Lesson-4 on Marketing

Question: What is Marketing Intelligence?

Answer:

Marketing intelligence is everyday information about developments in the marketing environment that helps managers prepare and adjust marketing.

Question: Who are the Opinion Leader in Marketing?

Answer:

Opinion within reference group who exert influence on others, because of special skills, knowledge, personality, or other characteristics,.

Question: What is Perception?

Answer:

Perception is the process by which people select, organize and interpret information to form a meaningful picture of the world.

Question: What is Belief?

Answer:

A belief is a descriptive though that a person has about something. These beliefs may be based on real knowledge, opinion, or faith, and may or may not carry an emotional charge.

Question: What is Attitude?

Answer:

A person’s consistently favorable or unfavorable evaluations , feelings and tendencies toward an object or idea. 

Question: What is Complex Buying Behavior in Marketing?

Answer:

Consumer undertake complex buying behavior when they are highly involved in a purchase and perceive significant differences among brands. Consumers may be highly involved when the product is expensive, risky , purchased infrequently and ;highly self-expressive.

Question: What is Dissonance –Reducing Buyer Behavior?

Answer:

 Dissonance-reducing buying behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase, but see little difference among brands.

Question: What is Habitual Buying Behavior?

Answer:

Habitual buying behavior occurs under the conditions of low consumer involvement and little significant brand difference. For example, take salt.

Question: What is Variety-Seeking Buying Behavior?

Answer:

Consumers undertake variety-seeking behavior is situation characterized by low consumer involvement, but significant perceived brand differences. In such cases, consumers often do a lot of brand switching.

Question: What is Cognitive dissonance?

Answer:

 Cognitive dissonance is the buyer discomfort caused by post purchase conflict.

Question: What is personality?

Answer:

 Personality is a person’s distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.

Lesson-3 on Marketing

Question: What is Marketing Intelligence?

Answer:

Marketing intelligence is everyday information about developments in the marketing environment that helps managers prepare and adjust marketing.

Question: Who are the Opinion Leader in Marketing?

Answer:

Opinion within reference group who exert influence on others, because of special skills, knowledge, personality, or other characteristics,.

Question: What is Perception?

Answer:

Perception is the process by which people select, organize and interpret information to form a meaningful picture of the world.

Question: What is Belief?

Answer:

A belief is a descriptive though that a person has about something. These beliefs may be based on real knowledge, opinion, or faith, and may or may not carry an emotional charge.

Question: What is Attitude?

Answer:

A person’s consistently favorable or unfavorable evaluations , feelings and tendencies toward an object or idea. 

Question: What is Complex Buying Behavior in Marketing?

Answer:

Consumer undertake complex buying behavior when they are highly involved in a purchase and perceive significant differences among brands. Consumers may be highly involved when the product is expensive, risky , purchased infrequently and ;highly self-expressive.

Question: What is Dissonance –Reducing Buyer Behavior?

Answer:

 Dissonance-reducing buying behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase, but see little difference among brands.

Question: What is Habitual Buying Behavior?

Answer:

Habitual buying behavior occurs under the conditions of low consumer involvement and little significant brand difference. For example, take salt.

Question: What is Variety-Seeking Buying Behavior?

Answer:

Consumers undertake variety-seeking behavior is situation characterized by low consumer involvement, but significant perceived brand differences. In such cases, consumers often do a lot of brand switching.

Question: What is Cognitive dissonance?

Answer:

 Cognitive dissonance is the buyer discomfort caused by post purchase conflict.

Lesson-2 on Marketing

Question:  What is Integrated Marketing Tools?

Answer:

A management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation.

1.     Advertising

2.     Sales Promotion

3.     Public Relations

4.     Direct Marketing

5.     Personal Selling

Question: What is Customer value?

Answer:

Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product.

Question:  What is Relationship Marketing?

Answer:

Relationship Marketing is the process of creating, maintaining , and enhancing strong, value-laden relationship with  customer and other stakeholders.

Question: What is Demarcating?

Answer:

Demarketing is the marketing to reduce  demand temporarily or permanently. The aim of Demarketing is not to destroy demand, but only to reduce or shift it.

Question: What is production concept in Marketing?

Answer:

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

Question: What is Product Concept in Marketing?

Answer:

The idea that consumers will favor products that offer the  most quality, performance and features and the organization should therefore devote its energy to making continuous product improvements

Question: What is selling Concept in Marketing?

Answer:

The idea that consumers will not buy enough of the organization’s products unless the organization undertakes a large-scale selling and promotion effort.

Question: What Societal Marketing Concept in Marketing?

Answer:

The societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets. It should then deliver superior value to customers in a way that maintains or improves the consumer’s and the society’s well-being.

Lesson-1 on Marketing

Question: What is Marketing?

Answer:

Marketing is the performance of business activity that directs the flow of goods & services from producer to consumer.

Marketing Activities

01. Selling

02. Distribution

03. Promotion

04. Pricing.

Marketing Mix

01. Product

02. Price

03. Place

04. Promotion

05. Packaging

Question: What do you mean by tailored Marketing?

Answer:

 Design your product based on consumer’s desire.

Question: What do you mean by Marketing Myopia?

Answer:

Sellers who concentrate their thinking on the physical products instead of the customer’s need are said to suffer from marketing myopia.

Question: What are the differences between Marketing concept & Selling Concept?

Answer:

Marketing Concept

Ø Based on consumer needs.

Ø Profit through customer satisfaction

Ø Pull the products

Selling Concept

Ø Focuses only on the products

Ø Profit through sales volume

Ø Push the products.

Question: What do you mean by Market Segmentation?

Answer:

Market Segmentation

Dividing the market into various group of consumers having different needs.

1.     Geographic Segmentation (Segmentation by Nation, City, States)

2.     Demographic (Segmentation by Age, Sex, Income, Education etc.)

3.     Psychographic (Life style, Personality)

4.     Behavioral

 Question: What do you mean by Market Positioning?

Answer:

Arranging for a product to occupy a clear, distinctive & desirable place relative to competing products in the minds of target customers.

Question: What do you mean by Cash Cow?

Answer:

Ø These are established & successful business unit need less involvement /improvement.

Ø High business share in the market.

Ø Generates a lot of cash from the business

Question: What do you mean by Marketing Strategy?

Answer:

Marketing Strategy

A systematic course of action and allocation of resources to achieve company objectives.

Question: What are different types of marketing strategy for Banks?

Answer:

01. Defensive strategy

02. Offensive Strategy

03. Rationalization strategy

Question:  What are Major characteristics of Bank Services?

Answer:

01. Intangibility

02. Inseparability

03. Geographical Dispersion

04. Highly individualized marketing System

05. Lack of Special identity (Products are very much similar among Banks)

06. Wide range of products & Services