Marketing Aptitude Summary Notes 2
- Q.1 What are the marketing Functions?
There are 8 universal functions of Marketing, categorized into 3 broad categories:
- Standardizing and grading,
- Risk taking
- Securing marketing information.
- Q.2 What are Concepts of Marketing ?
The 5 concepts of marketing are as follows:
- Needs, wants and demands
- Value and satisfaction
- Exchange, transactions and relationships
- Q.3 Internet has empowered the customer. Write a Brief note
In the connected world, the customers empowered by Internet can
- Get objective information for multiple suppliers without relying on the manufacturer or the retailer(http://www.alibaba.com/ )
- Initiate requests for information and advertising from manufacturers (e.g., http://www.dealtime.com/)
- Design and configure customized offerings e.g., http://www.hp.com/
- Use buying agents to pit sellers against each other http://www.indiamart.com/
- Unbundle offerings and arbitrage across channels http://www.naaptol.com/
- Payby the minute, by the month, by the mile http://www.paypal.com/
Q.4 What are Different Steps in marketing Process?
Different Steps in Marketing Process are as follows:
- Strategy formulation – the development of the broadest marketing/business strategies with the longest term impact
- Marketing planning – the development of longer-term plans which have generally stronger impact than the short-term programs
- Marketing programming, allocating and budgeting – the development of short-term programs which generally focus on integrated approaches for agiven product and on the allocation of scarce resources such as sales effort orproduct development time across various products and functions
- Marketing implementation – the actual task of getting the marketing job done5. Monitoring and auditing – the review and analysis of programs, plans and strategies to assess their success and to determine what changes must be made
- Analysis and research – the deliberate and careful acquisition and examination of qualitative and quantitative data to improve decision making
Q.5 What are 5 C’s of Marketing Decision Making?
Following are five major areas of analysis (5 Cs) that underlie marketing decision making :
- Customer needs – What needs do we seek to satisfy?
- Company skills – What special competencies do we possess to meet those needs
- Competition – Who competes with us in meeting these needs?
- Collaborators – Who should we enlist to help us and how do we motivate them?
- Context – What environmental (say, cultural, technological or legal) factors limit what is possible?
Q 6. Write a brief note on Nature of Marketing
- Marketing is a universal activity
- Marketing is an art as well as science
- Marketing is a human activity
- Marketing is a socio economical activity
- Product or service is the subject matter of marketing
- For marketing presence of market is a must
- The basis of marketing is exchange
- Marketing is consumer oriented and not product oriented