Marketing Book Part I

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Mahendra Publication (Marketing Book Part I)

Mahendra Publication (Marketing Book Part I)

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  • 1. Mahendra Publication Pvt. Ltd. 3 MASTER IN MPARKETING The two essential mantras to achieve success in life are true devotion and continuous efforts. Devotion comes from within, It requires an inner strength so powerful that it will motivate you for devoting your powers towards aiming for the moon. Continuous efforts, on the other hand, can be in terms of appropriate guidance that can be provided to the students in the form of study material and previous papers and practice papers. Mahendra’s has once again, here, made a serious effort to provide its students with previous years papers and practice papers. This book contains the basic theory and terminology in marketing along with MCQs to help students understand need of marketing in todays world. With the advent of globalization it has become necessary to learn new & innovative marketing techniques that will gradually make India a self-sufficient & powerful nation. This book will help you and give you proper guidance in your preparation for your exams. Determination and dedication are two most essential pillars of success. We do not support the fact that there is any shortcut for success but at the same time planning has its own importance. If we perform a task in a pre-planned manner then it is bound to lead to success. This book presents a planned structure in front of you to motivate and encourage you to succeed in your efforts. With Best Wishes Mahendra Publication
  • 3. MASTER IN MARKETING 6 Mahendra Publication Pvt. Ltd.
  • 4. Mahendra Publication Pvt. Ltd. 7 MASTER IN MPARKETING Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The evolution of marketing was caused due to mature markets and overcapacities in the last decades. Companies then shifted the focus from production more to the customer in order to stay profitable. Importance of Marketing Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depend largely on marketing. Many people think that sales and marketing are basically the same. These two concepts are different in many aspects. Marketing covers advertising, promotions, public relations, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Sales refer to the act of buying or the actual transaction of customers purchasing the product or service. Since the goal of marketing is to make the product or service widely known and recognized to the market, marketers must be creative in their marketing activities. In this competitive nature of many businesses, getting the product noticed is not that easy. Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential, the buying public still has their personal preferences. If you target more of their needs, they will come back again and again and even bring along recruits. If you push more on the product and disregard their wants and the benefits they can get, you will lose your customers in no time. The sad thing is that getting them back is the hardest part. Marketing Promotes Product Awareness to the Public It has already been mentioned in the previous paragraph that getting the product or service recognized by the market is the primary goal of marketing. No business possibly ever thought of just letting the people find out about the business themselves, unless you have already established a reputation in the industry. But if you are a start-out company, the only means to be made known is to advertise and promote. Your business may be spending on the advertising and promotional programs but the important thing is that product and company information is disseminated to the buying public. Various types of marketing approaches can be utilized by an organization. All forms of marketing promote product awareness to the market at large. Offline and online marketing make it possible for the people to be educated with the various products and services that they can take advantage of. A company must invest in marketing so as not to miss the opportunity of being discovered. If expense is to be considered, there are cost-effective marketing techniques a company can embark on such as pay-per-click ads and blogging. Marketing Helps Boost Product Sales Apart from public awareness about a company’s products and services, marketing helps boost sales and revenue growth. Whatever your business is selling, it will generate sales once the public learns about your product through TV advertisements, radio commercials, newspaper ads, online ads, and other forms of marketing. The more people hear and see more of your advertisements, the more they will be interested to buy. If your company aims to increase the sales percentage and double the production, the marketing department must be able to come up with effective and strategic marketing plans. Marketing Builds Company Reputation In order to conquer the general market, marketers aim to create a brand name recognition or product recall. This is a technique for the consumers to easily associate the brand name with the images, logo, or caption that they hear and see in the advertisements. CHAPTER 1 EVOLUTION OF MARKETING CONCEPTS
  • 5. MASTER IN MARKETING 8 Mahendra Publication Pvt. Ltd. Just Consider: McDonalds is known for its arch design which attracts people and identifies the image as McDonalds. For some companies, building a reputation to the public may take time but there are those who easily attract the people. With an established name in the industry, a business continues to grow and expand because more and more customers will purchase the products or take advantage of the services from a reputable company. Marketing plays a very essential role in the success of a company. It educates people on the latest market trends, helps boost a company’s sales and profit, and develops company reputation. But marketers must be creative and wise enough to promote their products with the proper marketing tactics. Although marketing is important, if it is not conducted and researched well, the company might just be wasting on expenses and time on a failed marketing approach. What is Marketed? Marketing people market 10 types of entities. They are: Goods: Physical goods that may be manufactured, produced in farms or mined. These account for the bulk of the marketing efforts in most of the countries. Services: These are intangible products that involve performing some service for the customers. This may be service performed on the customer, like a haircut, on customer’s possessions, like servicing of car, or for the customer, like screening of a movie. Services account the maximum marketing effort after products in most of the countries. In many developed countries the volume of services has exceeded that of goods. Events: Time based shows such as new year celebration, or a sporting event. Experiences: Experiences which results from a combination of products and services. The customer is interested in the total experience such as an organized holiday tour package rather than the individual products and services included in the package. Persons: Like marketing of a celebrity or of a candidate in a public election. Places: Like cities, state, nations, for purposes such as attracting tourists and investment. Properties: This could be physical properties like real estate or intangible rights in properties. Organizations: This basically refers to building positive image of organizations, such as companies, universities, and charitable organizations. Information: Books are the traditional means of selling information, but there are many other type of information marketed. For example market intelligence, economic analysis and mailing lists. Ideas: Every market offering includes a basic idea. In addition ideas may be marketed by themselves. For examples, some religious bodies try to promote their ideas of what constitutes the right behavior. Company Orientations to the Marketplace What philosophy should guide a company marketing and selling efforts? What relative weights should be given to the interests of the organization, the customers, and society? These interest often clash, however, an organization’s marketing and selling activities should be carried out under a well-thought-out philosophy of efficiency, effectiveness, and socially responsibility. Five orientations (philosophical concepts to the marketplace have guided and continue to guide organizational activities: 1. The Production Concept 2. The Product Concept 3. The Selling Concept 4. The Marketing Concept 5. The Societal Marketing Concept
  • 6. Mahendra Publication Pvt. Ltd. 9 MASTER IN MPARKETING Let us now discuss each of the concepts in detail. 1. The Production Concept: This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution. They assume that consumers are primarily interested in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features. 2. The Product Concept: This orientation holds that consumers will favor those products that offer the most quality, performance, or innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time. They assume that buyers admire well-made products and can appraise quality and performance. However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Management might commit the “better-mousetrap” fallacy, believing that a better mousetrap will lead people to beat a path to its door. 3. The Selling Concept: This is another common business orientation. It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. This concept assumes that consumers typically sho9w buyi8ng inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice the selling concept when they have overcapacity.
  • 7. MASTER IN MARKETING 10 Mahendra Publication Pvt. Ltd. Their aim is to sell what they make rather than make what the market wants. 4. The Marketing Concept: This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability. Distinctions between the Sales Concept and the Marketing Concept: 1. The Sales Concept focuses on the needs of the seller. The Marketing Concept focuses on the needs of the buyer. 2. The Sales Concept is preoccupied with the seller’s need to convert his/her product into cash. The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs). 3. The selling concept starts with the seller and its focus is on existing products, it being seller- oriented. The company believes in aggressive selling and other promotions. Customer value and satisfaction are no concern for the seller. The firm produces the products first and then figures out ways to sell and make profits. Different company departments operate without coordination. 4. Marketing orientation starts with the customer and the company strives to learn customer needs and wants, develops appropriate products or services to satisfy the customer. Business is viewed as a customer need satisfying activity. All departments coordinate their activities and the focus is on customer needs. Profits are an outcome of doing the job well by the company. It requires reliable companywide information system and maintains it. All departments are responsive to informational inputs. Everybody understands the critical role played by marketing, a fact visibly demonstrable when the head of marketing is part of top management. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling. The Marketing Concept has evolved into a fifth and more refined company orientation: The Societal Marketing Concept. This concept is more theoretical and will undoubtedly influence future forms of marketing and selling approaches. 5. The Societal Marketing Concept: This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors (this is the original Marketing Concept). Additionally, it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being. This orientation arose as some questioned whether the Marketing Concept is an appropriate philosophy in an age of environmental deterioration, resource shortages, explosive population growth, world hunger and poverty, and neglected social services. Are companies that do an excellent job of satisfying consumer wants necessarily acting in the best long-run interests of consumers and society?
  • 8. Mahendra Publication Pvt. Ltd. 11 MASTER IN MPARKETING The marketing concept possibly sidesteps the potential conflicts among consumer wants, consumer interests, and long-run societal welfare. Just consider: The fast-food hamburger industry offers tasty but unhealthy food. The hamburgers have a high fat content, and the restaurants promote fries and pies, two products high in starch and fat. The products are wrapped in convenient packaging, which leads to much waste. In satisfying consumer wants, these restaurants may be hurting consumer health and causing environmental problems. The following table will help you understand the above five concepts even better. ORIENTATION PROFIT DRIVERS TIMEFRAME DESCRIPTION Production Production methods until the 1950s A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale until the minimum efficient scale is reached. A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes will not rapidly alter (similar to the sales orientation). Product Quality of the product until the 1960s A firm employing a product orientation is chiefly concerned with the quality of its own product. A firm would also assume that as long as its product was of a high standard, people would buy and consume the product. Selling Selling methods 1950s and 1960s A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such. Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. Marketing Needs and wants 1970s to the The 'marketing orientation' is of customers present day perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. As an
  • 9. MASTER IN MARKETING 12 Mahendra Publication Pvt. Ltd. example, a firm would employ market research to gauge consumer desires, use R&D (research and development) to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure persons know the product exists. Holistic Marketing Everything matters 21st century in marketing The holistic marketing concept looks at marketing as a complex activity and acknowledges that everything matters in marketing - and that a broad and integrated perspective is necessary in developing, designing and implementing marketing programs and activities. The four components that characterize holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. Apart from the above mentioned five concepts of marketing, in due course of time with the advent of global market, we now come across few new terms in marketing. Let us see what they are. Holistic Marketing The holistic marketing concept is a relatively new marketing perspective that takes into account the entire organization in addition to its counterparts when determining or executing its overall marketing strategy. Holistic marketing recognizes that there are many stakeholders involved in each transaction—from suppliers, to employees, customers, shareholders, the community at large, and the environment. In order for a company to achieve success in today’s business landscape, it must take into consideration the complexities of its breadth and interdependencies because businesses no longer exist in a vacuum but within a multi-dimensional, global, interconnected landscape. Holistic marketing concept is based on development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is necessary to attain the best solution Four main compnents of holistic marketing are: relationship marketing - integrated marketing - internal marketing - and socially responsible marketing. 1. Relationship marketing - builds mutually satisfying long-term relationships – think CRM (customer relationship management & PRM (partner relationship management). 2. Integrated marketing - satisfies needs and surpass expectations. 3. Internal marketing - all teams work together and think customer.
  • 10. Mahendra Publication Pvt. Ltd. 13 MASTER IN MPARKETING 4. Performance marketing - is financially accountable and social responsible. 1. Relationship marketing: Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. This customer relationship management (CRM) approach focuses more on customer retention than customer acquisition. Relationship marketing is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication. This approach often results in increased word-of-mouth activity, repeat business and a willingness on the customer’s part to provide information to the organization. Relationship marketing contrasts with transactional marketing, an approach that focuses on increasing the number of individual sales. Most organizations combine elements of both relationship and transaction marketing strategies. 2. Integrated Marketing: It is a strategy aimed at unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Its objective is to complement and reinforce the market impact of each method, and to employ the market data generated by these efforts in product development, pricing, distribution, customer service, etc. 3. Internal Marketing: It is the application of the principles of marketing within an organization. Internal marketing involves the creation of an internal market by dividing departments into business units, with control over their own operations and expenditure, with attendant impacts on corporate culture, politics, and power. Internal marketing also involves treating employees as internal customers with the goal of increasing employees’ motivation and focus on customers. 4. Performance Marketing: Performance marketing refers to marketing techniques and campaigns by which the advertiser pays only for results. Performance marketing is an important part of digital marketing due to the tracking capabilities of the Internet.
  • 11. MASTER IN MARKETING 14 Mahendra Publication Pvt. Ltd.
  • 12. Mahendra Publication Pvt. Ltd. 15 MASTER IN MPARKETING CHAPTER 2 DEVELOPING MARKETING STRATEGIES AND PLANS Customer Value It is the difference between what a customer gets from a product, and what he or she has to give in order to get it. Woodruff defines customer value as: “a customer perceived preference for and evaluation of those products attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations”. The definition above suggests that there are two aspects to customer value: desired value and perceived value. Desired value refers to what customers desire in a product or service. Perceived value is the benefit that a customer believes he or she received from a product after it was purchased. Customer value can be examined at different levels. At a low level, customer value can be viewed as the attributes of a product that a customer perceives to receive value from. At a higher level, customer value can be viewed as the emotional payoff and achievement of a goal or desire. When customers derive value from a product, they derive value from the attributes of the product as well as from the attribute performance and the consequence of achieving desired goals from the use of the product. Value Delivery Process and Value Chain STRATEGIC BUSINESS UNITS (SBUs) In business, a strategic business unit (SBU) is a profit center which focuses on product offering and market segment. SBUs typically have a discrete marketing plan, analysis of competition, and marketing campaign, even though they may be part of a larger business entity. An SBU may be a business unit within a larger corporation, or it may be a business unto itself. Corporations may be composed of multiple SBUs, each of which is responsible for its own profitability. General Electric is an example of a company with this sort of business organization. SBUs are able to affect most factors which influence their performance. Managed as separate businesses, they are responsible to a parent corporation. For example: General electric has 49 SBUs.
  • 13. MASTER IN MARKETING 16 Mahendra Publication Pvt. Ltd. SWOT ANALYSIS SWOT analysis (alternatively SWOT Matrix) also sometimes known as TOWS, is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. The technique is credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from Fortune 500 companies.[1][2] The degree to which the internal environment of the firm matches with the external environment is expressed by the concept of strategic fit. Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization. ? Strengths: characteristics of the business or project that give it an advantage over others ? Weaknesses: are characteristics that place the team at a disadvantage relative to others ? Opportunities: elements that the project could exploit to its advantage ? Threats: elements in the environment that could cause trouble for the business or project Identification of SWOTs is important because they can inform later steps in planning to achieve the objective.
  • 14. Mahendra Publication Pvt. Ltd. 17 MASTER IN MPARKETING CHAPTER 3 MARKETING ENVIRONMENT A marketing environment is what surrounds and creates impact on business organizations. The market environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful relationships with customers. Three levels of the environment are: Micro (internal) environment - small forces within the company that affect its ability to serve its customers. Meso environment – the industry in which a company operates and the industry’s market and the Macro (national) environment - larger societal forces that affect the microenvironment. Micro Environment The micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself, its suppliers, marketing intermediaries, customer markets and publics. The company aspect of microenvironment refers to the internal environment of the company. This includes all departments, such as management, finance, research and development, purchasing, operations and accounting. Each of these departments has an impact on marketing decisions. For example, research and development have input as to the features a product can perform and accounting approves the financial side of marketing plans and budgets. Macro-Environment (external environment) The macroenvironment refers to all forces that are part of the larger society and affect the microenvironment. It includes concepts such as demography, economy, natural forces, technology, politics, and culture. Factors affecting organisation in Macro environment are known as PESTEL, that is: Political, Economical, Social, Technological, Environmental and Legal. Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation. This is a very important factor to study for marketers and helps to divide the population into market segments and target markets. PESTEL ANALYSIS Political Environment: The political environment includes all laws, government agencies, and groups that influence or limit other organizations and individuals within a society. It is important for marketers to be aware of these restrictions as they can be complex. Some products are regulated by both state and federal laws. There are even restrictions for some products as to who the target market may be, for example, cigarettes should not be marketed to younger children. Economic Environment: Another aspect of the macroenvironment is the economic environment. This refers to the purchasing power of potential customers and the ways in which people spend their money. Within this area are two different economies, subsistence and industrialized. Subsistence economies are based more in agriculture and consume their own industrial output. Industrial economies have markets that are diverse and carry many different types of goods. Social Environment: The social environment, social context, sociocultural context, or milieu, refers to the immediate physical and social setting in which people live or in which something happens or develops. It includes the culture that the individual was educated or lives in, and the
  • 15. MASTER IN MARKETING 18 Mahendra Publication Pvt. Ltd. people and institutions with whom they interact.The interaction may be in person or through communication media, even anonymous or one-way, and may not imply equality of social status. Therefore the social environment is a broader concept than that of social class or social circle. Technological Environment: The technological environment is perhaps one of the fastest changing factors in the macroenvironment. This includes all developments from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. As these markets develop it can create new markets and new uses for products. It also requires a company to stay ahead of others and update their own technology as it becomes outdated. They must stay informed of trends so they can be part of the next big thing, rather than becoming outdated and suffering the consequences financially. Environmental Factors: The natural environment is another important factor of the macroenvironment. This includes the natural resources that a company uses as inputs that affects their marketing activities. The concern in this area is the increased pollution, shortages of raw materials and increased governmental intervention. As raw materials become increasingly scarcer, the ability to create a company’s product gets much harder. Also, pollution can go as far as negatively affecting a company’s reputation if they are known for damaging the environment. Meso-Environment Marketing intermediaries help to sell, promote, and distribute goods. Intermediaries take many forms: ? Resellers ? Physical distribution firms ? Marketing services agencies ? Financial intermediaries ? Customer markets must be studied. ? Market types ? Consumer ? Business ? Government ? International Customer markets must be studied: ? Market types ? Consumer ? Business ? Government ? Reseller ? International Various publics must also be considered: ? Government ? Media ? Financial ? Local ? General ? Internal ? Citizen Action Groups
  • 16. Mahendra Publication Pvt. Ltd. 19 MASTER IN MPARKETING CHAPTER 4 MARKETING RESEARCH Marketing research is “the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.” It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes. Marketing research is often partitioned into two sets of categorical pairs, either by target market: ? Consumer marketing research, and ? Business-to-business (B2B) marketing research Or, alternatively, by methodological approach: ? Qualitative marketing research, and ? Quantitative marketing research Marketing Research Process Marketing research methods Methodologically, marketing research uses the following types of research designs:
  • 17. MASTER IN MARKETING 20 Mahendra Publication Pvt. Ltd. Based on questioning Qualitative marketing research - generally used for exploratory purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples include focus groups, in-depth interviews, and projective techniques Quantitative marketing research - generally used to draw conclusions - tests a specific hypothesis - uses random sampling techniques so as to infer from the sample to the population - involves a large number of respondents - examples include surveys and questionnaires. Techniques include choice modelling, maximum difference preference scaling, and covariance analysis. Based on observations Ethnographic studies - by nature qualitative, the researcher observes social phenomena in their natural setting - observations can occur cross-sectionally (observations made at one time) or longitudinally (observations occur over several time-periods) - examples include product-use analysis and computer cookie traces. See also Ethnography and Observational techniques. Experimental techniques - by nature quantitative, the researcher creates a quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables - examples include purchase laboratories and test markets Researchers often use more than one research design. They may start with secondary research to get background information, then conduct a focus group (qualitative research design) to explore the issues. Finally they might do a full nation-wide survey (quantitative research design) in order to devise specific recommendations for the client. Customer Relationship Management Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. CRM is often thought of as a business strategy that enables businesses to: ? Understand the customer ? Retain customers through better customer experience ? Attract new customer ? Win new clients and contracts ? Increase profitably ? Decrease customer management costs How CRM is Used Today While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads. Customer relationship management solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up sell more effectively, close deals, retain current customers and understand who the customer is. Technology and the Web has changed the way companies approach CRM strategies because advances in technology have also changed consumer buying behavior and offers new ways for companies to communicate with customers and collect data about them. With each new advance in technology — especially the proliferation of self-service channels like the Web and smartphones — customer relationships is being managed electronically. Many aspects of CRM relies heavily on technology; however the strategies and processes of a good CRM system will collect, manage and link information about the customer with the goal of letting you market and sell services effectively. Organizations frequently looking for ways to personalize online experiences (a process also referred to as mass customization) through tools such as help-desk software, email organizers and different types of enterprise applications.
  • 18. Mahendra Publication Pvt. Ltd. 21 MASTER IN MPARKETING CHAPTER 5 ANALYZING CONSUMER MARKETS AND IDENTIFYING MARKET SEGMENTS Consumer Behaviour Consumer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.[1] It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the decision-making processes of buyers, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people’s wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Consumer Behaviour is a branch which deals with the various stages a consumer goes through before purchasing products or services for his end use. Why do you think an individual buys a product? ? Need ? Social Status ? Gifting Purpose Why do you think an individual does not buy a product? ? No requirement ? Income/Budget/Financial constraints ? Taste When do you think consumers purchase products? ? Festive season ? Birthday ? Anniversary ? Marriage or other special occasions There are in fact several factors which influence buying decision of a consumer ranging from psychological, social, economic and so on. Factor that influence Consumer Behaviour Consumers do not make purchase decisions in a vacuum. Rather, they are subject to both external and internal factors that influence them. Consumer behavior is influenced by both internal and external factors. They are
  • 19. MASTER IN MARKETING 22 Mahendra Publication Pvt. Ltd. External Influences on Consumer Behavior External influences include culture, socioeconomic level, reference groups, and household. Culture: Culture is defined as the patterns of behavior and social relations that characterize a society and separate it from others. Culture conveys values, ideals, and attitudes that help individuals communicate with each other and evaluate situations. It is important in viewing culture to draw legitimate generalizations about a given culture or subculture without resorting to stereotyping. An individual’s culture provides a frame of reference concerning acceptable behaviors, and as such, culture is a learned set of arbitrary values. The dominant culture in the United States today stresses equality, use of resources, materialism, individualism, and youth. Difference in culture is most apparent when a hospitality and tourism firm attempts to expand into international markets. There are significant differences between, for example, the way that Europeans make purchase decisions and exhibit travel behavior and the way that Americans do so. For example, in much of Europe, it is very common for a family to take an extended vacation that might last for two, three, or more weeks. In France, it is very common for businesses to shut down for much of August while the entire country is on vacation. In the United States, the opposite trend is prevalent. Families are less likely to take a vacation of more than one week and are more likely to take a series of mini vacations that extend over three-day weekends. In fact, in the early 1990s, Stouffer Renaissance Hotels went so far as to trademark the phrase “break-ation” to use in their promotion and advertising to describe the mini or getaway vacations that have become common in the United States. In addition to the general culture of the United States, marketers must also be concerned with subcultures. Subcultures might include African Americans, Jews, Hispanics, Asians, and youths. One example illustrates the importance of subcultures in marketing. Although families are one of the major markets for fast-food chains, and parents pay the bills for the family, much of the advertising for these chains is directed toward the youth subculture. Research has shown that it is often the children who influence the decision on where to dine, once the adults have decided to dine out. Socio-Economic Level: Socioeconomic level has a large influence in consumer decision making. Marketing managers have long attempted to correlate socioeconomic level with dining-out habits and travel patterns. Hospitality managers must identify the relative socioeconomic levels to which the operation appeals and appeal directly to those groups with the marketing mix that they use. For example, an upscale and expensive four- or five-star resort property will target its promotional efforts to those in upper income groups. These resorts are likely to advertise in publications read by professionals and those who are in the top 25 percent of annual household income. That is their target market. Reference Groups: A reference group is a group with whom an individual identifies to the point where the group dictates a standard of behavior. Reference groups exert tremendous influence on consumers’ hospitality and tourism purchase decisions. Every individual is influenced directly and indirectly. Marketing research has identified three types of reference groups: comparative, status, and normative. First, individual consumers use reference groups to compare their own feelings and thoughts with those of others. For example, an individual may have gone to dinner at a restaurant and felt that the food and service were excellent. Before these perceptions are internalized, however, a reference group is often consulted to validate the perceptions. An individual may check with friends who are members of a reference group, asking for their perceptions of the restaurant. The individual will then compare her friends’ perceptions against her own. In many cases, the perceptions of a reference group can influence purchase and repeat purchase behavior. Second, reference groups also serve a status function. For example, when an individual seeks to become a member of a group, his or her actions are likely to emulate the group members’ behaviors. If someone looks up to a reference group as a source of status, he or she is likely to model the behavior exhibited by the members of the reference group. Third, reference groups establish norms and values that regulate the behavior of individuals. For example, consider a high-school-age reference group dining out. The group norm may state that patronizing chain restaurant A is more desirable than going to locally owned restaurant B, yet objective analysis indicates that restaurant B’s product-service mixis superior. The group’s norms and values might still point toward the established chain restaurant. Simply put, dining at restaurant A is “cool” and dining at restaurant B is not. What is in favor within
  • 20. Mahendra Publication Pvt. Ltd. 23 MASTER IN MPARKETING the reference group will change over time. For example, 10 to 15 years ago college students seeking the most exciting destination for a spring break getaway often went to Daytona Beach, Florida. In recent years, Cancun, Mexico, and cruises in the Caribbean have become more popular. A hospitality manager can also influence consumer behavior through the use of opinion leaders. Opinion leaders include formal and/or informal leaders of reference groups, and their opinions normally influence opinion formation in others. Common opinion leaders are leaders within the community, such as doctors, lawyers, and politicians, and those who are viewed as subject matter experts. For example, a travel agent is clearly an opinion leader for travel-related products. Potential travelers often seek advice from a travel agent because they believe that the agent has knowledge far superior to their own. Another example is the food critic who writes for a local newspaper. The opinions that the critic expresses in a newspaper column have direct and immediate influence on readers. Internal Influences on Consumer Behavior In addition to external influences, internal influences affect consumers’ choices as well—personal needs and motives, experience, personality and self-image, and perceptions and attitudes. The exact influence of internal factors is less well known than the external factors, as internal factors are not as observable and therefore are not as well documented and understood. Personal Needs and Motives: A need is defined as a lack of something or the difference between someone’s desired and actual states. Motive is defined as a person’s inner state that directs the individual toward satisfying a felt need. For example, consumers may be hungry and tired (their actual state), yet they desire to be well fed and rested (desired state). This felt need would, therefore, cause them to have the motivation to seek out a restaurant where this need could be satisfied. Need related to consumer Behaviour Simply stated, needs lead to motivation, which leads to behavioral intentions, which ultimately lead to observable behavior. Consumer Decision Making Process An individual who purchases products and services from the market for his/her own personal consumption is called as consumer. To understand the complete process of consumer decision making, let us understand it with the help of the given diagram. A consumer goes through several stages before purchasing a product or service. Step 1: Need is the most important factor which leads to buying of products and services. Need infact is the catalyst which triggers the buying decision of individuals. An individual who buys cold drink or a bottle of mineral water identifies his/her need as thirst. However in such cases steps such as information search and evaluation of alternatives are generally missing. These two steps are important when an individual purchases expensive products/services such as laptop, cars, mobile phones and so on. Step 2: When an individual recognizes his need for a particular product/service he tries to gather as much information as he can. An individual can acquire information through any of the following sources: ? Personal Sources - He might discuss his need with his friends, family members, co workers and other acquaintances.
  • 21. MASTER IN MARKETING 24 Mahendra Publication Pvt. Ltd. ? Commercial sources -Advertisements, sales people, Packaging of a particular product in many cases prompt individuals to buy the same, Displays (Props, Mannequins etc) ? Public sources - Newspaper, Radio, Magazine ? Experiential sources - Individual’s own experience, prior handling of a particular product Step 3: The next step is to evaluate the various alternatives available in the market. An individual after gathering relevant information tries to choose the best option available as per his need, taste and pocket. Step 4: After going through all the above stages, customer finally purchases the product. Step 5: The purchase of the product is followed by post purchase evaluation. Post purchase evaluation refers to a customer’s analysis whether the product was useful to him or not, whether the product fulfilled his need or not? Key Psychological Processes Marketing and environmental stimuli enter the consumer’s consciousness and a set of psychological processes combine with certain consumer characteristics to result in decision processes and purchase decisions. Four key psychological processes are: ? Motivation ? Perception ? Learning ? Memory Motivation Motivation is a psychological feature that arouses an organism to act towards a desired goal and elicits, controls, and sustains certain goal-directed behaviors. It can be considered a driving force; a psychological one that compels or reinforces an action toward a desired goal. For example, hunger is a motivation that elicits a desire to eat. Motivation is the purpose or psychological cause of an action. Motivation has been shown to have roots in physiological, behavioral, cognitive, and social areas. Motivation may be rooted in a basic impulse to optimize well-being, minimize physical pain and maximize pleasure. It can also originate from specific physical needs such as eating, sleeping or resting. Motivation is an inner drive to behave or act in a certain manner. “It’s the difference between waking up before dawn to pound the pavement and lazing around the house all day.” These inner conditions such as wishes, desires, goals, activate to move in a particular direction in behavior. Let us discuss some of the basic theories of Motivation. Maslow’s Hierarchy of Needs Content theory of human motivation includes both Abraham Maslow’s hierarchy of needs and Herzberg’s two-factor theory. Maslow’s theory is one of the most widely discussed theories of motivation. The American motivation psychologist Abraham H. Maslow developed the hierarchy of needs consisting of five hierarchic classes. According to Maslow, people are motivated by unsatisfied needs. The needs, listed from basic (lowest-earliest) to most complex (highest-latest) are as follows: ? Physiology (hunger, thirst, sleep, etc.) ? Safety/Security/Shelter/Health ? Belongingness/Love/Friendship ? Self-esteem/Recognition/Achievement ? Self actualization
  • 22. Mahendra Publication Pvt. Ltd. 25 MASTER IN MPARKETING Physiological Needs: Physiological needs are the physical requirements for human survival. If these requirements are not met, the human body cannot function properly, and will ultimately fail. Physiological needs are thought to be the most important; they should be met first. Air, water, and food are metabolic requirements for survival in all animals, including humans. Clothing and shelter provide necessary protection from the elements. While maintaining an adequate birth rate shapes the intensity of the human sexual instinct, sexual competition may also shape said instinct Safety Needs: With their physical needs relatively satisfied, the individual’s safety needs take precedence and dominate behavior. In the absence of physical safety – due to war, natural disaster, family violence, childhood abuse, etc. – people may (re-)experience post-traumatic stress disorder or transgenerational trauma. Safety and Security needs include: ? Personal security ? Financial security ? Health and well-being ? Safety net against accidents/illness and their adverse impacts Love and belonging: After physiological and safety needs are fulfilled, the third level of human needs is interpersonal and involves feelings of belongingness. This need is especially strong in childhood and can override the need for safety as witnessed in children who cling to abusive parents. According to Maslow, humans need to feel a sense of belonging and acceptance among their social groups, regardless if these groups are large or small. Esteem Needs: All humans have a need to feel respected; this includes the need to have self- esteem and self-respect. Esteem presents the typical human desire to be accepted and valued by others. People often engage in a profession or hobby to gain recognition. These activities give the person a sense of contribution or value. Low self-esteem or an inferiority complex may result from imbalances during this level in the hierarchy. People with low self-esteem often need respect from others; they may feel the need to seek fame or glory. However, fame or glory will not help the person to build their self-esteem until they accept who they are internally. Psychological imbalances such as depression can hinder the person from obtaining a higher level of self-esteem or self- respect. Self Actualization Needs: “What a man can be, he must be.” This quotation forms the basis of the perceived need for self-actualization. This level of need refers to what a person’s full potential is and the realization of that potential. Maslow describes this level as the desire to accomplish everything that one can, to become the most that one can be. Individuals may perceive or focus on this need very specifically. For example, one individual may have the strong desire to become an ideal parent. In another, the desire may be expressed athletically. For others, it may be expressed in paintings, pictures, or inventions. As previously mentioned, Maslow believed that to understand this level of need, the person must not only achieve the previous needs, but master them. Herzberg’s two-factor theory Frederick Herzberg’s two-factor theory, a.k.a. intrinsic/extrinsic motivation, concludes that certain factors in the workplace result in job satisfaction, but if absent, they don’t lead to dissatisfaction but no satisfaction. The factors that motivate people can change over their lifetime, but “respect for me as a person” is one of the top motivating factors at any stage of life. He distinguished between: ? Motivators; (e.g. challenging work, recognition, responsibility) which give positive satisfaction, and ? Hygiene factors; (e.g. status, job security, salary and fringe benefits) that do not motivate if present, but, if absent, result in demotivation. The name hygiene factors is used because, like hygiene, the presence will not improve health, but absence can cause health deterioration. Herzberg’s theory has found application in such occupational fields as information systems and in studies of user satisfaction such as computer user satisfaction.
  • 23. MASTER IN MARKETING 26 Mahendra Publication Pvt. Ltd. CHAPTER 6 MARKET SEGMENTATION AND TARGETS Levels of Market Segmentation Level of Market segmentation can be anything in the below list based on the marketing plan of the marketer and the product attributes. For some products, it can be marketed to all the customers and some products it can only be marketed to only high income group. Product attributes and branding play an important role while finalizing the level of market segmentation. Level of Market Segmentation can be ? Mass Marketing ? Segment Marketing ? Niche Marketing ? Local Marketing Individual Direct Marketing Mass Marketing: In mass marketing the seller or the marketer of the product targets the mass market or the entire consumer base. Here the seller engages in mass production and uses the mass distribution system to reach all the customers in the market. The promotional and advertisements are very much generic in nature attract the entire consumer base. Mass market can be profitable for the seller as it leads to lower cost of production and higher margin due to mass production. For mass marketing, the price is kept low to attract customers from all income level. At the same time, Mass marketing leads to high competition in the market and high advertising and promotional cost to reach to all the potential customers. One best example of mass marketing would be Mosquito coil, Toothpaste, Detergent etc. Segment Marketing: In Segment marketing, the seller or marketer divides the market into different segments depending on the consumers’ buying behavior, requirements, purchasing power, location and age level. Segment marketing helps the marketer to connect to each type of customers in the best possible way. Most company uses different market segments to market its entire list of products which caters to different market levels. The promotional and advertising activities for a particular focus only to the target market for that product only. The best example is a passenger car marker which has different range of passenger cars catering to different segment of markets. Its low cost cars cater to comparatively lower income level consumer group, Mid range cars cater to mid range consumer base, luxury segment caters to high net worth consumer base and SUV segment caters to mainly tourism segment. Niche Marketing: In Niche marketing, the seller caters to a very specific market segment which requires more attention and very high quality of services. Here the market segment size is very small which enables the seller to provide the niche area of services. The main requirements or characteristics of Niche marketing are ? Customers have distinct set of needs or requires distinct set of services
  • 24. Mahendra Publication Pvt. Ltd. 27 MASTER IN MPARKETING ? Seller or service provider needs more skill or niche skill to provide niche services ? Niches services come up with some more specialized services ? Comes up with premium prices for higher quality and niche services Here in Niche marketing, the competition is usually lower which helps the service providers or sellers to ask for higher prices. Here the customers are either high net worth individuals (for product) or any organizations needs high end services to improve its competitiveness. Examples would be Harley Davidson which manufacturers very high end Niche bikes, Mckinsey which provides specialized consulting services. All these have a niche market for themselves. Local Marketing: In Local marketing, the seller or the marketer only concentrates in the local market. The products also have the local appeal or the local usage and the promotional activities are planned based on the location only with local flavors. Here the cost remains high due to lower production and competition is also less. Marketer can concentrate more in the local market to reach to all the customers in the region. The best example would be marketing of regional TV channels; regional chain of hotels or restaurants, Locally produced food products etc. Individual Marketing: It is almost same as Direct Marketing where the marketers target the individual customers separately either through direct communication channels or salesmen. This is mostly used for Business-to-Business marketing where more attention is required to market a product or services. Sales persons are used to meet each individual prospective customer and provide demo of the product or services. Best example would be specialized IT services or Aquaguard water purifier. Eureka Forbes uses direct salesmen to visit different houses and sell their famous water purifier product Aquaguard after providing the proper demo and information about the product. Bases for Segmenting Consumer Markets Geographic segmentation Marketers may segment according to geographic criteria—nations, states, regions, countries, cities, neighborhoods, or postal codes. The geo-cluster approach combines demographic data with geographic data to create a more accurate or specific profile. With respect to region, in rainy regions merchants can sell things like raincoats, umbrellas and gumboots. In hot regions, one can sell summer wear. In cold regions, someone can sell warm clothes. A small business commodity store may target only customers from the local neighborhood, while a larger department store can target its marketing towards several neighborhoods in a larger city or area, while ignoring customers in other continents. Demographic Segmentation Demographic segmentation consists of dividing the market into groups based on variables such as age, gender family size, income, occupation, education, religion, race and nationality. As you might expect, demographic segmentation variables are amongst the most popular bases for segmenting customer groups. This is partly because customer wants are closely linked to variables such as income and age. Also, for practical reasons, there is often much more data available to help with the demographic segmentation process. The main demographic segmentation variables are summarised below:
  • 25. MASTER IN MARKETING 28 Mahendra Publication Pvt. Ltd. Age: Consumer needs and wants change with age although they may still wish to consumer the same types of product. So Marketers design, package and promote products differently to meet the wants of different age groups. Good examples include the marketing of toothpaste (contrast the branding of toothpaste for children and adults) and toys (with many age-based segments). Life-cycle stage: A consumer stage in the life-cycle is an important variable - particularly in markets such as leisure and tourism. For example, contrast the product and promotional approach of Club 18-30 holidays with the slightly more refined and sedate approach adopted by Saga Holidays. Gender: Gender segmentation is widely used in consumer marketing. The best examples include clothing, hairdressing, magazines and toiletries and cosmetics. Income: Another popular basis for segmentation. Many companies target affluent consumers with luxury goods and convenience services. Good examples include Coutts bank; Moet & Chandon champagne and Elegant Resorts - an up-market travel company. By contrast, many companies focus on marketing products that appeal directly to consumers with relatively low incomes. Examples include Aldi (a discount food retailer), Airtours holidays, and discount clothing retailers such as TK Maxx. Social class: Many Marketers believe that a consumers “perceived” social class influences their preferences for cars, clothes, home furnishings, leisure activities and other products & services. There is a clear link here with income-based segmentation. Lifestyle: Marketers are increasingly interested in the effect of consumer “lifestyles” on demand. Unfortunately, there are many different lifestyle categorisation systems, many of them designed by advertising and marketing agencies as a way of winning new marketing clients and campaigns! Psychographic segmentation Psychographics involves using sciences like psychology and demographics to better understand consumers. Psychographic segmentation divides consumers according to their lifestyles, personality, values and social class. Consumers within the same demographic group can exhibit very different psychographic profiles. Behavioral segmentation Behavioral segmentation divides consumers into groups according to their knowledge of, attitude towards, use of or response to a product. Segmentation by occasions Segmentation according to occasions relies on the special needs and desires of consumers on various occasions - for example, for products for use in relation with a certain holiday. Products such as Christmas decorations or Diwali lamps are marketed almost exclusively in the time leading up to the related event, and will not generally be available all year round. Another type of occasional market segments are people preparing for a wedding or a funeral, occasions which only occur a few times in a person’s lifetime, but which happen so often in a large population that ongoing general demand makes for a worthwhile market segment. Segmentation by benefits Segmentation can take place according to benefits sought by the consumer or according to perceived benefits which a product/service may provide.
  • 26. Mahendra Publication Pvt. Ltd. 29 MASTER IN MPARKETING CHAPTER 7 BRANDS AND BRAND EQUITY Brand Brand is the “name, term, design, symbol, or any other feature that identifies one seller’s product distinct from those of other sellers”. Initially, Branding was adopted to differentiate one person’s cattle from another’s by means of a distinctive symbol burned into the animal’s skin with a hot iron stamp, and was subsequently used in business, marketing and advertising. A modern example of a brand is Coca Cola which belongs to the Coca-Cola Company. A brand is often the most valuable asset of a corporation. Brand owners manage their brands carefully to create shareholder value, and brand valuation is an important management technique that ascribes a money value to a brand, and allows marketing investment to be managed (e.g.: prioritized across a portfolio of brands) to maximize shareholder value. Although only acquired brands appear on a company’s balance sheet, the notion of putting a value on a brand forces marketing leaders to be focused on long term stewardship of the brand and managing for value. Brand awareness Brand awareness refers to customers’ ability to recall and recognize the brand under different conditions and link to the brand name, logo, jingles and so on to certain associations in memory. It consists of both brand recognition and brand recall. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products. Brand awareness is of critical importance since customers will not consider your brand if they are not aware of it. Brand elements Brands typically are made up of various elements, such as: ? Name: The word or words used to identify a company, product, service, or concept. ? Logo: The visual trademark that identifies the brand. ? Tagline or Catchphrase: “The Quicker Picker Upper” is associated with Bounty paper towels. “Can you hear me now” is an important part of the Verizon brand. ? Graphics: The dynamic ribbon is a trademarked part of Coca-Cola’s brand. ? Shapes: The distinctive shapes of the Coca-Cola bottle and of the Volkswagen Beetle are trademarked elements of those brands. ? Colors: Owens-Corning is the only brand of fiberglass insulation that can be pink. ? Sounds: A unique tune or set of notes can denote a brand. NBC’s chimes are a famous example. ? Scents: The rose-jasmine-musk scent of Chanel No. 5 is trademarked. ? Tastes: Kentucky Fried Chicken has trademarked its special recipe of eleven herbs and spices for fried chicken. ? Movements: Lamborghini has trademarked the upward motion of its car doors. ? Customer relationship management Brand name The brand name is quite often used interchangeably with “brand”, although it is more correctly used to specifically denote written or spoken linguistic elements of any product. In this context a “brand name” constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration and such trademarks are called “Registered Trademarks”. Types of brand names Brand names come in many styles. A few include: ? Initialism: A name made of initials such, as UPS or IBM ? Descriptive: Names that describe a product benefit or function, such as Whole Foods or Airbus
  • 27. MASTER IN MARKETING 30 Mahendra Publication Pvt. Ltd. ? Alliteration and rhyme: Names that are fun to say and stick in the mind, such as Tip n Top. ? Evocative: Names that evoke a relevant vivid image, such as Amazon or Crest ? Neologisms: Completely made-up words, such as Wii or Kodak ? Foreign word: Adoption of a word from another language, such as Volvo or Samsung ? Founders’ names:Using the names of real people, (especially a founder’s name), such as Hewlett-Packard, Dell or Disney ? Geography: Many brands are named for regions and landmarks, such as Cisco and Fuji Film ? Personification: Many brands take their names from myths, such as Nike; or from the minds of ad execs, such as Betty Crocker Brand identity The outward expression of a brand – including its name, trademark, communications, and visual appearance – is brand identity. Because the identity is assembled by the brand owner, it reflects how the owner wants the consumer to perceive the brand – and by extension the branded company, organization, product or service. This is in contrast to the brand image, which is a customer’s mental picture of a brand. The brand owner will seek to bridge the gap between the brand image and the brand identity. Effective brand names build a connection between the brand personality as it is perceived by the target audience and the actual product/service. The brand name should be conceptually on target with the product/service (what the company stands for). Furthermore, the brand name should be on target with the brand demographic. Typically, sustainable brand names are easy to remember, transcend trends and have positive connotations. Brand identity is fundamental to consumer recognition and symbolizes the brand’s differentiation from competitors. Brand identity is what the owner wants to communicate to its potential consumers. However, over time, a product’s brand identity may acquire (evolve), gaining new attributes from consumer perspective but not necessarily from the marketing communications an owner percolates to targeted consumers. Therefore, brand associations become handy to check the consumer’s perception of the brand. Brand identity needs to focus on authentic qualities – real characteristics of the value and brand promise being provided and sustained by organizational and/or production characteristics. Brand Equity
  • 28. Mahendra Publication Pvt. Ltd. 31 MASTER IN MPARKETING Brand equity is a phrase used in the marketing industry which describes the value of having a well- known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well known name, as consumers believe that a product with a well-known name is better than products with less well known names. Some marketing researchers have concluded that brands are one of the most valuable assets a company has, as brand equity is one of the factors which can increase the financial value of a brand to the brand owner, although not the only one. Elements that can be included in the valuation of brand equity include (but not limited to): changing market share, profit margins, consumer recognition of logos and other visual elements, brand language associations made by consumers, consumers’ perceptions of quality and other relevant brand values. Consumers’ knowledge about a brand also governs how manufacturers and advertisers market the brand. Brand equity is created through strategic investments in communication channels and market education and appreciates through economic growth in profit margins, market share, prestige value, and critical associations.
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  • 30. Mahendra Publication Pvt. Ltd. 33 MASTER IN MPARKETING CHAPTER 8 CRAFTING THE BRAND POSITIONING Positioning In marketing, 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. Re-positioning involves changing the identity of a product, relative to the identity of competing products. De-positioning involves attempting to change the identity of competing products, relative to the identity of your own product. Although there are different definitions of brand positioning, probably the most common is: identifying and attempting to occupy a market niche for a brand, product or service utilizing traditional marketing placement strategies (i.e. price, promotion, distribution, packaging, and competition). Positioning is also defined as the way by which the marketers create an impression in the customers mind. Product Life Cycle (PLC) A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. Introduction Stage: In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows: ? Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained. ? Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs. ? Distribution is selective until consumers show acceptance of the product. ? Promotion is aimed at innovators and early adopters. Marketing communications seeks to build product awareness and to educate potential consumers about the product. Growth Stage: In the growth stage, the firm seeks to build brand preference and increase market share. ? Product quality is maintained and additional features and support services may be added. ? Pricing is maintained as the firm enjoys increasing demand with little competition. ? Distribution channels are added as demand increases and customers accept the product. ? Promotion is aimed at a broader audience. Maturity Stage: At maturity, the strong growth in sales diminishes. Competition may appear with similar products. The primary objective at this point is to defend market share while maximizing profit. ? Product features may be enhanced to differentiate the product from that of competitors. ? Pricing may be lower because of the new competition. ? Distribution becomes more intensive and incentives may be offered to encourage preference over competing products. ? Promotion emphasizes product differentiation. Decline Stage: As sales decline, the firm has several options: ? Maintain the product, possibly rejuvenating it by adding new features and finding new uses. ? Harvest the product - reduce costs and continue to offer it, possibly to a loyal niche segment. ? Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue the product. The marketing mix decisions in the decline phase will depend on the selected strategy. For example, the product may be changed if it is being rejuvenated, or left unchanged if it is being harvested or liquidated. The price may be maintained if the product is harvested, or reduced drastically if liquidated.
  • 31. MASTER IN MARKETING 34 Mahendra Publication Pvt. Ltd. CHAPTER 9 PRODUCT STRATEGY Product Levels The Consumer Value Hierarchy ? Core benefit: The customer in search of a hotel room demand only rest and sleep from a marketer. ? Now the marketer must turn the core benefit into Basic product. For example customer need basic things like bed, bathroom, chair, fan etc. ? At the third level marketer must prepare for the expected product of the clients. For example if bed, bathroom, fan are the basic product, then clean bed sheet, neat and clean bathroom are the expected products. ? At the fourth level, the marketers prepare an augmented product that exceeds customers expectations. For example, beautiful wall hanging, lovely balcony, Television set etc. In western countries particularly in USA and UK, marketers focused more on augmented product relatively different to the Brazil and Indian counterpart. ? At the fifth level stands the potential product that the marketer needs to search for the future operation. For example high speed internet, telephone line etc. Product Classification Durability and Tangibility: Themarketers classify products into three groupsaccording to durability and tangibility. ? Durable Goods: A durable good or a hard good is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use.
  • 32. Mahendra Publication Pvt. Ltd. 35 MASTER IN MPARKETING Items like bricks could be considered perfectly durable goods, because they should theoretically never wear out. Highly durable goods such as refrigerators, cars, or mobile phones usually continue to be useful for three or more years of use. ? Non-Durable Goods: Nondurable goods or soft goods (consumables) are the opposite of durable goods. They may be defined either as goods that are immediately consumed in one use or ones that have a lifespan of less than 3 years. ? Services: Services are intangible, inseparable, variable and perishable products. Examples: Haircut, legal advice and appliance repairs. Consumer Goods Classification: The vast of goods consumers buy can be classified on the basis of shopping habits. We can distinguish among convenience, shopping, specialty and unsought goods. ? Convenience Goods: A category of consumer goods which are bought frequently, quickly and with a minimum of emotional involvement. Most are nondurable goods of low value that are frequently purchased in small quantities. Examples: include tobacco products, soaps and newspaper. Further, convenience goods can be sub-categorized into: o Staple Convenience Consumer Goods: Goods which come under the basic demands of human beings are called staple convenience goods. For ex: milk, bread, sugar, toilet paper etc. o Impulse Convenience Consumer Goods: Goods which are brought without any prior planning or which are brought impulsively are called impulse convenience goods. For ex: potato wafers, candies, ice creams, cold drinks, magazines etc. o Emergency Convenience Consumer Goods: A category of consumer goods consisting of items purchased quickly in necessity. Ex: Umbrellas during rainy season, sweaters during winter season. o Shopping Goods: In shopping consumer goods, consumer do lot of selection and comparison based on various parameters such as cost, brand, style, comfort etc, before buying an item. Shopping goods are purchased only after the buyer compares the products of more than one store or looks at more than one assortment of goods before making a deliberate buying decision. These goods are usually of higher value than convenience goods, bought infrequently, and are durable. Price, quality, style, and color are typically factors in the buying decision. Consumer goods companies usually try to set up their shops and show rooms in active shopping area to attract customer attention and their main focus is to do lots of advertising and marketing to become popular. Examples: Goods like clothing items, Televisions, computers, lawnmowers, bedding, camping equipment, home furnishing, jewelleries etc. Shopping goods can be further divided: -> Homogeneous Shopping Goods: Homogeneous shopping goods are those that are similar in quality but different enough in other attributes (such as price, brand image, or style) to justify a search process. This difference in characteristics is sufficient for the customer to justify a search for the item. After the consumer has decided on desired characteristics, he or she then looks for the most favorable price. Examples: Televisions of Sony and Konka brands, their quality is same, both are delivering well picture but their price, brand image and style are different. ->Heterogeneous Goods: Heterogeneous shopping goods have product features that are often more important to consumers than price; examples include clothing, high-tech equipment, and furniture. The item purchased must meet certain consumer-set criteria, such as size, color, or specific functions performed. When buying heterogeneous shopping goods, consumers often seek out information and advice from salespeople and other experts before purchasing the item. Examples: computer hardware for computer engineers.
  • 33. MASTER IN MARKETING 36 Mahendra Publication Pvt. Ltd. ? Specialty Goods: Goods which are very unique, unusual, and luxurious in nature are called specialty goods. Specialty items have characteristics that impel consumers to make special efforts to find them. Consumers often do not consider price at all when shopping for specialty products, which can include almost any kind of shopping product: Particular types of food, expensive imported cars, or items from a well-known fashion designer or manufacturer can all be considered specialty goods. Usually, specialty goods have a brand name or other type of distinguishing characteristic. Characteristics: 1. Specialty goods do not involve making comparisons. 2. Buyers invest time only to reach dealers carrying the wanted products. 3. Dealers do not need convenient locations; however they must let prospective buyers know their location. Examples: antiques, jewelry, wedding dresses, cars, stereo components, mens suit etc ? Unsought Goods: Unsought goods are products that consumers do not want, use, or even think about purchasing. An unsought shopping good could be a product that a consumer may not even know about—or knows about but has never considered purchasing. Unsought goods are requiring advertising and personnel-selling support. Unsought shopping goods are frequently brought to customers’ attention through advertising, promotions, or chance. Sometimes they are something new on the market, such as digital telephones. The classic examples of known but unsought goods are life insurance, plots, gravestones, encyclopedia. Packaging, Labeling, Warranties, and Guarantee Packaging: Packaging is the science, art, and technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, and production of packages. Packaging can be described as a coordinated system of preparing goods for transport, warehousing, logistics, sale, and end use. Packaging contains, protects, preserves, transports, informs, and sells. In many countries it is fully integrated into government, business, institutional, industrial, and personal use. Labeling: It is Display of information about a product on its container, packaging, or the product itself. For several types of consumer and industrial products, the type and extent of information that must be imparted by a label is governed by the relevant safety and shipping laws.
  • 34. Mahendra Publication Pvt. Ltd. 37 MASTER IN MPARKETING The purposes of packaging and package labels Packaging and package labeling have several objectives: ? Physical protection – The objects enclosed in the package may require protection from, among other things, mechanical shock, vibration, electrostatic discharge, compression, temperature,[8] etc. ? Barrier protection – A barrier from oxygen, water vapor, dust, etc., is often required. Permeation is a critical factor in design. Some packages contain desiccants or Oxygen absorbers to help extend shelf life. Modified atmospheres [9] or controlled atmospheres are also maintained in some food packages. Keeping the contents clean, fresh, sterile[10] and safe for the intended shelf life is a primary function. ? Containment or agglomeration – Small objects are typically grouped together in one package for reasons of efficiency. For example, a single box of 1000 pencils requires less physical handling than 1000 single pencils. Liquids, powders, and granular materials need containment. ? Information transmission – Packages and labels communicate how to use, transport, recycle, or dispose of the package or product. With pharmaceuticals, food, medical, and chemical products, some types of information are required by governments. Some packages and labels also are used for track and trace purposes. ? Marketing – The packaging and labels can be used by marketers to encourage potential buyers to purchase the product. Package graphic design and physical design have been important and constantly evolving phenomenon for several decades. Marketing communications and graphic design are applied to the surface of the package and (in many cases) the point of sale display. ? Security – Packaging can play an important role in reducing the security risks of shipment. Packages can be made with improved tamper resistance to deter tampering and also can have tamper-evident features to help indicate tampering. ? Anti-counterfeiting Packaging - Packages can be engineered to help reduce the risks of package pilferage or the theft and resale of products: Some package constructions are more resistant to pilferage and some have pilfer indicating seals. Counterfeit consumer goods, unauthorized sales (diversion), material substitution and tampering can all be prevented with these anti-counterfeiting technologies. Packages may include authentication seals and use security printing to help indicate that the package and contents are not counterfeit. Packages also can include anti-theft devices, such as dye-packs, RFID tags, or electronic article surveillance[12] tags that can be activated or detected by devices at exit points and require specialized tools to deactivate. Using packaging in this way is a means of loss prevention.
  • 35. MASTER IN MARKETING 38 Mahendra Publication Pvt. Ltd. ? Convenience – Packages can have features that add convenience in distribution, handling, stacking, display, sale, opening, reclosing, use, dispensing, reuse, recycling, and ease of disposal ? Portion control – Single serving or single dosage packaging has a precise amount of contents to control usage. Bulk commodities (such as salt) can be divided into packages that are a more suitable size for individual households. It is also aids the control of inventory: selling sealed one- liter-bottles of milk, rather than having people bring their own bottles to fill themselves. Types of Packaging Packaging may be looked at as being of several different types. For example a transport package or distribution package can be the shipping container used to ship, store, and handle the product or inner packages. Some identify a consumer package as one which is directed toward a consumer or household. Packaging may be described in relation to the type of product being packaged: medical device packaging, bulk chemical packaging, over-the-counter drug packaging, retail food packaging, military materiel packaging, pharmaceutical packaging, etc. It is sometimes convenient to categorize packages by layer or function: “primary”, “secondary”, etc. ? Primary packaging is the material that first envelops the product and holds it. This usually is the smallest unit of distribution or use and is the package which is in direct contact with the contents. ? Secondary packaging is outside the primary packaging, perhaps used to group primary packages together. ? Tertiary packaging is used for bulk handling, warehouse storage and transport shipping. most common form is a palletized unit load that packs tightly into containers. These broad categories can be somewhat arbitrary. For example, depending on the use, a shrink wrap can be primary packaging when applied directly to the product, secondary packaging combining smaller packages, and tertiary packaging on some distribution packs. Warranties and Guarantees All sellers are legally responsible for fulfilling a buyer’s normal or reasonable expectations. Warranties are formal statements of expected product performance by the manufacturer. Products under warranty can be returned to the manufacturer or designated repair center for repair, replacement or refund. Extended warranties can be sold by the retailer or manufacturer to customers and can be extremely lucrative for them. It represented 30% of Best Buy‘s operating profits in 2005. Guarantees reduce the buyer’s perceived risk. They suggest that the product is of high quality and that the company and its service performance are dependable. They can be especially helpful when the company or product is not that well known or when the product’s quality is superior to competitors. Guarantees is more than legal statements that guides the warranties, they can be seen as extra benefits to induce consumer to buy the product. For instance, Procter & Gamble promises complete satisfaction without being more specific (General Guarantee) and A. T. Cross guarantees its Cross pens and pencils for life, repairing and replacing at no charges (Specific Guarantee).
  • 36. Mahendra Publication Pvt. Ltd. 39 MASTER IN MPARKETING CHAPTER 10 DESIGNING AND MANAGING SERVICES Services A service is an intangible commodity. That is, services are an example of intangible economic goods. A service is a set of one time consumable and perishable benefits ? delivered from the accountable service provider, mostly in close coaction with his internal and external service suppliers, ? effectuated by distinct functions of technical systems and by distinct activities of individuals, respectively, ? commissioned according to the needs of his service consumers by the service customer from the accountable service provider, ? rendered individually to an authorized service consumer at his/her dedicated trigger, ? and, finally, consumed and utilized by the triggering service consumer for executing his/her upcoming business activity or private activity. Characteristics of Services Services can be paraphrased in terms of their key characteristics, sometimes called the “Five I’s of Services”. ? Intangibility: Services are intangible and insubstantial: they cannot be touched, gripped, handled, looked at, smelled, tasted. Thus, there is neither potential nor need for transport, storage or stocking of services. Furthermore, a service can be (re)sold or owned by somebody, but it cannot be turned over from the service provider to the service consumer. Solely, the service delivery can be commissioned to a service provider who must generate and render the service at the distinct request of an authorized service consumer. ? Inventory (Perishability): Services have little or no tangible components and therefore cannot be stored for a future use. Services are produced and consumed during the same period of time. ? Inseparability: The service provider is indispensable for service delivery as he must promptly generate and render the service to the requesting service consumer. In many cases the service delivery is executed automatically but the service provider must preparatorily assign resources and systems and actively keep up appropriate service delivery readiness and capabilities. Additionally, the service consumer is inseparable from service delivery because he is involved in it from requesting it up to consuming the rendered benefits. Examples: The service consumer must sit in the hair dresser’s shop & chair or in the plane & seat; correspondingly, the hair dresser or the pilot must be in the same shop or plane, respectively, for delivering the service. ? Inconsistency (Variability): Each service is unique. It is one-time generated, rendered and consumed and can never be exactly repeated as the point in time, location, circumstances, conditions, current configurations and/or assigned resources are different for the next delivery, even if the same service consumer requests the same service. Many services are regarded as heterogeneous or lacking homogeneity and are typically modified for each service consumer or each new situation (consumerised). Example: The taxi service which transports the service consumer from his home to the opera is different from the taxi service which transports the same service consumer from the opera to his home – another point in time, the other direction, maybe another route, probably another taxi driver and cab. ? Involvement: One of the most important Characteristic of services is the participation of the customer in the service delivery process. A customer has the opportunity to get the services modified according to specific requirement. Each of these characteristics is retractable per se and their inevitable coincidence complicates the consistent service conception and make service delivery a challenge in each and every case. Proper service marketing requires creative visualization to effectively evoke a concrete image in the service consumer’s mind. From the service consumer’s pointof view, these characteristics make
  • 37. MASTER IN MARKETING 40 Mahendra Publication Pvt. Ltd. it difficult, or even impossible, to evaluate or compare services prior to experiencing the service delivery. Mass generation and delivery of services is very difficult. This can be seen as a problem of inconsistent service quality. Both inputs and outputs to the processes involved providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. For many services there is labor intensity as services usually involve considerable human activity, rather than a precisely determined process; exceptions include utilities. Human resource management is important. The human factor is often the key success factor in service economies. It is difficult to achieve economies of scale or gain dominant market share. There are demand fluctuations and it can be difficult to forecast demand. Demand can vary by season, time of day, business cycle, etc. There is consumer involvement as most service provision requires a high degree of interaction between service consumer and service provider. There is a customer- based relationship based on creating long-term business relationships. Accountants, attorneys, and financial advisers maintain long-term relationships with their clientes for decades. These repeat consumers refer friends and family, helping to create a client-based relationship. Service Mix The range of services offered by a services marketing company is called service mix. Category of Service Mix As we all know, service is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product. It is like having a massage on your body or manicure your hands. Service is kind of product wherein we used it to fulfill one’s needs and wants without having them a physical evidences. And as we go along, we will know the categories of offerings that I could say, as a marketing, we should know. These are the five categories of offerings that features the service. The component can be minor or a part of the total offering. 1. Pure tangible good - this are offering that consist tangible goods primarily. There will be no services accompany by the product. (such as soap, toothpaste, or salt.) 2. Tangible good with accompanying services - this offering consist one tangible good accompanied by one or two services. 3. Hybrid - the offering consist of equal parts of goods and services. 4. Major Service with accompanying minor goods and services – the offering consist of a major service along with additional services or supporting goods. 5. Pure service – the offering consist primarily of a service. Service Marketing Services marketing is a sub field of marketing, which can be split into the two main areas of goods marketing (which includes the marketing of fast moving consumer goods (FMCG) and durables) and the marketing of services. Services marketing typically refers to both business to consumer (B2C) and business to business (B2B) services, and includes marketing of services like telecommunications services, financial services, all types of hospitality services, car rental services, air travel, health care services and professional services. 7P’s of Service Marketing The first four elements in the services marketing mix are the same as those in the traditional marketing mix. However, given the unique nature of services, the implications of these are slightly different in case of services. ? Product: In case of services, the ‘product’ is intangible, heterogeneous and perishable. Moreover, its production and consumption are inseparable. Hence, there is scope for customizing the offering as per customer requirements and the actual customer encounter therefore assumes particular significance. However, too much customization would compromise the standard delivery of the service and adversely affect its quality. Hence particular care has to be taken in designing the service offering. ? Pricing: Pricing of services is tougher than pricing of goods. While the latter can be priced easily by taking into account the raw material costs, in case of services attendant costs - such as labor and overhead costs - also need to be factored in. Thus a restaurant not only has to charge for the
  • 38. Mahendra Publication Pvt. Ltd. 41 MASTER IN MPARKETING cost of the food served but also has to calculate a price for the ambience provided. The final price for the service is then arrived at by including a mark up for an adequate profit margin. ? Place: Since service delivery is concurrent with its production and cannot be stored or transported, the location of the service product assumes importance. Service providers have to give special thought to where the service would be provided. Thus, a fine dine restaurant is better located in a busy, upscale market as against on the outskirts of a city. Similarly, a holiday resort is better situated in the countryside away from the rush and noise of a city. ? Promotion: Since a service offering can be easily replicated promotion becomes crucial in differentiating a service offering in the mind of the consumer. Thus, service providers offering identical services such as airlines or banks and insurance companies invest heavily in advertising their services. This is crucial in attracting customers in a segment where the services providers have nearly identical offerings. The final three elements of the services marketing mix - people, process and physical evidence - are unique to the marketing of services. ? People: People are a defining factor in a service delivery process, since a service is inseparable from the person providing it. Thus, a restaurant is known as much for its food as for the service provided by its staff. The same is true of banks and department stores. Consequently, customer service training for staff has become a top priority for many organizations today. ? Process: The process of service delivery is crucial since it ensures that the same standard of service is repeatedly delivered to the customers. Therefore, most companies have a service blueprint which provides the details of the service delivery process, often going down to even defining the service script and the greeting phrases to be used by the service staff. Physical Evidence: Since services are intangible in nature most service providers strive to incorporate certain tangible elements into their offering to enhance customer experience. Thus, there are hair salons that have well designed waiting areas often with magazines and plush sofas for patrons to read and relax while they await their turn. Similarly, restaurants invest heavily in their interior design and decorations to offer a tangible and unique experience to their guests.
  • 39. MASTER IN MARKETING 42 Mahendra Publication Pvt. Ltd.
  • 40. Mahendra Publication Pvt. Ltd. 43 MASTER IN MPARKETING CHAPTER 11 MANAGING RETAILING, WHOLESALES AND LOGISTICS Retailing Retail is the sale of goods and services from individuals or businesses to the end-user. Retailers are part of an integrated system called the supply chain. A retailer purchases goods or products in large quantities from manufacturers directly or through a wholesale, and then sells smaller quantities to the consumer for a profit. Retailing can be done in either fixed locations like stores or markets, door-to-door or by delivery. Retailing includes subordinated services, such as delivery. The term “retailer” is also applied where a service provider services the needs of a large number of individuals, such as for the public. Shops may be on residential streets, streets with few or no houses or in a shopping mall. Shopping streets may be for pedestrians only. Sometimes a shopping street has a partial or full roof to protect customers from precipitation. Online retailing, a type of electronic commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non- shop retailing.
  • 41. MASTER IN MARKETING 44 Mahendra Publication Pvt. Ltd. Types of Retailers Retail is usually classified by type of products as follows: o Food products o Hard goods or durable goods (“hardline retailers”) - appliances, electronics, furniture, sporting goods, etc. Goods that do not quickly wear out and provide utility over time. o Soft goods orconsumables - clothing, apparel, and other fabrics. Goods that are consumed after one use or have a limited period (typically under three years) in which you may use them. There are the following types of retailers by marketing strategy: ? Department stores - very large stores offering a huge assortment of “soft” and “hard goods; often bear a resemblance to a collection of specialty stores. A retailer of such store carries variety of categories and has broad assortment at average price. They offer considerable customer service. ? Discount stores - tend to offer a wide array of products and services, but they compete mainly on price offers extensive assortment of merchandise at affordable and cut-rate prices. Normally retailers sell less fashion-oriented brands. ? Warehouse stores - warehouses that offer low-cost, often high-quantity goods piled on pallets or steel shelves; warehouse clubs charge a membership fee; ? Variety stores - these offer extremely low-cost goods, with limited selection; ? Demographic - retailers that aim at one particular segment (e.g., high-end retailers focusing on wealthy individuals). ? Mom-And-Pop - It is a small retail outlet owned and operated by an individual or family. Focuses on a relatively limited and selective set of products. ? Specialty stores- A typical speciality store gives attention to a particular category and provides high level of service to the customers. A pet store that specializes in selling dog food would be regarded as a specialty store. However, branded stores also come under this format. For example if a customer visits a Reebok or Gap store then they find just Reebok and Gap products in the respective stores. ? Boutiques or Concept stores are similar to specialty stores. Concept stores are very small in size, and only ever stock one brand. They are run by the brand that controls them. ? General store - a rural store that supplies the main needs for the local community; ? Convenience stores- It is essentially found in residential areas. They provide limited amount of merchandise at more than average prices with a speedy checkout. This store is ideal for emergency and immediate purchases as it often works with extended hours, stocking everyday; ? Hypermarkets- They provide variety and huge volumes of exclusive merchandise at low margins. The operating cost is comparatively less than other retail formats. ? Supermarkets- It is a self-service store consisting mainly of grocery and limited products on non food items. They may adopt a Hi-Lo or an EDLP strategy for pricing. The supermarkets can be anywhere between 20,000 and 40,000 square feet (3,700 m2). Example: SPAR supermarket. ? Malls- They have a range of retail shops at a single outlet. They endow with products, food and entertainment under a roof. ? Category killers or Category Specialist- By supplying wide assortment in a single category for lower prices a retailer can “kill” that category for other retailers. For few categories, such as
  • 42. Mahendra Publication Pvt. Ltd. 45 MASTER IN MPARKETING electronics, the products are displayed at the centre of the store and sales person will be available to address customer queries and give suggestions when required. Other retail format stores are forced to reduce the prices if a category specialist retail store is present in the vicinity. ? E-tailers- The customer can shop and order through internet and the merchandise are dropped at the customer’s doorstep. Here the retailers use drop shipping technique. They accept the payment for the product but the customer receives the product directly from the manufacturer or a wholesaler. This format is ideal for customers who do not want to travel to retail stores and are interested in home shopping. However it is important for the customer to be wary about defective products and non secure credit card transaction. Example: Amazon, Pennyful and eBay. ? Vending Machines- This is an automated piece of equipment wherein customers can drop the money in the machine and acquire the products. Some stores take a no frills approach, while others are “mid-range” or “high end”, depending on what income level they target. Other types of retail store include: ? Automated Retail stores are self-service, robotic kiosks located in airports, malls and grocery stores. The stores accept credit cards and are usually open 24/7. Examples include ZoomShops and Redbox. ? Big-box stores encompass larger department, discount, general merchandise, and warehouse stores. Retailers can opt for a format as each provides different retail mix to its customers based on their customer demographics, lifestyle and purchase behaviour. A good format will lend a hand to display products well and entice the target customers to spawn sales. Levels of Services The wheel of retailing hypothesis explains one reason that new store types emerges. Conventional retail stores typically increases their services and raise their prices to cover the costs. Retailers position themselves as offering one of the four levels of services: ? Self Service ? Self Selection- Customers find their own goods, although they may ask for assistance. ? Limited Service- These retailers carry more shopping goods and services such as credit and merchandise return privileges. ? Full Service- Salespeople are ready to assist in every phase of the locate- compare select process. Retailing can be broadly divided into two categories- store and nonstore retailing. Nonstore retailing falls into four major categories: ? Direct Selling- Direct selling is the marketing and selling of products directly to consumers away from a fixed retail location. Peddling is the oldest form of direct selling.[1] Modern direct selling includes sales made through the party plan, one-on-one demonstrations, and other personal contact arrangements as well as internet sales. ? Direct Marketing- Direct marketing is a channel-agnostic form of advertising that allows businesses and nonprofits organizations to communicate straight to the customer, with advertising techniques that can include Cell Phone Text messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising. Direct marketing messages emphasize a focus on the customer, data, and accountability. Characteristics that distinguish direct marketing are:
  • 43. MASTER IN MARKETING 46 Mahendra Publication Pvt. Ltd. o Marketing messages are addressed directly to the customer and/or customers. Direct marketing relies on being able to address the members of a target market. Addressability comes in a variety of forms including email addresses, mobile phone numbers, Web browser cookies, fax numbers and postal addresses. o Direct marketing seeks to drive a specific “call to action.” For example, an advertisement may ask the prospect to call a free phone number or click on a link to a website. o Direct marketing emphasizes trackable, measurable responses from customers — regardless of medium. Direct marketing is practiced by businesses of all sizes — from the smallest start-up to the leaders on the Fortune 500. A well-executed direct advertising campaign can prove a positive return on investment by showing how many potential customers responded to a clear call-to-action. General advertising eschews calls-for-action in favor of messages that try to build prospects’ emotional awareness or engagement with a brand. Even well-designed general advertisements rarely can prove their impact on the organization’s bottom line. Direct selling is distinct from direct marketing because it is about individual sales agents reaching and dealing directly with clients. Direct marketing is about business organizations seeking a relationship with their customers without going through an agent/consultant or retail outlet. ? Automatic Vending- is used to sell products like milk, beverages and magazines and to dispense money (through ATM). ? Buying Service- is a storeless retailer serving a specific clientele. Wholesaling Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services.[1] In general, it is the sale of goods to anyone other than a standard consumer. In the United Kingdom, the Cash and Carry is a term used describe a wholesale warehouse, particularly those that are open to the general public on payment of a subscription. In the banking industry “wholesale” usually refers to wholesale banking, providing tailored services to large customers, in contrast with retail banking, providing standardized services to large numbers of smaller customers. Types of Wholesalers Following are the types of wholesalers existing in a society: ? Merchant Wholesalers – These wholesale suppliers own and produce a product or service and resell their products to resellers, retailers, distributors and other wholesalers. If you can buy the products you require direct from the supplier you will usually be able to obtain the best prices and profit margins. ? General Wholesalers - Wholesalers that fall into this category will usually buy large quantities of products from one or more suppliers and will be intending to add value to them by reselling in smaller quantities to distributors, retailers and resellers. This type of wholesale supplier will often have multiple suppliers adding diversity to their product range and choice for their customers. This type of wholesaler may resell products from a number of different industries and in several different categories.
  • 44. Mahendra Publication Pvt. Ltd. 47 MASTER IN MPARKETING ? Speciality Wholesalers - This type of wholesaler will resell products in a specific industry or product category, but may have products from multiple suppliers. Because specialty wholesalers specialize in a specific industry or product type they tend to have good product knowledge and good pricing. ? Specific Product Wholesalers - These are wholesalers who only supply 1 type of product for example footwear or computers. They may supply several brands but only within one product category. Manufacturers often use this type of wholesaler to distribute one or more of their products. ? Discount Wholesalers – This type of wholesaler will supply significantly discounted stock. Generally the stock is discounted because the products are discontinued lines, returned goods or refurbished goods. ? Drop Ship Wholesalers - This type of wholesaler will complete the sale of a product but will have it dispatched from their supplier directly to their customer without actually handling the goods. ? On-line Wholesaler - Wholesalers who sell their products on-line offer discounted prices as they can reduce their overheads such as rent and rates of physical premises. This type of wholesaler is therefore able to add a lower percentage to their purchase price and still make margin. Functions of a Wholesaler A wholesaler is necessary because he performs several marketing functions which are given below: ? Assembling- A wholesaler buys goods in bulk from different manufacturers and keeps them at one place. He collects goods from several places much in advance of demand. He may also import goods from foreign countries. ? Warehousing or storage- There is usually a large time gap between production and consumption of goods. Goods must, therefore, be stored for a considerable time. A wholesaler stores goods in his warehouse and makes them available to retailers as and when demanded. He stabilizes prices of the goods by adjusting the supply with the demand. He creates time utility. ? Dispersion- A wholesaler distributes the assembled goods among a large number of retailers scattered at different places. He sells goods in small quantities according to the choice of retailers. This is known as ‘breaking of bulk’. ? Transportation- A wholesaler arranges for the transport of goods from producers to his warehouse and from the warehouse to retailers. He carries goods in bulk thereby saving costs of transport. Many wholesalers maintain their own trucks and tempos to carry goods far and wide quickly. Thus, a wholesaler adds place utility to the goods. ? Financing- A wholesaler often provides advance money with orders to manufacturers. He purchases goods in bulk on cash basis from them. In addition, he often sells goods on credit basis to retailers. In this way, he provides finance to both producers and retailers. ? Risk –bearing- A wholesaler assumes the risk of damage to goods in transit and in storage. He also bears the risks arising from changes in demand and bad debts. He serves as the shock absorber in the distribution of goods. ? Grading and Packing- Many wholesalers classify the assembled goods into different grades, pack them into small lots and put their own trademarks or brand names. In this way, they perform the functions of grading, packing and branding. ? Pricing- A wholesaler anticipates demand and market conditions. He helps to determine the resale price of goods.
  • 45. MASTER IN MARKETING 48 Mahendra Publication Pvt. Ltd. CHAPTER 12 MARKETING COMMUNICATIONS Marketing communications are messages and related media used to communicate with a market. Marketing communications is the “promotion” part of the “marketing mix” or the “four Ps”: price, place, promotion, and product. Marketing communications is focused on the product/service as opposed to corporate communications where the focus of communications work is the company/ enterprise itself. Marketing communications is primarily concerned with demand generation and product/service positioning while corporate communications deal with issue management, mergers and acquisitions, litigation, etc. Marketing Communications Mix The marketing communications mix consists of eight major modes of communications: ? Advertising- Any paid form of non-personal presentations and promotion of ideas, goods or services by an identified sponsor. ? Sales promotion- A variety of short-term incentives to encourage trial or purchase of a product or service. ? Public Relations and Publicity- The professional maintenance of a favorable public image by an organization or a famous person. ? Direct Marketing- A form of advertising in which physical marketing materials are provided to consumers in order to communicate information about a product or service. Types of direct marketing materials include catalogs, mailers and fliers. ? I n t e r a c t i v e M a r k e t i n g - Interactive Marketing refers to the evolving trend in marketing whereby marketing has moved from a transaction-based effort to a conversation. ? Word-of-mouth Marketing- Word-of-mouth marketing also c a l l e d w o r d o f m o u t h advertising, is an unpaid form of promotion—oral or written— in which satisfied customers tell other people how much they like a business, product, service, or event. ? Personal Selling- Face-to-face selling in which a seller attempts to persuade a buyer to make a purchase. ? Events and Experiences- Company Sponsored activites and programs designed to create daily or special brand related interactions.
  • 46. Mahendra Publication Pvt. Ltd. 49 MASTER IN MPARKETING Characteristics of Marketing Communication Mix Each communication tool has its own unique characteristics and costs. Let us define them in details. Advertising Advertising or advertizing is a form of communication for marketing and used to encourage, persuade, or manipulate an audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new action. The American Marketing Association (AMA) defines advertising as, “Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.” This definition suggests the following features of advertising. ? Advertisement is a paid form of communication. Advertiser exercises a control over it. ? It is non-personal selling. It is a medium of mass communication for large-scale selling. ? It acts as an important marketing tool for presentation and promotion of ideas, goods and services. ? It needs the sponsor of the message known. Advertising will be meaningless if the advertiser is not clearly identified. Features of Advertising The nine important features of advertising are as follows: ? Provides information- The basic purpose of advertising is to provide information about products or services to prospective buyers. The details of products such as features, uses, prices, benefits, manufacturer’s name, and instructions to be followed while using the product are given in the advertisements. The advertising message and brand name are also given. The information supplied gives education and guidance to consumers and facilitates to correct selection of goods by them. ? Paid communication- The advertiser has to pay to the media for giving publicity to his advertising message. He pays for the advertisement, and naturally; he decides the size, slogan, etc. given in the advertisement. Advertising is a form of paid communication. ? Non-personal presentation- Advertising is non-personal in character as against salesmanship, which is personal (face to face communication) in character. In advertising, the message is given to all and not to one specific individual. This rule is applicable to all advertising-media, including press. However, even in advertising target consumers or target market can be selected for making an advertising appeal. ? Publicity- Advertising gives publicity to goods, services and ideas. It is basically for giving information to consumers. This information is always related to the features and benefits of goods and services of different types. Advertising gives new ideas to consumers as its contents are meaningful. The aim is to make the ideas popular and thereby to promote sales. For example, advertising on family planning, family welfare, and life insurance is useful for placing new ideas before the people. ? Basically for persuasion- Advertising aims at persuasion of potential customers. It attracts attention towards a product, creates a desire to have it, and finally induces consumers to visit the market and purchase the same. Advertising has a psychological impact on consumers. It influences the buying decisions of consumers. ? Target oriented- It is possible to make intensive advertising by selecting a specific-market or specific-segment of consumers (e.g. children, housewives, etc.) for advertising. This selection of a specific market is called target market. Advertising becomes effective and result-oriented when it is target oriented. The waste in advertising can be minimized through such a target oriented advertising. ? Art, science and profession- It is now universally accepted that advertising is an art, science and a profession. It is an art as it needs creativity for raising its effectiveness. Advertising is a science as it has its principles and rules. Advertising is now treated as a profession with its professional bodies and code of conduct for members. Advertising agencies and space brokers function as professionals in the field of advertising. ? Element of marketing mix- Advertising is an important element of a marketing mix It supports the sales promotion efforts of the manufacturer and makes positive contribution in sales promotion provided other elements in the marketing-mix are reasonably favorable. This is natural as advertising
  • 47. MASTER IN MARKETING 50 Mahendra Publication Pvt. Ltd. alone is not adequate for promoting sales. Many companies now spend huge funds on advertising and public relations. ? Creativity- Advertising is a method of presenting a product in an artistic, attractive and agreeable manner. This is possible through the element of creativity, which is the essence of advertising. Creativity can be introduced by creative-people (professionals) in the field of advertising. They introduce new techniques for introducing creativity. Without creativity, advertising will be like a body without a soul. It is therefore known as the essence of advertising. Advantages of Advertising The advantages of advertising can be divided into two main groups. One group denotes benefits to manufactures and other group denotes benefit to consumers. Let’s find out how each of them gets benefited by advertising. The advantages of advertising for manufacturers: ? Large-scale production & marketing- Advertising is useful as a sales promotion technique. It gives information to consumers and encourages them to purchase more. Manufacturers expand their production base due to higher market demand created through advertising. ? Introduction of new products- Advertising facilitates the introduction of new products. Due to advertising, information about new products is given to the prospects. This creates demand and the manufacturer is able to sell new products along with the existing ones. ? Creates new demand- Advertising spreads information and encourages consumers to purchase new products. Such advertising leads to the creation of new demand. Various concessions are offered to consumers in the initial period. This gives positive response from the consumers. Thus, advertising creates new demand from non-users. ? Effective personal selling- Advertising creates a proper background for personal selling. It gives advance information to the prospects. They visit the shop in order to purchase a particular product which they know through advertising media. The job of a salesman becomes easy as consumers develop affinity to specific products. In brief, it supports and supplements personal selling. ? Builds brand image- Manufacturers introduce branding for making their products popular with distinct personality. The brands are made popular through advertising. As a result, consumers develop loyalty towards a specific brand. Advertising builds brand image and this develops consumer loyalty towards a specific brand. ? Reduces cost of production- Advertising creates demand and promotes sales. This enables a manufacturer to conduct production on a large scale. This leads to reduction in the cost of production and distribution. As a result, the profit margin of the manufacturer increases. ? Facing competition- A manufacturer can face market competition effectively and can make his products popular through advertising. He can remove misunderstanding among consumers about his products through appropriate advertising. ? Sales promotion- A manufacturer can make his sales promotion campaign successful by using the support of advertising. He can prepare proper background for the success of such an ad- campaign as it facilitates direct communication with consumers. ? Goodwill builder- A manufacturer can build up goodwill and good image in the business world and also among the consumers through advertising. The social welfare programs and community service activities can be given wide publicity through advertising. Even the progress of the Organisation can be brought to the notice of the public through it. The advantages of advertising for consumers: ? Information and guidance- Consumers get information and guidance from advertising. They can study the advertisements of competitors and select the products which are profitable to them. This avoids their cheating and exploitation at the hands of middlemen. ? Acts as reminder- Advertising acts as a reminder to consumers. They remember what is urgently required to be purchased through advertising. ? Attracts consumers- Advertising leads to competition among manufacturers and retailers. They have to offer something special in order to attract consumers. Such attraction offers benefits to consumers. For example, manufacturers have to bring down the price in order to attract customers.
  • 48. Mahendra Publication Pvt. Ltd. 51 MASTER IN MPARKETING They have to supply quality goods in order to attract more customers. All this is beneficial to consumers in terms of price and quality of goods. ? Raises living standards- Advertising raises the standard of living of people by supplying information about goods and services, which can offer convenience and pleasure to them. It guides consumers in the selection of most suitable goods for their daily life. Thus, it provides higher standard of living to consumers as a social group. ? Effective product use- Consumers get information about uses or benefits of different products through advertising. They also get guidance as regards the right manner of using the product. This avoids possible damage of the product purchased. Even the product can be used for different purposes because of the information supplied through advertisements. ? Removes misunderstanding- Advertising helps consumers in removing their misunderstanding about certain products. They change their attitudes towards products and services due to it. Types or Modes of Advertising Virtually any medium can be used for advertising like. ? Television advertising / Music in advertising- The TV commercial is generally considered the most effective mass-market advertising format, as is reflected by the high prices TV networks charge for commercial airtime during popular TV events. ? Infomercials- An infomercial is a long-format television commercial, typically five minutes or longer. The word “infomercial” is a portmanteau of the words “information” & “commercial”. The main objective in an infomercial is to create an impulse purchase, so that the consumer sees the presentation and then immediately buys the product through the advertised toll-free telephone number or website. Infomercials describe, display, and often demonstrate products and their features, and commonly have testimonials from consumers and industry professionals. ? Radio advertising- Radio advertising is a form of advertising via the medium of radio. Radio advertisements are broadcast as radio waves to the air from a transmitter to an antenna and a thus to a receiving device. Airtime is purchased from a station or network in exchange for airing the commercials. While radio has the limitation of being restricted to sound, proponents of radio advertising often cite this as an advantage. Radio is an expanding medium that can be found not only on air, but also online. ? Online advertising- Online advertising is a form of promotion that uses the Internet and World Wide Web for the expressed purpose of delivering marketing messages to attract customers. Online ads are delivered by an ad server. Examples of online advertising include contextual ads that appear on search engine results pages, banner ads, in text ads, Rich Media Ads, Social network advertising, online classified advertising, advertising networks and e-mail marketing, including e-mail spam. ? New media- Technological development and economic globalization favors the emergence of new and new communication channels and new techniques of commercial messaging. ? Press advertising- Press advertising describes advertising in a printed medium such as a newspaper, magazine, or trade journal. This encompasses everything from media with a very broad readership base, such as a major national newspaper or magazine, to more narrowly targeted media such as local newspapers and trade journals on very specialized topics. A form of press advertising is classified advertising, which allows private individuals or companies to purchase a small, narrowly targeted ad for a low fee advertising a product or service. Another form of press advertising is the Display Ad, which is a larger ad (can include art) that typically run in an article section of a newspaper. ? Billboard advertising- Billboards are large structures located in public places which display advertisements to passing pedestrians and motorists. Most often, they are located on main roads with a large amount of passing motor and pedestrian traffic; however, they can be placed in any location with large amounts of viewers, such as on mass transit vehicles and in stations, in shopping malls or office buildings, and in stadiums. ? Mobile billboard advertising- Mobile billboards are generally vehicle mounted billboards or digital screens. These can be on dedicated vehicles built solely for carrying advertisements along routes
  • 49. MASTER IN MARKETING 52 Mahendra Publication Pvt. Ltd. preselected by clients, they can also be specially equipped cargo trucks or, in some cases, large banners strewn from planes. ? In-store advertising- In-store advertising is any advertisement placed in a retail store. It includes placement of a product in visible locations in a store, such as at eye level, at the ends of aisles and near checkout counters (aka POP—Point of Purchase display), eye-catching displays promoting a specific product, and advertisements in such places as shopping carts and in-store video displays. ? Celebrity branding- This type of advertising focuses upon using celebrity power, fame, money, popularity to gain recognition for their products and promote specific stores or products. Advertisers often advertise their products, for example, when celebrities share their favorite products or wear clothes by specific brands or designers. Celebrities are often involved in advertising campaigns such as television or print adverts to advertise specific or general products. The use of celebrities to endorse a brand can have its downsides, however. One mistake by a celebrity can be detrimental to the public relations of a brand. For example, following his performance of eight gold medals at the 2008 Olympic Games in Beijing, China, swimmer Michael Phelps’ contract with Kellogg’s was terminated, as Kellogg’s did not want to associate with him after he was photographed smoking marijuana. Celebrities such as Britney Spears have advertised for multiple products including Pepsi, Candies from Kohl’s, Twister, NASCAR, Toyota and many more. ? Consumer-generated advertising- Thisinvolvesgettingconsumerstogenerateadvertisingthrough blogs, websites, wikis and forums, for some kind of payment. ? Aerial advertising- Using aircraft, balloons or airships to create or display advertising media. Skywriting is a notable example. Sale Promotion According to American Marketing Association, sales promotion refers to those activities other than personal selling, advertising and publicity, that stimulate consumer purchasing and dealer effectiveness, such as display shows and exhibitions, demonstrations, and various other non- recurrent selling efforts not in ordinary routine. Sales promotions can be directed at either the customer, sales staff, or distribution channel members (such as retailers). Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions. Some sale promotions, particularly ones with unusual methods, are considered gimmicks by many. Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate immediate sales. These efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in sales promotion include coupons, samples, premiums, point-of- purchase (POP) displays, contests, rebates, and sweepstakes. Consumer sales promotion techniques ? Price deal: A temporary reduction in the price, such as 50% off. ? Loyal Reward Program: Consumers collect points, miles, or credits for purchases and redeem them for rewards. ? Cents-off deal: Offers a brand at a lower price. Price reduction may be a percentage marked on the package. ? Price-pack deal: The packaging offers a consumer a certain percentage more of the product for the same price (for example, 25 percent extra). ? Coupons: coupons have become a standard mechanism for sales promotions. ? Loss leader: the price of a popular product is temporarily reduced in order to stimulate other profitable sales ? Free-standing insert (FSI): A coupon booklet is inserted into the local newspaper for delivery. ? On-shelf couponing: Coupons are present at the shelf where the product is available. ? Checkout dispensers: On checkout the customer is given a coupon based on products purchased. ? On-line couponing: Coupons are available online. Consumers print them out and take them to the store.
  • 50. Mahendra Publication Pvt. Ltd. 53 MASTER IN MPARKETING ? Mobile couponing: Coupons are available on a mobile phone. Consumers show the offer on a mobile phone to a salesperson for redemption. ? Online interactive promotion game: Consumers play an interactive game associated with the promoted product. ? Rebates: Consumers are offered money back if the receipt and barcode are mailed to the producer. ? Contests/sweepstakes/games: The consumer is automatically entered into the event by purchasing the product. ? Point-of-sale displays ? Sampling: Consumers get one sample for free, after their trial and then could decide whether to buy or not. Trade sales promotion techniques ? Trade allowances: short term incentive offered to induce a retailer to stock up on a product. ? Dealer loader: An incentive given to induce a retailer to purchase and display a product. ? Trade contest: A contest to reward retailers that sell the most product. ? Point-of-purchase displays: Used to create the urge of “impulse” buying and selling your product on the spot. ? Training programs: dealer employees are trained in selling the product. ? Push money: also known as “spiffs”. An extra commission paid to retail employees to push products. Trade discounts (also called functional discounts): These are payments to distribution channel members for performing some function. Public Relations and Publicity Public relations (PR) is the practice of managing the spread of information between an individual or an organization and the public.[1] Public relations may include an organization or individual gaining exposure to their audiences using topics of public interest and news items that do not require direct payment. The aim of public relations by a company often is to persuade the public, investors, partners, employees, and other stakeholders to maintain a certain point of view about it, its leadership, products, or of political decisions. Common activities include speaking at conferences, winning industry awards, working with the press, and employee communication. Public relations professionals present the public face of an organization or individual, usually to articulate its objectives and official views on issues of relevance, primarily to the media. Public relations contributes to the way an organization is perceived by influencing the media and maintaining relationships with stakeholders. Specific public relations disciplines include: ? Financial public relations – communicating financial results and business strategy ? Consumer/lifestyle public relations – gaining publicity for a particular product or service ? Crisis communication – responding in a crisis ? Internal communications – communicating within the company itself ? Government relations – engaging government departments to influence public policy Within each discipline, typical activities include publicity events, speaking opportunities, press releases, newsletters, blogs, social media, press kits and outbound communication to members of the press. Video and audio news releases (VNRs and ANRs) are often produced and distributed to TV outlets in hopes they will be used as regular program content. Building and managing relationships with those who influence an organization or individual’s audiences has a central role in doing public relations. After a public relations practitioner has been working in the field, they accumulate a list of relationships that become an asset, especially for those in media relations. Direct Marketing Direct marketing is practiced by businesses of all sizes — from the smallest start-up to the leaders on the Fortune 500. A well-executed direct advertising campaign can prove a positive return on investment by showing how many potential customers responded to a clear call-to-action.
  • 51. MASTER IN MARKETING 54 Mahendra Publication Pvt. Ltd. Direct Marketing Channels Any medium that can be used to deliver a communication to a customer can be employed in direct marketing, including: ? Email Marketing- Sending marketing messages through email or Email marketing is one of the most widely used direct-marketing methods.[citation needed] One reason for email marketing’s popularity is that it is relatively inexpensive to design, test, and send an email message. It also allows marketers to deliver messages around the clock, and to accurately measure responses. ? Online Tools- With the expansion of digital technology and tools, direct marketing is increasingly taking place through online channels. Most online advertising is delivered to a focused group of customers and has a trackable response. ? Mobile- Through mobile marketing, marketers engage with prospective customers and donors in an interactive manner through a mobile device or network, such as a cellphone, smartphone, or tablet. Types of mobile marketing messages include: SMS: (short message service) — marketing communications are sent in the form of text messages, also known as texting. MMS: (multi-media message service) — These messages use elements such as images, video, and audio; Mobile Applications: Smartphone-based mobile apps contain several types of messages. ? Telemarketing- Another common form of direct marketing is telemarketing, in which marketers contact customers by phone. The primary benefit to businesses is increased lead generation, which helps businesses increase sales volume and customer base. The most successful telemarketingserviceprovidersfocusongeneratingmore“qualified”leadsthathaveahigherprobability of getting converted into actual sales. ? Voicemail Marketing- Voicemail marketing emerged out of the market prevalence of personal voice mailboxes, and business voicemail systems. Voicemail marketing presented a cost effective means by which to reach people directly, by voice. ? Couponing- Couponing is used in print and digital media to elicit a response from the reader. An example is a coupon which the reader receives through the mail and takes to a store’s check-out counter to receive a discount. ? Digital Coupons- Manufacturers and retailers make coupons available online for electronic orders that can be downloaded and printed. Digital coupons are available on company websites, social media outlets, texts, and email alerts. There are an increasing number of mobile phone applications offering digital coupons for direct use. ? Direct Response TV- Direct marketing via television (commonly referred to as DRTV) has two basic forms: long form (usually half-hour or hour-long segments that explain a product in detail and are commonly referred to as infomercials) and short form, which refers to typical 30-second or 60- second commercials that ask viewers for an immediate response (typically to call a phone number on screen or go to a website). TV-response marketing — i.e. infomercials — can be considered a form of direct marketing, since responses are in the form of calls to telephone numbers given on- air. This allows marketers to reasonably conclude that the calls are due to a particular campaign, and enables them to obtain customers’ phone numbers as targets for telemarketing. ? Direct Mail- The term “direct mail” is used to refer to communications sent to potential customers or donors via the postal service and other delivery services. Direct mail is sent to customers based on criteria such as age, income, location, profession, buying pattern, etc. Direct mail includes advertising circulars, catalogs, free-trial CDs, pre-approved credit card applications, and other unsolicited merchandising invitations delivered by mail to homes and businesses. Bulk mailings are a particularly popular method of promotion for businesses operating in the financial services, home computer, and travel and tourism industries. ? Direct Response Radio- In direct response radio, ads contain a call to action with a specific tracking mechanism. Often, this tracking mechanism is a “call now” prompt with a toll-free phone number or a unique Web URL. Results of the ad can be tracked in terms of calls, orders, customers, leads, sales, revenue, and profits that result from the airing of those ads. ? Insert Media- Another form of direct marketing, insert media are marketing materials that are inserted into other communications, such as a catalog, newspaper, magazine, package, or bill.
  • 52. Mahendra Publication Pvt. Ltd. 55 MASTER IN MPARKETING Coop or shared mail, where marketing offers from several companies are delivered via a single envelope, is also considered insert media. ? Out-of-Home- Out-of-home direct marketing refers to a wide array of media designed to reach the consumer outside the home, including billboards, transit, bus shelters, bus benches, aerials, airports, in-flight, in-store, movies, college campus/high schools, hotels, shopping malls, sport facilities, stadiums, taxis — that contain a call-to-action for the customer to respond. ? Direct Response Magazines and Newspapers- Magazine and newspaper ads often include a direct response call-to-action, such as a toll-free number, a coupon redeemable at a brick-and- mortar store, or a QR code that can be scanned by a mobile device — these methods are all forms of direct marketing, because they elicit a direct and measurable action from the customer. ? Direct Selling- Direct selling is the sale of products by face-to-face contact with the customer, either by having salespeople approach potential customers in person, or through indirect means. Grassroots/Community Marketing- The door-to-door distribution of flyers and leaflets within a local community is a business-to-consumer form of direct marketing used extensively by restaurants, fast food companies, and many other business focusing on a local catchment. Similar to direct mail marketing, this method is targeted purely by area and community, and costs a fraction of the amount of a mailshot, since it is not necessary to purchase stamps, envelopes, or address lists with the names of home occupants. Interactive Marketing Interactive marketing is a one to one marketing process that reacts and changes based on the actions of individual customers and prospects. This ability to react to the actions of customers and prospects means that trigger based marketing is dramatically more effective than normal direct marketing. Interactive marketing is typically 2-12 times more effective than traditional direct marketing. Interactive marketing is called many things. You may have heard it called event based marketing or event driven marketing or even trigger based marketing but it is all the same idea: reacting to what the customer is doing and driving up marketing effectiveness. Word-of-Mouth Marketing Word-of-mouth marketing, which encompasses a variety of subcategories, including buzz, blog, viral, grassroots, brand advocates, cause influencers and social media marketing, as well as ambassador programs, work with consumer-generated media and more, can be highly valued by product, social media and performance marketers. Because of the personal nature of the communications between individuals, it is believed that they are more credible. Research points to individuals being more inclined to believe WOMM than more formal forms of promotion methods; the listener tends to believe that the communicator is being honest and doesn’t have an ulterior motive (i.e. they are not being paid for their referrals). Word-of-mouth depends on the extent of customer satisfaction with the product or service and on the degree of its perceived value. To promote and manage word-of-mouth communications, marketers use publicity techniques as well as viral marketing methods to achieve desired behavioral response. Companies can focus on brand advocates, the people who proactively recommend their favorite brands and products online and offline without being paid to do so.[16] Influencer marketing is also increasingly used to seed WOMM by targeting key individuals who have authority and many personal connections. Personal Selling Personal selling occurs where an individual salesperson sells a product, service or solution to a client. Salespeople match the benefits of their offering to the specific needs of a client. Today, personal selling involves the development of longstanding client relationships. In comparison to other marketing communications tools such as advertising, personal selling tends to: Use fewer resources, pricing is often negotiated. Products tend to be fairly complex (e.g. financial services or new cars). There is some contact between buyer and seller after the sale so that an ongoing relationship is built.
  • 53. MASTER IN MARKETING 56 Mahendra Publication Pvt. Ltd. Client/prospects need specific information. The purchase tends to involve large sums of money. There are exceptions of course, but most personal selling takes place in this way. Personal selling involves a selling process that is summarised in the following Five Stage Personal Selling Process. The five stages are: ? Prospecting ? Making first contact ? The sales call ? Objection handling ? Closing the sale A Five Stage Personal Selling Process Stage One - Prospecting Prospecting is all about finding prospects, or potential new customers. Prospects should be ‘qualified,’ which means that they need to be assessed to see if there is business potential, otherwise you could be wasting your time. In order to qualify your prospects, one needs to: ? Plan a sales approach focused upon the needs of the customer. ? Determine which products or services best meet their needs. ? In order to save time, rank the prospects and leave out those that are least likely to buy. Stage Two - Making First Contact This is the preparation that a salesperson goes through before they meet with the client, for example via e-mail, telephone or letter. Preparation will make a call more focused. Stage Three - The Sales Call (or Sales Presentation) It is best to be enthusiastic about your product or service. If you are not excited about it, don’t expect your prospect to be excited. Stage Four - Objection Handling Objection handling is the way in which salespeople tackle obstacles put in their way by clients. Some objections may prove too difficult to handle, and sometimes the client may just take a dislike to you (aka the hidden objection). The sales person could also tactfully and respectfully contradict the client. Stage Five - Closing the Sale This is a very important stage. Often salespeople will leave without ever successfully closing a deal. Advantages of Personal Selling One key advantage personal selling has over other promotional methods is that it is a two-way form of communication. In selling situations the message sender (e.g., salesperson) can adjust the message as they gain feedback from message receivers (e.g., customer). So if a customer does not understand the initial message (e.g., doesn’t fully understand how the product works) the salesperson can make adjustments to address questions or concerns. Many non-personal forms of promotion, such as a radio advertisement, are inflexible, at least in the short-term, and cannot be easily adjusted to address audience questions. The interactive nature of personal selling also makes it the most effective promotional method for building relationships with customers, particularly in the business-to-business market. This is especially important for companies that either sell expensive products or sell lower cost but high volume products (i.e., buyer must purchase in large quantities) that rely heavily on customers making repeat purchases. Because such purchases may take a considerable amount of time to complete and may involve the input of many people at the purchasing company (i.e., buying center), sales success often requires the marketer develop and maintain strong relationships with members of the purchasing company. Finally, personal selling is the most practical promotional option for reaching customers who are not easily reached through other methods. The best example is in selling to the business market where, compared to the consumer market, advertising, public relations and sales promotions are often not well received.
  • 54. Mahendra Publication Pvt. Ltd. 57 MASTER IN MPARKETING Viral Marketing Viral marketing, viral advertising, or marketing buzz are buzzwords referring to marketing techniques that use pre-existing social networks and other technologies to produce increases in brand awareness or to achieve other marketing objectives (such as product sales) through self-replicating viral processes, analogous to the spread of viruses or computer viruses (cf. Internet memes and memetics). It can be delivered by word of mouth or enhanced by the network effects of the Internet and mobile networks. Viral marketing may take the form of video clips, interactive Flash games, advergames, ebooks, brandable software, images, text messages, email messages, or web pages. The most common utilized transmission vehicles for viral messages include: pass-along based, incentive based, trendy based, and undercover based. However, the creative nature of viral marketing enables an “endless amount of potential forms and vehicles the messages can utilize for transmission”, including mobile devices. The ultimate goal of marketers interested in creating successful viral marketing programs is to create viral messages that appeal to individuals with high social networking potential (SNP) and that have a high probability of being presented and spread by these individuals and their competitors in their communications with others in a short period of time. SOME MORE TERMS USED IN MARKETING ABC Activity-based costing (ABC) is a costing methodology that identifies activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption by each. This model assigns more indirect costs (overhead) into direct costs compared to conventional costing. Advertising Advertising is a form of communication that typically attempts to persuade potential customers to purchase or to consume more of a particular brand of product or service. Many advertisements are designed to generate increased consumption of those products and services through the
  • 55. MASTER IN MARKETING 58 Mahendra Publication Pvt. Ltd. creation and reinforcement of “brand image” and “brand loyalty”. For these purposes, advertisements sometimes embed their persuasive message with factual information. AIDA Marketing AIDA is an acronym used in marketing and advertising that describes a common list of events that may occur when a consumer engages with an advertisement. The base of brand promotion also. ? A - Attention (Awareness): attract the attention of the customer. ? I - Interest: raise customer interest by focusing on and demonstrating advantages and benefits (instead of focusing on features, as in traditional advertising). ? D - Desire: convince customers that they want and desire the product or service and that it will satisfy their needs. ? A - Action: lead customers towards taking action and/or purchasing. Using a system like this gives one a general understanding of how to target a market effectively. Moving from step to step, one loses some percent of prospects. Anti-competitive practice A practice is considered anti-competitive if it prevents, distorts or restricts competition in a market for goods and services in Barbados. Anti-dumping Anti dumping is a measure to rectify the situation arising out of the dumping of goods and its trade distortive effect. Thus, the purpose of anti dumping duty is to rectify the trade distortive effect of dumping and re-establish fair trade. The use of anti dumping measure as an instrument of fair competition is permitted by the WTO. In fact, anti dumping is an instrument for ensuring fair trade and is not a measure of protection for the domestic industry. It provides relief to the domestic industry against the injury caused by dumping. Anti dumping measures do not provide protection per se to the domestic industry. It only serves the purpose of providing remedy to the domestic industry against the injury caused by the unfair trade practice of dumping. Barter A Trade Exchange or Barter is a type of trade in which goods or services are directly exchanged for other goods and/or services, without the use of money. It can be bilateral or multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money as the method of exchange in times of monetary crisis, when the currency is unstable and devalued by hyperinflation. Business-to-business Business-to-business (B2B) describes commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer. Contrasting terms are business-to-consumer (B2C) and business-to-government (B2G). B2B branding is a term used in marketing. Business-to-government Business-to-government (B2G) is a derivative of B2B marketing and often referred to as a market definition of “public sector marketing” which encompasses marketing products and services to various government levels - including federal, state and local - through integrated marketing communications techniques such as strategic public relations, branding, marcom, advertising, and web-based communications.
  • 56. Mahendra Publication Pvt. Ltd. 59 MASTER IN MPARKETING Branding It is a promise, a pledge of quality. It is the essence of a product, including why it is great, and how it is better than all competition products. It is an image. It is a combination of words and letters, symbols, and colors. Break-even The break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has “broken even” Customer Lifetime Value In marketing, customer lifetime value (CLV) (or often CLTV), lifetime customer value (LCV), or user lifetime value (LTV) is a prediction of the net profit (for Start ups you must use Gross Profit, because net profit is negative during first years) attributed to the entire future relationship with a customer. Customer lifetime value (CLV) can also be defined as the dollar value of a customer relationship, based on the present value of the projected future cash flows from the customer relationship. Customer lifetime value is an important concept in that it encourages firms to shift their focus from quarterly profits to the long-term health of their customer relationships. Customer lifetime value is an important number because it represents an upper limit on spending to acquire new customers. Customer relationship management Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Conglomerate A conglomerate is the term used to describe a large company that consists of seemingly unrelated business sections. This term may also be referred to as a multi-industry company. Circulation The total number of copies distributed by a newspaper or magazine. Classifieds An advertisement in a newspaper that is placed along with advertisements for similar events under a classified heading, e.g. ‘Entertainment’ or ‘Cinema’. Concept A design in which all aspects of the product are linked to a central idea, function or theory, etc. Copyright The exclusive right, granted by law for a certain term of years, to make and dispose of copies of, and otherwise to control, a literary, musical, dramatic, or artistic work. Direct Mail Mailing brochures, letters, questionnaires etc. directly to the target market. Display Ad An advertisement which is usually designed by the advertiser and displayed in a box. Direct Response In advertising. Advertising designed to trigger a behavioural response in target audiences, e.g. placing mail back coupons in the ad, asking people to bring in or mention an ad, setting up a phone number and asking individuals to call for further information etc.
  • 57. MASTER IN MARKETING 60 Mahendra Publication Pvt. Ltd. Digital Marketing Digital Marketing is the practice of promoting products and services using all forms of digital advertising. It includes Television, Radio, Internet, mobile and any other form of digital media. Distress Rates Cheaper rates for advertising at short notice, i.e. When newspapers have spaces to fill shortly before their deadlines. Distribution To place promotional material, e.g. fliers or posters, throughout areas where they will be picked up. Drip Marketing Method of sending promotional items to clients is called Drip marketing. Dumping If a company exports a product at a price (export price) lower than the price it normally charges on its own home market (normal value), it is said to be ‘dumping’ the product. Dumping can harm the domestic industry by reducing its sales volume and market shares, as well as its sales prices. This in turn can result in decline in profitability, job losses and, in the worst case, in the domestic industry going out of business. Often, dumping is mistaken and simplified to mean cheap or low priced imports. However, it is a misunderstanding of the term. On the other hand, dumping, in its legal sense, means export of goods by a country to another country at a price lower than its normal value. Thus, dumping implies low priced imports only in the relative sense (relative to the normal value), and not in absolute sense. Guerilla Marketing Unconventional marketing intended to get maximum results from minimal resources is nothing but Guerilla Marketing. JIT Just-in-time (JIT) is an inventory strategy implemented to improve the return on investment of a business by reducing in-process inventory and its associated carrying costs. In order to achieve JIT the process must have signals of what is going on elsewhere within the process. Incentive Something of financial or symbolic value added to an offer to encourage some overt behavioural response. Indirect Marketing Indirect Marketing is the distribution of a particular product through a channel that includes one or more resellers. Difference b/w Direct and Indirect Marketing: Direct marketing is basically advertising your own products or services. In the same way you might advertise for someone else is called Indirect marketing, is an increasingly popular way of doing business Internet Marketing: Internet marketing is the marketing of products or services over the Internet. Internet Marketing is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) or e-Marketing Key Selling Points The components of a program or event that will appeal to the greatest number of people.
  • 58. Mahendra Publication Pvt. Ltd. 61 MASTER IN MPARKETING Loyalty Programs A component of relationship marketing. Programs designed to increase the strength of a consumer’s preference for a particular entity. The most common form of loyalty program in the arts is subscription or membership programs. Marketing The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, and people to create exchanges that will satisfy individual and organizational goals. Marketing Mix The blend of product, place, promotion, and pricing strategies designed to produce satisfying exchanges with a target market. Market Research The process of planning, collecting, and analyzing data relevant to marketing decision- making. Using a combination of primary and secondary research tools to better understand a situation. Marketing Strategy The first stage is setting marketing objectives (where the organisation wants to be at the end of the strategic planning period) and goals (the objectives with specific numerical benchmarks and deadlines attached to allow management to measure achievement). The second stage is specifying the core marketing strategy, i.e. specific target markets, competitive positioning and key elements of the marketing mix. The third is the implementation of tactics to achieve the core strategy. Mergers and Acquisitions The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity. A merger is a tool used by companies for the purpose of expanding their operations often aiming at an increase of their long term profitability. An acquisition, also known as a takeover, is the buying of one company (the ‘target’) by another. Media Hooks Aspects of an event or program that are most likely to appeal to a journalist or the media generally. Media Monitoring: Systematic monitoring of the media in order to ascertain what has been said. Specialised agencies provide this service. Offer A proposal by a marketer to make available to a target customer a desirable set of positive consequences if the customer undertakes the required action. Psychographics Life-style measures which combine psychological and demographic measurements based on consumers’ activities, aspirations, values, interests or opinions. Qualitative Research Research that seeks out people’s attitudes and preferences, usually conducted through unstructured interviews or focus groups. Quantitative Research Research that measures (quantifies) responses to a structured questionnaire, conducted either through telephone, face-to-face structured interviews, on the Internet or through self completion surveys.
  • 59. MASTER IN MARKETING 62 Mahendra Publication Pvt. Ltd. Quickcuts The brand name of technology which enables design companies or advertising agencies to transmit advertisements directly to the publication over a telephone line. Reach The total number of people your organisation or campaign reaches. Relationship marketing Marketing with a focus on building long-term relationships where the target customer is encouraged to continue his or her involvement with the marketer. Relative market share Relative market share indexes a firm’s or a brand’s market share against that of its leading competitor. Market concentration, a related metric, measures the degree to which a comparatively small number of firms accounts for a large proportion of the market. These metrics are useful in comparing a firm’s or a brand’s relative position across different markets and in evaluating the type and degree of competition in those markets. Selective Attention The mental process of screening out certain stimuli while noticing others. Selective Distortion Selective distortion is a term that refers to the tendency of people to interpret information in a way that will support what they already believe. Selective Distribution Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as ‘designer’ or prestige goods. Selective Retention Selective retention, in relating to the mind, is the process when people more accurately remember messages that are closer to their interests, values and beliefs, than those that are in contrast with their values and beliefs, selecting what to keep in the memory, narrowing the informational flow. Strategic Marketing Planning The process of managerial and operational activities required to create and sustain effective and efficient marketing strategies, including identifying and evaluating opportunities, analyzing markets and selecting target markets, developing a positioning strategy, preparing and executing the market plan, and controlling and evaluating results. Situational Analysis An analysis of the internal and external environment of a company or event. Social Media Marketing Social media marketing is marketing using online communities, social networks, blog marketing and more. Supply Chain Management Supply chain management (SCM) is the management of an interconnected or interlinked between network, channel and node businesses involved in the provision of product and service packages required by the end customers in a supply chain.[2] Supply chain management spans the movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption. It is also defined as the “design, planning, execution, control, and monitoring
  • 60. Mahendra Publication Pvt. Ltd. 63 MASTER IN MPARKETING of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally. Talent The person or people you put forward to the media as possible subjects for an interview, a game show, a picture or footage, etc. Target Audience The section of the population that is identified as likely to be most interested in buying or being associated with a product. Target media The media you decide to target for coverage because they reach your target audience. Targeting The act of directing promotions to the target audience. Target Costing Target costing is a pricing method used by firms. It is defined as “a cost management tool for reducing the overall cost of a product over its entire life-cycle with the help of production, engineering, research and design”. A target cost is the maximum amount of cost that can be incurred on a product and with it the firm can still earn the required profit margin from that product at a particular selling price. TARPS Target audience rating points — that is, the number of people or percentage of people reached in your target audience. Total Quality Management Total Quality Management / TQM is an integrative philosophy of management for continuously improving the quality of products and processes. TQM is based on the premise that the quality of products and processes is the responsibility of everyone involved with the creation or consumption of the products or services which are offered by an organization, requiring the involvement of management, workforce, suppliers, and customers, to meet or exceed customer expectations. Unique Selling Proposition (USP) The one thing that makes a product different than any other. It’s the one reason marketers think consumers will buy the product even though it may seem no different from many others just like it. Value Proposition A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. Vertical Marketing System A vertical marketing system (VMS) is one in which the main members of a distribution channel— producer, wholesaler, and retailer—work together as a unified group in order to meet consumer needs. In conventional marketing systems, producers, wholesalers, and retailers are separate businesses that are all trying to maximize their profits. When the effort of one channel member to maximize profits comes at the expense of other members, conflicts can arise that reduce profits for the entire channel. To address this problem, more and more companies are forming vertical marketing systems.
  • 61. MASTER IN MARKETING 64 Mahendra Publication Pvt. Ltd. MULTIPLE CHOICE QUESTIONS BASED ON THE TEXT For each of the following questions choose the correct alternative: Q.1. Factors which influence the buyer behavior are- (1) Personal factors (2) Social factors (3) Cultural factors (4) Psychological factors (5) All of these Q.2. In product concept, the profit is earned through —- (1) Satisfaction of Consumer (2) Promotion (3) Quality of product (4) 1 and 2 (5) None of these Q.3. ‘Specialty product’ means ———— (1) News paper (2) Petrol (3) Car (4) 2 and 3 (5) None of these Q.4. Example of Departmental stores is/are ——- (1) Big bazaar (2) General store (3) Show rooms (4) 1 and 3 (5) None of these Q.5. Sales and distribution is a part of —— (1) Product (2) Price (3) Place (4) Promotion (5) All of these Q.6. First step in buying process ———— (1) problem recognition (2) product purchase (3) Post purchase behaviour (4) Buyer behaviour (5) None of these Q.7. SCM means ———- (1) Supply chain marketing (2) Supply chain market (3) Supply channel market (4) Supply channel manager (5) Supply chain management Q.8. Intangible features of a product is/are —— (1) Value (2) taste (3) Smell (4) 2 and 3 (5) None of these Q.9. Internet marketing comes into ————- (1) Meta market (2) Market space (3) Market place (4) 2 and 3 (5) None of these Q.10. Types of buyer behaviour is/are (1) Complex behaviour (2) variety seeking behaviour (3) Habitual buying behaviour (4) All of these (5) None of these Q.11. VCM stand for ———— (1) Variety channel marketing (2) Value channel management (3) Value chain management (4) Variety chain management (5) All of these Q.12. Last stage in PLC is———- (1) Growth (2) Peek (3) Decline (4) Introduction (5) Maturity Q.13. DSR stand for ———- (1) Daily sale report (2) Daily selling record (3) Direct selling report (4) Direct sale record (5) None of these
  • 62. Mahendra Publication Pvt. Ltd. 65 MASTER IN MPARKETING Q.14. Government universities come under —— (1) Consumer market (2) Industrial market (3) Global market (4) Non-profit market (5) All of these Q.15. ‘A Guarantee company taking a responsibility’, is what kind of marketing ——— (1) Exchange concept (2) Product concept (3) Accountable marketing (4) Re-active marketing (5) Pro-active marketing Q.16. Banks informing customers about loan taken by them is/are ———- (1) Re-active marketing (2) Pro-active marketing (3) Accountable marketing (4) Product marketing (5) None of these Q.17. Targeting strategies is/are ——— (1) Standardization (2) Focus (3) Differentiation (4) All of these (5) 1 and 2 Q.18. Father of management is——- (1) Philip Kotler (2) F.W. Taylor (3) Henry Fayol (4) Mc-Garthy (5) None of these Q.19. Marketing activity is associated with ———- (1) Plant (2) Company (3) Factory (4) Consumer (5) None of these Q.20. Political parties come under which environment (1) Micro environment (2) Macro environment (3) Demographic environment (4) Single environment (5) None of these Q.21. Motivation is a ——— (1) Personal factor (2) Psychological factor (3) Social factor (4) 1 and 2 (5) None of these Q.22. Life Style comes under ————— (1) Psychological factor (2) Personal factor (3) Social factor (4) Cultural factor (5) None of these Q.23. Client means ————— (1) Consumer (2) Customer (3) Professional Customer (4) Permanent Customer (5) All of these Q.24. If consumer wants to know about the services which are going to be delivered by the bank, it is called- (1) Re-active marketing (2) Direct marketing (3) Accountable marketing (4) 1 & 2 (5) None of these Q.25. A van with company poster is/are - (1) Advertisement (2) Publicity (3) Public relation (4) 1 and 2 (5) None of these Q.26. LPG stands for —————- (1) Liquefied Petroleum Gas (2) Liberalization, Privilege Government (3) Liberalization Privatization Globalization (4) Labour Party of Government (5) None of these
  • 63. MASTER IN MARKETING 66 Mahendra Publication Pvt. Ltd. Q.27. Internal marketing means (1) Business (2) Intranet transaction (3) Bazaar (4) C-Business (5) None of these Q.28. Consumerism is /are ——- (1) An Act (2) Movement (3) Reprisal Forum (4) All of these (5) None of these Q.29. A bank annual balance sheet in new paper is/are ———- (1) Publicity (2) Public relation (3) Advertisement (4) Promotion (5) None of these Q.30. Competitors come under ————- (1) Micro Environment (2) Macro Environment (3) Social Environment (4) Political Environment (5) None of these Q.31. Niche market means ———- (1) Large market (2) Very small market (3) Medium market (4) Meta Market (5) None of these Q.32. Product mix include ——— (1) Bar Coding (2) Packaging (3) M.R.P. (4) 2 & 3 (5) All of these Q.33. Bank use which kind of distribution ———— (1) Intensive distribution (2) Exclusive distribution (3) Selective distribution (4) All of these (5) None of these Q.34. SCM flow means —————- (1) Money flow (2) Goods Flow (3) Information flow (4) All of these (5) None of these Q.35. Public relation is/are ———- (1) Press Conference (2) Article by Company in news paper (3) Lobbying (4) 1 and 2 (5) All of these Q.36. Marketing starts from ————- (1) Production (2) Customer (3) Need, Want & Demand (4) Promotion (5) None of these Q.37. Barter System is/are —— (1) Product concept (2) Production concept (3) Selling concept (4) Exchange concept (5) None of these Q.38. Relationship marketing is also known as ——- (1) Direct marketing (2) Internet Marketing (3) Win-Win marketing (4) Online marketing (5) None of these Q.39. Public relation is/are ————— (1) Direct sale agency (2) Direct selling agent (3) Direct selling agencies (4) Direct sale agent (5) None of these
  • 64. Mahendra Publication Pvt. Ltd. 67 MASTER IN MPARKETING Q.40. What is the first step in marketing process -? (1) Controlling (2) Analyzing (3) Planning (4) Setting Objectives (5) None of these Q.41. Innovation means________ (1) Discovery (2) Product (3) New thought with new concept (4) Making (5) None of these Q.42. Perception is a ————— factor. (1) Personal (2) Social (3) Culture (4) Psychological (5) None of these Q.43. Last step in buying process_____ (1) Pre-purchase Behaviour (2) Post Purchase Behaviour (3) Purchase Decision (4) 2 and 3 (5) None of these Q.44. ISP stands for______ (1) Initial service Provide (2) International Service Provide (3) Internet Service Project (4) Internet Social Project (5) Internet Service Provider Q.45. Variety seeking buying behaviour customers’ are__________ (1) Soft core loyal (2) Hard core loyal (3) Switchers (4) Variety core loyal (5) None of these Q.46. Cost plus pricing is also known as______ (1) Markup Pricing (2) Marginal Pricing (3) Break even pricing (4) Promotional pricing (5) None of these Q.47. People, Process & Physical evidence are collectively called______ (1) Additional P’s (2) Augmented P’s (3) 3P’s (4) Marketing P’s (5) None of these Q.48. In which stage of Product life cycle, profit increase at an increasing rate____ (1) Maturity (2) Initial (3) Growth (4) Declining (5) None of these Q.49. Railways adopt which kind of targeting strategies________ (1) Focus (2) Standardization (3) Marketing (4) Differentiation (5) None of these Q.50. Psychological factors include________ (1) Motivation (2) Learning (3) Beliefs (4) 1, 2 & 3 (5) None of these Q.51. 7P’s have been given by______ (1) Mc Garthy (2) Phillip Kotler (3) F.W. Taylor (4) Henry Fayol (5) None of these Q.52. Hardcore loyal customers are display ________ (1) Dissonance (2) Complex behaviour (3) Variety seeking behaviour (4) Shifting behaviour (5) Habitual behaviour Q.53. Personal selling comes under________ (1) Selling (2) Marketing (3) Advertisement (4) Public relation (5) Sale and distribution
  • 65. MASTER IN MARKETING 68 Mahendra Publication Pvt. Ltd. Q.54. Micro environment includes (1) Technological (2) Suppliers (3) Customers (4) 2 & 3 (5) None of these Q.55. Counseling comes in________ (1) Publicity (2) Conversation (3) Public relation (4) 2 and 3 (5) None of these Q.56. Bank uses which of the following service channel (1) Provider- Ultimate consumer (2) Provider- Agent- Ultimate consumer (3) Provider- Wholesaler- Consumer (4) Provider- Wholesaler - Retailer- Consumer (5) Producer- Retailer- Consumer Q.57. In PLC, from which stage company earns maximum profit_______ (1) Growth (2) Peak (3) Diminishing (4) Initial (5) None of these Q.58. Branding comes under (1) Promotion mix (2) Product mix (3) Place mix (4) Price mix (5) None of these Q.59. First step in target market (1) Segmentation (2) Targeting strategies (3) Planning (4) 1 and 2 (5) None of these Q.60. Marketing scope includes_________ (1) Services (2) Places (3) Events (4) Goods (5) All of these Q.61. When the market is limited in size most of the market is aware of the product; buyers are willing to pay a high price; and potential competition is not eminent. In this situation the best strategy is: (1) Rapid skimming (2) Slow skimming (3)Rapid penetration (4) Slow penetration (5) None of these Q.62. Rapid penetration strategy consists of launching of product at a ____________.price and spending____________..on promotion (1) Low, heavily (2) Low, low (3) High, heavily (4) High, low (5) None of these Q.63. When the market is large, the market is unaware of the product; most buyers are price sensitive, there is strong potential competition, and the company’s unit manufacturing cost falls with level of production. The best strategy is: (1) Rapid skimming (2) Slow skimming (3) Rapid penetration (4) Slow penetration (5) None of these Q.64. Assume the market is large; highly aware of a new product; price sensitive and there is some potential competition. The best strategy will be: (1) Rapid skimming (2) Slow skimming (3) Rapid penetration (4) Slow penetration (5) None of these Q.65. Best stage to introduce new product is (1) Introduction (2) Growth (3) Maturity (4) Decline (5) None of these Q.66. Generally, the longest stage in product life cycle is .......stage. (1) Introduction (2) Growth (3) Maturity (4) Decline (5) None of these Q.67. Most products are in the....stage of product life cycle. (1) Maturity (2) Decline (3) Introduction (4) Growth (5) None of these
  • 66. Mahendra Publication Pvt. Ltd. 69 MASTER IN MPARKETING Q.68. Managers try to stimulate sales by modifying product characteristics at maturity stage. This is done through_______ (1) Quality improvement (2) Feature improvement (3) Style improvement (4) All of these (5) None of these Q.69. Style improvement aims at increasing the......of the product. (1) Aesthetic appeal (2) Size (3) Accessories (4) Durability (5) None of these Q.70. During the market emergence stage, it is better for small firms to pursue a ....... strategy. (1) Single niche (2) Multiple niches (3) Mass marketing (4) All of these (5) None of these Q.71. Market leader who engages in such practices as introducing new products, reducing costs and improving customer services is trying to ______________ (1) Improve quality of the product (2) Use pre-emptive defense (3) Defend market charges (4) Use counter defense (5) None of these Q.72. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy____________ (1) Will (2) Wants or needs (3) Desire (4) Demand (5) None of these Q.73. A group of diverse, but related items that function in a compatible manner is called__________ (1) Product style (2) Product mix (3) Product system (4) Product variety (5) None of these Q.74. Nikon company sells a basic 35 mm camera along with an extensive set of lenses, filters and other accessories. It is an example of (1) Product style (2) Product System (3) Product mix (4) Product variety (5) None of these Q.75. A Company’s product mix will have a (1) Length (2) Width (3) Depth and consistency (4) All of these (5) None of these Q.76. Which of the following is function of Marketing? (1) Purchase (2) Sales (3) Storage (4) Transport (5) All of the above Q.77. Which of the following is secondary function of market? (1) Production Policies (2) Standardizing and Grading (3) Marketing Finance (4) Sales (5) None of these Q.78. Which of the following is not a socioeconomic criterion for market segmentation? (1) Brand loyalty (2) Age (3) Income (4) Size of family (5) Sex differentiation Q.79. How many stages are there in product life cycle? (1) Two (2) Three (3) Five (4) Six (5) None of these Q.80. Concept of ‘Super Market’ was introduced by — (1) USA (2) China (3) Britain (4) France (5) India
  • 67. MASTER IN MARKETING 70 Mahendra Publication Pvt. Ltd. Q.81. Which of the following is not a part of the core concept of marketing? (1) Needs, wants and demand (2) Value, cost and satisfaction (3) Transfers (4) All of these (5) None of these Q.82. Production concept holds that consumers will favour those products that are (1) Widely available (2) Lower in cost (3) Both (1) and (2) (4) Higher in Cost (5) None of these Q.83. Which of the following is not a part of selling concept? (1) Customers, if left alone, will ordinarily not buy (2) Aggressive selling and promotional efforts (3) Focus on the needs of the buyers (4) All of these (5) None of these Q.84. Marketing concept rests on (1) Target market (2) Customers (3) Co-ordinate marketing (4) All of these (5) None of these Q.85. Internal marketing is the task of successfully: (1) Hiring the employees (2) training the employees (3) Motivating the employees (4) All of these (5) None of these Q.86. In developing the marketing strategy for a business, all the following would be considered except: (1) Interest of top management (2) Industry position (3) Objectives and opportunities (4) Skills and resources (5) None of these Q.87. In marketing, SBU stands for (1) Strategic business unit (2) Self business unit (3) State business undertaking (4) Small business unit (5) None of these Q.88. Which of the following is not a part of intensive growth? (1) Product development (2) Market development (3) Market penetration (4) Horizontal integration (5) None of these Q.89. An ideal business is major opportunities and major threats: (1) Low, high (2) High, low (3) High, high (4) Low, low (5) None of these Q.90. Which of the following is a part of the micro environment? (1) Economic (2) Social (3) Political (4) Supplier (5) None of these Q.91. Secondary data is collected through: (1) Observation (2) Survey (3) Official record (4) Experiment (5) None of these Q.92. The best statistical tool is (1) Correlation analysis (2) Simple regression analysis (3) Multiple regression analysis (4) All of these (5) None of these
  • 68. Mahendra Publication Pvt. Ltd. 71 MASTER IN MPARKETING Q.93. ____________...plays a major role in the adoption of new products: (1) Personal products (2) Personal influence (3) Relatives (4) Friends (5) None of these Q.94. The number of different lines offered by a company is termed as: (1) Length (2) Width (3) Depth (4) Breadth (5) None of these Q.95. How many types of methods of communications are generally practiced in an organization? (1)Three (2) Four (3) Two (4) Five (5) None of these Q.96. The act of obtaining a desired object from someone by offering something in return is called as a (n)..... (1) Transaction (2) Exchange (3) Relationship (4) Value (5) None of these Q.97. Of the following pricing strategies, _____________ is not ideal for new products. (1) Market-skimming (2) Discriminatory Pricing (3) Market-penetration (4) Promotional Pricing (5) None of these Q.98. Of the following characteristics _____________ is found only in some services like banking and not found in case of many services. (1) Inseparability (2) Variability (3) Client relationship (4) Perishability (5) None of these Q.99. Promotion is an exercise of maintaining contact with the consumer at different levels so as to.... (1) Enhance customer relationship (2) Lure the customer in to buying the products (3) Prevent customer from being critical of the firm (4) All of these (5) None of these Q.100. The components of Marketing Information system does not include.....: (1) Marketing Intelligence System (2) Internal Records System (3) Information technology System (4) All of these (5) None of these Q.101. What do you understand by the term relationship marketing? (1) Selling to strangers (2) Selling to relatives (3) Selling on the basis of strong customer relationship (4) Selling to family (5) None of these Q.102. SIP is similar to___ (1) Bank Deposit (2) Gold Bonds (3) Mutual Funds (4) Credit Cards (5) None of these Q.103. Cross selling for bank products may be____ (1) Internet marketing(2) Saving Account (3) Loans (4) Debit cards (5) None of these Q.104. SIP stands for– (1) Small Investment Plan (2) Secret Investment Plan (3) Saving in Post Office (4) Small Industries Plan (5) None of these
  • 69. MASTER IN MARKETING 72 Mahendra Publication Pvt. Ltd. Q.105. Bank Product penetration means (1) Providing / selling different product to different customers. (2) Selling banks product to maximum customers and in new markets. (3) Selling product with quality (4) Selling to staff people (5) None of these Q.106. Bank Sales man should be_ (1) Focused (2) Knowledgeable (3) Courteous (4) All of these (5) Fragile Q.107. Bank comes in____ and it consist of ______ P’s. (1) Service industry / 7 (2) Product industry / 6 (3) Marketing mix / 4 (4) Self dependent / 3 (5) None of these Q.108. Bank uses which marketing method to increase brand Loyalty? (1) Reactive Marketing (2) Pro-active Marketing (3) Accountable Marketing (4) 1 and 2 (5) All of these Q.109. ‘Niche Marketing’ can be used in banks for the products like_____ (1) Saving accounts (2) SIP (3) Mutual funds (4) Industrial Loan (Small market segment) (5) None of these Q.110. ‘CSR’ means (1) Collateral Security Reserve (2) Complete Solution Ratio (3) Competition Success Review (4) Corporate Social Responsibility (5) Casual Series Research Q.111. Marketing concept emphasizes (1) On Maximum production (2) On staff (3) Customer-orientation and Coordination of marketing activities (4) Cost (5) Purchase Q.112. ‘SWOT’ stands for– (1) Street wide oriented target (2) Strength, weakness, opportunity and threat (3) System wise organizational treatment (4) 2 and 3 (5) None of these Q.113. ATM can be placed– (1) Near the bank (2) In the bank (3) Within easy reach of the customer (4) Near the Main office (5) None of these Q.114. ‘Service channel includes’– (1) 4 channel (2) 2 channel (3) 3 channel (4) ‘0’ or maximum 1 channel (5) Infinite Q.115. ‘Example of brand’ can be (1) Coca Cola Pvt. Ltd. (2) PepsiCo (3) Hindustan Unilever Ltd. (4) Maza (5) All of these
  • 70. Mahendra Publication Pvt. Ltd. 73 MASTER IN MPARKETING Q.116. ‘Bank can use promotional tools’ to beat its competitors by– (1) Advertisement (2) Direct Marketing (3) Public relation (4) Only 1, 2 and 3 (5) Campaign Q.117. A marketing plan is a (1) Written document containing necessary actions to achieve marketing objective. (2) Systematic budget plan for 1 year (3) A secret plan for whole organization (4) Design at a time when new product develops (5) None of these Q.118. The full form of ATM is– (1) Automation Telling machine (2) Actual Telling machine (3) Automated Teller machine (4) Artificial Total machine (5) None of these Q.119. Target Market means (1) Creating product for special section of society (2) Mass marketing (3) Shooting on Target market (4) Market analysis (5) None of these Q.120. DSA and DST stand for– (1) Double system Accounting and Double System Tally. (2) Direct Sales Agent and Direct Sales Team (3) Decision System Analyst and Decision System Tool (4) Direct Sales Authority and Director of Sales Team (5) None of these Q.121. Brand Loyalty can be created only when- (1) A customer is totally satisfied with the services of bank (2) He/she has any relative in the bank (3) If bank sells product without charging money. (4) Banks gives free gift (5) None of these Q.122. Tele-calling by bank employees is an example of– (1) Personal Selling (2) Direct marketing (3) Sales promotion (4) Advertisement marketing (5) All of these Q.123. Supply chain means– (1) directly buying goods (2) indirectly buying goods (3) selling goods (4) directly/ indirectly supplying goods to the customer (5) None of these Q.124. Banks are penetrating the rural areas now a days, this is the form of (1) Market development (2) Product development (3) Bank development (4) Physical development (5) Globalization
  • 71. MASTER IN MARKETING 74 Mahendra Publication Pvt. Ltd. Q.125. “Physical Evidence” in banks includes (1) Interest of staff and managers (2) Psychological thoughts (3) Physically challenged employees (4) Packaging, internet pages, Vouchers, Furniture, Uniform, Exterior Look (5) None of these Q.126. Relative market share means - (1) Overall market Share (2) Share market (3) Market share in comparison to competitors (4) Market for company (5) None of these Q.127. C.L.C stands for —— (1) Customer life cycle (2) Customer like company (3) Company like customers (4) 1 or 2 (5) None of these Q.128. When all marketing’s tools are used to target, it is ———- (1) Atomistic marketing (2) Strategic Marketing (3) Accountable Marketing (4) Pro-active Marketing (5) None of these Q.129. First step in personal selling process ——— (1) Pre-approach (2) Prospecting (3) starting (4) Approach (5) All of these Q.130. Which of the following is an important function of personal selling? (1) gathering order (2) taking order (3) Influencing order (4) all of these (5) None of these Q.131. ATM is which kind of store ——— (1) Convenience store (2) Department store (3)Specialty store (4) All of these (5) None of these Q.132. Which of the following is a characteristic of banking? (1) Intangibility (2) Inseparability (3) Client relationship (4) All of these (5) None of these Q.133. Passbook in bank is a ————- (1) Product (2) Physical evidence (3) Service (4) None of these (5) Both 1 and 2 Q.134. First step in marketing process——- (1) Setting objectives (2) Planning (3) Controlling (4) 1 and 2 (5) None of these Q.135. Product displayed in film is a ———- (1) Surrogate Advertising (2) Covert Advertising (3) Hidden Advertising (4) All of these (5) None of these Q.136. MKIS stands for ——— (1) Marketing intelligence system (2) Marketing Information System (3) Management Information System (4) Management Intelligence System (5) All of these
  • 72. Mahendra Publication Pvt. Ltd. 75 MASTER IN MPARKETING Q.137. Market segmentation means —————- (1) To divide the market (2) To divide the company (3) To divide the customer (4) All of these (5) None of these Q.138. Which of the following is the product features —————- (1) Tangibility (2) Exchange value (3) Intangible feature (4) All of these (5) None of these Q.139. Which of the following is a part of micro environment? (1) Competitors (2) Society (3) Technology (4) Government (5) Legal environment Q.140. Basic activities of VCM - (1) Inbound (2) Outbound (3) Marketing and sale (4) After sale service (5) All of these Q.141. Skimming Pricing Strategy is ———— (1) Initial price to high and increase after time (2) Initial price is high and decreases after time (3) Initial price is low and decreases after time (4) Initial price is low and increases aftertime (5) None of these Q.142. In marketing, ‘market’ means ——— (1) Customers (2) Employee (3) Physical Market (4) 1 and 3 (5) None of these Q.143. Which is/are macro environment factors? (1) Legal environment (2) Government (3) Political parties (4) All of these (5) None of these Q.144. Product, place, price are the 3 marketing mix. Which is the 4th ? (1) People (2) Process (3) Promotion (4) None of these (5) both 1 and 2 Q.145. Which is the last stage of product life cycle? (1) Maturity (2) Decline (3) Growth (4) Introduction (5) None of these Q.146. Factors affecting buyer behaviour- (1) Social (2) Reference group (3) Personal (4) Age (5) All of these Q.147. Father of marketing ——- (1) Philip Kotler (2) F.W.Taylor (3) Peter Drucker (4) Adam Smith (5) None of these Q.148. Personal selling means ——— (1) Face to face (2) Direct Marketing (3) Door to Door (4) 1, 2 and 3 (5) None of these Q.149. Digital marketing means ——— (1) E-mail canvassing (2) S.M.S alert (3) Video kiosk (4) T.V. acts (5) All of these
  • 73. MASTER IN MARKETING 76 Mahendra Publication Pvt. Ltd. Q.150. Selling starts from ———— (1) Need, want and Demand (2) Target Market (3) After sale service (4) 2 and 3 (5) Production Q.151. Which one of the following elements is not concerned with Marketing Mix? (1) Product (2) Price (3) Place (4) Profit (5) None of these Q.152. Product include_________ (1) Properties (2) Services (3) Idea (4) All of the above(5) None of these Q.153. Trucks and Buses are__________ (1) Consumer goods (2) Industrial goods (3) Convenience goods (4) (1) and (3) (5) None of these Q.154. The product is the bundle of__________that a customer buys. (1) Conveniences (2) Features (3) Preferences (4) Satisfaction (5) None of these Q.155. ________is the costliest form of marketing. (1) Personal selling (2) Advertising (3) Sales Promotion (4) All the above (5) None of these Q.156. _________are purchased and sold in the stock exchange. (1) Dividends (2) Shares (3) Securities (4) All the above (5) None of these Q.157. Important decisions in the business are made by——————- (1) Management (2) Administration (3) Organization (4) Trade Unions (5) None of these Q.158. In ‘Double-win’ strategy- (1) Customer gets an additional benefit (2) Customer gets price debate. (3) Both customs and the sales person come out with sense of satisfaction (4) Both 1 and 2 (5) None of these Q.159. In consumer behavior, ‘Perception is a process through which (1) a consumer makes ultimate purchasing (2) a consumer is satisfied (3) a consumer’s mind receives, organizes and interprets physical stimuli (4) Both 1 and 3 (5) None of these Q.160. Sales forecast implies (1) an estimate of the maximum possible sales opportunities present in a particular market segment (2) an estimate of sales, in physical units, in a future period (3) Both 1 and 2 (4) Neither 1 nor 2 (5) None of these Q.161. Advertising for ………… is not allowed on T.V (1) Liquor (2) Cigarettes (3) Both 1 and 2 (4) Neither 1 nor 2 (5) None of these
  • 74. Mahendra Publication Pvt. Ltd. 77 MASTER IN MPARKETING Q.162. A theory states that no matter how efficiently goods / services are produced, if they cannot be delivered to the customer in the quickest possible time, it is vain. This theory is called (1) Quickest the best (2) Instant service (3) Service on time (4) Timely effort (5) None of these Q.163. Entrepreneurs find direct marketing, attractive because of (1) Investment is low (2) It doesn’t required specialized skills (3) Returns are quick (4) All of the above (5) None of these Q.164. Demonstration is an exercise to (1) attractively pack and display the goods (2) prove the characteristic of the product (3) Both 1 and 2 (4) Neither 1 nor 2 (5) None of these Q.165. Which among the following is not an example of Direct marketing? (1) tele-marketing (2) sales on internet (3) mail order sale (4) Retail stores (5) None of these Q.166. In selling, ‘consumption’ is the ultimate goal of the salesman while a marketer - (1) identify consumer needs price of the brand and the retail price of (2) develop an appropriate product / service to attain customer satisfaction (3) accomplish organizational goals through integrated marketing approach (4) All of the above (5) None of these Q.167. In Banking services, market can be segmented on the basis of (1) density (2) customers (3) Both 1 and 2 (4) Neither 1 nor 2 (5) None of these Q.168. Which of the following is not a ‘Post testing’ Technique of advertisement? (1) Sales test (2) Focus group (3) Enquiry test (4) Attitude test (5) None of these Q.169. ‘Causal’ research is basically concerned with (1) establishing cause and effect relationship (2) arriving at a forecast or prediction of interest (3) measuring and estimating the frequencies with which of things occur (4) All of the above. (5) None of these Q.170. A method, in which Brand equity is measured by comparing difference between the retail and unbranded product in the same category is called: (1) Brand goodwill method (2) Price premium method (3) Both 1 and 2 (4) Neither 1 nor 2 (5) None of these Q.171. The markets are grouped into different types based on the geographical area, location of marketplace, product, nature of transaction, and volume of transaction: In the above statement the following is not correct- (1) Nature of transaction (2) Geographical area (3) Location of marketplace (4) Volume of transaction (5) None of these Q.172. The following offering is not a service: (1) Fixed deposit receipt (2) Postage stamp (3) Insurance Policy (4) Gift coupon of a chain store (5) None of these
  • 75. MASTER IN MARKETING 78 Mahendra Publication Pvt. Ltd. Q.173. A product .... is a group of related products that function in a similar manner, are sold to the same customer groups, and marketed through the same type of outlets: (1) Group (2) Line (3) Category (4) Market (5) None of these Q.174. Goods that are typically bought by a consumer based on a comparison of suitability, quality, price and style are called....goods: (1) Industrial (2) Specialty (3) Shopping (4) Convenience (5) None of these Q.175. Of the following pricing methods, _____________ is not based on competitors pricing. (1) English Auction (2) Sealed-Bid Auction (3) Going-rate Pricing (4) Group Pricing (5) None of these Q.176. is offered by the seller to intermediary who performs functions like selling, storing and record keeping. (1) Quantity (2) Trade (3) Cash (4) Seasonal (5) None of these Q.177. With.......pricing, the products are priced below list price (or even below cost) for a temporary period to create buying urgency: (1) Reference (2) By - product (3) Market penetration (4) Promotional (5) None of these Q.178. Marketing channel refers to.... (1) A physical channel for movement of goods in them from the seller to the buyer (2) A set of firms who handle the physical movement of goods from one point to another (3) Different departments of the producer firm which are associated in ensuring delivery of goods to the buyer (4) A set of independent organizations involved in the process of making a product or service available for use or consumption (5) None of these Q.179. Of the following characteristics __________ is found only in some services like banking and not found in case of many services. (1) Inseparability (2) Variability (3) Client relationship (4) Perish ability (5) None of these Q.180. Distribution channels carry out the following functions except....... (1) Physical distribution (2) Fixing the price (3) Matching the offer (4) Risk taking (5) None of these Q.181. The tools for communications with the customer are (1) Promotion mix (2) Product and Price (3) (1) and (2) (4) (1) and other three elements of marketing mix (5) None of these Q.182. Promotion seeks to influence the buyer in decision-making through.... (1) Persuasion (2) Compulsion (3) Reminding (4) Information and reinforcement (5) None of these Q.183. An advertisement is not for.... (1) Suggesting new uses of a product (2) Telling about a new product (3) Explaining how a product works (4) Building brand preference (5) None of these
  • 76. Mahendra Publication Pvt. Ltd. 79 MASTER IN MPARKETING Q.184. Direct marketing does not cover....: (1) Online marketing (2) Public relations (3) Personal selling (4) Catalogue marketing (5) None of these Q.185. Public relations element will not include....: (1) A report on the bank appearing in a periodical (2) A programme of Lata Mangeskar sponsored by the bank (3) An eye camp for cataract surgery sponsored by the bank (4) A presentation made to the employees of Utpadansheel Udyog Ltd. (5) None of these Q.186. Firms need to collect and analyze the data pertaining to marketing for....: (1) Projecting their organization as knowledge oriented (2) Enabling the top management to keep control over the sales force (3) Taking the required steps for effective marketing of their products (4) For utilizing their information technology capabilities (5) None of these Q.187. An effective MIS fulfills these.....: (1) Analysis of quantitative information (2) Coordination among functional and specialists executives (3) Limited to current scenario (4) Both (1) and (2) (5) None of these Q.188. The components of Marketing Information system do not include.....: (1) Marketing Intelligence System (2) Internal Records System (3) Information technology System (4) All of these (5) None of these Q.189. The ultimate users of the Marketing Information System are (1) the customers of the firm (2) the competitors of the firm (3) the decision markers in the firm (4) both (1) and (2) (5) None of these Q.190. Which of the following is not a part of the core concept of marketing? (1) Needs, wants and demand (2) Value, cost and satisfaction (3) Transfers (4) All of these (5) None of these Q.191. Marketing thinking starts with the fact of (1) Human needs and wants (2) Basic functional area of business (3) Earning profit (4) All of these (5) None of these Q.192. Demands are wants for specific products that are backed by (1) Ability to buy (2) Willingness to buy (3) Both (1) and (2) (4) All of these (5) None of these Q.193. Marketing emerges when people decide to satisfy needs and wants through exchange. Exchange occurs through (1) Self production (2) Coercion (3) Exchange (4) All of these (5) None of these
  • 77. MASTER IN MARKETING 80 Mahendra Publication Pvt. Ltd. Q.194. For exchange to take place, which condition (s) must be satisfied (1) At least two parties (2) All involved must have something that might be of value to the other party (3) Each party is free to accept or reject the offer. (4) All of these (5) None of these Q.195. Marketing management includes (1) Analyzing (2) Planning (3) Implementing and control (4) All of these (5) None of these Q.196. Which of the following is not a part of marketing management? (1) Planning (2) Analyzing (3) Raising funds (4) Implementation and control (5) None of these Q.197. Production concept holds that consumers will favour those products that are: (1) Widely available (2) Lower in cost (3) Both (1) and (2) (4) Higher in Cost (5) None of these Q.198. Product concept holds that consumers will favour those products that offer: (1) Quality (2) Performance (3) Innovative features (4) All of these (5) None of these Q.199. Which is not a part of selling concept? (1) Customers, if left alone, will ordinarily not buy (2) Aggressive selling and promotional efforts (3) Focus on the needs of the buyers (4) All of these (5) None of these Q.200. Producers of ‘unsought goods’ normally employ the.....concept: (1) Production (2) Product (3) Selling (4) Marketing (5) None of these Q.201. ‘Self want company make rather than what market want. This is a ....concept. (1) Product (2) Production (3) Selling (4) Marketing (5) None of these Q.202. Selling concept is best applicable to (1) Insurance (2) Encyclopedias (3) Found raisers (4) All of these (5) None of these Q.203. The marketing concept holds that key to achieving organizational goals consist in (1) Determining the need and wants of target market (2) Delivering the desired satisfaction more effectively (3) Effectively than competitors (4) All of these (5) None of these Q.204. Selling is pre occupied with the sellers need to convert his product into____________., marketing with the idea of satisfying the needs of the ....: (1) Cash, customer (2) Customer, cash (3) Sale, producers (4) Finished goods, customer (5) None of these
  • 78. Mahendra Publication Pvt. Ltd. 81 MASTER IN MPARKETING Q.205. Marketing concept rests on (1) Target market (2) Customers needs (3) Co-ordinate marketing (4) All of these (5) None of these Q.206. Which of the following is not a marketing concept? (1) Meeting needs profitably (2) Have the customer, not the product (3) Find wants and fill them (4) Producing efficiently (5) None of these Q.207. Which statement reflects the marketing philosophy in a better way (1) Declining sales thus follow aggressive promotion policy (2) Improve the quality of the product (3) Motivating the sales force for increasing the sales volume (4) All of these (5) None of these Q.208. Internal marketing is the task of successfully (1) Hiring the employees (2) Training the employees (3) Motivating the employees (4) All of these (5) None of these Q.209. Which of the following reflects the best societal concept? (1) High quality material (2) Low priced material (3) Eco-friendly material (4) Non-destroyable material (5) None of these Q.210. Customer delivered value is the difference between (1) Total customer value and total customer cost (2) Sale price and cost price (3) Value and price (4) Total customer desire and total customer demand (5) None of these Q.211. Customer delivered value is maximized through (1) Lowering the price (2) Improving the quality of the product (3) Lowering monetary cost (4) All of these (5) None of these Q.212. A survey which ask you to indicate the extent of satisfaction of a three point scale i.e., satisfied, indifferent or dissatisfied is....method of measuring satisfaction (1) Directly reported satisfaction (2) Problem analysis (3) Derived satisfaction (4) Performance analysis (5) None of these Q.213. A survey which ask you how closely your music system lived up to your expectation is....method of measuring satisfaction (1) Problem analysis (2) Directly reported satisfaction (3) Derived satisfaction (4) Performance analysis (5) None of these Q.214. A survey which asks you to indicate any problems you had with your new music system and give your suggestion for improvement is.....method of measuring satisfaction. (1) Derived satisfaction (2) Performance analysis (3) Suggestion analysis (4) Problem analysis (5) None of these
  • 79. MASTER IN MARKETING 82 Mahendra Publication Pvt. Ltd. Q.215. Which of the following is not a primary activity in the value chain process? (1) Procurement (2) Operations (3) Marketing and Sales (4) Services (5) None of these Q.216. The task of creating strong customer loyalty is called (1) Accountable marketing (2) Total quality marketing (3) Relationship marketing (4) Direct marketing (5) None of these Q.217. The sales person sells the product but does not contact the customers again is an example of ____________ marketing. (1) Basic (2) Reactive (3) Accountable (4) Proactive (5) None of these Q.218. The sales person sells the product and encourages the customer to call if he/she has any complaint or quarry is an example of (1) Basic (2) Reactive (3) Proactive (4) Accountable (5) None of these Q.219. The company’s sales person phones the customer from time to time with suggestions about improved product use are helpful in new products is an example of: (1) Basic marketing (2) Reactive marketing (3) Proactive marketing (4) Accountable marketing (5) None of these Q.220. In developing the marketing strategy for a business, all the following would be considered except (1) Interest of top management (2) Industry position (3) Objectives and opportunities (4) Skills and resources (5) None of these Q.221. Which of the following is very difficult to change? (1) Company’s structure (2) Company’s policies (3) Company’s culture (4) All of these (5) None of these Q.222. Who stated “What is our business? Who is the customer? What is value to the customer? What will our business be? What should our business be? (1) Milton Kotler (2) Georg H. Brown (3) Philip Kotler (4) Peter Drucker (5) None of these Q.223. Which of the following is not an element of company’s mission? (1) Current preference of the owners and management (2) Market environment (3) Distinctive competencies (4) All of these (5) None of these Q.224. In marketing, SBU stands for (1) Strategic business unit (2) Self business unit (3) State business undertaking (4) Small business unit (5) None of these Q.225. Which of the following in product oriented definition? (1) We sell hope (2) We distribute information (3) We make cosmetic (4) We supply energy (5) None of these
  • 80. Mahendra Publication Pvt. Ltd. 83 MASTER IN MPARKETING Q.226. Which of the following is market oriented definition? (1) We make air conditioner (2) We supply energy (3) We make copying equipment (4) We make movies (5) None of these Q.227. Which of the following is appropriate for strong cash cows if they are to continue to yield a large positive cash flow? (1) Hold (2) Maintain (3) Harvest (4) Divest (5) None of these Q.228. Intensive growth opportunities means (1) To identify further opportunities to achieve growth within the company’s current business (2) To identify opportunities to build or acquire business that is related to company’s current business (3) To identify opportunities to add attractive business that is unrelated to the company’s business (4) All of these (5) None of these Q.229. Which of the following is a part of integrated growth? (1) Forward integration (2) Backward integration (3) Horizontal integration (4) All of these (5) None of these Q.230. Which of the following is not a part of the diversification growth? (1) Horizontal diversification (2) Concentric diversification (3) Conglomerate diversification (4) All of these (5) None of these Q.231. Tata group is engaged in different business activates like iron and steel, automobiles, software, telecommunication etc. It is a form of: (1) Horizontal diversification (2) Forward diversification (3) Conglomerate diversification (4) Backward diversification (5) None of these Q.232. If a company searches for new technologically unrelated products that appeal to its current customers is an example of ....... diversification strategy. (1) Horizontal (2) Vertical (3) Concentric (4) Conglomerate (5) None of these Q.233. If a company seeks new business that has no relationship to its current technology, product or market is a form of ____________diversification. (1) Horizontal (2) Vertical (3) Concentric (4) Conglomerate (5) None of these Q.234. An ideal business is major opportunities and major threats: (1) Low, high (2) High, low (3) High, high (4) Low, low (5) None of these Q.235. Speculative business is opportunities and threats. (1) Low, low (2) Low, high (3) High, high (4) High, low (5) None of these Q.236. Which of the following is/are value creation and delivery process developed by the Japanese? (1) Zero customer feedback time (2) Zero purchasing time (3) Zero defects (4) All of these (5) None of these Q.237. In marketing jargon, STP stands for (1) Segment target position (2) Segment target plan (3) Sales tax provision (4) Segment trade profit (5) None of these Q.238. Which of the following is a part of the micro environment? (1) Economic (2) Social (3) Political (4) Supplier (5) None of these
  • 81. MASTER IN MARKETING 84 Mahendra Publication Pvt. Ltd. Q.239. Process of dividing the total market into smaller groups having homogeneity is called (1) Segregation (2) Decomposition (3) Segmentation (4) Division (5) None of these Q.240. The element that is not a part of company’s product decision is (1) Product features (2) Packaging (3) Branding (4) All of these (5) None of these Q.241. To determine its strengths and weaknesses, manager might ask customers all of the following except; (1) Was the quality good? (2) Was the price reasonable? (3) Have you heard the company slogan? (4) Was the delivery efficient? (5) None of these Q.242. The final step in marketing plan is (1) Goals and objectives (2) Preparing projected profit and loss accounts (3) Control (4) All of these (5) None of these Q.243. Managers scan the environment through (1) Undirected viewing (2) Conditioned viewing (3) Formal and informal search (4) All of these (5) None of these Q.244. Primary data is generally collected through: (1) Survey (2) Experiment (3) Observation (4) Census report (5) None of these Q.245. Secondary data is collected through: (1) Observation (2) Survey (3) Official record (4) Experiment (5) None of these Q.246. Casual research is: (1) Together primary data to shed light on the real nature of the problem (2) To ascertain certain magnitudes (3) To find out cause and effect relationship (4) To explore the gravity of the situation (5) None of these Q.247. Generally the best research approach suited for descriptive research is: (1) Observation (2) Survey (3) Cross sectional (4) Experimental (5) None of these Q.248. Generally speaking the best research approach for casual research is: (1) Observation (2) Survey (3) Cross sectional (4) Experimental (5) None of these Q.249. Generally speaking the best research approach for exploratory research is: (1) Observation (2) Survey (3) Cross sectional (4) Experimental (5) None of these Q.250. A study to determine if advertising expenses increases by 10 per cent, the sales will increase by x per cent. It is a form of: (1) Exploratory (2) Descriptive (3) Casual (4) All of these (5) None of these
  • 82. Mahendra Publication Pvt. Ltd. 85 MASTER IN MPARKETING Q.251. In a marketing survey, the surveyor asks the questions; Do you like our product? Yes/No It is a form of: (1) Dichotomous (2) Likert scale (3) Semantic differential (4) Rating scale (5) None of these Q.252. A statement with which the respondent shows the amount of agreement/disagreement is a: (1) Likert scale (2) Semantic differential (3) Rating scale (4) Multiple choice (5) None of these Q.253. A scale connecting two bio-polar words, where the respondent selects the point that represents his or her opinion is a: (1) Likert scale (2) Semantic differential (3) Rating scale (4) Multiple choice (5) None of these Q.254. A scale that rates some attribute from poor to excellent is a: (1) Likert scale (2) Semantic differential (3) Rating scale (4) Multiple choice (5) None of these Q.255. Which of the following is not a probability sampling? (1) Simple random sampling (2) Stratified sampling (3) Quota sampling (4) Area sampling (5) None of these Q.256. Which of the following is not a non probability sampling? (1) Convenience sampling (2) Quota sampling (3) Judgment sampling (4) Cluster sampling (5) None of these Q.257. When the population is divided into mutually exclusive groups and random samples are drawn from each group. It is called: (1) Stratified sampling (2) Cluster sampling (3) Area sampling (4) Multi-stage sampling (5) None of these Q.258. When the population is divided into mutually exclusive groups such as blocks and the researcher draws a sample from the group or block is called: (1) Area sampling (2) Cluster sampling (3) Both (1) and (2) (4) Stratified sampling (5) None of these Q.259. When time factor is most important, then the best contact method with the responder has (1) Personal interviews (2) Mailed questionnaire (3) Telephone interviewing (4) Schedule (5) None of these Q.260. The contact method, which minimizes the interview’s bias is a: (1) Telephone interview (2) Mailed questionnaire (3) Personal interview (4) Schedule (5) None of these Q.261. XYZ Co. wanted to know how their sales are influenced by price, advertising etc. The best statistical tool is (1) Correlation analysis (2) Simple regression analysis (3) Multiple regression analysis (4) Discriminate analysis (5) None of these Q.262. When a company wants to distinguish its products into good quality and poor quality on the basis of various features of the product. The best analysis is (1) Regression analysis (2) Factor analysis (3) Discriminate analysis (4) F-test (5) None of these
  • 83. MASTER IN MARKETING 86 Mahendra Publication Pvt. Ltd. Q.263. Find odd man out (1) discriminated analysis (2) Mailed questionnaire, survey (3) Conjoint analysis (4) Cluster analysis (5) None of these Q.264. A direction is sequence of events which have some momentum and disability is: (1) Fad (2) Trend (3) Mega-trend (4) Fashion (5) None of these Q.265. Promotion in Marketing means- (1) passing an examination (2) elevation from one grade to another (3) selling the products through various means (4) selling the product in specific areas (5) None of these Q.266. Sources of Sales Leads are- (1) Data Mining (2) Market Research (3) Media Outlets (4) Promotional Programs (5) All of these Q.267. One of the methods for Market Monitoring is- (1) to watch TV serials (2) to discuss with other sales persons (3) to monitor media outlets (4) All of these (5) None of these Q.268. Market Expansion means- (1) hiring more staff (2) firing more staff (3) buying more products (4) buying more companies (5) None of these Q.269. Effective marketing helps in- (1) developing new products (2) creating a competitive environment (3) building demand for products (4) All of these (5) None of these Q.270. A Call in Marketing means- (1) to phone the customers (2) to visit the customers (3) to visit the marketing site (4) to call on prospective customers (5) None of these Q.271. Delivery Channel means- (1) maternity wards (2) handing over the products to the buyers (3) places where products are made available to the buyers (4) All of these (5) None of these Q.272. One of the following is a target group for the marketing of Internet Banking. (1) All the customers (2) All the educated customers (3) All the computer educated customers (4) Only creditors (5) All of these
  • 84. Mahendra Publication Pvt. Ltd. 87 MASTER IN MPARKETING Q.273. Innovation means- (1) Product Designing (2) New ideas (3) Impulse (4) Both (1) and (2) (5) None of these Q.274. One of the following is a target group for the marketing of educational loan. (1) All the customers (2) Students (3) Only poor students (4) Students having promising educational track record (5) All of these Q.275. Service after sale is not the function of- (1) Marketing staff (2) Seller (3) Director of the company (4) Employees of the company (5) All of the above are wrong Q.276. If done through …… …the rural marketing would be more effective. (1) fairs (2) village fairs (3) door to door campaign (4) All of these (5) None of these Q.277. Market Survey means- (1) Market Research (2) Market Planning (3) Marketing Strategies (4) Market Monitoring (5) All of these Q.278. ……can be done through digital Banking? (1) Mobile phone (2) Internet (3) Telephone (4) All of these (5) None of these Q.279. A good seller should have the following quality/qualities? (1) Devotion to the work (2) Submissive (3) Sympathy (4) All of these (5) None of these Q.280. The rural marketing is not required because- (1) rural people do not understand marketing (2) its not practical from the cost point of view (3) it is sheer wastage of time (4) All are wrong (5) All are correct Q.281. Planned-cost service means- (1) Costly products (2) Extra profit on the same cost (3) Extra work by seller (4) All of these (5) None of these Q.282. Internet marketing means- (1) Self-marketing (2) Core Groups monitoring (3) Employees marketing (4) All of these (5) None of these Q.283. The aim of successful marketing is- (1) to increase the sale (2) to increase the profit (3) to increase the output of sellers (4) All of these (5) None of these
  • 85. MASTER IN MARKETING 88 Mahendra Publication Pvt. Ltd. Q.284. What are the main means of Consumer Protection– (1) Government (2) Trade Union (3) Consumer Association (4) All of these (5) None of these Q.285. Which activities are included in sales promotion? (1) Reduction of the price organizing (2) Distribution of coupons (3) organizing competitions (4) All of these (5) None of these Q.286. What is the main aim of marketing? (1) satisfy the consumer (2) satisfy the seller (3) satisfy the Government (4) satisfy the producer (5) None of these Q.287. High Price strategy is adopted, when– (1) Brand is most popular (2) A product is launched in the market and it has no competitor (3) There are less consumers of the product (4) All of above (5) Only 1 and 2 Q.288. Marketing involves– (1) Generation of demand (2) After sales services (3) production of goods and services (4) All of above (5) None of these Q.289. The main objectives of advertisement are– (1) To approach the remote areas (2) To make selling expensive (3) To reduce the cost of protection (4) 1 and 2 (5) 1 and 3 Q.290. The money spent on advertising is considered as– (1) Expense (2) Investment (3) Bad Debts (4) Liability (5) None of these Q.291. How many stages are there in the Product Life Cycle? (1) 3 (2) 5 (3) 4 (4) 6 (5) Depends on the qualities of product Q.292. In Banks, deposits from public are considered as– (1) assets (2) resources (3) liabilities (4) Cause of expenditure (5) None of these Q.293. Promotion Mix consists– (1) Advertisement (2) Personal selling (3) Sales promotion (4) Publicity (5) All of the above Q.294. The main aim of Packaging is– (1) To make product attractive (2) To make product distinctive (3) To make product safe against storage and transportation (4) All of these (5) None of these
  • 86. Mahendra Publication Pvt. Ltd. 89 MASTER IN MPARKETING Q.295. Which of the following is not a work of marketing? (1) Grading (2) Packaging (3) Pricing (4) Accounting (5) Standardization Q.296. SMEs stands for– (1) Skill for marketing Enterprises (2) Small and Medium Enterprises (3) Small and Maximum Enterprises (4) Small and Marketing Enterprises (5) None of these Q.297. The decision regarding investment in Fixed Assets is known as– (1) Capital Budgeting (2) Revenue Budgeting (3) Cash Budgeting (4) Marketing Budgeting (5) Sales Budgeting Q.298. Indirect trade is a medium by which goods are transferred– (1) Through wholesaler (2) through retailer (3) through agents (4) All of above (5) None of these Q.299. Demand consists– (1) Want or need (2) Willingness to spend (3) Resources to purchase (4) Only 1 and 2 (5) All of these Q.300. EPS stands far– (1) Earnings per share (2) Expense per sale (3) Employee per sale (4) Expense per share (5) None of these Q.301. Putting the goods of same characteristics in a specific category is known as– (1) Branding (2) Standardization (3) Labeling (4) Packaging (5) Grading Q.302. Elements of marketing mix are– (1) Product mix (2) Price mix (3) Promotion mix (4) Place mix (5) All of above Q.303. Which of the following is the most basic marketing -mix tool? (1) Promotion (2) Price (3) Product (4) Place (5) None of these Q.304. What is the full form of PLC? (1) Product Life Cycle (2) Product Labeling curve (3) Promotion Life cycle (4) Product Learning curve (5) None of these Q.305. Which of the following are stakeholders of an organization? (1) Customers (2) Employees (3) Suppliers (4) All the above (5) Only 1 and 2 Q.306. Consumer is the ————— of market? (1) King (2) Product (3) Creator (4) Capitalist (5) Socialist Q.307. Sales promotion programme is/are: - (1) Sales Promotion Plan (2) Publicity of Sales Promotion Programme (3) Budget of Sales Promotion (4) All of these (5) None of these Q.308. Which is not the product of a bank? (1) Demat Account (2) Bank Building (3) Auto Loan (4) used Car Loan (5) None of these
  • 87. MASTER IN MARKETING 90 Mahendra Publication Pvt. Ltd. Q.309. Which of the following is not a tool used for collecting primary data? (1) Observation research (2) Focus-group research (3) Surveys (4) None of these (5) All of above Q.310. What is the basic unit of exchange? (1) Purchase (2) Sales (3) Transfer (4) Transaction (5) None of these Q.311. Which of the following is not a base for market Segmentation? (1) Education (2) Age (3) Raw Material (4) Occupation of Consumer (5) Marital Status of Consumer. Q.312. What is the full form of ESOP? (1) Employee Service Option Projects (2) Employees Stock Option Plan (3) Essential Security of Police (4) Efficient Services of Promises (5) Effective Systems of Projects. Q.313. The works of a wholesaler are - (1) To Sell goods to retailer (2) To produce goods (3) To utilize the goods (4) To bear risk (5) All of these Q.314. Which of the following is correct medium of distribution? (1) Wholesaler, Manufacturer , Retailer, Consumer, Agent (2) Manufacturer, Agent, Consumer. (3) Manufacturer, Wholesaler, Retailer, Consumer. (4) Manufacturer, Agent, Retailer, Wholesaler, Consumer (5) All of these Q.315. Which of the following is a form of sandwich advertising? (1) Buses (2) Trans (3) Advocates (4) Commentary Boxes (5) Jokers Q.316. ‘Date tree’ on edible oil packet represents- (1) Sales strategy (2) Sales target (3) Brand mark (4) Product Planning (5) All of these Q.317. Which of the following is essential for sales agreement? (1) Buyer (2) Seller (3) Transfer of ownership in Consideration of money. (4) An agreement (5) None of these Q.318. Which of the following has maximum share in domestic savings in India? (1) Deposits (2) Money (3) Shares & Debentures (4) Fixed Assets (5) Loans Q.319. A direct marketing channel is also called as —————level channel. (1) Three (2) Two (3) One (4) Zero (5) None of these Q.320. Marketing management of an organization should be included - (1) Analyzing (2) Planning (3) Implementing & control (4) All of these (5) None of these Q.321. What is the most fundamental determinant of person’s want and behaviour called? (1) Culture (2) Sub culture (3) Social class (4) Only 1 and 2 (5) All 1,2 and 3
  • 88. Mahendra Publication Pvt. Ltd. 91 MASTER IN MPARKETING Q.322. Which of the following can be measured? (1) Advice (2) Class (3) Methods of Marketing (4) Income (5) Life Style Q.323. Which of the following is Buyer-behaviour segmentation? (1) Buying opportunities (2) Profit-desire (3) Brand Loyalty (4) All of these (5) None of these Q.324. SBU stands in marketing as— (1) Sales Business unit (2) Small Business Unit (3) Strategic Business Unit (4) State Business Unit (5) None of these Q.325. Which of the following is a medium of Marketing Communication? (1) Marketing Research (2) Publicity (3) Sales Promotion (4) Advertisement (5) All of these Q.326. Which of the following is difficult to change? (1) Structure of a Company (2) Policy of a Company (3) Culture of a Company (4) All of these (5) None of these Q.327. The Company’s sales person phones the customer from time to time with suggestions about improved product use are helpful in new products is an example of: (1) Basic marketing (2) Reactive marketing (3) Proactive marketing (4) Accountable marketing (5) None of these Q.328. What is/are essential for marketing— (1) Buyer and seller (2) Valuable product and good services (3) Acceptance (4) Market (5) All of these Q.329. Which is included in International Trade? (1) Sales (2) Advertisement (3) Information of market (4) Development of Knowledge (5) Import Q.330. Which one is wrong in the following statements? (1) The seller should understand the psychology of the consumer, is an essential element of a successful sale. (2) Selling is a mental process (3) Selling is performed in the mind of consumer, not in the shop (4) Articles are sold on merits, not on price (5) All of these Q.331. BEP stands for— (1) Basis product evaluation (2) Break-Even Point (3) Basis of Product (4) Exception of Business (5) All of these Q.332. Which is/are the factor of Retail marketing? (1) Selling of products to consumer (2) Estimating Demand (3) Credit Selling (4) None of these (5) All of these
  • 89. MASTER IN MARKETING 92 Mahendra Publication Pvt. Ltd. Q.333. Which of the following is Trademark name of product? (1) Maruti-Suzuki-A star (2) Tata–India (3) Union–Kisan Card (4) SBI – Golden Card (5) All of these Q.334. Which of the following is a capital product? (1) Machinery (2) Milk or Tea (3) Sugar (4) All of these (5) None of these Q.335. Which of the following is the stage of product development process? (1) Generation of Ideas (2) Screening of Ideas (3) Business Analysis (4) Product Development (5) All of these Q.336. Test Marketing means— (1) Test the product before the commercial production (2) valuation (3) vouching (4) concept (5) All of these Q.337. What is the meaning of digital marketing? (1) To sell with calculator (2) Marketing of digital equipment (3) Marketing through internet and telephone (4) Export Finance (5) None of these Q.338. The markets are grouped into different types based on the geographical area, location of marketplace, product, nature of transaction, and volume of transaction: In the above statement the following is not correct- (1) Nature of transaction (2) Geographical area (3) Location of marketplace (4) Volume of transaction (5) None of these Q.339. The following offering is not a service: (1) Fixed deposit receipt (2) Postage stamp (3) Insurance Policy (4) Gift coupon of a chain store (5) None of these Q.340. Product concept holds that consumers will favour those products that offer: (1) Quality (2) Performance (3) Innovative features (4) All of these (5) None of these Q.341. Which is not a part of selling concept? (1) Customers, if left alone, will ordinarily not buy (2) Aggressive selling and promotional efforts (3) Focus on the needs of the buyers (4) All of these (5) None of these Q.342. Which is not an element of company’s mission? (1) Current preference of the owners and management (2) Market environment (3) Distinctive competencies (4) All of these (5) None of these
  • 90. Mahendra Publication Pvt. Ltd. 93 MASTER IN MPARKETING Q.343. In marketing, SBU stands for: (1) Strategic business unit (2) Self business unit (3) State business undertaking (4) Small business unit (5) None of these Q.344. Which of the following in product oriented definition? (1) We sell hope (2) We distribute information (3) We make cosmetic (4) We supply energy (5) None of these Q.345. Which of the following is market oriented definition? (1) We make air conditioner (2) We supply energy (3) We make copying equipment (4) We make movies (5) None of these Q.346. Which of the following is appropriate for strong cash cows if they are to continue to yield a large positive cash flow? (1) Hold (2) Maintain (3) Harvest (4) Divest (5) None of these Q.347. Intensive growth opportunities means: (1) To identify further opportunities to achieve growth within the company’s current business (2) To identify opportunities to build or acquire business that is related to company’s current business (3) To identify opportunities to add attractive business that is unrelated to the company’s business (4) All of these (5) None of these Q.348. Which of the following is a part of integrated growth? (1) Forward integration (2) Backward integration (3) Horizontal integration (4) All of these (5) None of these Q.349. Which of the following is not a part of the diversification growth? (1) Horizontal diversification (2) Concentric diversification (3) Conglomerate diversification (4) All of these (5) None of these Q.350. Tata group is engaged in different business activities like iron and steel, automobiles, software, telecommunication etc. It is a form of: (1) Horizontal diversification (2) Forward diversification (3) Conglomerate diversification (4) Backward diversification (5) None of these Q.351. A fad is: (1) Unpredictable (2) Short lived (3) Without social, economic, political significance (4) All of these (5) None of these Q.352. A trend, according to futurist Faith Popcorn’ has: (1) Longevity (2) Observable across several market areas and consumer activities (3) Consistent with other significant indicators (4) All of these (5) None of these
  • 91. MASTER IN MARKETING 94 Mahendra Publication Pvt. Ltd. Q.353. Within the rapidly changing global picture, the firm must monitor: (1) Demographic variables (2) Technological (3) Political (4) All of these (5) None of these Q.354. Which of the following is not a determinant of purchasing power? (1) Current income (2) Credit availability (3) Debt (4) All of these (5) None of these Q.355. Starting point for understanding the buyer is: (1) stimulus (2) Psychology (3) Stimulus response (4) Purchasing power (5) None of these Q.356. All the groups that have a direct (face to face) or indirect influence on the person’s attitudes or behavior is: (1) Reference group (2) Aspirational group (3) Disassociate group (4) Disadvantage group (5) All of these Q.357. Groups to which a person would like to belong is called: (1) Reference of group (2) Disadvantage group (3) Disassociate group (4) Aspirational group (5) None of these Q.358. Primary group includes: (1) Family (2) Friend (3) Neighbors (4) All of these (5) None of these Q.359. Which of the following slogan most closely reflects self actualization motive? (1) Thanda mat lab: Coca-Cola (2) Yehi hai right choice baby: Pepsi (3) Kar Lo Dunia Muthi Main: Reliance (4) We serve the nation: Army (5) None of these Q.360. Who stated the real psychological forces shaping peoples behaviour are largely unconscious: (1) Sigmund Freud (2) Abraham Maslow (3) Frederick Herzberg (4) Eric Burne (5) None of these Q.361. Advertisement repetition creates.......rather than....... (1) Brand familiarity, brand loyalty (2) Brand loyalty, brand convection (3) Brand convection, brand familiarity (4) Brand familiarity, brand convection (5) None of these Q.362. Sales force usually has its greatest impact at the ____________.stage of new task buyer. (1) Awareness (2) Interest (3) Trial (4) Adoption (5) None of these Q.363. ____________ competitors offer new or other ways to satisfy the same needs: (1) Latent (2) Hidden (3) Aggressive (4) Covert (5) None of these Q.364. One way to find the competitive products is through: (1) Elasticity of demand (2) Price elasticity of demand (3) Cross elasticity of demand (4) Market elasticity of demand (5) None of these Q.365. A ____________.......competitive industry consists of many competitors able to differentiate their offers in whole or part. Many of the competitors focus or market segment where they can meet customers need in a superior way and command a price premium. (1) Perfect (2) Pure (3) Monopolistic (4) Oligopoly (5) None of these
  • 92. Mahendra Publication Pvt. Ltd. 95 MASTER IN MPARKETING Q.366. There are more than 200 companies producing biscuits in a country. Some of them heavily advertise to psychologically differentiate their band in the minds of consumers. This is an example of____________...: (1) Pure competition (2) Monopolistic competition (3) Pure oligopoly (4) Monopoly (5) None of these Q.367. If TELCO starts fabricating bus and trucks bodies, then it is a: (1) Horizontal integration (2) Backward integration (3) Forward integration (4) Vertical integration (5) None of these Q.368. A competitor which reacts in unpredictable ways is a ____________.competitor: (1) Tiger (2) Stochastic (3) Selective (4) Laid back (5) None of these Q.369. If a house construction company surveyed a sample of respondents to determine, what fraction would be interested in buying house, the resulting percentage would define (1) Available (2) Existing (3) Potential (4) Actual (5) None of these Q.370. the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period, in a defined market environment under a defined market programme is: (1) Company sales (2) Market supply (3) Market demand (4) Market forecast (5) None of these Q.371. The difference between market minimum and the market potential showed the overall: (1) Market elastic of demand (2) Marketing sensitivity of demand (3) Market income elasticity of demand (4) Market cross elasticity of demand (5) None of these Q.372. Beyond a certain level marketing expenditure does not help in stimulating further demand. The upper limit to market demand is: (1) Market potential (2) Available market (3) Market scope (4) All of these (5) None of these Q.373. The seller produces several products that exhibit different features, styles, quantities, sizes etc. They are designed to offer variety to buyers, rather than to appeal to different market segment is: (1) Mass marketing (2) Product variety marketing (3) Target variety marketing (4) All of these (5) None of these Q.374. Maruti Udyog Ltd. (MUL) us providing to a particular segment variety of models like standard 800, 800 Ex. Alto etc. This is an example of .......: (1) Mass marketing (2) Customer marketing (3) Product variety marketing (4) Target marketing (5) None of these Q.375. When the seller distinguishes the major market segment, targets one or more of these segment and develops products and marketing programme tailored to each segment is called: (1) Mass marketing (2) Product variety marketing (3) Target marketing (4) All of these (5) None of these Q.376. Market ________________________are large identifiable groups within the market: (1) Sub groups (2) Segments groups (3) Portions (4) Offshoots (5) None of these Q.377. The variables used to segment the market is/are: (1) Purchasing power (2) Geographical location (3) Buying attitudes (4) All of these (5) None of these
  • 93. MASTER IN MARKETING 96 Mahendra Publication Pvt. Ltd. Q.378. Hindustan Lever Ltd. who is manufacturing variety of toilet soaps is probably segmenting the market on the basis of: (1) Geographical location (2) Buying attitudes (3) Income of the customers (4) All of these (5) None of these Q.379. Consumers who are loyal to two or three brands are called: (1) Split loyal (2) Shifting loyal (3) Switchers (4) All of these (5) None of these Q.380. The requirement for effective segmentation should have all the following except: (1) Measurable (2) Substantial (3) Accessible (4) Rationality (5) None of these Q.381. The firm might ignore market segment differences and go after the whole market, with one market offer. It is called: (1) Differentiated marketing (2) Undifferentiated marketing (3) Cyber marketing (4) Direct marketing (5) None of these Q.382. An example of undifferentiated marketing is observable in: (1) Hindustan Lever Limited (2) Maruti Udyog Limited (3) Coco-Cola Company (4) All of these (5) None of these Q.383. When a firm operates in several market segments and designs different programmes for each segment. It is called: (1) Cyber marketing (2) Direct marketing (3) Undifferentiated marketing (4) Differentiated marketing (5) None of these Q.384. New products that create an entirely new market are called: (1) New product line (2) Repositioning (3) New to the world products (4) Additions to the existing product line (5) None of these Q.385. Existing products that are targeted to new markets or market segments are called: (1) New product lines (2) Additions to existing product line (3) Repositioning (4) Improvement in existing product line (5) None of these Q.386. The most sophisticated tool for managing the innovation process is the ____________. (1) Check point (2) Stage gate system (3) Mill stone (4) Key note (5) None of these Q.387. The creative technique that begins with a very broad problem definition and eventually works down to a specific problem needing a solution is called: (1) Brain storming (2) Morphological analysis (3) Synaptic (4) Attribute listing (5) None of these Q.388. Brain storming technique was developed by: (1) Willing J.J. Gordan (2) Segment Fraud (3) Oliver Sheldon (4) Alex Osborn (5) None of these Q.389. The first idea pruning stage is called: (1) Evaluating (2) Analysis (3) Screening (4) Generating (5) None of these Q.390. Which of the following is the most expensive stage in the new product development process? (1) Concept testing (2) Product development (3) Market testing (4) Commercialization (5) None of these
  • 94. Mahendra Publication Pvt. Ltd. 97 MASTER IN MPARKETING Q.391. Adopters of new products move brought the following five stages. Find their correct sequence: (1) Awareness, interest, evaluation, trial adoption (2) Interest, awareness, trial, evaluation, adoption (3) Trial awareness, interest, adoption, evaluation, (4) Trial, interest, awareness, evaluation, adoption (5) None of these Q.392. People differ markedly in their readiness to try new product. The degree to which an individual is relatively earlier in adopting new ideas than the other members of his social system is called: (1) Early adopters (2) Early majority (3) Innovators (4) Laggards (5) None of these Q.393. ____________...plays a major role in the adoption of new products: (1) Personal products (2) Personal influence (3) Relatives (4) Friends (5) None of these Q.394. The parent concept theory of product life cycle is: (1) Demand life cycle (2) Technology life cycle (3) Demand/ Technology life cycle (4) Nature of product (5) None of these Q.395. The correct sequence in product life cycle is: (1) Growth, introduction, maturity declined (2) introduction, maturity, growth, decline (3) Growth, maturity, introduction, decline (4) Introduction, growth, maturity, decline (5) None of these Q.396. All of the following are stages in demand life cycle except: (1) Accelerating growth (2) Maturity (3) Constant growth (4) All of these (5) None of these Q.397. Profits improve substantially during the ...stage of product life cycle: (1) Introduction (2) Growth (3) Maturity (4) Decline (5) None of these Q.398. Life cycle may take ____________of the following shapes: (1) ‘S’ shaped (2) Cycle-recycle (3) Scalloped (4) All of these (5) None of these Q.399. Rapid skimming strategy consists of launching the new product at a .......price and a .......promotion level: (1) Low, Low (2) Low, high (3) High, low (4) High, high (5) None of these Q.400. Slow skimming strategy consists of launching the new product at a ____________.price and ____________...promotion: (1) High, low (2) Low, high (3) High, high (4) Low, low (5) None of these Q.401. Market leader who engages in such practices as introducing new products reducing costs and improving customer services is trying to: (1) Improve quality of the product (2) Use pre-emptive defense (3) Defend market charges (4) Use counter defense (5) None of these Q.402. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy____________ (1) Will (2) Wants or needs (3) Desire (4) Demand (5) None of these
  • 95. MASTER IN MARKETING 98 Mahendra Publication Pvt. Ltd. Q.403. A group of diverse, but related items that function in a compatible manner is called: (1) Product style (2) Product mix (3) Product system (4) Product variety (5) None of these Q.404. Nikon company sells a basic 35 mm camera along with an extensive set of lenses, filters and other accessories is an example of: (1) Product style (2) Product System (3) Product mix (4) Product variety (5) None of these Q.405. A Company’s product mix will have a: (1) Length (2) Width (3) Depth and consistency (4) All of these (5) None of these Q.406. Which of the following is function of Marketing? (1) Purchase (2) Sales (3) Storage (4) Transport (5) All of the above Q.407. Which of the following is secondary function of market? (1) Production Policies (2) Standardizing and Grading (3) Marketing Finance (4) Sales (5) None of these Q.408. Which of the following is not a socioeconomic criterion for marketing segmentation? (1) Brand loyalty (2) Age (3) Income (4) Size of family (5)Sex differentiation Q.409. How many stages are there of product life cycle? (1) Two (2) Three (3) Five (4) Six (5) None of these Q.410. Concept of ‘Super Market’ was introduced by — (1) USA (2) China (3) Britain (4) France (5) India Q.411. NABARD was established in — (1) 1984 (2) 1987 (3) 1988 (4) 1982 (5) 1992 Q.412. When was ‘Consumer Protection Act’ passed? (1) 1972 (2) 1986 (3) 1980 (4) 1976 (5) None of these Q.413. Which of the following is function of ‘Good Packaging? (1) Protection (2) Identification (3) Advertisement (4) Convenience (5) All of the above Q.414. Who is known as the father of ‘Scientific Management’? (1) Henry Fayol (2) Fredric W.Taylor (3) A. Maslow (4) Maxweber (5) None of these Q.415. A direct marketing channel is also called as......level channel: (1) Three (2) Two (3) One (4) Zero (5) None of these Q.416. The basic unit of exchange is called: (1) Purchase (2) Sale (3) Transfer (4) Transaction (5) None of these Q.417. Which of the following is a part of the Macro Environment? (1) Supplier (2) Intermediaries (3) Demography (4) Competition (5) None of these Q.418. Which department of a company is responsible for demand forecasting of sales: (1) Production (2) Accounting (3) Finance (4) Marketing (5) None of these Q.419. Marketing refers to- (1) Developing a product and making people buy them (2) Persuading consumers to buy the products (3) Producing products and displaying them (4) Understanding the needs of consumers and delivering them (5) None of these
  • 96. Mahendra Publication Pvt. Ltd. 99 MASTER IN MPARKETING Q.420. Presently which stage of ‘Human Resource Management’ is in process? (1) Welfare stage (2) Developing stage (3) HRM phase I (4) HRM phase II (5) None of these Q.421. Which of the following is not an indirect method of Recruitment — (1) News papers (2) Conventions and Seminars (3) Trade publications (4) Radio (5) None of these Q.422. Who had given the 14 general principles of management? (1) Max Weber (2) Mc Gregor (3) Henry Fayol (4) W Taylor (5) None of these Q.423. Who is known as the father of ‘Industrial Psychology’? (1) Abraham Maslow (2) Mc Gregor (3) W. Taylor (4) Hugo Muntserber (5) None of these Q.424. “Need Hierarchy Theory” was propounded by — (1) Abraham Maslow (2) Max Weber (3) W. Taylor (4) William ford (5) None of these Q.425. Which of the following is not a theory of Motivation? (1) Carrot and Stick Approach (2) Interaction Theory (3) Participative Theory (4) Pattern Concept (5) None of these Q.426. The following does not represent a market situation: (1) A bank run dispensary located in its staff quarters (2) A fund raising charity show for the members of an NGO (3) A meditation camp of a religious organization conducted for its members (4) A stall distributing kada prasad in a gurudwara (5) None of these Q.427. Out of the following, not an objective of pricing: (1) Profit (2) Stabilizing demand and sales of the product . (3) Improvement in product quality (4) Expansion of business (5) None of these Q.428. The functions of distribution channel do not include....: (1) Gathering and providing market information (2) Marketing research (3) Assisting the consumer in understanding and using the goods (4) Promoting the sales of goods (5) None of these Q.429. Computerized banking services have helped in working around the following characteristics...: (1) Perishability and client relation ship (2) Inseparability and client relation ship (3) Variability and perishability (4) Inseparability and intangibility (5) None of these
  • 97. MASTER IN MARKETING 100 Mahendra Publication Pvt. Ltd. Q.430. Of the following intermediaries, ....are not found working for banks (1) direct sales agents (2) Wholesalers (3) Automobiles dealers (4) Merchant establishments (5) None of these Q.431. Which of the following is not part of the core concepts of marketing? (1) Needs, wants and demand (2) Value, cost and demand (3) Exchange, transactions and relationship (4) All of these (5) None of these Q.432. A ‘market’ from a ‘marketing perspective’ is a: (1) Group of buyers and sellers negotiating an exchange (2) Group of consumers willing and able to engage in exchange (3) Group of producers, whole sellers and retailers (4) All of these (5) None of these Q.433. The controlling force in an organization under marketing concept should be: (1) Producer (2) Customer (3) Seller (4) Middleman (5) None of these Q.434. Mature business is opportunities threats: (1) Low, low (2) Low, high (3) High, low (4) High, high (5) None of these Q.435. In marketing ‘VALS’ stands for: (1) Values and life style (2) Values and luxuries (3) Variation in life style (4) Vital aids for living standard (5) None of these Q.436. Companies need to know all of the following about their competitors except: (1) What are their objectives (2) What are their strategies (3) What are their legal advisors (4) What are their strengths and weaknesses (5) None of these Q.437. The available market is the set of customers who have: (1) Interest (2) Income (3) Access to a particular market offer (4) All of these (5) None of these Q.438. Soft-drink giant, Coca-Cola is a best example of: (1) Mass marketing (2) Product variety marketing (3) Cost of the product or service (4) Target marketing (5) Customer- friendly marketing Q.439. Consumes who shift from favouring one brand to another are termed as: (1) Split loyal (2) Shifting loyal (3) Switchers (4) All of these (5) None of these Q.440. Maruti Udyog Ltd. manufactures cars for every purse, purpose and personality. It is an example of (1) Cyber marketing (2) Direct marketing (3) Undifferentiated marketing (4) Differentiated marketing (5) None of these Q.441. Manual typewriters are in the ..... stage of product life cycle: (1) Introduction (2) Maturity (3) Growth (4) Decline (5) None of these
  • 98. Mahendra Publication Pvt. Ltd. 101 MASTER IN MPARKETING Q.442. Marketing strategy(s) in the growth stage include all of the following except: (1) Improve product quality and add new features (2) Add new models and flanker products (3) Enters new market segments (4) Product awareness advertising (5) None of these Q.443. The life cycle stage characterized by falling price, increased advertising, decline profits and industry shake-up depicts ____________stage of product life cycle: (1) Maturity (2) Growth (3) Decline (4) Introduction (5) None of these Q.444. The most constructive mechanism for defending market share is: (1) Through continuous innovations (2) Through vertical integration (3) Through horizontal integration (4) Through diagonal integration (5) None of these Q.445. A group of products that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same channels or make open particulars price range is called: (1) Product system (2) Product variety (3) Product mix (4) Product line (5) None of these Q.446. When an individual feels deprivation of some basic satisfaction, it is termed as: (1) Want (2) Need (3) Demand (4) Imagination (5) None of these Q.447. Managers of production-oriented organizations concentrate on achieving: (1) High production efficiency (2) Wide distribution coverage (3) Both (1) and (2) (4) All of these (5) None of these Q.448. In marketing concept, the achievement of organizational goal is accomplished through: (1) Increasing sales (2) Product innovation (3) Customer satisfaction (4) Promotional mix (5) None of these Q.449. Successfully hiring, training and motivating able employees who want to serve the customers well is: (1) Internal marketing (2) Relationship marketing (3) Product marketing (4) Service marketing (5) None of these Q.450. Total customer value is: (1) Price a customer pays for the productor service (2) Bundle of benefits customer expects from a given product or service (3) Cost of the product or service (4) Marginal cost of the product or service (5) None of these Q.451. The sales person sells the product and encourages the customer to call if he/she has any complaint or quarry is an example of (1) Basic (2) Reactive (3) Proactive (4) Accountable (5) None of these Q.452. Which of the following is not a component of total quality marketing programme? (1) Quality must be perceived by customers (2) Quality necessary but may not be sufficient (3) Quality can always be improved (4) Quality drive can save a poor product (5) None of these
  • 99. MASTER IN MARKETING 102 Mahendra Publication Pvt. Ltd. Q.453. A company’s marketing environment consists of: (1) Micro environment (2) Macro environment (3) Both (1) and (2) (4) Segregation (5) None of these Q.454. A troubled business opportunities threats (1) Low, high (2) High, low (3) High, high (4) Low, low (5) None of these Q.455. Mass media usually has greatest impact at the ____________....state of new task buying. (1) Awareness (2) Interest (3) Trial (4) Adoption (5) None of these Q.456. A competitor who reacts only to certain types of attacks and not other is a .......competitor: (1) Tiger (2) Stochastic (3) Selective (4) Laid back (5) None of these Q.457. When the seller engages in the mass production, mass distribution and mass promotion of one product for all buyers is called: (1) Target marketing (2) Product marketing (3) Popular marketing (4) Mass marketing (5) None of these Q.458. the major benefit of an undifferentiated marketing is: (1) Cost economics (2) Less competition (3) Greater profit (4) All of these (5) None of these Q.459. Mobile phones in India are in the ....stage of product life cycle: (1) Introduction (2) Growth (3) Maturity (4) Decline (5) None of these Q.460. Slow penetration strategy consists of launching the new product at a ____________.price and.....level of promotion: (1) High, low (2) Low, high (3) Low, low (4) High, high (5) None of these Q.461. Promotional expenditures to sales ratio is generally high at .......stage of product life cycle: (1) Growth (2) Introduction (3) Maturity (4) Decline (5) None of these Q.462. A ____________is a set of all products and items that a particular seller makes available to a buyer: (1) Sales yield (2) Product yield (3) Sales mix (4) Product mix (5) None of these Q.463. “Only Banking nothing Else” Advertisement title belongs to which Bank? (1) Allahabad Bank (2) State Bank of India (3) Canara Bank (4) Union Bank (5) None of these Q.464. Which of the following is/are included in consumer Survey? (1) Advertising Medium (2) Market Status (3) Total Cost (4) Product’s colour (5) Survey of wants and desires of consumers. Q.465. The advantages which are received to consumer by advertisement are– (1) Receiving of good quality articles (2) Knowledgeable (3) Less value (4) Saving of time of consumer (5) All of these Q.466. Which of the following is a suitable medium for advertising of cigarette in rural area? (1) Sandwich man advertising (2) Glow sign Board (3) Advertising through newspaper (4) Sky writing (5) None of these Q.467. Which of the following does not require payment? (1) For Advertising (2) For commission and Discount (3) For publicity (4) For Salary (5) For wages
  • 100. Mahendra Publication Pvt. Ltd. 103 MASTER IN MPARKETING Q.468. Which of the following can be considered as modern market? (1) Seller’s market (2) Buyer’s market (3) Target market (4) Under developed market (5) None of these Q.469. Which of the following is not a step of purchase process? (1) Selection of Supplier (2) Discovery of Supplier (3) Planning (4) To make purchase order (5) Description of need Q.470. Which of the following is/are the factors that affect consumer behaviour? (1) Cultural Factor (2) Psychological Factor (3) Personal Factor (4) Finance Factor (5) All of these Q.471. The Full form of ROA in Banks is: (1) Return of Assets (2) Rate of Allocation (3) Return of Advances (4) Ratio of Assets (5) Only 2 and 3 Q.472. Which of the terms is not associated with customer relationship marketing? (1) Suspects (2) Prospects (3) Disqualified Prospects (4) Productive Prospects (5) None of these Q.473. Usually, researchers start their research by collecting, which type of data? (1) Primary Data (2) Secondary Data (3) Both of the two (4) Neither of the two (5) None of these Q.474. Which of the following is not a component of demographic environment? (1) Population growth (2) Educational Level (3) Existence of subcultures (4) Ethnic Markets (5) None of these Q.475. Society shapes our_______ (1) Beliefs (2) Values (3) Norms (4) Only 1 and 2 (5) All of these Q.476. Which type of advertising is required to market products in the maturity stage? (1) Persuasive advertising (2) Informative advertising (3) Reminder advertising (4) Comparative advertising (5) None of these Q.477. Ethnic markets come under which environment? (1) Socio-Economic (2) Demographic environment (3) Political- Environment (4) Natural Environment (5) None of these Q.478. A Bank plans to gain competitive advantage by providing speedy services, this is an example of which type of differentiation? (1) Service (2) Product (3) Idea (4)Physical Evidence (5) None of these Q.479. Which of the following statements about product Life Cycle is/are TRUE? (A) Products have limited life. (B) Products sale pass through distinct stages, each posing different challenges, opportunities and problem to seller. (C) Profit rise and fall at different stages of Product Life Cycle.
  • 101. MASTER IN MARKETING 104 Mahendra Publication Pvt. Ltd. (D) Products require different marketing, financial, human resource strategies in each stage of their life cycle. (1) Only A is true (2) Only B and C are true (3) A, C, D are true (4) All are true (5) None of these Q.480. Consumers who shift from one brand to another are known as____ (1) Hard-core Loyal (2) Split Loyal (3) Shifting Loyal (4) Switchers (5) None of these Q.481. Which of the following is not an idea generation technique? (1) Brain storming (2) Forced relationships (3) Morphological Analysis (4) Cost Benefit Analysis (5) None of these Q.482. ‘Alpha’ and ‘Beta’ testing are usually used in- (1) Consumer goods market testing (2) Business-goods market testing (3) Controlled test marketing (4) Stimulated test marketing (5) None of these Q.483. What are the goods that the customer usually purchases frequently, immediately, and with a minimum effort called? (1) Shopping Goods (2) Specialty Goods (3) Convenience Goods (4) Unsought Goods (5) None of these Q.484. The total number of items in the product Mix is called_______ (1) Width of the product (2) Length of the product mix (3) Depth of the product mix (4) Consistency of the product mix (5) None of these Q.485. Service contracts can also be called as_________ (1) Extended warrantees (2) Guarantees (3) Either 1 or 2 (4) Both 1 and 2 (5) None of these Q.486. A Hotel offers a free sight-seeing package, which is inclusive in its boarding charges. This offer can come under which service feature? (1) Primary Service feature (2) Secondary Service feature (3) Either 1 or 2 (4) Both 1 and 2 (5) None of these Q.487. “Factory Outlet” is an example of which type of retail store? (1) Convenience stores (2) Discount stores (3) Off Price stores (4) On Price Stores (5) None of these Q.488. Which of the following is/are not sales promotion tool? (1) Coupons (2) Contests (3) Premiums (4) News Articles (5) None of these Q.489. Selling Concept is best applicable to— (1) Insurance (2) Encyclopedias (3) Found Raisers (4) All of these (5) None of these Q.490. Which is not a marketing concept? (1) Meeting needs Profitably (2) Have the customer, not the product (3) Find wants and Fill them (4) Producing efficiently (5) None of these
  • 102. Mahendra Publication Pvt. Ltd. 105 MASTER IN MPARKETING Q.491. Internal Marketing is the task of successfully— (1) Hiring the employees (2) Training the employees (3) Motivating the employees (4) All of these (5) None of these Q.492. Which of the following offering is not a service? (1) Fixed deposit receipt (2) Postage Stamp (3) Insurance policy (4) Gift coupons of a chain store . (5) None of these Q.493. The Act of obtaining a desired object from someone by offering something in return is called as a (n)- (1) Transaction (2) Exchange (3) Relationship (4) Value (5) None of these Q.494. Of the following Price Strategies ———— is not ideal for new products? (1) market - skimming (2) Discriminatory Pricing (3) Market - Penetration (4) Promotional Pricing (5) None of these Q.495. Marketing channel refers to _____ (1) A physical channel for movement of goods in them from the seller to the buyer. (2) A set of firms who handle the physical movement of goods from one point to another. (3) Different departments of the producer firm which are associated in ensuring delivery of goods to the buyer. (4) A set of independent organizations involves in the process of making a product or services available for use or consumption . (5) None of these Q.496. An advertisement is not for ______ (1) Suggesting new uses of a product (2) Telling about a new product (3) Explaining how a product works (4) Building Brand preference (5) None of these Q.497. Direct marketing does not cover ______ (1) Online marketing (2) Public Relations (3) Personal selling (4) Catalogue Marketing (5) None of these Q.498. An Effective MIS fulfills these ________ (1) Analysis of quantitative information (2) Co-ordinations among functional and specialist executives (3) Limited to current scenario (4) Both 1 and 2 (5) None of these Q.499. Which of the following is kind of customer? (1) Consumer customer (2) Industrial and Producer customers (3) Re-Sale Customers (4) International Customers (5) All of these Q.500. Which of the following is related to Resale? (1) Producers (2) Whole Sellers and retailers (3) Customers (4) All of these (5) None of these
  • 103. MASTER IN MARKETING 106 Mahendra Publication Pvt. Ltd. Q.501. Which of the following are the parts of structure of Economy? (1) Loan Liability (2) Rate of Capital formation (3) Distribution of Income (4) Shape and Size of National Income (5) None of these Q.502. Which of the following Tax has replaced Sales Tax in India? (1) Capital Tax (2) Product Tax (3) VAT (Value Added Tax) (4) Service Tax (5) Import Tax Q.503. What is the full form of FEMA? (1) Foreign Exchange Money Agency (2) Foreign Exchange Money Act (3) Full Exchange Money Agency (4) Foreign Exchange Management Act (5) None of these Q.504. Which of the following is a financial Act? (1) SEBI Act (2) Income Tax Act (3) Company Act (4) Essential Commodity Act (5) None of these Q.505. Which of the following is marketing Risk? (1) Change in price level (2) Quality and purity of goods and services (3) Obsolescence (4) Goods Technique (5) All of these Q.506. Who gave the concept of 4Ps of Marketing mix? (1) Kotler and clark (2) Mackarthi (3) Hanson (4) Bordan (5) None of these Q.507. Which of the following is the aim of marketing mix? (1) To complete effectively the objectives of marketing programmes of the organization by fulfilling the needs of consumers on minimum cost . (2) maximum cost (3) minimum sale (4) Advertising (5) None of these Q.508. Which of the following is/are the elements of the old concept of marketing? (1) Production (2) maximum sale and seller satisfaction (3) maximum profit (4) All of these (5) None of these Q.509. Which of the following is related to concept of “Good Commodity and minimum cost”? (1) Marketing concept (2) Social marketing concept (3) Sale concept (4) product concept (5) Production concept Q.510. Which of the following is a base of marketing Budget? (1) marketing mix (2) product planning (3) process (4) Controlling (5) storage Q.511. Which of the following is related to the concept of “we are the partners of your profit”? (1) Sale Price (2) Innovation (3) Advertisement (4) marketing Concept (5) All of these Q.512. Managers scan the environment through– (1) Undirected view (2) Conditioned view (3) Formal and Informal Search (4) All of these (5) None of these
  • 104. Mahendra Publication Pvt. Ltd. 107 MASTER IN MPARKETING Q.513. Which is centre point of Banks in the economy? (1) Present and Potential customer of Banks (2) Staff (3) Profit (4) Deposits (5) None of these Q.514. Generally the best research approach for descriptive research is— (1) Observation (2) Survey (3) Cross-section (4) Experiment (5) None of these Q.515. Which of the following is a centre point of all business activities? (1) Marketing concept (2) Production and sales (3) Profit concept (4) Sales concept (5) None of these Q.516. CRM stands for– (1) Central Role Money (2) Customer Relationship (3) Customer Rate Money (4) All of these (5) None of these Q.517. Which Bank followed high pressure selling of their product? (1) ICICI Bank (2) State Bank of India (3) Bank of Baroda (4) Bank of India (5) None of these Q.518. Which of the following is plastic money? (1) Rupee (2) Dollar (3) Credit card and debit card (4) Bank draft (5) None of these Q.519. Which of the following in modern scenario, means “quick response to customer’s problems”? (1) Toll Free Phone (2) Consumer Protection Laws (3) Govt. of India (4) Speed Post (5) None of these Q.520. Social Marketing is– (1) Marketing of social assets (2) A social product (3) The design, implementation and control of programmes seeking increase the acceptability of a social idea. (4) Tool of social transaction (5) All of these Q.521. Which factor is responsible for development of marketing? (1) Barter system (2) Production orientation (3) Sales— Orientation (4) Marketing-orientation (5) All of these Q.522. External sales person sells the goods on— (1) Sale literature (2) Price list (3) Catalogue (4) Projector Model (5) All of these Q.523. The sales person who generate the demand of newly brand goods is known as— (1) Publisher sales person (2) Agent (3) Pioneer sales person (4) Wholesaler (5) None of these
  • 105. MASTER IN MARKETING 108 Mahendra Publication Pvt. Ltd. Q.524. For which of the following PERT is used? (1) For evaluation of programmes (2) For Advertising (3) For Sale (4) For Exchange (5) All of these Q.525. Sales Promotion is a tri-party activity. Which are the 3 parts of this activity? (i) Mediators in distribution channel (ii) Consumers (iii) Producers (iv) Retailers (v) Sales person (1) i, iv and v (2) i, ii and iv (3) i, iii and iv (4) i, iii and v (5) i, ii and v Q.526. Which of the following is not a tangible product? (1) Television (2) Radio (3) Goodwill (4) Mobile (5) None of these Q.527. Issuing of Home Insurance Policy with Home Loan by Banks, is known as— (1) A Policy (2) A Expenditure (3) Source of Income (4) Production of structure (5) Product innovation Q.528. After Manufacturing ALTO Car, Maruti Co. manufactured ALTO-LX and ALTO-LXI, this process is— (1) Sales promotion (2) Product Line (3) Product Policy (4) Product Simplification (5) None of these Q.529. HNI stands for— (1) Highly Neutral Individual (2) Highly Necessary Individual (3) Highly Negative Individual (4) High Networth Individual (5) All of these Q.530. What is ATM? (1) Branches of Banks (2) Counter with staff of Banks (3) For Cash without staff (4) All of these (5) None of these Q.531. What is lead? (1) Marketing staff of Bank (2) Regional Leader (3) President of Bank (4) Targeted Customer (5) None of these Q.532. What is the acid test of a brand? (1) Brand Promotion (2) Brand Awareness (3) Brand Acceptability (4) Brand Equity (5) Brand Loyalty Q.533. Why is marketing research necessary? (1) For additional Service Charges (2) For Implementing VAT (3) For better Customer services (4) For effective sale (5) There is no need of marketing research. Q.534. What is true about a product? (1) meets to an end (2) matures (3) grows slowly (4) takes birth (5) All of these Q.535. “A product is a bundle of utilities”, who said this? (1) Elderson (2) Peter F Drucker (3) Philip Kotler (4) Ruth (5) None of these Q.536. On which factors today’s marketing depend? (1) Planning (2) Pricing (3) Correct distribution (4) Promotion (5) All of these
  • 106. Mahendra Publication Pvt. Ltd. 109 MASTER IN MPARKETING Q.537. Which of the following does not need marketing? (1) Sale of credit and Debit Card (2) Sale of Net Banking (3) Sale of Corporate Loan (4) Sale of retail loan (5) None of these Q.538. “Good People to Bank with” advertisement title belongs to which Bank? (1) Canara Bank (2) UCO Bank (3) State Bank of India (4) Union Bank of India (5) None of these Q.539. What are elements of a good brand? (1) Small and affectionate (2) Memorable (3) Easy to speak (4) All of these (5) None of these Q.540. The market of customers of gold and silver is known as _____ (1) Exchange market (2) Metal Market (3) Bullion market (4) Capital market (5) None of these Q.541. Who among the following said that “Marketing is human activity”? (1) Victor (2) Philip Kotler (3) Payle (4) Hugi (5) None of these Q.542. Which of the following is key to successful marketing? (1) Execution of marketing planning (2) Controlling of marketing mix (3) Integration of marketing programmes (4) All of these (5) None of these Q.543. When time factor is most important then the best contact method with the respondent is ___ (1) Telephonic interview (2) Personal Interview (3) Mailed Interview (4) Only 1 and 3 (5) None of these Q.544. An incomplete story is presented to respondents and asked to complete it. It is a _______ (1) Thematic appreciation test (2) Picture completion test (3) Story Completion test (4) All of these (5) None of these Q.545. XYZ co. wanted to know how their sales are influenced by price, advertising etc, the best statistical tool is _____ (1) Correlation Analysis (2) Simple Regression Analysis (3) Multiple regression Analysis (4) Calculus (5) None of these Q.546. Which is/are the evils of advertising? (1) Advertising adds to the cost (2) Increases sales (3) Price stability (4) Improve quality of life (5) None of these Q.547. Which of the following is/are the principle of effective advertising ? (1) It must be creative (2) Prove your Products Value (3) Use Pictures (4) Create interest (5) All of these Q.548. What is hire purchase system? (1) A contract of Sales (2) An agreement to sell (3) Method (4) management tool (5) Consent
  • 107. MASTER IN MARKETING 110 Mahendra Publication Pvt. Ltd. Q.549. Which is the very ancient form of sales organization? (1) Call Sales (2) Line type of sales organization (3) Put Sell (4) Research Sale (5) All of these Q.550. Which of the following is the Sources of Sales person recruitment? (1) Advertisement (2) Planned Economy (3) Developed Programme (4) Committee (5) All of these Q.551. Which of the following can be grouped under marketing fluctuation? (1) Brick (2) Cement (3) Mobile Technique (4) All of these (5) None of these Q.552. Which of the following is/are target customers? (1) Structure (2) Factors (3) Future Customers (4) Suppliers and producers (5) None of these Q.553. What are the 4C of Marketing Mix? (i) Customer needs (ii) Cost of Customer (iii) Convenience (iv) Communication (v) Culture (1) i, ii, iii and v (2) i, ii, iii and iv (3) i, iii, iv and v (4) i, ii, iv and v (5) None of these Q.554. “Marketing is a mixture of mixture” this statement is related to— (1) Product Planning (2) Price Determination (3) Cost (4) Saving (5) Marketing Mix Q.555. “All business activities are marketing”. Who said this statement? (1) Kandiff (2) Kotler (3) Hanson (4) Alexander Harren (5) Peter F. Drucker Q.556. Which of the following is the starting point of Marketing? (1) Market (2) Production Place (3) Buyer’s house (4) Seller’s house (5) All of these Q.557. Which is/are the advantage of telephonic interview? (1) Low cost per interview (2) Convenient for those important person who are not easily reachable (3) Ensure co-ordination which is generally not possible. (4) All of these (5) Only 1 and 2 Q.558. What is MIS stand for in financial organization specially Bank? (1) Middle Income scheme (2) Management Information system (3) Marketing Information system (4) Management of information science (5) Only 2 and 3
  • 108. Mahendra Publication Pvt. Ltd. 111 MASTER IN MPARKETING Q.559. Which types of products are bought by final consumers for personal consumption? (1) Specialty Products (2) Unsought Products (3) Consumer Products (4) Shopping Products (5) None of these Q.560. Which of the following allows companies to enter new markets with minimal risk? (1) Independent manufacturer (2) Licensing (3) Private Labeling (4) Joint Venture (5) None of these Q.561. From where does the majority (more than 55%) of new-product ideas come? (1) Distributors and suppliers (2) Internal Sources (3) Customers (4) Competitors (5) All of these Q.562. Which of the following is not an external factor that affects pricing? (1) Market demand (2) Manufacturing cost (3) Competitor’s prices (4) Economic conditions (5) None of these Q.563. Salim makes T-shirts for “Lifestyles” He does not sell the shirts under his our Salim label. Instead, he sells the shirts to “Lifestyles” and they use a store label . What is this type of branding called? (1) Manufacturer’s Brand (2) Licensed Brand (3) Co- Brand (4) Private Brand (5) None of these Q.564. Which of the following is/are main customers for a bank? (1) Customer (2) Employees (3) Society (4) All of these (5) None of these Q.565. Who of the following are communication code maker in marketing of banking services? (1) Customer (2) Advertisement (3) Computer (4) Banker (5) None of these Q.566. Personal sale is _______method of communication? (1) Direct (2) Hidden (3) Indirect (4) Implied (5) None of these Q.567. Which of the following is more important in Banking services? (1) Customer satisfaction (2) Customer service (3) Both 1 and 2 (4) Either 1 or 2 (5) None of these Q.568. For customer oriented companies, customer satisfaction is— (1) Target (2) Marketing-tool (3) Enterprise of Profit (4) Both 1 and 2 (5) All of these Q.569. “For 80%” Business of any company only 20% customers can be responsible” this principle is given by— (1) Pareto (2) Farnel (3) Taylor (4) P. Gyne Vell (5) Mackarthy Q.570. What is included in integrative growth? (1) Back wards Integration (2) Forward Integration (3) Horizontal Integration (4) All of these (5) None of these
  • 109. MASTER IN MARKETING 112 Mahendra Publication Pvt. Ltd. Q.571. What is Patent? (1) An intangible asset (2) A legal right (3) Base of discovery and development (4) monopoly right (5) All of these Q.572. What are the elements of an effective Package? (1) Memorable (2) Interesting (3) Secure (4) Attracting (5) All of these Q.573. The consideration which we get by transferring the right of utilizing the Patent, this is called - (1) Fees (2) Brokerage (3) Royalty (4) Commission (5) Octroi Q.574. What is true about Patent Right? (1) Cannot be transferred (2) Can be transferred (3) utility meets to an end (4) All of these (5) None of these Q.575. What is the principle of selection of target marketing? (1) Goods of an organization (2) Resources of organization (3) Product differentiation (4) All of these (5) None of these Q.576. Market information means (1) Knowledge of companies (2) Cross-country information (3) Knowledge of related markets (4) Selling to existing customers (5) None of these Q.577. Relationship Selling means (1) Preparing a list of relatives (2) Cross-selling (3) Selling to relatives (4) Selling to strangers (5) Tele marketing Q.578. Qualities of a good Salesman are (1) Patience and politeness (2) Empathy and Perseverance (3) Steadfast and Committed (4) (1) and (2) both (5) All (1), (2) and (3) Q.579. A lead is useful for (1) A marketing staff (2) A team leader (3) Bank’s Chairman (4) An industry making lead products (5) Not useful, as it is poisonous Q.580. Market Research is needed- (1) For extra service charges (2) For levy of VAT (3) For good customer service (4) For effective selling (5) There is no need for Market Research
  • 110. Mahendra Publication Pvt. Ltd. 113 MASTER IN MPARKETING Q.1. Innovation in marketing is same as ————— (1) Abbreviation (2) Communication (3) Creativity (4) Aspiration (5) Research Work Q.2. Effective Selling Skills depends on ————— (1) Number of languages known to the DSA (2) Data on marketing staff (3) Information regarding IT market (4) Knowledge of related markets (5) Ability to talk fast Q.3. A Direct Selling Agent (DSA) is required to be adept in- (1) Surrogate marketing (2) Training skills (3) Communication skills (4) Market Research (5) OTC Marketing Q.4. Leads can be best sourced from______ (1 ) Foreign customers (2) Yellow pages (3) Dictionary (4) List of vendors (5) Local supply chains Q.5. Value added services means_____ (1) Low Cost products (2) High cost products (3) At par services (4) Additional services for the same cost (5) Giving discounts Q.6. Post-sales activities include______ (1) Sales presentation (2) Customer Feedback (3) Customer identification (4) Customer apathy (5) Product design Q.7. The target market for Debit Cards is_____ (1) All existing account-holders (2) All agriculturists (3) All DSAs (4) All vendors (5) All outsourced agents. Q.8. The competitive position of a company can be improved by ————— (1) increasing the selling price (2) reducing the margin (3) ignoring competitors (4) increasing the cost price (5) understanding and fulfilling customers' needs Q.9. A good Brand can be built up by way of ————— (1) Customer grievances (2) Break-down of IT support (3) Old age (4) Large number of products (5) Consistent offering of good services Q.10. The 'USP' of a product denotes ——— (1) Usefulness of the product (2) Drawbacks of a product (3) Main functions (4) Number of allied products available (5) High selling features of a product STATE BANK OF INDIA HELD ON 28-04-2013 Based On Memory
  • 111. MASTER IN MARKETING 114 Mahendra Publication Pvt. Ltd. Q.1. Marketing has taken a prominent position during the last decade due to- (1) Increased competition (2) Better literacy rate (3) Foreign compulsions (4) Government instructions (5) Reserve Bank of India Policy guidelines Q.2. Marketing is definitely required when- (1) Demand exceeds supply (2) Supply exceeds demand (3) Supply equals demand (4) Staff is in excess (5) There is monopoly Q.3. The traditional Marketing style involves - (1) Door-to-door campaigns (2) Sending e-mails ' (3) Tele-marketing (4) SMS campaigns (5) Virtual marketing Q.4. Telemarketing campaigns are resorted to - (1) Avoid face-to-face interactions (2) Avoid 'buyer resistance' (3) Reach a larger clientele (4) Increase cold calls (5) Reduce profits Q.5. The most essential quality of a good sales person is - (1) Questioning skills (2) Good appearance (3) Production skills (4) Good Communication skills (5) Curiosity Q.6. Direct Marketing means- (1) Seminars and Conferences (2) Face-to-face selling (3) Banners (4) Cold calls (5) Sales presentations Q.7. Selling process includes (1) Publicity (2) Lead generation (3) Data collection (4) Product Designing (5) Product Re-designing Q.8. Web marketing involves - (1) Selling websites (2) Door-to-door canvassing (3) E-mail chatting (4) Browsing the Yellow Pages (5) Web advertisements Q.9. Marketing strategies mean- (1) Ideas for new employment (2) Techniques for mergers (3) Methods to improve marketing activities (4) More hits per ATM (5) Networking Q.10. The first step in Marketing is (1) Production work (2) Planning work (3) Receiving feedback (4) Telephone calls (5) Sending e-mails Q.11. Good competition helps in - (1) Better technology (2) More market share (3) Rise in profits (4) Bigger branch network (5) Improved customer service STATE BANK OF INDIA HELD ON 27-05-2012 Based On Memory
  • 112. Mahendra Publication Pvt. Ltd. 115 MASTER IN MPARKETING Q.12. 'Push' marketing. style requires- ( 1) Collective effort (2) Good pushing strength (3) Lengthy talks (4) Ability to identify the leads (5) Aggressive marketing Q.13. Communication skills in the case of a DSA means _ (1) Giving Lengthy speeches (2) Sending Good SMS messages (3) Being Talkative (4) Ability to convince the customer with the right choice of words (5) Being Multi linguist Q.14. Effective selling skills depend on- (1) Good dress sense (2) Territory Allocation (3) Sales Call Planning (4) Good eye-contact (5) Past performance Q.15. 'Buyer Resistance' means _ (1) Buyer's dislike for the product (2) Fight between buyer and the seller (3) Buyer's hesitation in buying the product (4) Exchange of products (5) Buyer retracting the sale Q.16. Buyer Resistance can be overcomeby- (1) Good friendship between buyer and seller (2) Good after sales services (3) Good arguments (4) Good technology (5) Persuasive communication Q.17. 'Benchmark' means __ (1) Sales performance measurement (2) Marks given to sales persons (3) Appraisal (4) Standard values for comparison (5) Automation Q.18. Innovation in marketing means- (1) New technology (2) Globalisation (3) Intense competition (4) New business models (5) Internal marketing Q.19. Marketing opportunities mean- (1) Scope for marketing (2) Proper and effective training (3) Market planning (4) Availability of sales outlets (5) Market data Q.20. The USP of a Current Account is- (1) No restrictions on transactions (2) Low TDS (3) High minimum balance (4) High interest payable (5) No need for KYC norms fulfillment
  • 113. MASTER IN MARKETING 116 Mahendra Publication Pvt. Ltd. Q.1. The target for a car loan is ——— (1) All persons owing a car (2) A family with more than 2 members (3) Car designers (4) Car garages (5) Car showrooms Q.2. Standard marketing practices include ——— (1) Poaching (2) Unhealthy competition (3) Lowering the selling price (4) Unhealthy discount (5) Phishing Q.3. Market Segmentation means dividing ——- (1) The marketing teams into small groups (2) The employees as per their grades (3) The products, as per their usage (4) The products, as per their cycles (5) The market, as per the tastes and needs of different groups Q.4. The process of discovering patterns and relationships using the available customer data to reveal what customers want and how they act is known as ——- (1) Data Warehousing (2) Data Base (3) Data Mining (4) Data Building (5) Data Matching Q.5. Telemarketing means —— (1) Internet Marketing (2) Selling telephones (3) Door-to-door contacts (4) Sending and receiving SMS messages (5) Marketing through telephone calls Q.6. Motivating customers to buy upgraded products when they had intended to buy something of lower value is known as —— (1) Cross Selling (2) Forward Selling (3) Marketing (4) Channel Marketing (5) Up Selling Q.7. The modern marketing concept asserts that marketing starts with the product idea and ends with ——- (1) Production of Quality Product (2) Advertisement Campaign (3) Customer Satisfaction (4) Sale of the Product (5) Exchange of Money Q.8. A situation in which consumer purchases are unplanned is called ——— (1) Latent Demand (2) Impulse Buying (3) Irregular Demand (4) Unwholesome Buying (5) None of these Q.9. One of the following is NOT required in a good sales person. Find the same ——- (1) Sympathetic approach (2) Good communication skills (3) Courteous nature (4) Persuasion skills (5) Perseverance Q.10. List of people who do not wish to receive telemarketing calls us —— (1) Dare Not Call List (2) Do Not Call List (3) Do Not Dial List (4) Do Never Call List (5) None of these STATE BANK OF INDIA HELD ON 14-10-2012 Based O n Memory
  • 114. Mahendra Publication Pvt. Ltd. 117 MASTER IN MPARKETING Q.11. Marketing of goods experimentally in several carefully selected areas before releasing them on a wide scale is known as —— (1) Sampling (2) Segmentation (3) Segregation (4) Test Marketing (5) Grading Q.12. Motivation in Marketing means ——- (1) Inspiring sales persons to talk more (2) Inspiring sales persons to sell more (3) Inspiring counter staff to talk more (4) Market Size (5) Market Place Q.13. Selling price of a product based on the buyer’s perceptions of value rather than on the seller’s cost is known as ——— (1) Break Even Pricing (2) Target Profit Pricing (3) Cost Plus Pricing (4) Value Based Pricing (5) None of these Q.14. Which one of the following best describes the term ‘Negative Demand’? (1) Consumers begin to buy a product less frequently (2) Consumers do not at all buy a product (3) Consumers are unaware or uninterested in a product (4) Consumers purchase vary on a seasonal basis (5) Consumers dislike a product and may even pay to avoid it Q.15. Leads for canvassing Home Loan accounts can be obtained from ——— (1) Builders (2) Individuals building one’s house (3) Audit Departments (4) Brick manufactures (5) Cement suppliers Q.16. Internet banking can be popularized by way of —— (1) Reduced prices (2) Higher prices (3) Wide Area Network (4) Better technology (5) More ATMs Q.17. Uncertain outcomes involving the market for goods and services, such as the possibility of price declines or increases, changes in consumer preferences, and /or changes in the nature of competition is called ———- (1) Market Scope (2) Market Risk (3) Market Outlook (4) Market Outcome (5) Market Design Q.18. Good Competition helps in ——- (1) Improved customer service (2) Reduced sales (3) Improved brand image (4) More market share (5) Better customer profile Q.19. The systematic gathering, recording and analyzing of data with respect to a particular market is known as —— (1) Market Share (2) Market Segmentation (3) Market Profile (4) Market Research (5) Marketing Research Q.20. The most common source for leads generation for any company is ——- (1) House magazines (2) Audit guidelines (3) Yellow pages (4) Dictionary (5) Vision documents
  • 115. MASTER IN MARKETING 118 Mahendra Publication Pvt. Ltd. Q.1. Marketing is the function of (1) Only Sales persons (2) Only counter staff (3) Only qualified persons (4) Top Bosses (5) A collective function of all staff Q.2. The performance of a sales person depends on (1) Ability and willingness of the sales person (2) Incentives paid (3) Size of the sales team (4) Team leader’s attitude (5) His aggressive nature Q.3. Good marketing strategy envisages good and proper——— (1) Product distribution (2) Networking of branches (3) High Pricing (4) Placement of counter staff (5) Relationship management Q.4. Service Marketing is resorted to in ——— (1) AIIMNCs (2) All production houses (3) Industrial units (4) Insurance companies and banks (5) Fish markets Q.5. Customisation results in ——— (1) Customer exit (2) Customer retention (3) Customer complaints (4) Better Balance Sheet figures (5) Better technology Q.6. The sole aim of marketing is to- (1) Improve the Balance Sheet figures (2) Increase recruitment (3) Increase profits (4) Increase production (5) Increase branch network Q.7. Aggressive Marketing is necessitated due to ——— (1) Globalisation (2) Increased competition (3) Increased production (4) Increased job opportunities (5) Increased staff Q.8. The best promotional tool in any marketing is ——— (1) Pamphlets (2) Newsletters (3) Word of mouth publicity (4) Regional Advertisements (5) Viral marketing Q.9. Market Information means ____. (1) Knowledge level of DSAs (2) Information about marketing staff (3) Information regarding Share market (4) Knowledge of related markets (5) Latest knowledge about technology progress Q.10. Efficient marketing style requires — (1) Proper planning (2) Good debating skills (3) Arrogant staff (4) Knowledge of many languages (5) Ignorant customers Q.11. The target group for SME loans is ——— (1) All SSIs (2) All College Professors (3) All students (4) All Nurses (5) All salaried persons Q.12. Market segmentation means grouping (1) The sales teams (2) The customers as per their needs and taster (3) Selling arrangements (4) The counter staff (5) The back-office staff STATE BANK OF INDIA HELD ON 03-06-2012 (IST SHIFT) Based O n Memory
  • 116. Mahendra Publication Pvt. Ltd. 119 MASTER IN MPARKETING Q.13. Target group means (1) All employers (2) All sales persons (3) Intended buyer (4) All industries (5) Call Centre persons Q.14. SME means ______. (1) Selling and Marketing Employees (2) Sales and Mergers of Entities (3) Small and Micro Entities (4) Small and Medium Enterprises (5) Sales Performance Measurement Program Q.15. “USP” in marketing language means ——— (1) Uniform Selling Practices (2) Unique Sales Person (3) Unique Selling Proposition (4) Unique Savings Plans (5) Useful Sales Persons STATE BANK OF INDIA HELD ON 03-06-2012 (IIND SHIFT) Based O n Memory Q.1. A Cold Call means ————— (1) A futile exercise (2) Calls made in cold countries (3) Sales talk (4) Old product with new wrapping (5) Calls made without prior appointment Q.2. Delivery channels means ————— (1) Place from where the products are sold (2) Courier service (3) Distribution agencies (4) Delivery time (5) Offsite banking Q.3. A Lead means — (1) ATM usage (2) Product offering (3) Discount sales (4) A likely buyer (5) A type of credit card Q.4. Indirect marketing is the same as -———— (1) Onsite selling (2) Using a smart-phone (3) Viral marketing (4) Advertisements (5) Online marketing Q.5. Selling is ———— (1) Same as marketing (2) More than Marketing (3) Offering discounts (4) A sub-function of marketing (5) Nothing to do with marketing Q.6. Market size also means (1) Market planning (2) Market pricing (3) Market space (4) Market distribution (5) Market channels Q.7. To Close a Call means —— (1) To look for new clients (2) Telemarketing (3) To clinch the sales deal (4) Online marketing (5) Indoor marketing Q.8. Market share can be increased by increasing ————— (1) Raw material cost (2) The staff strength (3) The sales (4) The sales staff (5) Competition Q.9. Benchmark means ————— (1) A Standard value for comparison (2) Basic products (3) Court cases (4) Financial targets (5) Sales persons’targets Q.10. A Call in marketing terms means (1) A newly introduced product (2) Territory allocation for sales persons (3) A Call Centre (4) A sales meeting (5) To visit a Prospect
  • 117. MASTER IN MARKETING 120 Mahendra Publication Pvt. Ltd. Q.11. Marketing of Services is adopted in ———— (1) Grocery stores (2) Garment trade (3) Medicine shops (4) Fruit stalls (5) Hotels Q.12. A fall in the market share implies ————— (1) Sales have gone up (2) Profit has gone up (3) Prices are erratic (4) Competition has increased (5) Business is wound up Q.13. Mutual Fund business from existing bank customers can be mobilized by ——— (1) Online marketing (2) Gross-selling (3) Telemarketing (4) Carpet bombing (5) Road-shows Q.14. “Load” means ————— (1) Log of wood (2) Fee charged when one buys or sells the units of a fund (3) Share price at the time of buying (4) Stamp duty (5) Fund value Q.15. More number of conversions indicates ————— . (1) More sales (2) More purchases (3) More staff (4) More products (5) More technological progress STATE BANK OF INDIA HELD ON 16-01-2011 (IST SHIFT) Based O n Memory Q.1. Direct Marketing means - (1) Advertisements (2) Banners (3) Face-to-face selling (4) Selling by all staff (5) Achieving targets Q.2. Web marketing involves____ (1) Selling web cameras (2) Web advertisements (3) e-mail chatting (4) Browsing the web (5) Door-to-door canvassing Q.3. The ultimate aim of Marketing is to provide ——— (1) More business to the Company (2) More profit (3) More Staff (4) More Production (5) More products Q.4. Selling process includes_________ (1) Publicity (2) Lead generation (3) Cross-country contacts (4) Product Designing (5) Product Re-designing Q.5. Market share means ———— (1) Paid up capital (2) Shares held by employees (3) Share of business volume as compared to other companies (4) Share price of the company quoted in the market (5) Sensex Q.6. Market share can be increased by ——— (1) increasing the number of sales persons (2) increasing the sales volume (3) increasing the products (4) increasing production (5) rewriting profits
  • 118. Mahendra Publication Pvt. Ltd. 121 MASTER IN MPARKETING Q.7. Market segmentation means - (1) Segmentation of sales teams (2) Territory distribution (3) Selling arrangement (4) Division of target groups according to their needs (5) Market share Q.8. Target group of education loans is- (1) All school children (2) All college student (3) All college (4) All schools (5) All hospitals Q.9. Referrals means - (1) Sales persons (2) All customers (3) A person recommended by someone (4) Making more calls to same buyers (5) All buyers Q.10. 'USP' in marketing means - (1) Unique Selling Practices (2) Uniform Selling Practices (3) United Sales Persons (4) Unique Selling Proposition (5) Useful Sales Person Q.11. In sales language conversion means - (1) To designing new products (2) To change buyers into sellers (3) To change seller into buyers (4) To change potential buyers into buyers (5) Change of religion. Q.12. Online marketing is most effective for the adertisement of ________. (1) saving accounts (2) credit cards (3) home loans (4) NRI funds (5) Business accounts. Q.13. Cross - selling means _____. (1) selling from city to city (2) selling with cross phase (3) selling with crossed finger (4) methods of increasing products (5) cold calling Q.14. Marketing strategy means ______. (1) Ideas for new employment (2) old ideas of selling (3) methods of improving marketing activities (4) methods of improving products (5) networking Q.15. Target group means ________. (1) all buyers (2) all sales persons (3) induced buyer (4) all consumers (5) None of these Q.16. What is the USP of saving account ? (1) High rate of interest (2) Easy to operate (3) Risky transaction (4) Expensive transaction (5) Delivery persons Q.17. Which one of the following is not a target group for saving accounts ? (1) salaried person (2) companies which run in loss (3) doctors (4) government employees (5) insurance agents Q.18. Common target group for home loans is _______. (1) current lenders (2) persons who do not have their own house (3) persons who have one or more houses (4) builders (5) None of these Q.19. Digital marketing is equivalent to ________. (1) online marketing (2) cold calling (3) web designing (4) market assumption (5) None of these Q.20. What is the full form of DSA. (1) Delivery Staff Agency (2) Direct Selling Agent (3) Direct Supplier Agent (4) Distribution & Supply Agency (5) Driving Sales Ahead
  • 119. MASTER IN MARKETING 122 Mahendra Publication Pvt. Ltd. Q.1. A Safe Deposit Locker can be canvassed among ————— (1) All existing account holders (2) Persons below poverty line (3) Students (4) Jewelers (5) ATM cardholders Q.2. Tele marketing means--------------- (1) Selling telephones (2) Sending SMS messages (3) Chatting on the phone (4) Marketing through phone calls (5) Marketing in person Q.3. The USP of a Credit Card is — (1) Cashless operations (2) Only for HNIs (3) Only for men (4) Only for employed persons (5) Transactions through cheque book Q.4. EMI can be a marketing tool if ————— (1) EMI is increasing (2) It is very high (3) It is very low (4) EMI has no impact on marketing (5) EMI is a flat rate Q.5. The USP of a Current Account is-------- (1) High Profitability (2) Liquidity (3) Low Rate of Interest (4) Costly transactions (5) Friendly features Q.6. Bancassurance means------------ (1) Assurance of banks for quality service (2) Assurance for sanction of loans (3) Selling of insurance products by banks (4) Selling credit cards (5) Selling debit cards Q.7. Good competition helps in--------------- (1) Improved sales (2) Improved customer service (3) Improved brand image (4) All of these (5) None of these Q.8. Banks sell insurance for -------- (1) Increasing deposits (2) Increasing loans (3) Increasing clients (4) Earning more profits (5) Taking over Insurance companies Q.9. A Debit Card can be issued to------------- (1) Only Income Tax assessees (2) Only Professionals (3) Only women (4) All farmers (5) All Savings Account holders Q.10. Mutual Funds investments can be effectively canvassed among ————— (1) Only salaried persons (2) Students availing Education loans (3) HNI customers (4) Sunrise industries (5) Poor farmers STATE BANK OF INDIA HELD ON 16-01-2011 (IIND SHIFT) Based O n Memory
  • 120. Mahendra Publication Pvt. Ltd. 123 MASTER IN MPARKETING Q.11. Product Design is a function of ———— (1) Front office staff (2) Back office staff (3) Management (4) Marketing and Research team (5) Loan section Q.12. The target group for Personal Loans is (1) All Private Limited Companies (2) All Businessmen (3) All Salaried persons (4) Minor children (5) Newborn infants Q.13. Advertisement is a type of----- (1) Direct marketing (2) Service marketing (3) Indirect marketing (4) Internet banking (5) Internal marketing Q.14. The sales process begins with----- (1) Customer identification (2) Lead generation (3) Sales presentation (4) Sales closure (5) Sales meet Q.15. Financial Planning is required when-------------- (1) One has no income (2) One is flushed with funds (3) One has no expenses to incur (4) One is illiterate (5) Income level is insufficient to meet the expenses Q.16. ‘Value added services’ implies--------- (1) Additional knowledge of marketing staff (2) Service beyond normal hours (3) Service with extra facilities (4) Marketing agencies (5) Overtime work Q.17. Optimum results in marketing is possible through ————— (1) Increased production (2) More number of products (3) More sales persons (4) Motivated staff (5) More ATMs Q.18. Mutual Fund business from existing customers can be canvassed by (1) Coercion (2) Cross-selling (3) Internal marketing (4) Outdoor marketing (5) Road-shows Q.19. Marketing in banks has been necessitated due to ————— (1) Globalisation (2) Excess staff (3) Nationalisation of banks (4) Complacency among the staff (5) Poor customer service Q.20. Market Research is necessary for ——— (1) Making proper marketing decisions (2) Choosing the right products (3) Selecting the right sales persons (4) All of these (5) None of these
  • 121. MASTER IN MARKETING 124 Mahendra Publication Pvt. Ltd. Q.1. Marketing is the art of —— (1) buying more (2) paying more (3) selling more (4) talking more (5) only (1) & (2) Q.2. Marketing of services is resorted in............ (1) manufacturing concerns (2) Insurance business (3) hotels (4) Only (1) and(2) (5) Only (2) and (3) Q.3. Marketing is a —— (1) one day effort (2) team effort (3) one man effort (4) All of these (5) None of these Q.4. Service Marketing is the same as —— (1) Transaction Marketing (2) Relationship Marketing (3) Internal Marketing (4) Outdoor Marketing (5) All of these Q.5. Good marketing requires one of the following —— (1) proper planning (2) good team work (3) good communication skills (4) knowledge of products (5) All of these Q.6. Marketing in banks is a necessity today, due to — — — (1) Liberalisation (2) Nationalisation (3) Fashion (4) Urbanisation (5) Marketing in banks is not necessary, as banking in India is more than 200 years old Q.7. Marketing is influenced by - (1) product demand (2) public taste (3) buyer behaviour (4) brand image (5) All of these Q.8. Market Share means — (1) Share market (2) Share prices (3) IPOs (4) Scope for marketing (5) Share of business among peers Q.9. A ‘Lead’ in marketing jargon, means —— (1) a metal (2) a leash (3) a likely consumer (4) a team leader (5) None of these Q.10. Good selling skills involve —— (1) Patience (2) Perseverance (3) Empathy (4) Knowledge (5) All of these Q.11. A true marketing mindset requires —— (1) Control mindset (2) Command mindset (3) Passive mindset (4) Active mindset (5) Inert mindset Q.12. Innovation means —— (1) Inspiration (2) Enthusiasm (3) Compensation (4) Creativity (5) All of these Q.13. Internal marketing means —— (1) Marketing to self (2) Marketing to family members (3) Marketing to the staff members (4) Marketing inside India (5) Marketing outside India Q.14. Modern styles of marketing are —— (1) telemarketing (2) web marketing (3) advertisements on the net (4) e-mails (5) all of these Q.15. 'Benchmark’ means __ (1) Benches for customers to sit (2) Benches for salesmen to sit (3) Products displayed on a bench (4) Set standards (5) All of the above STATE BANK OF INDIA HELD ON 22-11-2009 (IST SHIFT) Based O n Memory
  • 122. Mahendra Publication Pvt. Ltd. 125 MASTER IN MPARKETING Q.1. The sequence of a sales process is __ (1) Lead generation, Call, Presentation & Sale (2) Sale, Presentation, Lead generation & Call (3) presentation, Lead generation, Sale & Call (4) Lead Generation, Call, Sale & Presentation (5) There is no sequence required Q.2. ‘Value-added services’ means--------- (1) Better value at a premium (2) Costlier services (3) Additional services (4) Better value at a discount (5) At par services Q.3. ‘Customisation’ means — (1) Tailor-made products for each customer (2) Customers selling goods (3) Tailor-made products for each staff (4) A selling process (5) None of these Q.4. Marketing survey is necessary for--------. (1) To decide marketing strategies (2) To decide product strategies (3) To decide cost determination strategies (4) All of the above (5) None of these Q.5. The target group for education loan is-------. (1) All colleges (2) All parents (3) Research Scholars (4) Brilliant students who wants to take higher education (5) None of these Q.6. Market segmenting is useful for-------. (1) Preferential marketing (2) Targeting of existing customers (3) Identifying prospects (4) Knowing customers' choice (5) All of the above Q.7. Target group for saving deposit account is--------. (1) Infant (2) Students (3) Parents (4) Businessman (5) All of the above Q.8. Market segmentation can be done--------. (1) By segmenting on the basis of age (2) By segmenting on the basis of income (3) By segmenting geographically (4) All of the above (5) None of these Q.9. Target group for car loan is--------. (1) All auto driver (2) All auto dealer (3) All car owners (4) Any one who needs car (5) All of the above Q.10. Market information means--------. (1) Knowledge of industries (2) Knowledge of family (3) Knowledge of similar traders (4) Knowledge of choice of customers (5) All of the above STATE BANK OF INDIA HELD ON 22-11-2009 (IIND SHIFT) Based O n Memory
  • 123. MASTER IN MARKETING 126 Mahendra Publication Pvt. Ltd. Q.11. Target group for agriculture loan is-------. (1) Any farmer (2) Agriculture labour (3) Any person involved in agriculture or related activites (4) Agriculture societies (5) All of the above Q.12. Target group for credit card is--------. (1) Existing card holder (2) All graduates (3) All minors (4) Taxable income persons (5) All of the above Q.13. Target group means---------. (1) Group of seller (2) Group of buyer (3) Group of products (4) Group of persons for focussed selling (5) All of the above Q.14. Delivery channels other than Bank counters are ——— (1) ATM’s (2) Internet Banking (3) Mobile Banking (4) Tele banking (5) All of these Q.15. Education Loans can be more effectively canvassed by__________ (1) Door-to-door campaigns (2) E-mail contacts (3) Diversification (4) Tie-up with colleges (5) All of these STATE BANK OF INDIA HELD ON 15-11-2009 Based O n Memory Q.1. “Relationship” in marketing means ————. (1) Relation between salesperson (2) Relation between buyer and seller (3) Relation between company and consumer (4) All of these (5) None of these Q.2. Marketing of services is known as — (1) Transaction marketing (2) Door-to-door marketing (3) Relationship marketing (4) Internal marketing (5) None of these Q.3. Leads can be provided by (1) Friends, and relatives (2) Websites (3) Directories (4) Colleagues (5) All of these Q.4. One of the following is not a sales activity. Find the same. (1) Identifying leads (2) Making a call (3) Presentation (4) Negotiation (5) After-sales service Q.5. Selling is a function undertaken by ————— . (1) All the sales persons (2) All the employees (3) Entire organization (4) Outsourced agencies (5) All of these
  • 124. Mahendra Publication Pvt. Ltd. 127 MASTER IN MPARKETING Q.6. Find the correct statement ______ (1) Selling is same as marketing (2) Selling is more than marketing (3) Selling is part of marketing (4) All of these (5) None of these Q.7. Marketing is a function undertaken by ————. (1) All DSA’s (2) All front-officestaff (3) Whole organization (4) All of these (5) None of these Q.8. Non-product selling means (1) selling variety of products (2) selling only one product (3) selling seasonal products (4) selling services (5) All of these Q.9. A vision statement is (1) not required for established companies (2) not required due to competion (3) not required as no one understands them (4) a long term inspiration (5) None of these Q.10. Effective Marketing requires ———— . (1) proper pricing (2) customized products (3) simple procedures (4) market research (5) All of these Q.11. Direct Marketing means — (1) Face-to-face marketing (2) Melas (3) Seminars (4) Indoor marketing (5) All of these Q.12. Indirect Marketing means — (1) Marketing by non-sales persons (2) Market Survey (3) Market Research (4) Advertisements (5) All of these Q.13. Marketing is - Find the wrong option ——— . (1) an ancient concept (2) a modem need (3) a continuous affair (4) a team effort (5) a direct need for survival Q.14. Customer’s Relationship with the Bank is influenced by —— (1) Customers’attitudes (2) Attitudes of Bank staff (3) Interest rates of the Bank (4) Attitudes of sales persons (5) All of these Q.15. Marketing is best suited in — (1) Buyer’s market (2) Sellers market (3) Internal marketing (4) Directmarketing (5) None of these