PRINCIPLES OF MARKETING FAQs

Q1 . What are the dimensions of service quality? The dimensions of service quality are Tangibility, assurance, responsiveness, empathy and reliability. Q2. What is marketing? Philip Kotler denes marketing as satisfying needs and wants through an exchange process' P.Tailors denition ; 'Marketing is not about providing products or services it is essentially about providing changing benets to the changing needs and demands of the customer . Q3. What is the product mix? Product, price, place and promotion Q4. What is logistics management? The tasks involved in planning, implementing and controlling the physical ow of materials and nal goods, related information from points of origin to points of consumption to meet customer requirement ,at a prot Q5. What is distribution channel? Distribution Channel is a set of interdependent organisations that are involved in the process of making a product or service available for use or consumption by the consumer or the business user. Q6. What is STP analysis? STP (segmentation, targeting and positioning) marketing, also called strategic marketing, involves nding a correct segment in which to market your product, identifying the proper target market and positioning the product to create maximum prots. The most important part of STP marketing is determining exactly what benets your product oers and who will benet most from using it. Q7. What do meant by market segmentation? Segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then be designed and implemented to target these specic customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment. Q8. What do meant by market segmentation? Positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization.

PRINCIPLES OF MARKETING FAQs

Q9 . What is the fundamental of targeting? It examines targets as independent entities and as components of target systems. It discusses target system characteristics and describes the scope and position of the targeting function at the crossroads of intelligence and operations Q10. What are the concepts of marketing? The concepts of marketing are Production concept, product concept, selling concept, marketing concept and societal concept. Q11. What is branding and its importance? A brand is a name, term, sign or symbol that uniquely identies the maker or the seller of the product or service. Q12. What is integrated marketing communication This is the means by which rms attempt to inform, persuade, and remind consumers, directly or indirectly, about the products and brands they sell. Q13. What is the dierence between Howard-Sheth Model and Engel-Kollat-Blackwell Model? The Blackwell model used concepts of behavioural science in an attempt to model, in a way both detailed and capable of general applications, the process which the consumers must go through in decision. (Tuck 1976) This model is designed to show the development in the amount of knowledge in customer behaviour. In the model there are ve stages, this involves problem recognition, alternate evaluation, search for alternatives and purchase and outcomes. It is not essential for the customers to go through all those stages. The customers would get data from marketing and non marketing research; this would inuence the problem recognition. This is the rst stage of the decision making process for the customer. If the customers have still not come to a nal decision, the consumer would go to the next stage of the Blackwell model. Howard and Sheath model on consumer behavior was introduced in 1969. This model makes it simple for customers to make a decision. There are three stages in this model. The rst stage is the extensive problem solving stage, the second stage is the limited problem solving and the third stage is the habitual response behavior. At the rst stage of the Howard's and Sheths model the customers do not have much information about the brand, at this stage customers will carry out research to nd out about the brand. At the second stage customers have some information at the product or brand. At the nal stage of the model, the consumer will have enough information on the product or brand to make a fair decision on buying the product or not. Q14. What is consumer buyer behaviour and consumer market? The buying behavior exhibited by the nal consumer ( individuals and households) who buy goods and services for nal consumption

PRINCIPLES OF MARKETING FAQs

Consumer Market : all the individuals and households who buy or acquire goods and services for personal consumption Q15. What is communication management? It is integrated media communication that deals with various ways of speaking to your prospect/customer. It could be social media, brouchers, hoardings, wall paintings, direct mailers etc. Q16. What is a new product development? New product development (NPD) is the complete process of bringing a new product to market. A product is a set of benets oered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the rst stage in generating and commercializing new product within the overall strategic process of product life cycle management used to maintain or grow their market share. Q17. What is global marketing? Global marketing is marketing on a worldwide scale reconciling or taking commercial advantage of global operational dierences, similarities and opportunities in order to meet global objectives". Q18. What is direct marketing? Direct marketing is a sometimes controversial sales method through which advertisers approach potential customers directly with products or services. The most common forms of direct marketing are telephone sales, solicited or unsolicited emails, and mailed catalogs, leaets, brochures and coupons Q19. What is the promotion mix in marketing? It consists of: advertising sales promotion publicity public relations Q20. What are marketing tools? Marketing tools is a term used loosely to mean the tactics used in marketing such as social media, emails, print media, questionnaires, TV advertisements, etc.

PRINCIPLES OF MARKETING FAQs

Q21. What is sales management Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a rm's sales operations. It is an important business function as net sales through the sale of products and services and resulting prot drive most commercial business. Q22. What is nonprot marketing? A nonprot is an organization which is run to further some sort of ideal or goal, rather than in the interests of prot. Many nonprots serve the public interest, but some do engage in private activities, and nonprots run the gamut from political think tanks to environmental defense organizations. In many nations, nonprots are treated dierently than other businesses under the law, and they may have a tax-exempt status and other special treatment which is designed to encourage the formation of nonprots, as most governments recognize that they are benecial Q23. What is personnel dierentiation? This is one of the variables of dierentiation. It may be used by a company in its positioning strategy. Here, the company tries to dierentiate itself to gain a competitive advantage through better-trained people who can serve their customers in an excellent manner.