MARKETING MANAGEMENT TWO MARKS Q&A

1.What is internal marketing? Management philosophy of promoting the firm and its policies to employees as if they are the (internal) customers of the firm. Internal marketing is used by marketers to motivate all functions to satisfy customers. With internal marketing the marketer is really extending and developing the foundations of marketing such as the marketing concept, the exchange process and customer satisfaction to internal customers.

2.State any four challenges faces by marketing in corrent scenario? 1. Issue Identification and Assessment 2. The Role of Marketing 3. The Classic Dilemma 4. The Selling Process 5. Product Planning 6. Growth and Change 7. Marketing ROI 8. Summary of Challenges and Strategies

3.Define marketing strategy? A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage. A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a marketing plan.

4.Distinguish the skills of goods marketer and service marketer? Economics is concerned with the production and distribution of goods and services. Goods would be defined as anything that anyone wants or needs. Services would be the performance of any duties or work for another; helpful or professional activity. The distribution of goods and services is referred to as marketing. The marketing of goods and services can add almost as much to the cost as the actual manufacturing of the goods. Marketing a product refers to the advertising, and other efforts to promote a products sale.

5.How to avoid over positioning? Over positioning is just as under positioning of a brand is a possibility, there is also scope for over positioning a brand. In this situation buyers may have a very narrow image of the company brand over positioning is usually seen in cases where the firm initially promotes its as premium brand.

6.Why do we price a product/service? Product price is the expense incurred by a company to sell a product. It includes raw and packing material costs, production costs (labor, utilities, etc.), and certainfreight costs. And the company has to make profit by fixing the product price and service charges. So we are fixing the price in a product and services.

7. What are the motives for buying? A buying motive is the reason why the customer purchase the goods. Motive is the driving force behind to purchase the goods. So, motive refers to thought, urge, feeling, emotion and drive which make the buyer to react in the form of a decision. Motivation explains the behaviour of the buyer why they are going to buy thegoods. They buy the goods due to several motives such as economic, social, psychological etc. for example in winter seasons we are motivate to purchase the woolen clothes to protect from the cold. Likewise, we are motivated to purchase the fans in summer season to get the relief from the hot.

8.What is customer acquisition? Customer acquisition is the process of acquiring new customers for business or converting existing prospect into new customers. The importance of customer acquisition varies according to the specific business situation of an organization. This process is specifically concerned with issues like acquiring customers at less cost, acquiring as many customers as possible, acquiring customers who are indigenous and business oriented, acquiring customers who utilize newer business channels etc.

9.List out the characteristics of good market research? Utilize the principles of the scientific method wherever possible. Be creative, think outside of the box, and be open to innovative ideas. Utilize multiple methods of research to cross validate and check findings Understand that data are interpreted from underlying models that guide the information sought Balance the costs of marketing research against both the short and long term benefits expected. Avoid marketing myths or unsubstantiated theories about how markets work and differentiate between taking calculated risks and gambling. Be ethical in the conduct of all marketing research activity.

10.What do we understand by cause related marketing? Cause marketing or cause-related marketing refers to a type of marketing involving the cooperative efforts of a "for profit" business and anon-profit organization for mutual benefit. The term is sometimes used more broadly and generally to refer to any type of marketing effort for social and other charitable causes, including in-house marketing efforts by non-profit organizations. Cause marketing differs from corporate giving (philanthropy) as the latter generally involves a specific donation that is tax deductible, while cause marketing is a marketing relationship not necessarily based on a donation.