MARKETING APTITUDE - CHAPTER - 1
Nature of Marketing and Basic Concepts of Marketing (Quick Review)
1) Marketing by nature is – Both Arts and Science
2) How marketing is to used – It depends upon the type of product or service for which marketing it to be used
3) According to Philip Kotler Marketing is a – Social Process
4) Which was thought as the main objective of Marketing by traditional marketing professionals? – To just sell the product and services
5) Which is the main objective of Marketing now? – Sell the product so that the customer gets satisfaction also
6) Which is the new dimension added to objectives of Marketing? – Customer Welfare
7) Who is called the King or the BOSS in new marketing approach? – the customer
8) Which are the constituent elements of modern Marketing? – It includes selling of products and services, after-sales services and complete satisfaction of customer
9) What is the scope of after sales service? – Important activities coming under gamut of after sales service include repairs, prompt delivery and installation after repairs
10) Marketing is not important in which type of market – monopolistic market
11) Which is the most powerful element of a market – the Customer or Consumer
12) Who is a customer? – whoever pays for a product or a service (may or may not consume it)
13) Who is a consumer? - Whoever consumes a product or a service (may or may not pay for it)
14) Which types of buyers are important for Marketing? – Both present and prospective buyers
15) What are the important factors without which there is no requirement of Marketing? – Buyers, Seller, a product or service and a market
16) Is after sales service important part of Marketing? – Yes
17) What is the focal point of new concept of Marketing? – customer satisfaction
18) Which popular phrase has been derived from the customer-centric concept of Marketing? –‘Customer is the King’
19) What is the base of customer-centric concept of Marketing? – Customer Satisfaction
20) Customer satisfaction is a new concept or an old one? – A new concept
21) What is SWOT? – Strengths, Weaknesses, Opportunities and Threats
22) What would be the most important criteria for a person going to open a Savings Bank (SB) account in a bank? – Standard of Service
23) What would be the most important criteria for a person going to open a Fixed Deposit (FD) account in a bank? – Rate of Interest
24) What is the meaning of TQM, a term often used in Marketing? – Total Quality Management
25) What are the 4 P’s of Marketing? – Product, Price, Place and Promotion
26) What is the importance of 4 P’s of Marketing? – these 4 P’s are together and collectively called basic elements of Marketing
27) What is another popular name given to 4 P’s? – Marketing Mix
28) What is meaning of Marketing Mix? – Marketing Mix are the combination of variables chosen by a firm to prepare its market offering
29) Marketing Mix is which type of variable? – Controllable Variable
30) What is meaning of Controllable Variable in Marketing? – Those variables which can be controlled or influenced at the level of the firm
31) A practical example of controllable variable – When a competitor reduces the price of its product the firm in question can either reduce the price of its product or can differentiate the product (this can be done by the firm itself)
32) A practical example of an uncontrollable variable – When the Govt. puts a ban on selling tobacco products in plastic packing, a firm has no other option left but to follow the order (it is therefore uncontrollable variable)
33) What is the meaning of Product in Marketing’s 4 P’s? – It means goods or services or anything of monetary value which is offered in the market for exchange
34) What is the meaning of Price in Marketing’s 4 P’s? – Price is the amount of money customers have to pay to acquire ownership of the product or service
35) What is the meaning of Place in Marketing’s 4 P’s? – Place is generally physical distribution activities that make firm’s products to the target customers
36) What is the meaning of Promotion in Marketing’s 4 P’s? – Promotion includes activities that communicate availability of a product or service
37) Can only products and services be marketed? – No, other than product and service ideas, places, persons, experience, events, information, properties can also be marketed
38) Which is a wider concept – Marketing or Selling? – Marketing
39) What is Selling? - Selling is only a part of the process of marketing and is concerned with promoting and transferring possession and ownership of goods from the seller to the buyer
40) In context of selling, how wide is the concept of marketing? - Marketing is a much wider term consisting of number of activities such as identification of the customer’s needs, developing the products to satisfy these needs, fixing prices and persuading the potential buyers to buy the same
Marketing Snippets (Just Check how much you Know)
1. DSA means – Direct Sales Agent
2. USP means – Unique Selling Proposition
3. What is meaning of a prospect in marketing language? - A likely buyer
4. What is the meaning of ‘close a call’ in marketing lingo? – To clinch a sale
5. What is ‘Target Group’ in marketing? – Persons who could be likely buyers of a product or service
6. A Call in Marketing means – to call on prospective customers
7. What is delivery channel in marketing? - places where products are made available to the buyers
8. What would be the target market for marketing of Internet Banking Services of a commercial bank? - All the computer educated customers of the Bank
Nature of Marketing and Basic Concepts of Marketing (Quick Review)
1) Marketing by nature is – Both Arts and Science
2) How marketing is to used – It depends upon the type of product or service for which marketing it to be used
3) According to Philip Kotler Marketing is a – Social Process
4) Which was thought as the main objective of Marketing by traditional marketing professionals? – To just sell the product and services
5) Which is the main objective of Marketing now? – Sell the product so that the customer gets satisfaction also
6) Which is the new dimension added to objectives of Marketing? – Customer Welfare
7) Who is called the King or the BOSS in new marketing approach? – the customer
8) Which are the constituent elements of modern Marketing? – It includes selling of products and services, after-sales services and complete satisfaction of customer
9) What is the scope of after sales service? – Important activities coming under gamut of after sales service include repairs, prompt delivery and installation after repairs
10) Marketing is not important in which type of market – monopolistic market
11) Which is the most powerful element of a market – the Customer or Consumer
12) Who is a customer? – whoever pays for a product or a service (may or may not consume it)
13) Who is a consumer? - Whoever consumes a product or a service (may or may not pay for it)
14) Which types of buyers are important for Marketing? – Both present and prospective buyers
15) What are the important factors without which there is no requirement of Marketing? – Buyers, Seller, a product or service and a market
16) Is after sales service important part of Marketing? – Yes
17) What is the focal point of new concept of Marketing? – customer satisfaction
18) Which popular phrase has been derived from the customer-centric concept of Marketing? –‘Customer is the King’
19) What is the base of customer-centric concept of Marketing? – Customer Satisfaction
20) Customer satisfaction is a new concept or an old one? – A new concept
21) What is SWOT? – Strengths, Weaknesses, Opportunities and Threats
22) What would be the most important criteria for a person going to open a Savings Bank (SB) account in a bank? – Standard of Service
23) What would be the most important criteria for a person going to open a Fixed Deposit (FD) account in a bank? – Rate of Interest
24) What is the meaning of TQM, a term often used in Marketing? – Total Quality Management
25) What are the 4 P’s of Marketing? – Product, Price, Place and Promotion
26) What is the importance of 4 P’s of Marketing? – these 4 P’s are together and collectively called basic elements of Marketing
27) What is another popular name given to 4 P’s? – Marketing Mix
28) What is meaning of Marketing Mix? – Marketing Mix are the combination of variables chosen by a firm to prepare its market offering
29) Marketing Mix is which type of variable? – Controllable Variable
30) What is meaning of Controllable Variable in Marketing? – Those variables which can be controlled or influenced at the level of the firm
31) A practical example of controllable variable – When a competitor reduces the price of its product the firm in question can either reduce the price of its product or can differentiate the product (this can be done by the firm itself)
32) A practical example of an uncontrollable variable – When the Govt. puts a ban on selling tobacco products in plastic packing, a firm has no other option left but to follow the order (it is therefore uncontrollable variable)
33) What is the meaning of Product in Marketing’s 4 P’s? – It means goods or services or anything of monetary value which is offered in the market for exchange
34) What is the meaning of Price in Marketing’s 4 P’s? – Price is the amount of money customers have to pay to acquire ownership of the product or service
35) What is the meaning of Place in Marketing’s 4 P’s? – Place is generally physical distribution activities that make firm’s products to the target customers
36) What is the meaning of Promotion in Marketing’s 4 P’s? – Promotion includes activities that communicate availability of a product or service
37) Can only products and services be marketed? – No, other than product and service ideas, places, persons, experience, events, information, properties can also be marketed
38) Which is a wider concept – Marketing or Selling? – Marketing
39) What is Selling? - Selling is only a part of the process of marketing and is concerned with promoting and transferring possession and ownership of goods from the seller to the buyer
40) In context of selling, how wide is the concept of marketing? - Marketing is a much wider term consisting of number of activities such as identification of the customer’s needs, developing the products to satisfy these needs, fixing prices and persuading the potential buyers to buy the same
Marketing Snippets (Just Check how much you Know)
1. DSA means – Direct Sales Agent
2. USP means – Unique Selling Proposition
3. What is meaning of a prospect in marketing language? - A likely buyer
4. What is the meaning of ‘close a call’ in marketing lingo? – To clinch a sale
5. What is ‘Target Group’ in marketing? – Persons who could be likely buyers of a product or service
6. A Call in Marketing means – to call on prospective customers
7. What is delivery channel in marketing? - places where products are made available to the buyers
8. What would be the target market for marketing of Internet Banking Services of a commercial bank? - All the computer educated customers of the Bank
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