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What are the factors to be considered before deciding upon setting up a channel?
a.0nderstanding the customer profile * the tastes,preferences, habits of the customers may differ from person to person. b.&etermining the ob:ective as to who would be the target market, whether the company wants to go for cost minimisation or not etc. c. ype of channel members *Who all would be involved? Wholesalers, retailers? d. he criteria on which the channel members would be evaluated and selected. e.;ow many intermediaries will be involved in the overall distribution?
On what criteria can channel members be evaluated for their proper selection?
he 1.).$ method can be used to evaluate channel members. a.1ales (1)* ;ow much sales each channel member can give within a cetain time frame b..ost(.)*;ow much cost would be incurred for each channel? c.)rofitability())*Which channel can give better profitability to the company? d..ontrol(.)* Whether company can have better control over its channel members or not. e.$daptability ($)* Whether the channel alternatives are fle(ible enough to any changes or not. he channel meeting the ob:ectives of the company is selected.
;ow are the channel members managed and motivated, once they are selected?
hese days channel members are being accepted by companies as their partners. he intermediaries are even being asked to integrate their business with the companies which results in lesser costs, greater efficiency and improved customer service. .orporates like $irtel are adopting )/M ()artner relationship management) software to give that added advantage to their supply chain. hey organise rewards and recognition programs for their channel partners and also organise proper channels though which partners can vent any of their grievances relating to payments, violation of codes etc.
're the pricing strategies of a firm !ong term or short term $ased? &xp!ain.
(epending upon the vo!ume of profits that a company has targeted%its pricing strategy may$e short or !ong term $ased. Where a company has invested heavi!y on research and deve!opment of the product and its promotion% short term pricing strategy may $e fo!!owed initia!!y in order to recover the cost of investment speedi!y% thereafter it may convert its pricing strategy to a !ong term one to sustain its $usiness operations. )or examp!e a product may $e so!d at premium price initia!!y and gradua!!y its price may$e !owered once it has captured sufficient market demand.
Who generally designs the pricing strategies and programs for a firm?
&epending upon the si#e of a firm,the pricing strategies and programs for a firm are generally designed by the marketing manager in consultation with the top level management consisting of the .!O or M& and "oard of &irectors at the board meeting.%n small si#e firms, the organisation may hire an e(ternal
consultant to design the pricing strategy for a firm. he e(ternal consultant analyses the history and current business of the firm and then accordingly advises the proprietor of the firm as to what should be the pricing strategy and how it is to be implemented.
;ow are the other )s of marketing related to the pricing program of a firm?
)roduct certainly influences the price level,higher the product -uality is high, higher the company would price it and vice versa. $gain a new product re-uires widespread promotion which leads to higher promotion costs and higher price. 1upply chain management also becomes crucial in the price determination. $ well integrated supply chain in an organisation ensures an edge which it can en:oy over the others.
!numerate the steps involved in designing a pricing strategy for a business firm.
i. &etermining the ob:ective of price determination. ii. &eterming the level of demand for the product. iii.!stimating the costs. iv. $nalysing competitor<s cost. v.&eterming what pricing method to use vi.1elect the price
What are the factors to be kept in mind while designing the pricing strategy for a firm?
We need to analyse factors like* 8. Who is the target market? 5. Whether the product has been doing well in the market or not. 3. ime frame> whether % intend to earn profits in the short run or long run. ?. Which category the product belongs to? (necessity,comfort or lu(ury) 9. What pricing strategy the rival firms are using? 1o to analyse these factors an indepth market research maybe re-uired before designing the pricing strategy.
carries with it the risk of acceptance of the product in the market as other competitors may tend to lower their price range of the same product thereby forfeiting a large part of the market share.
+ive an e(ample of any firm that has implemented pricing strategy during the launch of a new product in the market and answer the following related to it
a. Which type of pricing strategy did the firm use and why?
'okia used the skimming price strategy when it introduced the 8844 handset in the %ndian market priced at /s.9544. his was done in order to regain its / A & and promotion cost. $s the sales gained momentum, the price of the product was lowered down to /s.3B44 in the market.
;ow would you promote our company<s product (say G) if given a chance?
,irst of all % would identify the target market for the product. %f at all the target market e(ists then identify if any other prospective target market could be there apart from the e(isting one. % would approach a celebrity to endorse it (Mention name of celebrity like mr so and so depending upon the product like if it is a health drink then a sportsperson, if it is a cosmetic ,then filmstar, reason for selecting the celebrity maybe mentioned). % would also organi#e roadshows to publici#e the product and approach the media as well. $s they say D.harity begins at ;ome< , so % would spread the word about the company product(name the product) to my family and friends and recommend them to use it. hat would be a simple Dword of mouth< promotion.(this line can be answered with a slight smiling e(pression).
;mmH. but what about the budget? We want our promotional campaigns to be cost effective enough. % don<t think we can afford celebrity endorsements as of nowI
'o problem. We can use network marketing as an alternative. he company already has its strong network of customers who can spread the word about its products. hey can encourage referral rewards for say every three customers who will buy our product or avail our service. We can also announce a contest for the customers to buy the product and win a chance to get himself broadcasted for the product advertisement. We can ask them to send in their photo along with the contest application form which they get alongwith the product they buy. 1o we don<t have to pay them as we would otherwise have to pay to a celebrity.
What are the different modes used to perform the logistics function?
he different modes used are* a.$ir transportation * his enables -uick delivery particularly useful in case of perishable commodities. b.Water transportation* %t involves ocean liners and ships. hough slow, it is a cost effective mode of transportation. c.1urface transportation* ;ighway transportation and railway transportation are the different modes used under this. d.)ipelines* )roducts like oil and natural gas use this mode . e.%nternet carriers* 0nder this, satellite enabled modem or telephone wires are used to carry digital products from producer to consumer.
&oes logistics management and supply chain management mean the same thing?
'o. =ogistics is actually a part of supply chain management. 1upply chain management involves other activities like coordinating as well as collaborating with both customers and suppliers, matching the demand with the supply,flow of products, services, information, and finances while logistics management entails the movement and storage of products and services to add value via transformation of time and place. $s such logistics is more about being able to look into the facilities, transportation, inventory, materials, order fulfillment, communications, third>party relations, and information within the firm thereby creating competitive advantage through value addition to customers.
What is pubilicity?
)ublicity is an act of making known to the media which includes @, radio, news reporters or :ournalist , film makers etc. , about the company and its products and asking them to disseminate such information to the masses. %n addition to this, publicity may include any such information meant to attract public attention towards a company>its products, its people or any event via a third party which may include the media.)ublicity may or may not be a part of )/ depending upon the circumstances. %t may have positive or even negative conse-uences.
!(amples of publicity include organising events, contests, e(hibitions, tours, sponsoring awards, scholarships etc.
s per the %ndian market, what are the different sales promotion methods?
here are three different kinds of tools used in sales promotion * a..onsumer promotion tools* which are directly targeted to the end consumer stimulating interest among them to purchase the products instantly. !g. )rice reduction, contests, Jbuy one get one freeJ offer on products, e(change offers etc. b. rade promotion tools* hese motivate selling of the product and brand promotion for the wholesalers and retailers such as discounts offeed by the manufacturers and allowances provides to the channel managers. c."usiness promotion tools* which help in lead generation, provide rewards to cutomers and motivate salespeople to sell more and more.
What is advertising?
$dvertising is a paid form of non personal communication and promotion of ideas, goods or services by a company which sponsors it. %t is a part of the promotion mi( and is one of the most widely used form of communication. On account of its wider reach to the masses and greater influential power to influence the masses, advertisements have been and are gaining immense popularity as a suitable medium of e(pression of information about any companyJs products and services. .elebrity endorsements, user testimonials etc. are some of the commonly used tactics to advertise a companyJs products and thereby increase sales volume rapidly.
b..ompetitive advertisements* %n the growth phase of the product life cycle, an organisation may have different product lines , so to highlight the differences between them, competitive advertisements are used. c..omparative advertisements* When the sales volume of a product starts to decline, or competition is high,comparative advertisements are used. )epsi and .oca>cola used this type of advertising at one point of time.
;ow can you say if an advertisement has been effective enough or not?
%t is important to know whether an advertisement has been effective at all or not.We can evaluate the effectiveness of an advertisement through the following ways* a.recognition method* showing the people an advertisement and asking them if they have seen it before. b.aided recall* asking people to recall any brand that they may have or might want to use. c.unaided recall* asking people if they can remember seeing any ads within an identified product category.
What should be kept in mind while developing the message for an advertisement?
a. he message should be developed only after the target profile has been completely created. b. he interests of the target customers also must taken into consideration. c. he ob:ectives of the advertisement program shoule be answered by the message.
d. he message should be such that it should be easily understood by the viewers and should contain clarity. e.More of interactive communication tools should be used while developing the message.
%n the $%&$ model, what does each of the letters stand for? !(plain.
a.$ttention* he marketing communication should be able to catch the attention of its customers.,or eg.when a popular filmstar or sportstar endorses a particular brand of soap or health drink, it immediately captures the attention of the audience. b.%nterest* Once the marketing communication has grabbed enough attention of the customers, it should be stimulated by the organisation to create further interest. c.&esire * a product in order to get sold must be backed by the willingness to purchase it. he interest developed by the consumer should be forced upon his mind so that he develops a desire towards the product. d.$ction* &esires can be converted into action by the company higlighting the advantages of the product to its customers, in their communication messages.
.igarettes or pan masalas advertise their products with a statutory warning highlighting the moral appeal to show their genuine concern for the consumers.
b.%nternet marketing scams * ,ake schemes like Dget>rich>-uick< or Dwin cash pri#e< on the internet, often lure the users to payout huge sums of money to such frauds and not gettomg anything in return. %t has given rise to a lot of scams and fraudulent activities detrimental to the users. c.1ecurity issues* .onsumers maybe hesitant to disclose their personal information on the internet as they may feel the invasion of their privacy.
marketing activities entails keeping proper records of the various activities and tracking them time and again particularly when it comes to the media, when to promote the product, cost factor, reach or the number of persons towards whom the promotions have been targeted, responses generated, sales generation and return on sales.
;ow can we evaluate the effectiveness of marketing initiatives undertaken by the marketing manager?
We can evaluate it on the basis of* a.!(ternal factors* like the economic and social environment, the competitors, the government policies (whether compatible to all of these or not) b..ost benefits* whether the organisation is obtaining ma(imum profits at the minimum cost or not. c.,eedback * whether the feedback systems of the company are reliable enough or not. !g. %f a particular email generated response from a large number of customers it is a sign of a sound feedback system. d.=ong term oriented* the marketing initiatives undertaken by the marketing manager should be long term oriented and should not cater to the organisation and its customers :ust for the short run. his is essential for the continuity and survival of the organisation<s business.
%n order to have an efficient sales force, an the sales managers should monitor the functioning of the the sales team particularly in the following areas* 8. he average number of calls salesman make during the day or number of prospects contacted directly by visits per day. 5. he average time taken per contact by each salesman for every sales visit made by him. 3. he average revenue generated by per sales finalised. ?. he average cost per sales call made. 9. )ercentage of orders generated per 844 sales approach made. 7. he number of new customers created within a particular time period. 6. he number of lost customers per period. B. he cost incurred on the sales force cost to the percentage of total sales made.
$s a consultant, what advice would you give a company while setting up its marketing department?
$s a consultant , % would* K /ecommend structuring of the marketing department as per the demands of the different tasks, roles and responsibilities keeping in mind the cost(budget) factor as long as it fits within the budget of the company. K ,inding out and establishing the level of skills, duties and responsibilities of the employees via :ob descriptions and :ob specifications. K )roper and regular supervision of the department to ensure its smooth functioning K &etermine the marketing functions of the department as per the re-uirements (advertising,distribution channels,promotional activities)
/ecommend some ways to ensure the health and smooth functioning of the marketing department for an organisation.
a.!-uipping marketers with e(tra skills by enrolling them in specialised courses or providing training to upgrade their skills. b.)roviding counselling sessions for the marketers to keep their morale high. c.Motivating salepeople by providing e(tra incentives, bonus, rewards for high performers etc. d."ridging any communication gap that may e(ist among the team members or among the superior and subordinates. e..oordination with other departments of the organisation like ;/, ,inance etc to ensure that they are getting the right information needed to perform their tasks.
coaching is re-uired or not for the team. d.%mplementation* communicating the ob:ectives to all the team members and seeing to it that the necessary action is being taken for arriving at those ob:ectives.
d. raining on the basic ethics that need to be followed while selling a product. e.;e must know the basics of selling the different products of the company.
,or a regular saleperson who is not new to the company, what are his training needs?
,or regular salespersons, the need may arise on account of* a.$ny changes arising on account of the changes in the policies or working methods of the organisation. b.$ny important facts about the new and upcoming products of the company. c. he future prospects of the company> if it has any upcoming plans like e(pansion or diversification etc. d.!(tra knowledge which may be re-uired in case of delegation of work or assigning responsibitlities to others. e.1upervision knowledge needed when there may be others working under the salesperson.
What points are to be kept in mind by a salesperson while giving a sales presentation?
he sales presentation should start with the briefing of the product by the salesperson, understanding the needs and wants of the customer and ad:usting the presentation style according to the re-uirement of the customer. ;e should be very clear about what he wants to convey, only then will he be able to solve the customer related -ueries if any.;is presentation should be vibrant, simple to comprehend and attractive enough to grab the attention of the audience. $fter completing the presentation session he should invite -uestions from the audience which will help them clarify their doubts or problems . ;e must be a good listener as well in order to be able to correctly identify the problems of the customer.
What should be the contents of a good training programme for the sales force?
here are no such hard and fast rules as far as the contents of the training program are concerned. %t is basically the sub:ect matter of the training that matters. $ training programme may differ according to different organisations depending upon the product, markets, company policies , ability of the trainees etc. $ good training programme
should cover the following aspects* a.:ob knowledge b.the product itself c.information about the organisation and the business that it is into. d.the markets and its target customers e.who are the competitors of the product f. what sales techni-ues are to be followed.
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. $ll these are aimed at getting the target audience (customer) to first get interested in your product or service and then ultimately buy them.
!(plain > .ustomer delivered value, otal customer value, otal customer cost.
.ustomer 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).
"asic marketing is the set of activities used to get your potential customerJs attention. $fter this one has to formulate the communication in a manner so as to motivate them to buy. hereafter the efforts are directed towards getting the customers to actually purchase. $nd then the ultimate goal that is to get them to buy the product again and again . his process on the whole is referred to as basic marketing. !eactive marketing /eactive marketing is the most widely used approach in marketing. /eactive marketing is based on the concept of react ,which mean for e(ample 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. he ease of approach in reactive marketing is the very reason for its popularity. $t 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. "ccountable marketing $ccountable marketing works on the concept that all the targeted marketing communications should be accounted for in terms of the result or output they generate. %n other words every act of communication should concentrate on a uni-ue 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. #roactive marketing )roactive 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. %t definitely involves a lot more work but the end result might be much better than other forms of marketing. &oing something new and different in the market place to attract the attention of the consumer is the core aspect of proactive marketing. #artnership marketing he customer is always looking for something more than what the actual benefits of a product might be. hus 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. he 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. )artnership marketing basically aims at adding more and more value to the benefits derived by a customer.
product or an organi#ation. $ll 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.
'imited (ecision )aking > here are certain products which are brought occasionally hence we re-uire some time to gather the information to make a decision. &ue to the lack of knowledge of the product segment in advance it re-uires limited decision making on the part of the customer. !(tensive &ecision MakingM.omple( high involvement, unfamiliar, e(pensive andMor infre-uently bought products. *mpulsive buying > $t certain times we :ust come across a product and buy it impulsively without any kind of prior planning, evaluation or thought.
*nformation search > his 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. $ successful information search leaves a buyer with possible alternatives. +valuation of "lternatives > %n this stage the consumer evaluates the alternatives he has come across in the prior stage. #urchase decision > his is a crucial stage where in the consumer decides on a alternative and proceeds further about when to buy and the mode of purchase. #urchase > his stage refers to the actual purchase made by the consumer depending on the mode, payment conditions and the product availability. #ost&#urchase +valuation > his 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. his can be improved by warranties, after sales services.
%nitiators>are the ones who initiate or recogni#e the need of a particular product re-uirement in the organi#ation for enhancement or to combat depravation.
0sers>are the ones who are going to use the product or re-uire it for the smooth functioning of their operations. %nfluencers >>%nfluencers can be of different levels and the decisions that they influence might differ from person to person or post to post. hese are basically the people who will influence the decision of which product to buy from where and what suitable price to buy it in. &eciders > they decide or have the authority to decide whether to buy a certain product or not. $pprovers>they approve the deciders decision to by usually these people are authori#ed to do so. "uyers>> hey are the once who make the actually purchases from other business.
1egments must have enough profit potential to :ustify developing and maintaining
.onsumer must have heterogeneous needs for the product 1egmented consumer needs must be homogeneous .ompany must be able to reach a segment with its planned efforts. Must be able to measure characteristics A needs of consumers to establish groups.
!ven under normal conditions, patterns often can<t be determined. %n most markets the ma:ority of the ma:or brands hold positions for at least two decades. )=. of the brand leaders which monopoli#e many markets (around the globe), is usually continuous. )=. is a dependent variable which is automated by market scenarios. )=. 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?
)roduct 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. +oods, ideas, methods, information, ob:ects, services, etc., whose output serves as a need or want satisfier.
settings, therefore diversity marketing recogni#es the importance of cultural programming and acknowledges the consumers accordingly. &ifferent cultural programming, the tastes, values, e(pectations, beliefs, ways of interaction, ways of entertainment, and lifestyle preferences of these groups tend to be different from others so these differences re-uire the creation of customised marketing strategies.
What are the two ma:or segmentation strategies followed by the marketing organi#ations? !(plain in brief.
he two strategies followed are* a. .oncentration strategy* his kind of segmentation strategy deals in a particular segment of market and therefore they set their prices, etc accordingly. ,or eg Mercedes ben# has chosen to concentrate on the lu(ury segment of the the car market. b. Multi segment strategy* his kind of segmentation strategy focuses on more then one different market segments. hey make separate marketing programs for separate segments.
Mention the various steps of a new product development process @arious steps which are followed is mentioned below* a. .reating new product ideas b. +o through ideas c. /esearch and analy#e d. echnical and marketing development e. Manufacturing planning f. Marketing planning g. est marketing h. .ommerciali#ation
3. Can you give me an example of a marketing campaign that did not work out as you had planned?
It is important that you are able to recognise why a plan went wrong and to learn from the experience. Campaigns often fail due to poor research and groundwork, poor planning and follow through of objectives and goals or ineffective communication. Be open about why the campaign failed, take accountability and focus on what you learnt.
4. Tell me about a marketing project that you brought in on time and under budget
Focus on your planning and organising skills to get the best return on the marketing budget. Detail what controls were put in place to track and stay on top of expenditure and how plans were adjusted when necessary. Discuss your ability to react quickly and accurately to meet new demands and constraints.
6. Give me an example when youve convinced someone to do something they didnt want to do
Consider a situation when you convinced someone to do something which they initially had severe doubts about. Talk about the methods you have used to convince someone as well as how persistent you needed to be. Show that you enjoy influencing other people as well as being good at it.
9. Analyse this advert and pretend that you are the client looking at it for the first time. What do you think?
Look closely because the advert wont be perfect. Begin by defining that a great advert makes people want to run out and buy the product. Great adverts might not win awards but they sell products. The most effective adverts tend to have a unique, relevant product benefit, a strong link between the brand and the benefit and are engaging through use of words and colour.
10. If you were a brand, which brand would you be and why?
Here is your chance to market yourself. You know what the interviewer is looking for as you will have done your homework so now is the time to pull out an example that shows you have it. This is also your opportunity to differentiate yourself from other candidates.
Tell us about yourself. O%<m really energetic, and a great communicator. Working in sales for two years helped me build confidence, and taught me the importance of customer loyalty. %<ve also got a track record of success. %n my last role, % launched a company newsletter, which helped us build on our e(isting relationships and create new ones. "ecause of this, we ended up seeing a revenue increase of 84Q over two years. %<m also really interested in how companies can use web tools to better market themselves, and would be committed to building on your e(isting platform.P What do you think of your previous boss? My last boss taught me the importance of time management L he didn<t pull any punches, and was e(tremely deadline>driven. ;is no>nonsense attitude pushed me to work harder, and to meet deadlines % never even thought were possible Why are you leaving your current role %<ve learned a lot from my current role, but now %<m looking for a new challenge, to broaden my hori#ons and to gain a new skill>set L all of which, % see the potential for in this job. Where do you see yourself in five years? %n five years %<d like to have an even better understanding of this industry. $lso, % really love working with people. 0ltimately, %<d like to be in some type of managerial role at this company, where % can use my people skills and industry knowledge to benefit the people working for me, and the company as a whole
1. How can marketing lead the way toward customer centricity? What experience do you have to support your answer? 2. What is a customer-centric marketing organization, and what ive processes has your team implemented to make your entire company more customer-centric?
!. " your current company is not yet customer-centric, what skills does your current marketing team re#uire to lead your company through this change? What steps are you taking to close this skill gap? $. With whom should you partner to help support this shi t to customercentricity? %. How can you leverage new channels, tactics, and media to drive customer engagement and intimacy? What steps have you taken to link these divers to your team&s compensation? '. How can you e ectively integrate traditional, maturing, and new media, channels, and tactics? (. What technologies should you leverage to )est reach your clients and integrate your activities?
8. ;ow can marketing lead the way toward customer centricity? What e(perience do you have to support your answer? 5. What is a customer>centric marketing organi#ation, and what five processes has your team implemented to make your entire company more customer>centric? 3. %f your current company is not yet customer>centric, what skills does your current marketing team re-uire to lead your company through this change? What steps are you taking to close this skill gap? ?. With whom should you partner to help support this shift to customer > centricity? 9. ;ow can you leverage new channels, tactics, and media to drive customer engagement and intimacy? What steps have you taken to link these divers to your teamJs compensation? 7. ;ow can you effectively integrate traditional, maturing, and new media, channels, and tactics? 6. What technologies should you leverage to best reach your clients and integrate your activities? B. %f your company markets through both "5" and "5. channels, describe any channel differences in approaching customer>centricity? R. What customer e(perience strategies are disrupting the status -uota in your industry? $re these strategic disruptions customer driven? Or were they driven by your competitors? Why? 84. Which of your competitors offer a superior customer e(perience? ;ow do they do it? ;ow did they preempt you? &id you see it coming? 'ame five things you are doing right now to address this problem?
Most candidates will have to bring up an example from their academic past. Try and describe both quantitative and qualitative methods to show that you have a wide range of skills. ome candidates may have an example from some work experience they have conducted. Try and use a recent example and explain how you conducted research particularly effectively.
!rite a report or give a presentation, be sure to include the raw data so they can make their own analysis. "ou need to show an appreciation of how you need to present different data in different ways. #f you have collected a large data set then it will be a good idea to use diagrams to present the data whereas if you have conducted an in$depth focus group then you will need to transcribe a report. #t is crucial that you show an awareness of effective methods of communication and presentation.
What are the differences between Marketing and 1ales? Well sir, marketing is an activity which is totally customer oriented where as sales is profit oriented activity. %n marketing we try to fulfill the needs and demands of customer by manufacturing the products of their needs where as in sales we provide the products or services anyhow to the customer to manage the money or contracts in its return. What are the various roles of a Market /esearch $nalyst? he various roles are* &efining the marketing problem, !numerating the controllable and uncontrollable decision factors, .ollecting the relevant information, %dentifying the best alternative, &eveloping and implementing a marketing plan and !valuating the decision and the decision processes What do you mean by "rand !-uity /esearch? "rand !-uity /esearch is the conclusion and the effect of a marketing research that accumulate to a product with its brand name. %t is totally based on the .onsumer<s Fnowledge and their perception towards the brand. %t is one of the factors responsible for the enhancement in the financial value of a brand.
% think, % have supplemented you lot of information which is the basic re-uirements of the interview of Market /esearch $nalyst.
%T"T*%T*,%
What is difference between "ayesian and ,re-uentist? "ayesians condition on the data actually observed and consider the probability distribution on the hypothesesN ,re-uentists condition on a hypothesis of choice and consider the probability distribution on the data, whether observed or not.
5. What is likelihood? he probability of some observed outcomes given a set of parameter values is regarded as the likelihood of the set of parameter values given the observed outcomes. 3. What is p>value and give an e(ample? %n statistical significance testing, the p>value is the probability of obtaining a test statistic at least as e(treme as the one that was actually observed, assuming that the null hypothesis is true. %f the p>value is less than 4.49 or 4.48, corresponding respectively to a 9Q or 8Q chance of re:ecting the null hypothesis when it is true ( ype % error). !(ample* 1uppose that the e(perimental results show the coin turning up heads 8? times out of 54 total flips S null hypothesis (;4)* fair coinN S observation O* 8? heads out of 54 flipsN and S p>value of observation O given ;4 T )rob(U 8? heads or U 8? tails) T 4.889. he calculated p>value e(ceeds 4.49, so the observation is consistent with the null hypothesis V that the observed result of 8? heads out of 54 flips can be ascribed to chance alone V as it falls within the range of what would happen R9Q of the time were this in fact the case. %n our e(ample, we fail to re:ect the null hypothesis at the 9Q level. $lthough the coin did not fall evenly, the deviation from e(pected outcome is small enough to be reported as being Wnot statistically significant at the 9Q levelW.
?. What is sampling? ;ow many sampling methods? 1ampling is that part of statistical practice concerned with the selection of an unbiased or random subset of individual observations within a population of individuals intended to yield some knowledge about the population of concern. here are four sampling methods* 1imple /andom (purely random), 1ystematic( every kth member of population), cluster (population divided into groups or clusters) and stratified (divided by e(clusive groups or strata, sample from each group) samplings.
9. What is the possibility to win lottery game 7?R? )ick 7 numbers out of ?R possible. he number of 7>number combination from a pool of of ?R numbers are* ?RIMX(?R>7)I7IYT83,RB3,B87 .e We only have one of 8? million chance.
/ow might the standard deviation (%) of a normal distribution be greater than the mean?
%f some scores are negative, the mean could be very small despite a large 1