definition (from the EU) is that it is one that employs less than 250 people

Focuses on satisfaction of customer needs in combination with the achievement of objectives

and covers: quality, availability, service, support, reliability, value for money and needs to consider: the customer, corporate planning, management, personnel, physical evidence

Spreading a brand message using word of mouth, or via e-mail, originating from the firm although this is not apparent. Examples of techniques include: jokes, film clips, games and website addresses: they are suitably interesting to be forwarded to others

Thank You