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Business Studies > Marketing Management > Flashcards

Marketing Management Flashcards

1
Q

What is public relations

A

Public relations involve various programs designed to promote or protect an organizations image.

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2
Q

What is sales promotion

A

Refers to short term incentives designed to encourage the buyer’s to make immediate purchase of a product or service

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3
Q

Merits , limitations of sales promotion

A 
Merits
Attention value-gathers attention
Useful in new product launch
Synergy in total promotional efforts
Limitations
Reflects crisis
Spoils product image.
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4
Q

Commonly used sales promotion activities- case study topic

A

Rebate- offering at special price to clear excess inventory
Discount
Refund- refund a part of price on some proof of previous purchase
Product combination- another prod as gift
Quantity gift- offering extra quantity
Instant draws and assigned gift
Lucky draw
Usable benefit- giving discount voucher etc
Full finance @0%
Sampling
Contests- competitive events involving application of skills or luck

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5
Q

Publicity

A

It generally takes place when favourable news is presented in the mass media about a product or a service.

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6
Q

Features of publicity

A
  • It is an unpaid form of communication. Does not involve any direct expenditure by the marketing firm
  • There is no identified sponsor for the communication as the message goes as news item.
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7
Q

Personal selling

A

It involves oral presentation of messages in the form of communication to one or more prospective customers in order to making sales

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8
Q

Features of personal selling

A

Personal form - direct face to face dialogue takes place involving interactive relationship

Development of relationship- allows development of relationships.

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9
Q

Merits of personal selling

A

Flexibility

Direct feedback

Minimum wastage

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10
Q

Role of personal selling

Importance to businessmen

A

Effective promotional tool

Flexible tool

Minimises wastage of efforts

Consumer attention

Lasting relationship

Link with customers

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11
Q

Importance to customers

Of personal selling

A

Help in identifying needs

Latest market info

Expert advice

Induces customers

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12
Q

Importance to society

Of personal selling

A

Converts latest demand- conv latest demand- into effective demand

Employment opportunity

Career opportunity

Mobility of sales people

Product standardization

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13
Q

Advertising

A

Most commonly used tool of promotion

It is an impersonal form of communication, which is paid for by the marketers to promote some goods or service.

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14
Q

Features of advertising

A

Paid form - sponsor/ie marketer has to bear the cost

Impersonal- no direct face to face contact/creates a monologue

Identified sponsor- some individual or a company

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15
Q

Merits of advertising

A

Mass reach

Enhancing customer satisfaction- creates confidence among the buyers

Expressiveness - with special effects even a simple product and message can look attractive

Economy - very economical mode of communication when large number of people are to be reached

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16
Q

Limitations of advertising

A

Inflexibility - cannot be tailor made to the requirements of of different consumer groups

Less forceful - less forceful than personal selling as there is no compulsion on prospects to pay attention

Lack of feedback - evaluation of effectiveness becomes difficult

Low effectiveness - vol of adv is getting expanded and is becoming difficult to make adv heard by Target prospects

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17
Q

What is promotion and promotion mix?

A

Promotion refers to the use of communication with the twin objective of informing potential customers about a product and persuading them to buy it.

Promotion mix refers to the combination of promotional tools used by an org to achieve it's communication objectives.it contains 4 tools
Advertising
Personal selling
Sales promotion
Publicity
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18
Q

What is price and factors affecting price determination?

A

Price may be defined as the amount of money paid by a buyer(or received by a seller) in consideration of the purchase of a product or a service

1) Product cost - fixed cost, variable cost, semi variable cost includes all
2) The utility and demand - utility provided by prod and intensity of demands sets the upper price of the prod
3) extent of competition in the market - high comp low price, low comp high price
4) gov and legal regulations - govt intervene can set low price of if it declares a prod as essential and regulate it’s price
5) pricing objective - short run high price high profit, long run low price larger share of market
6) Marketing method used - quality and Amt of adv, etc.

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19
Q

Physical distribution

A

Concerned with making the goods and services available at the right place so that people can purchase the same

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20
Q

What are channels of distribution

A

They are the set of firms and individuals that take title or assist in transferring title of goods and services from the producers to the consumers.

21
Q

Functions of distribution channels

Or middle men

A

1) Sorting
2) Accumulation
3) Allocation
4) Assorting
5) Product promotion
6) Negotiation
7) Risk taking

22
Q

Types of channels

A 
1) direct channel(zero level)
Manufacturer- consumer
2) one level
Manufacturer- retailer- customer
3) two level
Manufacturer- wholesaler- retailer- customer
4) three level channel
Manufacturer - agent - wholesaler - retailer - customer
23
Q

Components of physical distribution(PD)

A

Order processing - a good PD provides for an accurate & speedy processing

Transportation

Warehousing

Inventory control (a) firm policy
(b)degree of accuracy of sale forecast
(C) responsiveness of distributionsys
(D) cost of inventory

24
Q

What is branding

A

It is the process of giving a name, sign or symbol to a product

25
Q

What is a brand

A

It is a name, term, sign, symbol, design, or some combination of then used to identify the products- goods or services of one seller or group of sellers and to differentiate then from their competitors

26
Q

Brand name

A

The part of brand that can be spoken

27
Q

Brand mark

A

Part of brand which can be recognized but which is not utterable

28
Q

Trade mark

A

A brand or a part of brand that is given legal protection. the protection is given against it’s use by other firms

29
Q

Advantages of branding to marketers

A

Enables marking product differentiation

Helps in advertising and display programmes

Differential pricing

Ease in intro of a new product

30
Q

Advantages of branding to customer

A

Helps in product identification

Ensures quality

Status symbol

31
Q

Characteristics of a good brand name

A
  • Short, easy to pronounce
  • suggest products quality and benefits
  • distinctive
  • adaptable to packaging or labeling req
  • versatile to accommodate new prod
  • capable of being legally registered
  • staying power or shouldn’t get out of date
32
Q

What is packaging

A

It refers to the act of designing and producing the container or wrapper of a product

33
Q

Packaging - levels of packaging

A

Primary (toothpaste tube)
Secondary ( cardboard box for tube)
Transportation (corrugated gaon containing numerous cardboard boxes)

34
Q

Importance of packaging

A

Rising standards of health and sanitation

Self service outlets

Innovational opportunity

Product differentiation

35
Q

Functions of packaging

A

Product identification

Product protection

Facilitating the use of product

Product promotion

36
Q

What is a label

A

Labels are useful in providing detailed information about the product

37
Q

Functions performed by a label

A
  • describe the product and it’s content
  • identification of the prod or brand
  • grading of product
  • helps in promotion of product
  • providing information required by the law
38
Q

What is marketing

A

It is social process where in people interact with others in order to persuade them to act in a particular way say to purchase a product rather than forcing them to do so

39
Q

Features of marketing

A

Needs and wants- satisfies individuals

Create a market offering

Customer value

Exchange mechanism

40
Q

What is a product & who is a marketer

A

Anything that can be of value to the buyer is termed as a product

Marketers refers to any person who takes an active part in the process of exchange

41
Q

Conditions for an exchange

A

Involvement of atleast two parties

Both parties should be capable of offering something of value

Ability to communicate and deliver the good

Free to accept or reject the offer

Willing to enter in into transaction
(Both the parties)

42
Q

Marketing management

A

Refers to planning organization directing controlling the activities which facilitate exchange of goods goods and services b/ween prod and consumer

43
Q

Difference b/ween selling and marketing

A
  • Selling: a part of the process, marketing: a wider term
  • Transfer of title vs satisfying customer needs
  • Profit by max sales vs customer satisfaction
  • Selling starts after prod has been developed vs marketing starts way before the prod is produced
  • difference in strategies: different efforts in both
  • difference in emphasis: selling, bending the customer acc to the prod, marketing bending prod acc to customer
44
Q

Difference b/ween selling and marketing

A
  • Selling: a part of the process, marketing: a wider term
  • Transfer of title vs satisfying customer needs
  • Profit by max sales vs customer satisfaction
  • Selling starts after prod has been developed vs marketing starts way before the prod is produced
  • difference in strategies: different efforts in both
  • difference in emphasis: selling, bending the customer acc to the prod, marketing bending prod acc to customer
45
Q

Marketing management philosophies

A

Production concept - Max of profit by mass producing , availability & affordability were considered to be the key to success

Product concept- emphasis shifted from quantity to quality, incorporating new features

Selling concept- aggressive selling and promotional efforts to make customer buy

Marketing concept- focus on satisfaction of customer

Societal marketing- focus on customer satisfaction with concern for the long term welfare of the society

46
Q

Functions of marketing
Tip to remember
GM-PSP-BC-PPP-TS

A

1) gathering and analysing market info
2) market planning
3 product design and development
4) standardization and grading
5) packaging and labeling
6) branding
7) customer support service
8) pricing
9) promotion
10) physical distribution
11) transportation
12) storage

47
Q

What is marketing mix

A

It is the combination of variables used by the organization to create its market offering

48
Q

Elements of marketing mix

A

Product - goods or services or anything of value which is offered to the market for sale
Price - amount of money which the consumers have to pay to obtain the product
Place - it includes activities that make firms products available to the target customers
Promotion - all such activities that communicate availability, features, merits, etc of the products to the consumer and persuade them to buy it.

Business Studies (5 decks)

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