Short Question & Answers

Question:	What is the difference between mass marketing and database marketing?
Answer:	In the data base marketing we have all the relevant information of the our target market and we have made the records of the relevant information in the form of the data bases. Mass marketing means the marketing at the large scale marketing in which we do not have the data base form of record of our customer because our target market is very large and the products are produced by the general common character.
Question:	What is the role of broker and agent in the marketing system?
Answer:	Main function is to facilitate buying and selling, for which they earn a commission on the selling price. Generally, specialize by product line or customer types. BROKERS: Chief function is bringing buyers and sellers together and assisting in negotiation. They are paid by the party who hired them, and do not carry inventory, get involved in financing, or assume risk. Examples: food brokers, real estate brokers, insurance brokers, and security brokers. AGENTS: Represent either buyers or sellers on a more permanent basis than brokers do.
Question:	What is mean by Competitive Advantage? How we will design a Competitive Intelligence System?
Answer:	To be successful, a company must consider its competitors as well as its actual and potential customers. In the process of performing a competitor analysis, the company carefully analyzes and gathers information on competitors’ strategies and programs. A competitive intelligence system helps the company acquire and manage competitive information. The company must then choose a competitive marketing strategy of its own. The strategy chosen depends on the company’s industry position and its objectives, opportunities, and resources. Some of these are time-tested and some are relatively new The advantage of our firm with comparison to our competitors which may be in term of low price, high quality, Easy availability of our product, good will, convenience in use etc are included.
Question:	Define business markets?
Answer:	The business market includes firms that buy goods and services in order to produce products and services to sell to others.
Question:	Why do we study consumer behavior?
Answer:	Consumers determine the sales and profits of a firm by their purchase decisions. Basic objective of studying consumer behavior is that the firm needs to know how, when, why, and where consumers make purchase decision/ all these are important questions, which are to be known to the companies so that they can design and implement marketing strategies to satisfy the customers.
Question:	How does an organization create a customer?
Answer:	Organizations can create the customers by identifying customer’s needs, designing goods and services that meet those needs then communicating information about those goods and services to prospective buyers. Providing the necessary services and follow-up to ensure customer satisfaction after the purchase.
Question:	Write down the levels of segmentation?
Answer:	Because buyers have unique needs and wants, each buyer is potentially a separate market. Ideally, then, a seller might design a separate marketing program for each buyer. However, although some companies attempt to serve buyers individually, many others face larger numbers of smaller buyers and do not find complete segmentation worthwhile. Thus, market segmentation can be carried out at several different levels. 1. Mass Marketing: Companies have not always practiced target marketing. In fact, for most of the 1900s, major consumer products companies held fast to mass marketing—mass producing, mass distributing, and mass promoting about the same product in about the same way to all consumers. The traditional argument for mass marketing is that it creates the largest potential market, which leads to the lowest costs, which in turn can help into either lower prices or higher margins. 2. Segment Marketing A company that practices segment marketing isolates broad segments that make up a market and adapts its offers to more closely match the needs of one or more segments. Segment marketing offers several benefits over mass marketing. The company can market more efficiently, targeting its products or services, channels, and communications programs toward only consumers that it can serve best and most profitably. The company may face fewer competitors if fewer competitors are focusing on this market segment. 3. Niche Marketing Niche marketing focuses on subgroups within these segments. A niche is a more narrowly defined group, usually identified by dividing a segment into sub segments or by defining a group with a distinctive set of traits who may seek a special combination of benefits. Whereas segments are fairly large and normally attract several competitors, niches are smaller and normally attract only one or a few competitors. 4. Micro marketing Segment and niche marketers tailor their offers and marketing programs to meet the needs of various market segments. At the same time, however, they do not customize their offers to each individual customer. Thus, segment marketing and niche marketing fall between the extremes of mass marketing and micro marketing. Micro marketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. Micro marketing includes local marketing (Local marketing involves tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores. Citibank provides different mixes of banking services in its branches depending on neighborhood demographics) and individual marketing (tailoring products and marketing programs to the needs and preferences of individual customers).
Question:	Briefly define customer and consumer?
Answer:	A Customer- purchases or pays for products or services A Consumer- is ultimate user of the product or service, the consumer may not have paid for the product or service.
Question:	Which factors make the company’s macro environment?
Answer:	1) Demographic 2) Economic 3) Natural 4) Technological 5) Political 6) Cultural
Question:	Which are the strategies that can be pursued for each Strategic Business Unit (SBU)?
Answer:	a) The company can harvest the SBU b) The company can divest the SBU c) The company can invest enough just to hold at the current level.
Question:	What are the key principles for public policy towards marketing?
Answer:	a) Full consumer and producer freedom b) Potential harm should be eliminated c) Answer: Producer should meet the basic needs of the consumer
Question:	What benefits are communicated and delivered by a product attributes?
Answer:	Product Attributes Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered byproduct attributes such as quality, features, style and design, L Product Quality Quality is one of the marketer’s major positioning tools. Product quality has two dimensions—level and consistency. In developing a product, the marketer must first choose a quality level that will support the product's position in the target market. Here, product quality means performance quality—the ability of a product to perform its functions Beyond quality level, high quality'also can mean high levels of quality consistency'. Here, product quality means conformance quality'— freedom from defects and consistency in delivering a targeted level of performance. All companies should strive for high levels of conformance quality, ii Product Features A product can be offered with varying features. A stripped- down model, one without any extras, is the starting point. The company can create higher-level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors' products. Being the first producer to introduce a needed and valued new feature is one of the most effective ways to compete. How can a company identify- new features and decide which ones to add to its product? The company should periodically survey buyers who have used the product and ask these questions: How do you like the product? Which specific features of the product do you like most? Which features could we add to improve the product? The answers provide the company with a rich list of feature ideas. The company can then assess each feature's value to customers versus its cost to the company. Features that customers value little in relation to costs should be dropped: those that customers value highly' in relation to costs should be added, in Product Style and Design Another way' to add customer value is through distinctive product style and design. Some companies have reputations for outstanding style and design Design is a larger concept than style. Style simply describes the appearance of a product. Styles can be eye catching or yawn producing. A sensational style may grab attention and produce pleasing aesthetics, but it does not necessarily make the product perform better. Unlike style, design is more than skin deep—it goes to the very heart of a product. Good design contributes to a product's usefulness as well as to its looks. Good style and design can attract attention improve product performance, cut production costs, and give the product a strong competitive advantage in the target market
Question:	What is meant by Market?
Answer:	Markets The concepts of exchange and relationships lead to the concept of a market. A market is the set of actual and potential buyers of a product. Originally a market was a place where buyers and sellers gathered to exchange goods (such as a village square). Economists use the term to designate a collection of buyers and sellers who transact in a particular product class (as in the housing market) Marketers see buyers as constituting a market and sellers constituting an industry.
Question:	Explain Business portfolio?
Answer:	The business portfolio is a collection of businesses and products that make up the company. In order to design the business portfolio, the business must:  1) Analyze its current business portfolio and decide which business should receive more, less or no investment.  2) Develop growth strategies for adding new products or business to the portfolio.
Question:	Who are Laggards?
Answer:	The people who are suspicious to change and adopt only after the product has been accepted by the majority
Question:	Why it is said that customer is always right even he is wrong/customer is the king of market?
Answer:	’Putting the customer at the heart of your business planning' sounds simple doesn't it? The truth is, this principle is the cleverest, and also the most startlingly logical strategy for keeping your business at the forefront of its market. The customer is king. This statement is true of every aspect of business. It is the job of everyone in business to please customers - or to enable someone else to please the customer. Without customers, there is no sale. Without satisfied customers, there is no profit. Without delighted customers, there is no repeat business.
Question:	What are the objectives of internet marketing?
Answer:	Internet is very important tool in marketing .It is useful for marketers in different ways like: Internet is a new tool to reach consumers. Internet is also being used as a source to reach and to communicate to customers.
Question:	What are the steps involved in developing an effective communication?
Answer:	Identify the target audience Determine the communication objectives Design a message Choose the media through which to send the message Select the message source Collect the feedback.
Question:	Briefly define the black box?
Answer:	1. The buyer's characteristics influence how he/she perceive and react to stimuli.  2. The buyer’s decision process itself affects the buyer’s behavior
Question:	What is meant by reach and frequency?
Answer:	Reach is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time. For example, the advertiser might try to reach 70 percent of the target market during the first three months of the campaign. Frequency is a measure of how many times the average person in the target market is exposed to the message. For example, the advertiser might want an average exposure frequency of three.
Question:	Why we study marketing?
Answer:	Major reason to study marketing is:  • Marketing plays an important rofe in society  • It is Vital to business  • Marketing offers outstanding career opportunities  • Marketing affects your life every day
Question:	Which important decisions we should take while developing an advertising pr ogram for the product?
Answer:	1 .Setting advertising objectives  2. Setting advertising budgets  3. Developing advertising strategy  4. Message decisions  5. Media decisions  6. Evaluating advertising campaigns
Question:	What 4 C s will be used for the development of the marketing strategies of 21st centaury?
Answer:	a) Care  b) Choice  c) Community  d) Challenge
Question:	What do you understand by the term micro marketing environment?
Answer:	Micro marketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. Micro marketing includes bcal marketing (Local marketing involves tailoring brands and promotions to the needs and wants of local customer groups—cites, neighborhoods, and even specific stores.
Question:	In buyer decision process, what are the sources from which buyer can collect information?
Answer:	These include personal sources (family, friends, neighbors, acquaintances), commercial sources (advertising, salespeople, dealers, packaging, displays, Web sites), public sources (mass media, consumer-rating organizations), and experiential sources (handling, examining, using the product). The relative influence of these information sources varies with the product and the buyer.
Question:	What are the four Eras of Marketing?
Answer:	Production Era. Sales Era, Marketing Era and Relationship Era.
Question:	What is the role of a Marketing Plan?
Answer:	The role of marketing plan is to define the broad guidelines that should be considered by the organization in achieving its objectives. For example; marketing plan provides details on how much market share the company should target for next year and the corresponding revenue. All the efforts and planning should be based on the marketing plan in terms of identifying the correct customer segments and sales efforts.
Question:	What is SWOTT?
Answer:	SWOTT is an effective way of understanding organization's Strengths, Weakness, Opportunities, Threats and Trends; which helps the organization in designing strategies for growth
Question:	What is a marketing mix?
Answer:	Marketing Mix is the tool for implementation of the marketing strategy.