Lesson-8 on Marketing

Question: What is Franchise?

Answer:

Franchise is a contractual association between a manufacture, wholesaler, or service organization (a franchiser) and independent businesspeople (franchisees) who buy the right to own and operate one or more units in the franchise system.

Question: What is informative advertising?

Answer:

Informative advertising is a advertising used to inform consumers about a new product or feature and to build primary demand.

Question: What is Persuasive Advertising?

Answer:

Persuasive advertising is a advertising used to build selective demand for a brand by persuading consumers that it offers the best quality for their money.

Question: What is Fads in Marketing?

Answer:

Fads is the fashion that enter quickly are adopted with great zeal, peak early and decline very fast.

Question: What is Growth-share Matrix in Marketing?

Answer:

Growth-share matrix is a portfolio-planning method that evaluates a company’s strategic business units (SBU) in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.

Question: What is Market Nicher in Marketing?

Answer:

Market Nicher is a firm in an industry that serves small segments that the other firms overlook or ignore.

Question: What is Zone pricing?

Answer:

Zone pricing is a geographic pricing strategy in which the company sets up two or more zones. All customers within a zone pay the same total price. The more distant the zone, the higher the price.

Lesson-7 on Marketing

Question: What is Value-base pricing?

Answer:

Value-based pricing is setting price based on buyers’ perceptions of value rather than on the seller’s cost.

Question: What is Market-skimming pricing?

Answer:

Marketing-skimming pricing is setting a high price for a new product to skim maximum revenues layer by layer from the segments wiling to pay the high price. In that pricing, the company makes fewer but more profitable sales.

Question: What is Market-penetration pricing?

Answer:

Market-penetration is setting a low price for a new product in order to attract a large number of buyer and a large market share.

Question: What is Vertical Marketing System?

Answer. A Vertical Marketing System is distribution channel structure in which producers, wholesalers, and retailers act as unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.

Question: What is Department Store?

Answer:

Department store is a retail organization that carries a wide variety of product lines-typically clothing, home furnishings and household. Each line is operated as a separate department managed by specialist buyers or merchandisers. 

Question: What is Supermarket?

Answer:

Supermarkets is a large, low-cost, low-margin, high-volume, self-service stores that carry a wide variety of food, laundry and household products.

Question: What is Superstore?

Answer:

Superstore is a store almost twice the size of a regular supermarket that carries a large assortment of routinely purchased food and nonfood items and offers such services as dry cleaning , post offices , photo finishing , check cashing, bill paying, lunch counters, car care and pet care.

Question: What is Hypermarket?

Answer:

Hypermarkets are huge stores that combine supermarket, discount, and warehouse retailing; in addition to food , they carry furniture, appliances, clothing, and many other products.

Lesson-6 on Marketing

Question: What is Augmented product in Marketing?

Answer:

 Augmented product is the additional consumer services and benefits built around the core and actual products

Question: What are convenience products in Marketing?

Answer:

Convenience products are the consumer products that the customer that the customer usually bus frequently, immediately and with a minimum of comparison and buying effort. For example, Toothpaste.

Question: What are Shopping products in Marketing?

Answer:

Shopping products are the consumer goods that the customer,  in  process of  selection and purchase, characteristically compares on such bases as suitability, quality, price and style. For example, Television.

Question:  What is specialty products in Marketing?

Answer:

Specialty products are the consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. For example, luxury goods , such as Rolex watches.

Question:  What is Unsought product in Marketing?

Answer:

Unsought products are the consumer products that the consumer either does not know about or knows about but does not normally think of buying. For example, Life Insurance.

Question: What is Brand in Marketing ?

Answer:

Brand is a name, term, sign, symbol or design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitor.

Question: What is product life Cycle(PLC) ?

Answer:

Product Life Cycle refers to the course of a product’s  sales and profit over its lifetime. It involves five distinct stages : product development , introduction , growth, maturity and decline

Lesson-5 on Marketing

Question: What is system buying?

Answer:

System buying is a buying packaged solution to a problem and without all the separate decision involved.

Question: What is time series analysis?

Answer:

Time series analysis is the breaking down past sales into its trend, cycle, season and erratic components, then recombining these components to produce a sales forecast.

Question: What is undifferentiated Marketing?

Answer:

Undifferentiated Marketing is a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Question: What is Differentiate Marketing?

Answer:

Differentiate Marketing is a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

Question: What is Concentrated Marketing?

Answer:

Concentrated marketing is market-coverage strategy in which a firm goes after a large share of one or a few submarkets.

Question: What is Core Product in Marketing?

Answer:

Core product is the problem-solving services or core befits that consumers are really buying when they obtain a product.

Question: What is Actual Product in Marketing ?

Answer:

Actual product is a product’s parts, quality level, features , design, brand name, packaging and other attributes that combine to deliver core product benefits.