Marketing

Question 1

What is a market?

Answer 1

A market refers to a set of actual and potential buyers of a product or service.

Example: Customers who want and can afford to buy a computer is the market for computers.

Question 2

What is marketing?

Answer 2

Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

Question 3

What are the features of marketing?

Answer 3

1. Needs and wants: Focus on satisfaction of needs and wants.
2. Creating a market offering: Complete offer of a product or service including features and price.
3. Customer value: Buyers decide based on expectations and added value.
4. Exchange mechanism: Satisfying needs through exchange.

Question 4

What are the conditions for exchange to take place?

Answer 4

1. At least two parties (buyer and seller).
2. Each party offers something of value.
3. Ability to communicate and deliver.
4. Freedom to accept or reject offers.
5. Acceptance or rejection must be voluntary.

Question 5

What can be marketed?

Answer 5

Anything of value to the buyer, including:
a) Physical products (e.g., TV, Cell Phone)
b) Services (e.g., Insurance, Doctor services)
c) Ideas (e.g., Family planning)
d) Persons (e.g., Political candidates)
e) Places (e.g., Kerala tourism)
f) Events (e.g., Olympics).

Question 6

Who is a marketer?

Answer 6

A marketer is any person who takes a lead role in the process of exchange, either as a seller or a buyer.

Question 7

What is marketing management?

Answer 7

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer values.

Philip Kotler.

Question 8

What are the steps in the marketing management process?

Answer 8

1. Choosing a target market.
2. Create demand for products.
3. Create superior values.

Question 9

What is the production concept?

Answer 9

Profit is maximized by large-scale production and consumers prefer widely available products at affordable prices.

Question 10

What is the product concept?

Answer 10

Customers prefer products with superior quality and features, emphasizing product quality improvement.

Question 11

What is the selling concept?

Answer 11

Customers will not buy enough unless persuaded, so firms should use aggressive selling techniques.

Question 12

What is the marketing concept?

Answer 12

Selling satisfaction rather than products, focusing on identifying and satisfying customer needs for profit.

Question 13

What is the societal marketing concept?

Answer 13

Marketing should aim at societal welfare along with customer satisfaction, addressing social, ethical, and ecological aspects.

Question 14

What are the functions of marketing?

Answer 14

1. Gathering and analyzing market information.
2. Market planning.
3. Product designing and development.
4. Standardization and grading.
5. Packaging and labeling.
6. Branding.
7. Customer support services.
8. Pricing of product.
9. Promotion.
10. Physical distribution.
11. Transportation.
12. Storage and warehousing.

Question 15

What are the factors affecting marketing decisions?

Answer 15

1. Controllable factors: Internal factors like product, price, place, promotion.
2. Uncontrollable factors: External factors like consumer behavior, competitors, and government.

Question 16

What is the marketing mix?

Answer 16

A set of marketing tools used to achieve marketing objectives, classified into 4 Ps: Product, Price, Place, Promotion.

Question 17

What are consumer products?

Answer 17

Products purchased by consumers for personal use, classified by shopping efforts and durability.

Question 18

What are the types of consumer products?

Answer 18

1. Convenience products: Frequently purchased with least effort.
2. Shopping products: Purchased after comparison of features.
3. Specialty products: Unique features.

Question 19

What are durable goods?

Answer 19

Products with a long life and not purchased frequently, e.g., TV, Car.

Question 20

What are non-durable goods?

Answer 20

Products consumed in few uses and purchased frequently, e.g., soap, toothpaste.

Question 21

What are services?

Answer 21

Activities offered for sale that are intangible, e.g., repairs, hair cutting.

Question 22

What are industrial products?

Answer 22

Products used as inputs in making other products, e.g., raw materials, machines.

Question 23

What is branding?

Answer 23

Giving a name or symbol to a product for identification and differentiation from competitors.

Question 24

What is a brand name?

Answer 24

The part of a brand that can be spoken, e.g., Maggie, Lifebuoy.

Question 25

What is a brand mark?

Answer 25

The part of a brand that can be recognized but cannot be spoken, e.g., Devil of Onida.

Question 26

What is a trademark?

Answer 26

A brand name that is registered with legal authorities.

Question 27

What are the advantages of branding to marketers?

Answer 27

1. Distinguishes products from competitors. 2. Aids in advertising. 3. Facilitates introduction of new products.

Question 28

What are the advantages of branding to customers?

Answer 28

1. Helps in product identification. 2. Ensures quality. 3. Can become status symbols.

Question 29

What are the features of a good brand name?

Answer 29

1. Short and simple. 2. Suggests benefits. 3. Distinctive. 4. Adaptable. 5. Versatile. 6. Legally protectable.

Question 30

What is packaging?

Answer 30

Activities of designing and producing a container or wrapper for a product.

Question 31

What are the levels of packaging?

Answer 31

1. Primary packaging: Immediate container. 2. Secondary packaging: Additional protection. 3. Transportation packaging: For storage or transport.

Question 32

What is the importance of packaging?

Answer 32

1. Rising health standards. 2. Facilitates self-service. 3. Innovational opportunities. 4. Product differentiation.

Question 33

What are the functions of packaging?

Answer 33

1. Product identification. 2. Product protection. 3. Facilitates use. 4. Product promotion.

Question 34

What is labeling?

Answer 34

Designing and developing the label to be put on the package, carrying information about the product.

Question 35

What are the functions of labeling?

Answer 35

1. Describe the product and specify contents. 2. Identify the product or brand. 3. Grade products.

Question 36

What is the purpose of a label?

Answer 36

To describe the product, its usage, precautions, and specify its contents.

Question 37

How does labeling help in product identification?

Answer 37

It helps buyers identify the product or brand. ## Footnote Example: The label on the Horlicks packet helps to identify it from others.

Question 38

What information does a label provide about the manufacturer?

Answer 38

It provides the name and address of the manufacturer, net weight, and maximum retail price.

Question 39

How do labels assist in grading products?

Answer 39

Labels help to grade products into different categories. ## Footnote Example: Different types of tea are sold under different brands such as yellow, red, and green label categories.

Question 40

In what way do labels promote products?

Answer 40

A well-designed label catches consumer attention and encourages purchases. ## Footnote Example: Labels mentioning “Free Tooth brush Inside”, “20% Extra Free”, or “Save Rs. 10”.

Question 41

What legal information do labels provide?

Answer 41

Labels provide information required by law. ## Footnote Example: Statutory warning on liquor packages stating “Alcohol consumption is injurious to health.”

Question 42

What is pricing?

Answer 42

Price is the amount paid by the buyer or received by a seller for a product or service.