NATURE & BASIC CONCEPTS OF MARKETING

NATURE & BASIC CONCEPTS OF MARKETING

Marketing by nature is – Both Arts and Science

How marketing is to used – It depends upon the type of product or service for which marketing it to be used

According to Philip Kotler Marketing is a – Social Process

Which was thought as the main objective of Marketing by traditional marketing professionals? – To just sell the product and services

Which is the main objective of Marketing now? – Sell the product so that the customer gets satisfaction also

Which is the new dimension added to objectives of Marketing? – Customer Welfare

Who is called the King or the BOSS in new marketing approach? – the customer

Which are the constituent elements of modern Marketing? – It includes selling of products and services, after-sales services and complete satisfaction of customer

What is the scope of after sales service? – Important activities coming under gamut of after sales service include repairs, prompt delivery and installation after repairs

Marketing is not important in which type of market – monopolistic market

Which is the most powerful element of a market – the Customer or Consumer

Who is a customer? – whoever pays for a product or a service (may or may not consume it)

Who is a consumer? - Whoever consumes a product or a service (may or may not pay for it)

Which types of buyers are important for Marketing? – Both present and prospective buyers

What are the important factors without which there is no requirement of Marketing? – Buyers, Seller, a product or service and a market

Is after sales service important part of Marketing? – Yes

What is the focal point of new concept of Marketing? – customer satisfaction

Which popular phrase has been derived from the customer-centric concept of Marketing? –‘Customer is the King’

What is the base of customer-centric concept of Marketing? – Customer Satisfaction

Customer satisfaction is a new concept or an old one? – A new concept

What is SWOT? – Strengths, Weaknesses, Opportunities and Threats

What would be the most important criteria for a person going to open a Savings Bank (SB) account in a bank? – Standard of Service

What would be the most important criteria for a person going to open a Fixed Deposit (FD) account in a bank? – Rate of Interest

What is the meaning of TQM, a term often used in Marketing? – Total Quality Management

What are the 4 P’s of Marketing? – Product, Price, Place and Promotion

What is the importance of 4 P’s of Marketing? – these 4 P’s are together and collectively called basic elements of Marketing

What is another popular name given to 4 P’s? – Marketing Mix

What is meaning of Marketing Mix? – Marketing Mix are the combination of variables chosen by a firm to prepare its market offering

Marketing Mix is which type of variable? – Controllable Variable

What is meaning of Controllable Variable in Marketing? – Those variables which can be controlled or influenced at the level of the firm

A practical example of controllable variable – When a competitor reduces the price of its product the firm in question can either reduce the price of its product or can differentiate the product (this can be done by the firm itself)

A practical example of an uncontrollable variable – When the Govt. puts a ban on selling tobacco products in plastic packing, a firm has no other option left but to follow the order (it is therefore uncontrollable variable)

What is the meaning of Product in Marketing’s 4 P’s? – It means goods or services or anything of monetary value which is offered in the market for exchange

What is the meaning of Price in Marketing’s 4 P’s? – Price is the amount of money customers have to pay to acquire ownership of the product or service

What is the meaning of Place in Marketing’s 4 P’s? – Place is generally physical distribution activities that make firm’s products to the target customers

What is the meaning of Promotion in Marketing’s 4 P’s? – Promotion includes activities that communicate availability of a product or service

Can only products and services be marketed? – No, other than product and service ideas, places, persons, experience, events, information, properties can also be marketed

Which is a wider concept – Marketing or Selling? – Marketing

What is Selling? - Selling is only a part of the process of marketing and is concerned with promoting and transferring possession and ownership of goods from the seller to the buyer

In context of selling, how wide is the concept of marketing? - Marketing is a much wider term consisting of number of activities such as identification of the customer’s needs, developing the products to satisfy these needs, fixing prices and persuading the potential buyers to buy the same