Questions Marketing

8/9/2019 Questions Marketing

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1. What is Marketing ?

Marketing is everything you do to place your products or services in the hands of potential

customers.

2. What is Product ?

A Product is any want-satisfying attribute a consumer receives in exchange. The product

Benefits could be physical as well as psychological.

3. Types of consumer Products?

Convenience Products.

Shopping Products.

Specialty Products.

4. Convenience Products ?

Convenience Products are bought with ease, and without consuming goods. Eg. Milk,

Vegetables .

5. Shopping Products ?

Shopping Products are Purchased only when the consumer considers factors like price,

Quality and Style and visits several outlets before deciding to buy. Eg. Clothing.

6. Specialty products?

Specialty products are those products for which there are no reasonable substitutes.

Consumers take lot of pain to buy these Products. Eg. Prestigious Cars.

7. Product Management?


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Product Management consists the whole range of activities pertaining to Product planning

and management. It is now extended to brand building and management.

8. Product line?

A Product line is a group of closely related products offered by an organization. Eg.

Washing machines is a product line of Videocon.

9. Product Mix?

Product mix consists of all the individual products available through the organization.

Product mix may have several lines , styles and sizes.

10. Positioning?

Positioning is the way we are placed in the mind of the consumers with respect to the

competition. Eg. Axe deo is made by HUL but most people think that it is foreign brand.

11. Market Leader?

A Market Leader is a firm with the largest market share. Eg. Colgate(toothpaste)

12. Market Challenger?

A company which next stands to the Market Leader in terms of market share is called

Market Challenger. Eg. Coke and Pepsi.

13. Market Follower?

Market Follower has a less market share than the market challenger and tries to maintain its

share.

14. Market nichers?

Market nichers are firms selling to small but specialized market segments. Eg. A Publisher

Publishing computer books only.


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15. Steps in New Product Development Process?

IDEA GENERATION

IDEA EVALUATION

CONCEPT DEVELOPMENT AND TESTING

BUSINESS ANALYSIS

PRODUCT DEVELOPMENT

TEST MARKETING

LIMITED PRODUCTION

COMMERCIALISATION

16. Perceptual Map?

A perceptual Map is a spatial representation of the perceptions about the brands on the parts

of different individuals.

17. Perceptual Mapping?

Perceptual mapping is the technique to represent what people think about product or

services, people or ideas.

18. What is Brand?

Brand is defined as a name, term, sign or symbol or special design. A brand differentiates

these products from those of competitors.

19. Characteristics of Good Brand?

It should be distinctive.

It should be suggestive.


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It should be appropriate.

It should be easy to remember.

20. Generic Brand?

Sometimes the brand becomes so popular that it no longer remains a brand name and it is

associated with our daily life. Eg. Dalda is a brand name commonly used for any vanaspati

ghee.

21. Brand Personality?

Just like human beings have Personality Marketers try to make the Personality of the brands

to target the customer. Eg. Motorbikes are masculine where mopeds are feminine.

22. Brand Positioning

Brand Positioning is an act of occupying the mind space of consumer. It tells us what is the

brand all about. A good Positioning statement quickly introduces us to the company and its

products and its relevance to us.

23. Repositioning?

Due to change in technologies and competition in the market, Companies change Brand

Position over a Period of time, Sometimes it changed deliberately. It is called repositioning.

24. Brand Equity?

Brand Equity is the process of Brand Building. It represents the total accumulated value or

worth of brand. Eg. Wills Filter cigarettes which has a heritage of more than three decades.

Lux has followed strategy of beauty soap of film stars.\

25. Brand Awareness?


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Brand Awareness means whether its presence is registered in the minds of consumer or not.

The level of awareness can range from mere recognition to recall to top of mind to

dominant. We easily remember some brands when we talk of some product line like in

detergents Nirma, Surf Excel.

26. Brand Loyalty?

Brand Loyalty means to retain our existing customers on continuous basis. It gives us a

stable and growing market share. It is less costly to do so to than to attract new customers. It

can be enhanced by creating brand Awareness.

27. INDIAS most trusted Brands?

Lux Colgate

Rin Dettol

Fair and Lovely Surf

Coca-Cola Pepsi

Ponds Pepsodent

Vicks Clinic Plus

Close Up SBI.

28. Brand Building?

Brands are not made in one day, They are developed over a period of time. It is a continuous

process.

Brand building process has following steps:

Product Development

Positioning and launching

Brand Development

Brand Consolidation


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Brand Extension

29. Advantages of Brand Building?

Better Profit Margins

Better Cash Flows

Entry barrier to competition

Immunity from cyclical fluctuations

Better market valuation of stock.

30. Brand Extension?

Brand Extension occurs when firms enter markets they had not previously present. Eg.

Dettol antiseptics extension to Dettol Beauty Soaps.

31. Types of Brand Extension?

Line Extension

Vertical Extension

Horizontal Extension

32. Line Extension?

33. Vertical Extension?

34. Horizontal Extension?

35. Packaging?

It is an art, science and technology of preparing goods for transport and sale.

It has two dimensions:


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The technical which is related to packaging materials and pack design.

The behavioral which is related to the art of product design which is so closely linked to

consumer motivation and buying behavior.

Functions of Packaging ?

Protection

It appeals

It performs the task for which is designed

It offers convenience to end users.

It is cost effective.

Market Segmentation ?

Market Segmentation is the Process of dividing a market into subsets of consumers with

common needs or characteristics and selecting one or more segments to target with a distinct

marketing mix.

Marketing Mix?

Marketing mix consists of a company services and or product offerings to consumers and

methods and tools it selects to accomplish the exchange.

Marketing Mix consists of 4 Ps

Product (Features, Designs and Brands)

Price (List Prices, Discounts and payment methods)

Place (Distribution of product or service)

Promotion (Advertisements, Sales Promotion)

36. Customer Value?


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Customer Value is defined as the ratio between the customerss perceived benefits

(economic, functional or psychological) and the resources (monetary, time, effort,

psychological) used to obtain those benefits.

37. Customer Satisfaction?

Customer Satisfaction is the individuals perception of the performance of all products of

services in relation to his or her experience.

38. Impact of digital technologies on marketing strategies?

Consumers have more power than ever before.

Consumers have access to more information than ever before.

Marketers are offering more products and services than ever before.

Exchange between marketers and customers are increasingly interactive and instantaneous.

Impact reaches beyond the PC-based connection to the web.

39. Societal marketing Concept?

It requires that all marketers adheres to the principal of social responsibility in the marketing

of their goods and services; i.e. they try to satisfy the needs and wants of their target marketsin the way that preserve and well being of consumers and society as a whole. Eg. Fast food

companies should develop foods that contain less fat and more nutrients.

40. Motivation?

Motivation is the driving force within the individuals that drive them to do action. This

driving force is produced by state of tension, which exists as the results of an unfulfilled

need.

41. Types of needs?

Innate needs.

Acquired needs.


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42. Innate needs?

Innate needs are psychological needs that is they include the needs of food, air and water.

These are also called as Primary needs.

43. Acquired needs?

Acquired needs include the needs of self esteem, Prestige, power and affection. They are

also called as secondary needs.

44. Stimulus?

A Stimulus is any unit of input to any of the senses. Eg. of Stimuli include products,

packages and brand names. Sensory receptors are the organs ( eyes, ears, nose ,mouth and

skin)

45. Sensation?

Sensation is the immediate and direct response of the sensory organs to the stimuli.

46. Absolute threshold?

The lowest level at which an individual experience a sensation is called absolute threshold.

47. Differential threshold?

The minimal difference that can be detected between two similar stimuli is called

differential threshold or just noticeable difference.

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Questions Marketing