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commercial applications > ls 2 > Flashcards

ls 2 Flashcards

1
Q

What is marketing mix

A

combination of 4 P’s which constitute the core of a company’s marketing system

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2
Q

4 P’s of marketing

A

Product, Price, Place, Promotion

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3
Q

what is the basic purpose of marketing mix

A

to satisfy needs of customers in the most effective manner

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4
Q

marketing mix is a _____ concept.

A

dynamic

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5
Q

marketing mix represents an _______ approach to marketing

A

integrated

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6
Q

marketing mix helps in pursuing ____ oriented marketing

A

customer

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7
Q

why is each P called a mix

A

it consists of several sub-factors

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8
Q

combination of various features of a product/service to be offered for sale

A

product mix

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9
Q

consumers consider a product as

A

a bundle of satisfaction

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10
Q

product related activities are directed at

A

target market

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11
Q

decisions regarding basic price, discount, terms of payment

A

price mix

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12
Q

transferring ownership and physical possession of the product to consumers

A

place mix

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13
Q

purpose of place mix

A

make the product available to customers at the right time and place

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14
Q

distribution mix consists of

A

channel of distribution

physical distribution

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15
Q

physical distribution

A

activities involved in moving product from producer to consumer .
transportation, storage

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16
Q

channel of distribution

A

route via which products move from producer to consumer

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17
Q

what is the aim of promotion mix

A

persuade customers to buy the product

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18
Q

elements of promotion mix

A 
advertising
sales promotion
personal selling
publicity 
public relations
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19
Q

external factors affecting marketing mix

A
  1. customer
  2. competitor
  3. dealers
  4. government
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20
Q

internal factors affecting marketing mix

A

nature and size of the firm
objectives of the firm
policy of its management

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21
Q

steps in determining marketing mix

A
  1. identification - target market
  2. analysis - needs of target market
  3. design
  4. testing
  5. adoption
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22
Q

what is analysed in analysis stage

A

number , location, buying powers and motives of customers

nature of comp, dealers behaviour and government regulations

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23
Q

at what stage is marketing mix made?

A

design

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24
Q

at what stage is marketing mix put into use ?

A

Adoption

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25
Q

test run of marketing mix designed in a small group of customers

A

testing

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26
Q

main components of product mix

A
  1. range of products to be offered for sale
  2. Brand name of the product
  3. Package of the product
  4. Label
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27
Q

no. of product lines to be offered for sale

A

width of a firm

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28
Q

no. of products in each product line

A

depth of a firm

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29
Q

what is packaging

A

wrapping, crating, filling or compressing of goods to protect them from spoilage, pilferage, breakage, leakage, etc

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30
Q

packaging is not only a protective tool .. it is also a _____ tool

A

selling

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31
Q

____ acts a silent but forceful salesman at the point of purchase and stimulates impulsive buying

A

Packaging

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32
Q

what is labelling

A

putting identification marks called labels on the package

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33
Q

features of good packaging

A
  1. convenient to handle and use
  2. should attract immediate attention
  3. safe of protecting product
  4. should tell true story
  5. should be unique
  6. should have repack or resale value
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34
Q

product life cycle is not a _______ but an ______ type against which the life of a product may be predicted

A

universal law, ideal type

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35
Q

very risky stage of PLC with reason

A

Introduction stage - high % of new products fail in this stage

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36
Q

product is born in this stage

A

Introduction stage

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37
Q

growth in sales volume is at _____ rate during introduction stage due to ______ and ______

A
  1. low
  2. lack of knowledge on the part of customers
  3. limited distribution
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38
Q

Competition is _______ at introduction stage

A

absent

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39
Q

prices are ____ in introduction stage because of ____ and ____

A

high
small scale of production
heavy promotional expenditure

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40
Q

Proper advertisement and publicity of the product

A

introduction stage

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41
Q

selective distribution and attractive discounts to dealers

A

introduction stage

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42
Q

removing technical and other deficiencies in the product

A

introduction stage

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43
Q

attractive gifts to customers as an ‘Introductory offer’

A

introduction stage

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44
Q

Skimming the cream pricing policy

A

introduction stage

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45
Q

demand and sales _________ , distribution is ____________, competition _______ and prices _______ during the growth stage

A
  1. grow rapidly
  2. widened
  3. increases
  4. prices fall
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46
Q

aim of introduction stage

A

product awareness

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47
Q

aim of growth stage

A

maximise market share

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48
Q

promotional focus shifts from _____ to _____ in growth stage

A

buy my product to buy my brand

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49
Q

profits are ______ in growth stage

A

rising

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50
Q

profits are _____ in introduction stage

A

negative

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51
Q

Heavy advertising to create brand image and simulate sales

A

growth stage

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52
Q

Expanding distribution channel to make the product available wherever demanded

A

growth stage

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53
Q

introducing new versions of the product to cater to different needs

A

growth stage

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54
Q

keeping price at competitive level

A

growth stage

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55
Q

greater emphasis on customer service

A

growth stage

56
Q

during this stage, sales continue to grow but at decreasing rate

A

Maturity stage

57
Q

competition _____ further and market gets ______ in maturity stage

A

increases, stabilised

58
Q

aim of maturity stage

A

retain market share

59
Q

prices _____, promotional expenditure is _____ so profits ____ during maturity stage

A
  1. reduced
  2. high
  3. decline
60
Q

supply exceeds demand for the first time in ____ stage

A

Maturity stage

61
Q

characteristics of maturity stage

A

product differentiation
product improvement
identifying new market segments ( low income market)

62
Q

differentiating product from competitive products

A

Maturity stage

63
Q

focussing on brand image

A

maturity stage

64
Q

extending warranty

A

maturity stage

65
Q

introducing reusable packaging

A

Maturity stage

66
Q

developing new markets

A

Maturity stage

67
Q

finding new uses of products

A

Maturity stage

68
Q

aim of decline stage

A

minimise costs

69
Q

profits and sales are the highest in _____ stage

A

maturity stage

70
Q

new features may be added to the product

A

decline stage

71
Q

new packaging

A

decline stage

72
Q

selective promotion to reduce distribution costs

A

decline stage

73
Q

In maturity stage what kind of advertising is used?

A

Persuasive

74
Q

in introductory stage what kind of advertising is used?

A

informative

75
Q

_____ is a tool for business forecasting

A

PLC

76
Q

economy models of packs

A

decline stage

77
Q

without ______, there can be no marketing

A

pricing

78
Q

good label must provide info such as:

A
  1. name and address of producer/dealer
  2. weight and measurement of the product
  3. directions for proper use of the product
  4. date of packing
  5. mrp
79
Q

three types of labels

A

brand label
descriptive label
grade label

80
Q

sellers are interested in ___ label

A

descriptive label

81
Q

consumers favour ____ label

A

grade label

82
Q

pricing involves determining base price only . true/false justify

A

false

also terms and conditions of sale

83
Q

________- pricing decisions require up to date knowledge of trends in sales and demand

A

Pragmatic

84
Q

price determines _____ and ___

A

sales volume and profit margins

85
Q

price determines volume of economic activity in what economy

A

free enterprise economy

86
Q

internal factors affecting price determination

A

cost of product
quality and service
promotional and distribution strategy

87
Q

external factors affecting price determination

A 
demand 
competition
buying motives 
risks 
government control
88
Q

4 types of pricing strategy

A
  1. skimming pricing
  2. penetrating pricing
  3. cost-plus pricing
  4. parity pricing
89
Q

what is skimming pricing?

A
  1. setting initial high price to skim the cream of demand and to realise the investments made quickly
    later on price is reduced to tap other segments
90
Q

aim of skimming pricing is to

A

sell to classes

91
Q

what pricing strategy is suitable for a highly distinctive product

A

skimming pricing

92
Q

what pricing strategy can be used to feel out the market

A

skimming pricing

93
Q

what pricing strategy can be used to restrict demand

A

skimming pricing

94
Q

what is penetrating pricing?

A
  • low price in initial stage to make brand popular and maximise market share
  • afterwards.. price can be raised
95
Q

aim of penetrating pricing

A

sell to masses

96
Q

aggressive pricing strategy used to restrict entry of new firms

A

penetrating pricing

97
Q

when product sold is highly sensitive to price.. what pricing strategy is to be used?

A

penetrating pricing

98
Q

when there is a strong potential competition what pricing strategy to use?

A

penetrating pricing

99
Q

what is parity pricing otherwise called?

A

competition-based pricing/ going -rate pricing

100
Q

what is parity pricing?

A

charging according to what competitors are charging

101
Q

in oligopolistic market, what pricing strategy is suitable

A

parity pricing

102
Q

easy method of pricing

A

parity pricing

103
Q

cost -plus pricing is also known as ________

A

mark-up pricing

104
Q

basic idea of cost plus pricing

A

S.P must cover its full cost and yield a margin of profit called mark-up

105
Q

most widely used technique of pricing

A

cost plus pricing

106
Q

which method of pricing discourages cut throat comp in the market

A

cost plus pricing

107
Q

three types of flows represented by channels of distribution

A

product flow downwards
cash flow upwards
information flow both sides

108
Q

shortest and simplest channel

A

Manufacturer-consumer

109
Q

perishable commodities are sold via what channel?

A

manufacturer - consumer

110
Q

products of heavy nature are sold via what channel?

A

Manufacturer-Consumer

111
Q

a fast and economical channel

A

Manufacturer-Consumer

112
Q

In recent years, direct selling has become popular due to?

A
  1. increasing comp
  2. desire to eliminate middlemen
  3. wide product lines
  4. need for distribution control
  5. technical nature of products
  6. availability of public warehouses
113
Q

V.P.P

A

Value Payable Post

114
Q

example of company selling door to door

A

Eureka Forbes

115
Q

example of company using retail outlets

A

Bata, Raymonds, Peter England, Max, etc etc etc

116
Q

example of catalogue selling

A

Avon

117
Q

another name for catalogue selling

A

direct mail selling

118
Q

example of telemarketing

A

Asian Sky shop

119
Q

what channel is popular when retailers are big and buy in large quantities ?

A

Manufacturer-Retailer-consumer

120
Q

this channel relieves manufacturer from burden of selling but still provides him control over distribution

A

Manufacturer-retailer-consumer

121
Q

traditional channel of distribution

A

Manufacturer-wholesaler - retailer -Consumer

122
Q

when producer has limited finance and narrow product line but wholesaler is specialised .. what channel must be used?

A

Manufacturer-wholesaler - retailer-Consumer

123
Q

when retailers are either few or geographically concentrated.. what channel may be more economical

A

Manufacturer-agent - retailer -Consumer

124
Q

textiles and agricultural products, machinery are sold through which channel

A

Manufacturer-agent-retailer-Consumer

125
Q

longest channel of distribution

A

Manufacturer-wholesaler- agent-retailer-Consumer

126
Q

when manufacturer wants to be fully relieved of distribution what channel must be used ?

A

Manufacturer-wholesaler- agent-retailer-Consumer

127
Q

the longest channel is widely used in ____

A

cloth

128
Q

bulk and weight –>

A

distributed directly

129
Q

non standardised products

A

short channel

130
Q

more technical products requiring demonstrations and after sale service

A

middlemen needed

131
Q

to ultimate consumers–>

A

middlemen needed

132
Q

large and wide market

A

use of middlemen is necessary

133
Q

infrequent large orders

A

direct selling is preferred

134
Q

products of low unit value

A

via middlemen

135
Q

pricing strategy appropriate for late entrants to the market

A

penetration pricing

commercial applications (5 decks)

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