Marketing Management Course Overview

A market is a place where business transactions happen based on negotiations where a group of potential customers with similar needs or wants who are willing to exchange something of value with sellers offering various goods and/or services to satisfy those needs or wants.

False

A value proposition is the strong belief of a consumer or end-user that the given promise is kept and it is experienced and tasted by him in due course of time. The expected results are proposed in terms of problem-solving, relevance, and benefits.

<p>The adoption process can be defined as the stages a buyer goes through when purchasing a product for the first time. These stages can be identified as awareness, interest, evaluation, trial, adoption, and post-adoption confirmation. It is similar to the AIDA concept.</p> Signup and view all the answers

<p>Advertising refers to the practice of attracting public attention to a product or business by paid announcements in print, broadcast and electronic media. It can include comparative advertising and classified advertisements.</p> Signup and view all the answers

<p>The BCG Matrix compares various businesses in an organization’s portfolio on the basis of relative market share and market growth rate. Relative market share is determined by the ratio of a business's market share compared to the market share of its largest rival. Market growth rate is the growth in the market during the previous year and is compared to growth in the economy as a whole. High and low market share and high and low business growth rate provide four categories for a corporate portfolio.</p> Signup and view all the answers

<p>Stars are SBUs with a high share of a high-growth market and typically require large amounts of cash to support their rapid and significant growth. They have additional growth potential, and profits should be reinvested for future growth. Stars are often considered more of a responsibility, versus a profit center, in the early stages.</p> Signup and view all the answers

<p>Cash Cows are SBUs with a high market share in a slowly growing market. They generate more cash than necessary to maintain their market position and are often former Stars. It is the ideal scenario to 'milk' a Cash Cow, where you use the cash to grow your business by investing in other SBUs. They can be valuable in a portfolio.</p> Signup and view all the answers

<p>Question Marks are SBUs with a small share of a high-growth market. They represent a risk due to existing market leaders who may be more established. Question Marks need significant investments to compete, making it crucial to determine whether to invest more or divest.</p> Signup and view all the answers

<p>The B2B market refers to a market, product or industry where a firm sells to another organization, rather than to a consumer, for either using the product or service, or changing it into another product or service.</p> Signup and view all the answers

<p>The B2C market refers to a market, product or industry where a firm sells to an individual for his own personal consumption, rather than to an organization.</p> Signup and view all the answers

<p>It refers to the stages buyers go through when buying goods or services. Numerous factors contribute to influencing the decision-making process of a buyer and can be categorized as Consumer Buyer Behavior and Business Buyer Behavior.</p> Signup and view all the answers

<p>It refers to the process of channeling goods from their origin to the final destination. This often involves intermediaries or middlemen, such as wholesalers and retailers.</p> Signup and view all the answers

<p>Channels play an important role in helping companies manage their supply chains and meet customer demands. They play the role of intermediaries and are crucial elements for achieving success in a market. The success of a particular channel depends on its ability to reach the right consumers at the right time and place.</p> Signup and view all the answers

<p>It refers to the practice of contrasting a company's product or service with its competitors' products or services, using a range of metrics such as price, quality, features, performance, or benefits. The comparison can be direct, indirect, implicit, or explicit.</p> Signup and view all the answers

<p>The marketing concept focuses on the customer and involves maximizing long-term profitability. It emphasizes integrating marketing with other parts of the company and meeting customer needs and wants.</p> Signup and view all the answers

<p>The Societal Marketing concept emphasizes understanding and meeting the needs, wants, and interests of the target market in a way that benefits both the consumer and society as a whole. The goal is to deliver the desired happiness and benefits to the customer while positively impacting the society, making the company more effective and efficient than its competitors.</p> Signup and view all the answers

<p>The Exchange concept is based on the exchange of a product between the buyer and the seller, which is considered as the central idea of marketing. It emphasizes that marketing is a much broader process involving the distribution aspects and the price mechanisms involved.</p> Signup and view all the answers

<p>The Production concept emphasizes that customers favor products with low cost and easy availability. The focus is on efficiency in the production process and achieving economies of scale. This concept often leads to maximizing production output, hoping that it will automatically create sufficient customer demand and profits.</p> Signup and view all the answers

<p>The Selling concept believes that, if left alone, customers will not buy enough of a company's products. Therefore, it emphasizes aggressive selling and promotional efforts to push the products through the distribution channels. This concept is often adopted by businesses with excess production or competing in a buyer's market.</p> Signup and view all the answers

<p>This concept states that marketing is part of the production process. It emphasizes the physical distribution of goods and services from producer to consumer and assumes that marketing begins after the goods have already been produced and ends after the goods are sold.</p> Signup and view all the answers

<p>The modern concept of marketing revolves around the customer. It emphasizes that satisfying customer needs and wants is the primary objective of a business and its success depends on this. The focus is on building a relationship-based approach with the customer and understanding their needs, preferences, and expectations. The modern concept aims to provide value to the customer while also making sure that the process is sustainable and ethical.</p> Signup and view all the answers

<p>Marketing is the driving force for industrial growth and expansion in developed economies. These economies often produce more goods and services than demand, creating fierce competition. Therefore, to effectively compete, businesses require robust and efficient marketing strategies. The key areas of focus in marketing are product diversification, brand development, and building a robust distribution network.</p> Signup and view all the answers

<p>In underdeveloped economies, marketing plays a substantial role in driving industrialization and urbanization. Efficient marketing strategies are essential for boosting production, creating demand, and selling the goods and services on a large-scale. This is particularly important in economies where the consumer purchasing power is limited.</p> Signup and view all the answers

<p>Drucker</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>Marketing Myopia</p> Signup and view all the answers

<p>Limited liability</p> Signup and view all the answers

<p>The Production Concept emphasizes efficiency and making products cheaply and readily available, while the Product Concept focuses on superior product quality and features, often through research and development.</p> Signup and view all the answers

<p>None of the above</p> Signup and view all the answers

<p>The key factors include the size of the unit, its location, the layout of the production process, the manufacturing process, and proper inventory control.</p> Signup and view all the answers

<p>The primary objective of SISIs is the promotion and development of small scale units. They offer a wide range of services for prospective and existing entrepreneurs, including technical consultancy, project preparation, training programs, and quality management.</p> Signup and view all the answers

<p>Service marketing centers around value, relationship, and customer satisfaction. It focuses on providing intangible services that are tailored to meet specific customer needs.</p> Signup and view all the answers

<p>Awareness</p> Signup and view all the answers