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Commerce > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

Marketing Mix (4 elements)

A

Product, Price, Promotion and Distribution.

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2
Q

Different market respond to different marketing groups in different ways. Justify for or against.

A

True. income, Education, habits and preferences.

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3
Q

Marketing is a ___ concept.

A

Dynamic.

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4
Q

Marketing mix meets the _____ and ______ goals of the identified market.

A

Present and Future.

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5
Q

Basic purpose of marketing ->

A

Needs and Wants of Customers in a most effective manner.

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6
Q

Marketing mix represents an ____ approach to marketing.

A

Integrated.

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7
Q

Marketing mix helps in pursuing ____ -oriented marketing.

A

Customer.

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8
Q

Why is it called a mix?

A

There are various sub-factors.

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9
Q

Product related activities are directed towards ->

A

Target Market.

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10
Q

A product is considered by the consumers as a

A

Bundle of Satisfaction.

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11
Q

Transferring ownership and Physical possessions

A

Place Mix

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12
Q

Advertising provides

A

Product Information’s

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13
Q

Personal Selling provides

A

Face-to-Face communication

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14
Q

Short term promotional activities ->

A

Sales Promotion

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15
Q

Mention of a company in a favorable media

A

Publicity.

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16
Q

Controllable factors of Marketing Mix (3)

A
  1. Nature and Size of the firm
  2. Its objective
  3. Policy of its management.
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17
Q

External Factors:

A
  1. Customers
  2. Competitors
  3. Dealers
  4. Governments
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18
Q

The processes of developing marketing mix ->

A
  1. Identification -> Target market
  2. Analysis -> Needs and desires of the customers.
  3. Design
  4. Testing
  5. Adoption
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19
Q

_________ is used in both identifying and analyzing the target market.

A

Research.

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20
Q

What are analyzed in analysis?

A
  1. Number, Location and buying motives of the customers.

2. External Factors.

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21
Q

Marketing mix is created in _____ stage.

A

Design

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22
Q

The marketing mix is used in a small group of customers in ______ stage/

A

Testing

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23
Q

Marketing mix is put into use in ______ stage.

A

Adoption.

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24
Q

_______ refers to all the features of the product or service to be offered for sale.

A

Product Mix.

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25
Q

Number of product line is

A

Width

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26
Q

Number of products in a product line is

A

Depth

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27
Q

The main factors which influence the product mix

A
  1. Identification -> Needs, Preferences, Income Level, Professions
  2. Analysis -> Policies and actions of competitors, Financial Resources of the firm.
  3. Design -> Marketing policies and programmes of the firm.
  4. Adoption -> Technological Development
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28
Q

Packaging is not only a ______ devide but also serves as a ___ tool.

A

Protective, Selling

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29
Q

Good features of a package:

A
  1. Safe and should be able to protect the product.
  2. Convenient to handle
  3. Repack or Resale value
  4. Establishment of Identity.
  5. True Story
  6. Aesthetic satisfaction
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30
Q

Packaging simulates ______ buying.

A

Impulsive.

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31
Q

Good label must contain

A
  1. Name and Address of the Product/Dealer
  2. Weight and Measurement
  3. Direction for proper use.
  4. Date of packing
  5. MRP (Inclusive of local tax)
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32
Q

Types of labels ->

A
  1. Brand Label
  2. Descriptive Label
  3. Grade label
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33
Q

PLC is not a ______ but a _________ against which the life of a product may be predicted.

A

Universal Law

Ideal Type

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34
Q

How many stages are there in PLC?

A

5 Stages.

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35
Q

Identify the stage:

A product is born

A

Introduction Stage

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36
Q

Competition is virtually absent and market is limited

A

Introduction stage

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37
Q

Little known about product innovation

A

Introduction stage.

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38
Q

Growth is sales volume us very low due to _____- in ______stage.

A

Lack of knowledge and Limited distribution in introduction stage.

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39
Q

___ costs, ___ sales volume, _____

Prices and _____ Distribution in introduction stage.

A

High; Low; High; Limited;

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40
Q

High % of new products fail during this period

A

Introduction stage.

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41
Q

Products with ______- demand maturity stage is long period.

A

long-run

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42
Q

In which stage marginal producers are forced to go out of the market.

A

Maturity Stage.

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43
Q

A tool for business forecasting?

A

PLC.

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44
Q

PLC is used to have an effective ______ plan.

A

Product.

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45
Q

Pricing means only fixing the base price of a product.

A

False. Terms and Conditions of sale is also to be formulated in pricing.

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46
Q

Price determines the ______ and _____.

A

Sales volumes and profit margins.

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47
Q

In what type of economy, price determines the volume of economic activity.

A

Free enterprise economy.

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48
Q

Internal factors of Prices are: (5)

A

Cost, Quality and Service. Promotion and Distribution strategy.

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49
Q

External Factors of price are: (5)

A

Demand, Competition, Motives, Government Controls and Risks

50
Q

Selling below market price may lead to ____

A

Price wars.

51
Q

Seasonal goods and fashional articles are sold at a price _________.

A

Out of line with the costs (higher).

52
Q

Liberal terms of credit ->

A

High priced in case of bad debts and risk.

53
Q

Investment made is quickly realized in _______ strategy.

A

Skimming the Cream

54
Q

Motto “sell to classes”

A

Skimming the Cream

55
Q

Skimming the cream pricing is used for

A

Highly distinctive product which are new.

56
Q

Motto “sell to masses” and “low-mark up and higher volume”

A

Penetrating pricing

57
Q

to Maximize market share and make the brand quickly popular, which strategy is used?

A

Penetrating pricing

58
Q

FMCG products uses ______ pricing strategy.

A

Penetrating

59
Q

Pricing strategy when high income market is inadequate and daily life?

A

Penetrating

60
Q

When potential competition is strong, which strategy is used?

A

Penetrating

61
Q

Premature death ->

A

Penetrating

62
Q

The choice between the two contrasting pricing policy depends upon the ____ of and ____ with which competitors and can bring out ____ products.

A

Ease; Speed; Substitute;

63
Q

Actual costs are

A

Historical and Current Costs.

64
Q

Expected costs are the

A

forecasts or estimated costs

65
Q

Standard costs

A

Normal rate of output (standard level of efficiency).

66
Q

____ cost appears to be the most relevant as ___ and _____ are conjectures.

A

Actual; Standard and Expected;

67
Q

Amount of Capital Investment is C, Standard cost of normal Output is O, Rate of return is R%. Find the Capital turnover and Mark-up standard cost.

A

Capital Turn-over = C/O

Mark Up standard cost is C/O x R =CR/O

68
Q

Most widely used technique of pricing is

A

Cost Plus Pricing.

69
Q

Which method can bring the firm below optimum level?

A

Cost Plus Pricing.

70
Q

_____ methods are used to determine the mark-ups

A

Rule of thumb.

71
Q

In _____ capacity, cost plus pricing will not be useful.

A

Idle capacity.

72
Q

Other names for Parity Pricing?

A

Going rate pricing or Competition based pricing.

73
Q

When competition is very severe and products are homogenous what pricing strategy is used?

A

Parity Pricing.

74
Q

Distribution involves two main functions:

A
  1. Choice of distribution channels

2. Physical Distribution.

75
Q

3 types of flows.

A
  1. Money
  2. Information
  3. Product.
76
Q

Number of Distribution Channels

A

5

77
Q

Industrial and Consumer goods of Heavy Nature are sold through (electronics, household appliances).

A

Manufacturer to Consumer

78
Q

Consumer products like shoe, book, hosiery goods and Cosmetics.

A

Manufacturer to Consumer

79
Q

Small producers producing perishable commodities (fruits and vegetables). Perishable products are often sold through _______

A

Manufacturer to Consumer

Manufacturer Retailer - Consumers

80
Q

Which is very fast and economical form of distribution? Say 1 disadvantage.

A

the Shortest one (expert services of middleman not available)

81
Q

Channel for big and well established firms

A

Manufacturer to Consumer aka Direct selling

82
Q

The original and oldest form of direct marketing is

A

Sales Call

83
Q

ADRMPs

A

Automated dialing and recorded message prayers.

84
Q

The latest method of direct selling

A

On-Line or Internet marketing

85
Q

Direct selling is popularized due to

A

Cut throat competition, Scattered market, Modern means of communication, Costs of distribution, Desire to control.

86
Q

Example for This channel which is popular when retailers are big and they buy in large quantities

A

Departmental stores, Chain Stores and Super markets -> Man-Ret-Con

87
Q

Durable products of high value is sold through

A

Man-Ret-Consumer

88
Q

Car, Home appliances, Readymade garments ->

A

man.-Ret.-Consumer

89
Q

Traditional/Normal Channel ->

A

Manufacturer - Wholesaler - Retailer - Consumers

90
Q

When producer has limited finance ->

A

Manufacturer - Wholesaler - Retailer - Consumers

91
Q

Narrow product line for the producer ->

A

Manufacturer - Wholesaler - Retailer - Consumers

92
Q

Small producer and retailers find this channel convenient ->

A

Manufacturer - Wholesaler - Retailer - Consumers

93
Q

Consumer durables which are not subject to frequent changes in fashion ->

A

Manufacturer - Wholesaler - Retailer - Consumers

94
Q

Producer of industrial goods use _____ as a _____ and _________.

A

Industrial distributors, Wholesaler and Retailer

95
Q

Distribution through ______ is more efficient when retailers are geographically concentrated and limited ->

A

Agent

96
Q

When wholesalers are specialized and Strong promotional support ->

A

Traditional Channel

97
Q

Sometimes ______ are by-passed by ______ in the 4th channel

A

Retailers and agent sells it to institutional buyers.

98
Q

Relieves burden at the same time provides control ->

A

Manufacturer Retailer - Consumers

99
Q

The product that has very scattered markets use ______

A

Manufacturer - Wholesaler - Retailer - Consumers

100
Q

Agricultural Products, Machinery and equipment

A

Manufacturer - Agent - Retailer - Consumers

101
Q

Textiles are sold through

A

Manufacturer - Agent - Retailer - Consumer

102
Q

Cloth are sol through _____

Often Sold through _______

A

Manufacturer - Consumer

Manufacturer - Agent - Wholesale - Retailer - Consumer

103
Q

For industrial products ->

A

Industrial distributors are employed (storage facilities)

104
Q

Home appliances are sold through ->

A

Manufacturer - Retailer - Consumer

105
Q

House-Hold appliances are sold through ->

A

Manufacturer - Consumer

106
Q

Product Considerations ->

Hint UPBSTe

A

Unit Value, Perishability, Bulk and Weight, Standardization, Technical nature.

107
Q

Market Consideration ->

Hint BSNL

A

Buying habits, Size and Frequency, Number of location, Consumer or Industrial market.

108
Q

Company Considerations ->

A

MarFinMan
Market standing
Financial Resources
Management

ProDesSerMan
Volume of Production
Desire for Control of channel
Service Provided by manufacturers

109
Q

Middlemen Consideration

A

AACCSSL ->

Availability
Attitude
Service
Sales Potential
Cost
Customs and Competition
Legal Constraints
110
Q

Products of low unit value are sold through

A

Middlemen

111
Q

Low priced - High turn over articles

A

Flow through longer channels

112
Q

Expensive goods sold by

A

Producers directly

113
Q

Frequent changes in fashion =>

A

Shorter channels.

114
Q

Non-Fashion articles ->

A

Sold though agents and merchants

115
Q

Heavy and Bulky >

A

Sold Directly

116
Q

Standardized products flow through

A

Longer channels through middlemen

117
Q

Well established firms will keep many middlemen.

A

No. They are more likely to remove them.

118
Q

If a firm has wide range then it has to have

A

Retail outlets throughout the country.

119
Q

Promotion has grown due to (4)

A

Increasing competition, Increasing distances, changing preferences, Widening market

120
Q

Competition based pricing is _____ for unbranded products.

A

Non-Ideal.

121
Q

Franchise is

A

Using the brand’s names in other retail stores.

122
Q

Middlemen must provide ___, __, ____ and _____ Services. (Each element in the product mix).

A

Financing, Storage, Promotion and After sale services.

Commerce (7 decks)

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