Marketing Flashcards
What is the primary motivation for people to engage in the process of marketing?
To satisfy some of their needs or wants.
What happens if a need is unsatisfied?
It leaves a person unhappy and uncomfortable.
Give an example of how a basic need can take different forms as wants.
A basic need for food may take the form of dosa and rice for a South Indian and chapatti and vegetables for a North Indian.
What does ‘market offering’ refer to?
A complete offer for a product or service, including features like size, quality, and price.
What is an example of a market offering?
A cell phone with 16 GB memory, television viewing, internet, and camera, priced at 10,000.
What is the purpose of marketing in relation to customer value?
To generate customer value at a profit.
What is the essence of marketing?
Exchange.
What are the conditions required for an exchange to take place? List them.
- Involvement of at least two parties (buyer and seller)
- Each party must offer something of value
- Ability to communicate and deliver the product or service
- Freedom to accept or reject the offer
- Willingness to enter into transactions.
True or False: Exchange in marketing involves the process where two or more parties come together to obtain the desired product or service.
True.
What role does a marketer play in adding value to a product?
To add to the value of the product so that customers prefer it over competing products.
Fill in the blank: A need is basic to human beings and does not pertain to a particular _______.
product.
What does labelling refer to?
Labelling refers to designing and developing the label to be put on the package.
What is packaging?
Packaging refers to designing and developing the package for the products.
What is grading?
Grading is the process of classification of products into different groups based on important characteristics such as quality and size.
Why is grading necessary?
Grading ensures that goods belong to a particular quality and helps in realizing higher prices for high quality output.
What does standardisation refer to?
Standardisation refers to producing goods of pre-determined specifications, which helps in achieving uniformity and consistency in the output.
What is the importance of product design?
A good design can improve the performance of the product and give it a competitive advantage.
What is marketing planning?
Marketing planning involves developing appropriate marketing plans to achieve the marketing objectives of the organisation.
How do companies gather market information?
Companies use interactive sites on the internet to gather customer views and opinions before making important business decisions.
What is the role of gathering and analysing market information?
It is necessary to identify the needs of customers and make decisions for successful marketing of products.
Is marketing confined only to business organisations?
No, marketing is not merely a business phenomenon and is relevant to non-profit organisations as well.
What are the pillars of modern marketing?
Packaging and labelling are considered the pillars of marketing.
What is the importance of packaging?
Packaging protects products and serves as a promotional tool. It can influence buyers’ assessment of product quality.
Can you name some consumer brands where packaging played an important role?
Brands like Lays, Uncle Chips, Clinic Plus, and Colgate have successfully utilized packaging.
