What is marketing?

Marketing can be referred to as a form of communication with your customers, with the help of marketing tools such as advertising, promotion, publicity, design aspects related to the look of the product etc. All these are aimed at getting the target audience (customer) to first get interested in your product or service and then ultimately buy them.

Explain its core concepts.

Needs ,wants and demands are the core concepts of marketing. These are basically inter related to each other which means needs which could be individualistic, social or physical arise due to a state of deprivation and have to be fulfilled for a basic human survival. Some human needs shaped by cultural and individual experiences and lifestyles take the form of wants. Ultimately demands are those sets of wants which are backed by the power to buy and could be related to many needs & wants. Other related concepts of marketing may include the Marketplace with exchange and the actual transaction as its base.

Explain - Customer delivered value, Total customer value, Total customer cost.
Customer delivered value
The term marketing does not revolve around fulfilling the needs of a consumer alone but also includes the value that the consumer is deriving from the use of the said product or service. This value is arrived at by subtracting what the product cost a consumer(total customer cost) from the benefits derived by him from the product (Total customer value).

Total customer value

The sum total of all the benefits (Product value ,service value, personnel value, Image value) that a customer derives from a product or a service is termed as the total customer value . In other words these are the benefits that the vendor or seller provides in return of the associated payments received from a customer.

Total customer cost

The total cost incurred by a customer in the process of evaluating what he wants to buy, buying a product, using it and ultimately disposing it of is termed as total customer cost. (monetary,time,energy,psychic)

Explain Basic marketing, Reactive marketing, Accountable marketing, Proactive marketing, Partnership marketing. Basic marketing Basic marketing is the set of activities used to get your potential customer's attention. After this one has to formulate the communication in a manner so as to motivate them to buy. Thereafter the efforts are directed towards getting the customers to actually purchase. And then the ultimate goal that is to get them to buy the product again and again .This process on the whole is referred to as basic marketing.

Reactive marketing Reactive marketing is the most widely used approach in marketing. Reactive marketing is based on the concept of react ,which mean for example if a competitor company is following certain marketing practices with good resultant output we do the same by slight change in design or price and adopting the same marketing policies. The ease of approach in reactive marketing is the very reason for its popularity. At times due to stiff competition in the market a firm might have no choice but to follow it so as to survive in the marketplace and make profits. Accountable marketing Accountable marketing works on the concept that all the targeted marketing communications should be accounted for in terms of the result or output they generate. In other words every act of communication should concentrate on a unique selling or a benefit driven point related to the product which ultimately results in motivating the customer and adding on to the brand image of a brand or the product on a whole. Proactive marketing Proactive marketing basically is an innovative form of marketing which is based on new ideas in terms of the creative content used as well as the creativity involved in the formation of marketing strategies. It definitely involves a lot more work but the end result might be much better than other forms of marketing. Doing something new and different in the market place to attract the attention of the consumer is the core aspect of proactive marketing. Partnership marketing The customer is always looking for something more than what the actual benefits of a product might be. Thus partnership marketing plays ball on the very fact to create marketing communication and propositions for the customer which include value addition of benefits to customer ,sourced and negotiated with a third partner. The benefit in this form of enhanced propositions is that not only is it beneficial for the consumer and the brand but also for the third partner by reducing costs of marketing communications. Partnership marketing basically aims at adding more and more value to the benefits derived by a customer.

What do you mean by marketing mix?

The term marketing mix is referred to the amalgamation and use of the four Ps of marketing in a manner so as to attain the highest level of customer motivation to buy a particular product or services. Price, place, product and promotion are elements which constitute the four Ps of the marketing mix. Some commentators may increase the marketing mix to the Five P's, to include people. Others may increase the mix to Seven P's, to include physical evidence and process.

Explain its various components.

PRODUCT Product is the bases for all the marketing activities undertaken because all the marketing communications are aimed towards selling utmost quantities of the product . PRICE Price plays an important role in the success of a product or service. Not only is it a major determining factor for the customer while buying a product but also plays a major part in determining the image of a product in the mind of the customer. The seller has to also keep in mind the profit element while deciding the price of a product. Thus a balance between all the aspects has to be achieved to determine a balanced pricing strategy.

PLACE To sell and buy a product or service a common place is required which is suitable for both the customers as well as the sellers. The selection of a particular marketplace suitable is very essential to match the product and brand image. Promotion Promotion is basically aimed towards creating an awareness in the market and the customers mind about a particular product or service. Its cheaper than advertising and can definitely be more credible .It helps strengthen the brand image and can be extensively used for new product launch.

What are the components of Macro environment?

Macro environment is basically referred to the area of external business operations of a particular organization. The components of a macro environment have to be well analyzed before planning the course of marketing programmes as it affects the very performance of a product or an organization. All the factors affecting the performance of a firm in the macro environment are referred to as the components which could be economic, demographic, technological, natural, social ,cultural, legal and political.

What is buying behavior?

The decision making process which involves the period before, during and after buying or purchasing a product is referred to as the buying behavior of a customer. The buying behavior of the targeted customer has to be analyzed before the formation of any marketing strategy aimed to achieve the targeted sells in the market. Since each targeted segment or market might have a different kind of a buying behavior hence a different kind of approach is needed to reach them.

What are the various buying behaviors exhibited by the customers?

Routine Response -There are some products in the market which are purchased by the customer almost without much thought such as bread, butter, milk etc. There is a very low amount of involvement by the customer while purchasing these products. The human mind gets programmed in a certain manner when it comes to purchase of such products hence it is done without any prior thought or evaluation. Limited Decision Making - There are certain products which are brought occasionally hence we require some time to gather the information to make a decision. Due to the lack of knowledge of the product segment in advance it requires limited decision making on the part of the customer. Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. Impulsive buying - At certain times we just come across a product and buy it impulsively without any kind of prior planning, evaluation or thought.

What are the major factors influencing buying behavior?

The factors influencing buying behavior can be categorized into: a. Personal factors, b. Psychological factors c. Social factors. Personal factors can be related to the persons age, sex , race, religion, occupation, educational qualifications, level of authority etc.

Psychological factors refer to motives related to the satisfying of needs and wants which can either arise out of deprivation or for instant social status. Social factors refer to the physiological and social level of hierarchy in the society the consumer belongs to, which determine his motives of purchasing a product.

What are the stages of buying decision process?

Stages of buying decision process: Problem Recognition - This stage refers to recognizing a need or a want that has to be satisfied. Information search - This stage refers to the part of the decision process where in the consumer searches information from different sources about the product he needs to buy. A successful information search leaves a buyer with possible alternatives. Evaluation of Alternatives - In this stage the consumer evaluates the alternatives he has come across in the prior stage. Purchase decision - This is a crucial stage where in the consumer decides on a alternative and proceeds further about when to buy and the mode of purchase. Purchase - This stage refers to the actual purchase made by the consumer depending on the mode, payment conditions and the product availability. Post-Purchase Evaluation - This stage will decide if the consumer will purchase the same product again or if he is satisfied with the applications of the product in relation to his needs. This can be improved by warranties, after sales services.

Explain Business market and Consumer market

a.)Business market Business market in simple words is business to business market where in the products or services of a particular organization are sold to or purchased by other organization or business. It also happens in support industries where the products that are manufactured are components required to be assembled into the products or services offered by some other business organization. b.) Consumer market Consumer market refers to a market where in the seller sells the product for a primary reason of making profits while buyer buys the products for personal use.

What are the major differences between the two?

In consumer market the purchase might even be made when the products are not required in day to day activities. But in business market the business has to buy to stay profitable. The business buyer is sophisticated in terms of the process involved in buying, decision making while on the other hand the consumer in the consumer market might not be as sophisticated The business buyer is an information-seeker, constantly on the lookout for information and advice. On the other hand the consumer only searches information when he requires to make a decision. Packaging is important in consumer market while its non existent in the business market.

Expert advice is taken while making purchases in the business market as against the consumer market. Consumer market product are simplistic while business products are complicated.

Who are the major participants in business buying process?

The major participants in business buying process are

Initiators-are the ones who initiate or recognize the need of a particular product requirement in the organization for enhancement or to combat depravation. Users-are the ones who are going to use the product or require it for the smooth functioning of their operations. Influencers --Influencers can be of different levels and the decisions that they influence might differ from person to person or post to post. These are basically the people who will influence the decision of which product to buy from where and what suitable price to buy it in. Deciders - they decide or have the authority to decide whether to buy a certain product or not. Approvers-they approve the deciders decision to by usually these people are authorized to do so. Buyers--They are the once who make the actually purchases from other business.

Explain - Pure monopoly, Oligopoly, Monopolistic competition, Pure Competition.

a.) Pure monopoly Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others. The product has no close substitutes. He is a price maker who can set the price to his maximum advantage. This may occur because the firm has a patent on a product or a license from the government to be a monopoly .Pure monopoly occurs when the producer is so powerful that he is always able to take the whole of all consumers income whatever the level of his output is. b) Oligopoly Oligopoly is a market situation in which there are a few firms selling homogeneous or differentiated products. It is difficult to pinpoint the number of firms in the oligopolist market. There may be three or five firms. It is also known as competition among the few. With only a few firms in the market the action of one firm is likely to affect the others. An oligopoly industry may produce either homogenous or heterogeneous products. c.) Monopolistic competition Monopolistic competition refers to a market situation where there are many firms selling a differentiated product. There is competition which is keen, though not perfect, among many firms making very similar products. No firm can have any perceptible influence on the price output policies of the other sellers nor can it be influenced much by their actions. Thus monopolistic competition refers to competition among a large number of sellers producing close but not perfect substitutes for each other. d.) Pure Competition In pure competition the number of buyers and sellers is very large. There is a perfect competition among them. Price is determined for the entire industry by the forces of demand and supply. All firms have to sell their product at that price. No firm can influence price by a single action. Thus every firm is a price taker and a quality adjuster.

What are the qualities of useful market segments?

A market segment must have the following qualities;

Segments must have enough profit potential to justify developing and maintaining Consumer must have heterogeneous needs for the product Segmented consumer needs must be homogeneous Company must be able to reach a segment with its planned efforts. Must be able to measure characteristics & needs of consumers to establish groups.

What can be the bases for

a.) Product differentiation/ Services Differentiation b.) Personnel Differentiation c.) Image differentiation

a.) Product differentiation/ Services Differentiation

Modify the objective properties of the products or services. Linking the sales and service function. Be the first to introduce a new product Physical location of a firm Mix of products or services sold Competitors linkage Maintain and improve its reputation Customization Sophistication of the product Marketing tools used After sales services offered

b.) Personnel Differentiation

Should have good skills and knowledge Should be courteous Should always be consistent and accurate Should be trustworthy for the end consumer Should be quick in responses Should make effort to understand and communicate

c.) Image differentiation

The identity should be well differentiated from the image Precise aim to identify itself to its customers. Perception of the firm in the minds of the consumer

What is PLC? Explain the stages of PLC?

Product life cycle refers to the presence of the product in the marketplace with respect to the ups and down in its business costs and sales activities. Products usually have a limited life and they pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different strategies in each life cycle stage. The different stages in a product life cycle are:

Introduction stage-This stage refers to the period when the product has been introduced in the marketplace targeted to a specific or wide segments. Due to less demand at this stage the costs are high and the sales volume are low as also the competition is quite less in the market. Demand has to be created so that customers are inclined towards trying the product. Growth stage- This stage refers to the period when the product has caught the market and the demand for it is steadily growing. During this stage the costs are reduced due to higher sales volumes as also the competition starts to begin with newer players. Prices are aimed to increase the market share along with profitability being high. Maturation stage- This stage refers to the period when the product is well established and there is no need for publicity. During this period the costs are low and sales volume peaks with increase in competition .Prices tend to drop and industrial profit go down. Decline stage: During this stage the product is on a decline in the market. Costs become counter-optimal and sales volume decline or stabilize. While profit becomes more a challenge of production/distribution efficiency than increased sales

What are the common patterns observed in PLC?

The most important patterns observed in product life-cycles are:

Even under normal conditions, patterns often cant be determined. In most markets the majority of the major brands hold positions for at least two decades. PLC of the brand leaders which monopolize many markets (around the globe), is usually continuous. PLC is a dependent variable which is automated by market scenarios. PLC is not an independent variable to be considered while creating marketing plans. Marketing tools can easily alter the duration of a product life cycle.

What is a product?
Product refers to the bundle of tangible and intangible attributes that a seller offers to a buyer in return of a particular predefined amount of payment in a particular mode. Goods, ideas, methods, information, objects, services, etc., whose output serves as a need or want satisfier.

Explain width, length and depth of a product mix.

Product mix usually refers to the length (the number of products in the product line), breadth (the number of product lines that a company offers), depth (the different varieties of product in the product line), and consistency (the relationship between products in their final destination) of product lines.

What are the keys to marketing success?

Keys to marketing success can be summarized in below mentioned points: a. the foremost important point is to satisfy the customer. b. A company should have a clear image in order to achieve marketing success. c. Thirdly work should be clearly distinct from other business activities in an organization. It should be central to the entire organization. d. Fourthly business should develop a unique strategy that is consistent with the circumstances that it faces.

Mention the various components of marketing management

Marketing management components can be divided into following points: a. Corporate level : It consists of companys mission and objectives. b. Functional level : Non marketing and marketing institutions are included in it. c. Marketing level : It consists of situation analysis, objectives, strategy, implementation, budget, and evaluation. d. The marketing mix consists of product, distribution, promotion, and price.

What were the different approaches used in marketing earlier?

There were three marketing approaches used earlier: a. Production orientation: An organization which focuses on production specializes in producing most of the given services and products without considering the quality. b. Product orientation: An organization which focuses on product orientation is mainly concerned with the quality of the products. c. Selling orientation: An organization which uses sales orientation mainly focuses on the selling or promoting a particular product, and not determining new consumer desires as such.

Explain Service marketing. Also explain what is a service

a. Service marketing can be defined as marketing of services. Its not same for tangible products. Services if compared with goods then neither all products are purely goods nor services. In more clear words service can be defined as b. use of the service is not separated from its purchase. c. A service can never be in material form and therefore it cannot be touched, seen, heard, tasted, or smelled. d. The use of a service is inherently subjective, i.e. if many people are experiencing services then each of them will experience it uniquely.

What are the current approaches used for marketing?

Current approaches used for marketing can be categorized in four categories: a. Relationship marketing: This approach basically deals with customer satisfaction. The whole emphasis is done on the relationship between the suppliers and customers. b. Business Marketing: It does not focuses on consumer products rather it focuses on industrial goods. All sort of marketing techniques are like promotion, advertising, etc are used. c. Social marketing: It focuses on marketing a product socially i.e. online.

What is an International marketing plan?

a. It involves the organization in making more then one marketing decisions across the nations. b. There are many reasons to enter an international market led by large market size and diversification. c. There are also several reasons to avoid entering international markets, including too much red tape, trade barriers, and transportation difficulties . d. The stages of going international are as follows: exporting, licensing, joint ventures, direct investment, U.s. commercial centers, trade intermediaries, and alliances .

What is marketing communication?

Marketing communication can be defined as the efforts made by the seller to convey his message to his buyers and to accept it in retrievable form. The main point of communication process is persuasion. It is totally goal oriented. It is not an haphazard activity. Each of its tool consists of specific complexities and potentialities that justify managerial specialization.

What are the various types of marketing research?

various types of marketing research are: a. Field research : It is related to the research for a specific purpose. b. Desk research: Usually it is conducted for one purpose initially but gradually it is used to support another goal. c. Xploratory research: It investigates an assumption.. d. Predictive research: This type of research is done to predict any future occurrence. e. Conclusive research: This type of research is done to derive a conclusion of a research process.

What is real-time marketing? How it became important?

Real time marketing can be defined as marketing done to a customer in a particular time and place. It is the kind of marketing which seeks the most appropriate offer for a particular customer. Real-time marketing is the outcome of customer relationship management (CRM) solutions in major companies.Over time Real-time marketing became a big solution for vendors and maturing customers. Vendors found themselves re-branding real-time marketing products to suggest a more holistic appreciation of enterprise interaction decision management.

What is interruption marketing?

Interruption marketing can be defined as promoting a product by the means of advertising, public relation and sales. It is not suitable every time and depends upon company to company. It is very much sales directed, so if a company has limited funds to invest for advertising and wants quick results then interruption marketing is best. But at times it is not considered a fruitful way of marketing.

What is the difference between Interruption marketing and permission marketing?

There is a vast difference between permission marketing and interruption marketing. Permission marketing is getting found by the customers by itself by the means of SEO, social media and content. It basically focuses on maintaining long term relationship with the customers which is always helpful in long run whereas Interruption marketing focuses on getting quick sales without any thought of long term relationship with customers. It just targets on promoting the product by the means of advertising, promotion etc. to get quick results.

Explain diversity marketing

This type of marketing focuses on creating effective communication methods and mixing with each of the diverse groups active in the market. Because different consumer groups have experiences in different cultural and social settings, therefore diversity marketing recognizes the importance of cultural programming and acknowledges the consumers accordingly. Different cultural programming, the tastes, values, expectations, beliefs, ways of interaction, ways of entertainment, and lifestyle preferences of these groups tend to be different from others so these differences require the creation of customised marketing strategies.

What is ethical marketing? explain in brief.

Considering marketing ethics in the process of marketing is called ethical marketing. Briefly, if we explain it is the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment. It results into business community which is much more responsible socially and culturally.Its existence is very much beneficial to the society also. It should be the part of business ethics because it plays a very significant part in any business model. It gives those benefits to its customers which other companies does not even recognise.

What is segmented market?

Segmenting market is to segment the customer and organizations so that each segments needs can be recognized and fulfilled properly. The advantage is that there is no need of selling the product to all the segments of market infact a particular segment can be targeted according to their requirements. Market segmentation is done in two steps: a. first step is to identify and classify people into homogeneous groupings which are called segments. b. second step is finding out which of these segments are f target markets.

What are the objective of segmentation analysis?

The main essence of segmentation analysis is: a. To minimize the risk in taking decisions regarding how, who, when and where to market a a product service or a brand. b. To maximize efficiency of marketing by directing effort towards a particular segment in a consistent manner with that segment's characteristics.

What are the two major segmentation strategies followed by the marketing organizations? Explain in brief.
The two strategies followed are: a. Concentration strategy: This kind of segmentation strategy deals in a particular segment of market and therefore they set their prices, etc accordingly. For eg Mercedes benz has chosen to concentrate on the luxury segment of the the car market. b. Multi segment strategy: This kind of segmentation strategy focuses on more then one different market segments. They make separate marketing programs for separate segments.

What are various kind of influences which affects consumer behaviour?

There are various influences, few of them are: a. Situational Influences: It consists of Market offerings, Demographics and Complexity. b. External Influences: It consists of Cultural, Social class Reference groups. c. Internal factors and processes: i. Psychological Characteristics -Motivation, Learning/socialization, Personality, Attitudes, Lifestyle ii. Decision Making - Recognize needs, Search for information, Evaluate alternatives, Make purchase, Post purchase.

What is test marketing?

Test marketing is done in order to test the various variabilities including the elements of the product in a marketing plan. It projects the actual launching of the whole marketing program but on a limited basis. In short it can be said that it is the last step before the product is released. Mention the various steps of a new product development process Various steps which are followed is mentioned below: a. Creating new product ideas b. Go through ideas c. Research and analyze d. Technical and marketing development e. Manufacturing planning f. Marketing planning g. Test marketing h. Commercialization

What is false advertising?

False advertising is using false statements to promote products and increase profit lines for a company or a brand. Such advertisements use deception to persuade people. Such advertisements completely deny the right to know for consumers and are banned in many countries. Still they have been a trend by finding legal ways to deceive people. Marketing interview questions 1. Highlight the difference between traditional organization chart and modern customer oriented organization chart.

2. Explain: a.) Customer Delivered Value b.) Total customer value c.) Total customer cost

3. Explain: a.) Basic marketing b.) Reactive marketing c.) Accountable marketing d.) Proactive marketing e.) Partnership marketing 4. Draw and explain BCG (Boston Consulting Group) Model. 5. You are asked to write a marketing plan. What will be the major headings under which you will divide the whole plan? 6. What are the qualities of good marketing research? 6. Differentitate between potential market and available market. 7. Explain the difference between trend and fad. 8. Explain the following abbreviations used for target market:

a.) SKIPPIES b.) MOBYS c.) DINKS d.) DEWKS e.) PUPPIES f.) WOOFS 9. What are the major factors influencing the buying behaviour? 10. What are the various stages of buying decision process? 11. Differentiate between business market and consumer market. 12. Explain: a.) Straight rebuy b.) Modified rebuy c.) Systems buying 13. What are the various oraganizational factors influencing the business buyers? 14. What is insitutional selling? 15. Explain: a.) Pure Monopoly b.) Oligopoly c.) Monopolisitic competition d.) Pure competition 16. What is a strategic group? 17. Explain following types of competitors: a.) Laid-back competitor b.) Selective competitor c.) Tiger competitor d.) Stochastic competitor

18. List the steps you will take while designing your competitive intelligence system. 19. What is a competitor centered company? What are its main features? 20. What is a customer centered company? What are its main features? 21. Explain: a.) Mass marketing b.) Mass marketing 22. What are the benefits of segment marketing over mass marketing? 23. Explain the approach you will take for market segmentation. What major segmentation variables will you use?

24. What are the characteristics of effectively segmented market? 25. What is megamarketing approach? 26. Differentiate between identity and image. 27. What are the different positioning strategies used by companies? 28. What steps will you pass through while developing a new product? 29. What are the various methods for the test marketing of consumer goods? 30. What are the different stages in consumer adoption process?