MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
another country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
FirstRanker.com - FirstRanker's Choice
MBA Department
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
production of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
FirstRanker.com - FirstRanker's Choice
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
another country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
their target market for its product, brand, or organization.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, and
production of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
25. 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.
26. Public relations (PR) are the practice of managing the flow of information between an
exposure to their audiences using topics of public interest and news items that do not require direct
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
29. Consumer behavior 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
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
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.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
the function that links the consumer, customer and public 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."
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
23. 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.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
action.
25. 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.
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
29. Consumer behavior is the study of individuals, groups, or organizations and the processes they
impacts that these processes have on the consumer and society.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
32. services marketing. 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.
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public 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
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
44. Product bundling, where several products are combined into one group, which is then offered
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
efforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
of stages.
23. 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.
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
marketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
with less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
FirstRanker.com - FirstRanker's Choice
MBA Department
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
production of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
Internet.
29. Consumer behavior 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.
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. Services marketing typically refers to both business to consumer (B2C) and
services, financial services, all types of hospitality services, car rental services, air travel, health
care services and professional services.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
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."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
individual units.
44. Product bundling, where several products are combined into one group, which is then offered
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe the value
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. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
service, or other positive behaviors such as word of mouth advocacy.
58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand in
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
brand name. It is an attempt to use corporate brand equity to create product brand recognition.
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
throughout the world, people can identify the name and logo even if they have never bought any of
their products.
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
has. A product portfolio may comprise of different categories of products, different product lines
and finally the individual product itself.
63. 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
quantities to the consumer for a profit.
64. Integrated marketing communications (IMC) is an approach to brand communications where
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
marketing, online communications and social media work together as a unified force, rather than
permitting each to work in isolation, which maximizes their cost effectiveness.
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
the process of making a product or service available for use or consumption by a consumer or
business user, using direct means, or using indirect means with intermediaries.
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
high price for a product or service at first, then lowers the price over time.
69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initial
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
which the trademark appears originate from a unique source, designated for a specific market, and
to distinguish its products or services from those of other entities.
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
process, packaging changes, as well as modifying advertising.
73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumption
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
product or service overlooks any faults or defects in order to justify their purchase.
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
consumers' wants, the company's requirements, and society's long-term interests
78. Global marketing: The Oxford University Press defines global marketing as "marketing on a
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
performance.
80. Relationship marketing strategy employed by an organization in which a continuous level of
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
focus of the financial and investing industries as a way to identify potential cross-sales of products
and service
FirstRanker.com - FirstRanker's Choice
MBA Department
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
production of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
Internet.
29. Consumer behavior 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.
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. Services marketing typically refers to both business to consumer (B2C) and
services, financial services, all types of hospitality services, car rental services, air travel, health
care services and professional services.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
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."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
individual units.
44. Product bundling, where several products are combined into one group, which is then offered
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe the value
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. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
service, or other positive behaviors such as word of mouth advocacy.
58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand in
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
brand name. It is an attempt to use corporate brand equity to create product brand recognition.
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
throughout the world, people can identify the name and logo even if they have never bought any of
their products.
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
has. A product portfolio may comprise of different categories of products, different product lines
and finally the individual product itself.
63. 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
quantities to the consumer for a profit.
64. Integrated marketing communications (IMC) is an approach to brand communications where
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
marketing, online communications and social media work together as a unified force, rather than
permitting each to work in isolation, which maximizes their cost effectiveness.
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
the process of making a product or service available for use or consumption by a consumer or
business user, using direct means, or using indirect means with intermediaries.
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
high price for a product or service at first, then lowers the price over time.
69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initial
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
which the trademark appears originate from a unique source, designated for a specific market, and
to distinguish its products or services from those of other entities.
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
process, packaging changes, as well as modifying advertising.
73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumption
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
product or service overlooks any faults or defects in order to justify their purchase.
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
consumers' wants, the company's requirements, and society's long-term interests
78. Global marketing: The Oxford University Press defines global marketing as "marketing on a
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
performance.
80. Relationship marketing strategy employed by an organization in which a continuous level of
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
focus of the financial and investing industries as a way to identify potential cross-sales of products
and service
81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
for marketing, customer service, and technical support
82. Partner relationship management (PRM) is a system of methodologies, strategies, software, and
web-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
83. People. An extremely important part of any company is having the right people to support the
company's products and/or service. Excellent customer service personnel who can provide support
with clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
company's products and/or service, is an extremely valuable element to the marketing
strategy. Customers want to understand more than just your product; they also want to
focus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
color, material, UPC bar code, and label of the packaging. This should be customer tested and
updated when needed. It should fall in line with your other product offerings as well. Packaging
involves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
nice brochures, how you interact with your customer base, and every single visual element about
your company.
86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
88. Inseparability - distinguishing between the service and the server
89. Inventory - having enough stock to meet demand
90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
efforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
of stages.
23. 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.
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
marketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
with less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
web-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
with clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
focus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
involves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
purchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
Product
Cintomer
Solid:10cl
represents
Customer
Cott
provideS
convenience
enable.* 2-way
FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
efforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
of stages.
23. 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.
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
marketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
with less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
web-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
with clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
focus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
involves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
purchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
Product
Cintomer
Solid:10cl
represents
Customer
Cott
provideS
convenience
enable.* 2-way
FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
efforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
of stages.
23. 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.
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
marketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
with less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
web-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
with clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
focus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
involves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
purchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
Product
Cintomer
Solid:10cl
represents
Customer
Cott
provideS
convenience
enable.* 2-way
FirstRanker.com - FirstRanker's Choice
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
--- Content provided by FirstRanker.com ---
3. "Demand Spillover": Sale of a product or brand in one country market generates demand inanother country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
--- Content provided by FirstRanker.com ---
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
--- Content provided by FirstRanker.com ---
set of processes that work in tandem to serve the market effectively, efficiently and profitably.10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
--- Content provided by FirstRanker.com ---
business operations and success.13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
--- Content provided by FirstRanker.com ---
14. Market segmentation is a marketing strategy that involves dividing a broad target market intosubsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
FirstRanker.com - FirstRanker's Choice
MBA Department
--- Content provided by FirstRanker.com ---
Basic Marketing Concepts1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
--- Content provided by FirstRanker.com ---
another country.4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
--- Content provided by FirstRanker.com ---
What does it mean? Recommended Dietary Allowance.8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
--- Content provided by FirstRanker.com ---
10. Difference between selling and marketing: Selling has a product focus and mostly producerdriven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
--- Content provided by FirstRanker.com ---
13. Macro environment factors are factors operating in an organization's external environment, theyare not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
--- Content provided by FirstRanker.com ---
subsets of consumers who have common needs (and/or common desires) as well as commonapplications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
--- Content provided by FirstRanker.com ---
their target market for its product, brand, or organization.17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
--- Content provided by FirstRanker.com ---
20. New product development (NPD): is the the complete process of bringing a new product tomarket. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
--- Content provided by FirstRanker.com ---
22. Product life-cycle management (or PLCM) is the succession of strategies used by businessmanagement as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
--- Content provided by FirstRanker.com ---
distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, andproduction of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
--- Content provided by FirstRanker.com ---
25. Sales promotion includes several communications activities that attempt to provide added valueor incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
--- Content provided by FirstRanker.com ---
exposure to their audiences using topics of public interest and news items that do not require directpayment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
FirstRanker.com - FirstRanker's Choice
--- Content provided by FirstRanker.com ---
MBA DepartmentBasic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
--- Content provided by FirstRanker.com ---
3. "Demand Spillover": Sale of a product or brand in one country market generates demand inanother country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
--- Content provided by FirstRanker.com ---
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
--- Content provided by FirstRanker.com ---
set of processes that work in tandem to serve the market effectively, efficiently and profitably.10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
--- Content provided by FirstRanker.com ---
business operations and success.13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
--- Content provided by FirstRanker.com ---
14. Market segmentation is a marketing strategy that involves dividing a broad target market intosubsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
--- Content provided by FirstRanker.com ---
16. Positioning is the process by which marketers try to create an image or identity in the minds oftheir target market for its product, brand, or organization.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
--- Content provided by FirstRanker.com ---
identifying the name, logo, slogan, or design of the company who owns the idea or image.20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
--- Content provided by FirstRanker.com ---
is not paid by the sponsor.22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
--- Content provided by FirstRanker.com ---
23. Packaging is the science, art, and technology of enclosing or protecting products fordistribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, and
production of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
--- Content provided by FirstRanker.com ---
action.25. 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.
26. Public relations (PR) are the practice of managing the flow of information between an
--- Content provided by FirstRanker.com ---
individual or an organization and the public. Public relations provides an organization or individualexposure to their audiences using topics of public interest and news items that do not require direct
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
--- Content provided by FirstRanker.com ---
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
29. Consumer behavior 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
--- Content provided by FirstRanker.com ---
impacts that these processes have on the consumer and society.30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
--- Content provided by FirstRanker.com ---
32. services marketing. Services marketing typically refers to both business to consumer (B2C) andbusiness 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.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
--- Content provided by FirstRanker.com ---
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves thesales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
--- Content provided by FirstRanker.com ---
sales force, advertising, sales promotion, and distribution in connection with these marketingentities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
--- Content provided by FirstRanker.com ---
37. Sample Size: Sample size determination is the act of choosing the number of observations orreplicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
--- Content provided by FirstRanker.com ---
39. Marketing Research: According to American Marketing Association, "Marketing Research isthe function that links the consumer, customer and public 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."
--- Content provided by FirstRanker.com ---
FirstRanker.com - FirstRanker's ChoiceMBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
--- Content provided by FirstRanker.com ---
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
--- Content provided by FirstRanker.com ---
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
--- Content provided by FirstRanker.com ---
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and aset of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
--- Content provided by FirstRanker.com ---
12. Micro environment factors are factors close to a business that have a direct impact on itsbusiness operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
--- Content provided by FirstRanker.com ---
stands for Political, Economical, and Social and Technological environment.14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
--- Content provided by FirstRanker.com ---
efforts and ultimately its merchandise towards market segment.16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
--- Content provided by FirstRanker.com ---
18. A brand is the idea or image of a specific product or service that consumers connect with, byidentifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
--- Content provided by FirstRanker.com ---
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicityis not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
--- Content provided by FirstRanker.com ---
of stages.23. 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.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
--- Content provided by FirstRanker.com ---
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some newaction.
25. 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.
--- Content provided by FirstRanker.com ---
26. Public relations (PR) are the practice of managing the flow of information between anindividual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
--- Content provided by FirstRanker.com ---
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
29. Consumer behavior is the study of individuals, groups, or organizations and the processes they
--- Content provided by FirstRanker.com ---
use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and theimpacts that these processes have on the consumer and society.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
--- Content provided by FirstRanker.com ---
guide strategic and tactical decision-making, especially in sales and marketing.32. services marketing. 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.
--- Content provided by FirstRanker.com ---
33. Annual Plan Control: One of the four types of marketing control system, needed by thecompanies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
--- Content provided by FirstRanker.com ---
certain products, territories or markets then it is time to look for more efficient ways to manage thesales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
--- Content provided by FirstRanker.com ---
consumer is the person who finally utilizes it.37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
--- Content provided by FirstRanker.com ---
how to analyze the results39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public 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
--- Content provided by FirstRanker.com ---
marketing as a process."40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
--- Content provided by FirstRanker.com ---
multiple lines of products.42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
44. Product bundling, where several products are combined into one group, which is then offered
--- Content provided by FirstRanker.com ---
for sale as a unit.45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
--- Content provided by FirstRanker.com ---
48 The number of different categories of a company is referred to as width of product mix.49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
--- Content provided by FirstRanker.com ---
attribute in your product line, it is called SKU-Stock Keeping Unit.53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
--- Content provided by FirstRanker.com ---
another--in terms of use, production and distribution.56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
--- Content provided by FirstRanker.com ---
with less well known names. Another word for "brand equity" is "brand value".FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
--- Content provided by FirstRanker.com ---
discontinuity"? Peter F.Druker2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
--- Content provided by FirstRanker.com ---
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
--- Content provided by FirstRanker.com ---
9. Difference between market and marketing: A market is, therefore, the set of all actual andpotential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
--- Content provided by FirstRanker.com ---
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
--- Content provided by FirstRanker.com ---
acronym PEST is an easy way to remember the factors that make up the macro environment andstands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
--- Content provided by FirstRanker.com ---
15. A target market is a group of customers that the business has decided to aim its marketingefforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
--- Content provided by FirstRanker.com ---
products.18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
--- Content provided by FirstRanker.com ---
physical you can touch) or intangible (like a service, experience, or belief).21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
--- Content provided by FirstRanker.com ---
(advertising, saturation) changes over time and must be managed as it moves through its successionof stages.
23. 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.
--- Content provided by FirstRanker.com ---
24. Advertising is a form of communication for marketing and used to encourage or persuade anaudience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
--- Content provided by FirstRanker.com ---
immediate sales.26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
--- Content provided by FirstRanker.com ---
27. Personal selling involves a two-way flow of communication between a buyer and seller,Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
--- Content provided by FirstRanker.com ---
29. Consumer behavior is the study of individuals, groups, or organizations and the processes theyuse 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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
--- Content provided by FirstRanker.com ---
31. Industrial market segmentation is a scheme for categorizing industrial and business customers toguide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
--- Content provided by FirstRanker.com ---
care services and professional services.33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
--- Content provided by FirstRanker.com ---
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits incertain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
--- Content provided by FirstRanker.com ---
36. Difference between Consumer and customer: -A customer is who buys the things but aconsumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
--- Content provided by FirstRanker.com ---
least four problems: which questions to study, which data are relevant, what data to collect, andhow to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
--- Content provided by FirstRanker.com ---
evaluate marketing actions; monitor marketing performance; and improve understanding ofmarketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
--- Content provided by FirstRanker.com ---
product lines that a company offers to its customers. For example, a small company may sellmultiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
--- Content provided by FirstRanker.com ---
44. Product bundling, where several products are combined into one group, which is then offeredfor sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
--- Content provided by FirstRanker.com ---
products in the line.48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
--- Content provided by FirstRanker.com ---
52. When you have a single saleable item distinguishable by size, appearance, prize or some otherattribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
--- Content provided by FirstRanker.com ---
55. Consistency: Product mix consistency pertains to how closely related product lines are to oneanother--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
--- Content provided by FirstRanker.com ---
known name, as consumers believe that a product with a well-known name is better than productswith less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
--- Content provided by FirstRanker.com ---
58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand inpreference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
--- Content provided by FirstRanker.com ---
brand name. It is an attempt to use corporate brand equity to create product brand recognition.60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
--- Content provided by FirstRanker.com ---
their products.61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
--- Content provided by FirstRanker.com ---
and finally the individual product itself.63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
--- Content provided by FirstRanker.com ---
64. Integrated marketing communications (IMC) is an approach to brand communications wherethe different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
--- Content provided by FirstRanker.com ---
permitting each to work in isolation, which maximizes their cost effectiveness.65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
--- Content provided by FirstRanker.com ---
business user, using direct means, or using indirect means with intermediaries.67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
FirstRanker.com - FirstRanker's Choice
MBA Department
--- Content provided by FirstRanker.com ---
Basic Marketing Concepts1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
--- Content provided by FirstRanker.com ---
another country.4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
--- Content provided by FirstRanker.com ---
What does it mean? Recommended Dietary Allowance.8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
--- Content provided by FirstRanker.com ---
10. Difference between selling and marketing: Selling has a product focus and mostly producerdriven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
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13. Macro environment factors are factors operating in an organization's external environment, theyare not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
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subsets of consumers who have common needs (and/or common desires) as well as commonapplications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
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their target market for its product, brand, or organization.17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
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20. New product development (NPD): is the the complete process of bringing a new product tomarket. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
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22. Product life-cycle management (or PLCM) is the succession of strategies used by businessmanagement as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
--- Content provided by FirstRanker.com ---
distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, andproduction of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
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25. Sales promotion includes several communications activities that attempt to provide added valueor incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
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exposure to their audiences using topics of public interest and news items that do not require directpayment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
--- Content provided by FirstRanker.com ---
marketing, is referred to as the marketing (generally promotion) of products or services over theInternet.
29. Consumer behavior 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.
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30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. Services marketing typically refers to both business to consumer (B2C) and
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business to business (B2B) services, and includes marketing of services like telecommunicationsservices, financial services, all types of hospitality services, car rental services, air travel, health
care services and professional services.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
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sales, profit and other goals established in the beginning of the year. The prime responsibility ofannual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
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entities.35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
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replicates to include in a statistical sample38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
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the function that links the consumer, customer and public 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."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
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"...a formal, approved document used to guide both project execution and project control.41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
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43. Product lining: It is the marketing strategy offering several related products for sale asindividual units.
44. Product bundling, where several products are combined into one group, which is then offered
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
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46. Line consistency refers to how closely relate the products that make up the line are.47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
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50. If a line of products is sold with the same brand name, this is referred to as family branding.51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
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company sells. For example, if a company has two product lines, its product mix width is two.54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe the value
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of having a well-known brand name, based on the idea that the owner of a well-known brand namecan 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. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
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or otherwise continue using the brand and can be demonstrated by repeated buying of a product orservice, or other positive behaviors such as word of mouth advocacy.
58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand in
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
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consumer.59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
brand name. It is an attempt to use corporate brand equity to create product brand recognition.
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
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that identify the company or its products/services. For example: The Nike brand name is knownthroughout the world, people can identify the name and logo even if they have never bought any of
their products.
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
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62. Product Portfolio: A product portfolio is comprised of all the products which an organizationhas. A product portfolio may comprise of different categories of products, different product lines
and finally the individual product itself.
63. 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
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large quantities from manufacturers or directly through a wholesaler, and then sells smallerquantities to the consumer for a profit.
64. Integrated marketing communications (IMC) is an approach to brand communications where
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
--- Content provided by FirstRanker.com ---
all aspects of marketing communication such as advertising, sales promotion, public relations directmarketing, online communications and social media work together as a unified force, rather than
permitting each to work in isolation, which maximizes their cost effectiveness.
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
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66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution isthe process of making a product or service available for use or consumption by a consumer or
business user, using direct means, or using indirect means with intermediaries.
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
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68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relativelyhigh price for a product or service at first, then lowers the price over time.
69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initial
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
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organization, or other legal entity to identify for consumers that the products or services on or withwhich the trademark appears originate from a unique source, designated for a specific market, and
to distinguish its products or services from those of other entities.
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
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incorporates a broad range of activities, including product modification, changes to the productionprocess, packaging changes, as well as modifying advertising.
73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumption
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
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purchase.75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
product or service overlooks any faults or defects in order to justify their purchase.
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
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concept that holds that a company should make good marketing decisions by consideringconsumers' wants, the company's requirements, and society's long-term interests
78. Global marketing: The Oxford University Press defines global marketing as "marketing on a
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
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79. Service quality: Service quality is a term which describes a comparison of expectations withperformance.
80. Relationship marketing strategy employed by an organization in which a continuous level of
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
--- Content provided by FirstRanker.com ---
business and other businesses (business relationship management). Relationship management is afocus of the financial and investing industries as a way to identify potential cross-sales of products
and service
FirstRanker.com - FirstRanker's Choice
MBA Department
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Basic Marketing Concepts1. Name the marketing legend who first coined the word Privatization in his book "The age of
discontinuity"? Peter F.Druker
2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
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another country.4. "Double branding": Usage of New and old brand names and logos.
5. "Cherry Picking": Bargaining by going from store to store to get the best deal.
6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
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What does it mean? Recommended Dietary Allowance.8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
9. Difference between market and marketing: A market is, therefore, the set of all actual and
potential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
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10. Difference between selling and marketing: Selling has a product focus and mostly producerdriven and marketing focus on the customer rather than the product.
11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence
12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
--- Content provided by FirstRanker.com ---
13. Macro environment factors are factors operating in an organization's external environment, theyare not specifically about the organization but affect the overall operation of the organization. The
acronym PEST is an easy way to remember the factors that make up the macro environment and
stands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
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subsets of consumers who have common needs (and/or common desires) as well as commonapplications for the relevant goods and services.
15. A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise towards market segment.
16. Positioning is the process by which marketers try to create an image or identity in the minds of
--- Content provided by FirstRanker.com ---
their target market for its product, brand, or organization.17. Re-positioning involves changing the identity of a product, relative to the identity of competing
products.
18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
--- Content provided by FirstRanker.com ---
20. New product development (NPD): is the the complete process of bringing a new product tomarket. A product is a set of benefits offered for exchange and can be tangible (that is, something
physical you can touch) or intangible (like a service, experience, or belief).
21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
--- Content provided by FirstRanker.com ---
22. Product life-cycle management (or PLCM) is the succession of strategies used by businessmanagement as a product goes through its life-cycle. The condition in which a product is sold
(advertising, saturation) changes over time and must be managed as it moves through its succession
of stages.
23. Packaging is the science, art, and technology of enclosing or protecting products for
--- Content provided by FirstRanker.com ---
distribution, storage, sale, and use. Packaging also refers to the process of design, evaluation, andproduction of packages.
24. Advertising is a form of communication for marketing and used to encourage or persuade an
audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
--- Content provided by FirstRanker.com ---
25. Sales promotion includes several communications activities that attempt to provide added valueor incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
immediate sales.
26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
--- Content provided by FirstRanker.com ---
exposure to their audiences using topics of public interest and news items that do not require directpayment
27. Personal selling involves a two-way flow of communication between a buyer and seller,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
--- Content provided by FirstRanker.com ---
marketing, is referred to as the marketing (generally promotion) of products or services over theInternet.
29. Consumer behavior 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.
--- Content provided by FirstRanker.com ---
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,Object of buying, and Occasion of buying.
31. Industrial market segmentation is a scheme for categorizing industrial and business customers to
guide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. Services marketing typically refers to both business to consumer (B2C) and
--- Content provided by FirstRanker.com ---
business to business (B2B) services, and includes marketing of services like telecommunicationsservices, financial services, all types of hospitality services, car rental services, air travel, health
care services and professional services.
33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
--- Content provided by FirstRanker.com ---
sales, profit and other goals established in the beginning of the year. The prime responsibility ofannual plan control is of top management and middle management.
34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits in
certain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
--- Content provided by FirstRanker.com ---
entities.35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
36. Difference between Consumer and customer: -A customer is who buys the things but a
consumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
--- Content provided by FirstRanker.com ---
replicates to include in a statistical sample38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
least four problems: which questions to study, which data are relevant, what data to collect, and
how to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
--- Content provided by FirstRanker.com ---
the function that links the consumer, customer and public 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."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
--- Content provided by FirstRanker.com ---
"...a formal, approved document used to guide both project execution and project control.41. Product Mix: Product mix, also known as product assortment, refers to the total number of
product lines that a company offers to its customers. For example, a small company may sell
multiple lines of products.
42. Product line: A group of related products manufactured by a single company
--- Content provided by FirstRanker.com ---
43. Product lining: It is the marketing strategy offering several related products for sale asindividual units.
44. Product bundling, where several products are combined into one group, which is then offered
for sale as a unit.
45. Line depth refers to the number of subcategories of a category.
--- Content provided by FirstRanker.com ---
46. Line consistency refers to how closely relate the products that make up the line are.47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
products in the line.
48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
--- Content provided by FirstRanker.com ---
50. If a line of products is sold with the same brand name, this is referred to as family branding.51. When you add a new product to a line, it is referred to as a line extension.
52. When you have a single saleable item distinguishable by size, appearance, prize or some other
attribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
--- Content provided by FirstRanker.com ---
company sells. For example, if a company has two product lines, its product mix width is two.54. Depth: Depth of a product mix pertains to the total number of variations for each product.
55. Consistency: Product mix consistency pertains to how closely related product lines are to one
another--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe the value
--- Content provided by FirstRanker.com ---
of having a well-known brand name, based on the idea that the owner of a well-known brand namecan 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. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
--- Content provided by FirstRanker.com ---
or otherwise continue using the brand and can be demonstrated by repeated buying of a product orservice, or other positive behaviors such as word of mouth advocacy.
58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand in
preference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
--- Content provided by FirstRanker.com ---
consumer.59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
brand name. It is an attempt to use corporate brand equity to create product brand recognition.
60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
--- Content provided by FirstRanker.com ---
that identify the company or its products/services. For example: The Nike brand name is knownthroughout the world, people can identify the name and logo even if they have never bought any of
their products.
61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
--- Content provided by FirstRanker.com ---
62. Product Portfolio: A product portfolio is comprised of all the products which an organizationhas. A product portfolio may comprise of different categories of products, different product lines
and finally the individual product itself.
63. 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
--- Content provided by FirstRanker.com ---
large quantities from manufacturers or directly through a wholesaler, and then sells smallerquantities to the consumer for a profit.
64. Integrated marketing communications (IMC) is an approach to brand communications where
the different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
--- Content provided by FirstRanker.com ---
all aspects of marketing communication such as advertising, sales promotion, public relations directmarketing, online communications and social media work together as a unified force, rather than
permitting each to work in isolation, which maximizes their cost effectiveness.
65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
--- Content provided by FirstRanker.com ---
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution isthe process of making a product or service available for use or consumption by a consumer or
business user, using direct means, or using indirect means with intermediaries.
67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
--- Content provided by FirstRanker.com ---
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relativelyhigh price for a product or service at first, then lowers the price over time.
69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initial
entry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
--- Content provided by FirstRanker.com ---
organization, or other legal entity to identify for consumers that the products or services on or withwhich the trademark appears originate from a unique source, designated for a specific market, and
to distinguish its products or services from those of other entities.
72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
--- Content provided by FirstRanker.com ---
incorporates a broad range of activities, including product modification, changes to the productionprocess, packaging changes, as well as modifying advertising.
73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumption
of a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
--- Content provided by FirstRanker.com ---
purchase.75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
product or service overlooks any faults or defects in order to justify their purchase.
76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
--- Content provided by FirstRanker.com ---
concept that holds that a company should make good marketing decisions by consideringconsumers' wants, the company's requirements, and society's long-term interests
78. Global marketing: The Oxford University Press defines global marketing as "marketing on a
worldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
--- Content provided by FirstRanker.com ---
79. Service quality: Service quality is a term which describes a comparison of expectations withperformance.
80. Relationship marketing strategy employed by an organization in which a continuous level of
engagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
--- Content provided by FirstRanker.com ---
business and other businesses (business relationship management). Relationship management is afocus of the financial and investing industries as a way to identify potential cross-sales of products
and service
81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
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organize, automate, and synchronize business processes?principally sales activities, but also thosefor marketing, customer service, and technical support
82. Partner relationship management (PRM) is a system of methodologies, strategies, software, and
web-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
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systems, processes and procedures for interacting with them.83. People. An extremely important part of any company is having the right people to support the
company's products and/or service. Excellent customer service personnel who can provide support
with clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
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84. Process. Solid procedures and policies that are in place, which pertains to thecompany's products and/or service, is an extremely valuable element to the marketing
strategy. Customers want to understand more than just your product; they also want to
focus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
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about your company, appears from the outside. Decisions need to be made about the size, shape,color, material, UPC bar code, and label of the packaging. This should be customer tested and
updated when needed. It should fall in line with your other product offerings as well. Packaging
involves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
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how they dress and act. It can refer to how your office is set up, the professionalism of your staff,nice brochures, how you interact with your customer base, and every single visual element about
your company.
86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
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performing the service every time88. Inseparability - distinguishing between the service and the server
89. Inventory - having enough stock to meet demand
90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
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pigeon-holing a customer into a product.FirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
--- Content provided by FirstRanker.com ---
discontinuity"? Peter F.Druker2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
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5. "Cherry Picking": Bargaining by going from store to store to get the best deal.6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
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9. Difference between market and marketing: A market is, therefore, the set of all actual andpotential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
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11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
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acronym PEST is an easy way to remember the factors that make up the macro environment andstands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
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15. A target market is a group of customers that the business has decided to aim its marketingefforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
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products.18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
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physical you can touch) or intangible (like a service, experience, or belief).21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
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(advertising, saturation) changes over time and must be managed as it moves through its successionof stages.
23. 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.
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24. Advertising is a form of communication for marketing and used to encourage or persuade anaudience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
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immediate sales.26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
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27. Personal selling involves a two-way flow of communication between a buyer and seller,Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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29. Consumer behavior is the study of individuals, groups, or organizations and the processes theyuse 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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
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31. Industrial market segmentation is a scheme for categorizing industrial and business customers toguide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
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care services and professional services.33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
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34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits incertain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
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36. Difference between Consumer and customer: -A customer is who buys the things but aconsumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
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least four problems: which questions to study, which data are relevant, what data to collect, andhow to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
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evaluate marketing actions; monitor marketing performance; and improve understanding ofmarketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
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product lines that a company offers to its customers. For example, a small company may sellmultiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
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44. Product bundling, where several products are combined into one group, which is then offeredfor sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
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products in the line.48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
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52. When you have a single saleable item distinguishable by size, appearance, prize or some otherattribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
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55. Consistency: Product mix consistency pertains to how closely related product lines are to oneanother--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
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known name, as consumers believe that a product with a well-known name is better than productswith less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
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58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand inpreference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
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brand name. It is an attempt to use corporate brand equity to create product brand recognition.60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
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their products.61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
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and finally the individual product itself.63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
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64. Integrated marketing communications (IMC) is an approach to brand communications wherethe different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
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permitting each to work in isolation, which maximizes their cost effectiveness.65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
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business user, using direct means, or using indirect means with intermediaries.67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
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69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initialentry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
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to distinguish its products or services from those of other entities.72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
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73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumptionof a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
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product or service overlooks any faults or defects in order to justify their purchase.76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
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78. Global marketing: The Oxford University Press defines global marketing as "marketing on aworldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
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80. Relationship marketing strategy employed by an organization in which a continuous level ofengagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
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and service81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
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82. Partner relationship management (PRM) is a system of methodologies, strategies, software, andweb-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
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company's products and/or service. Excellent customer service personnel who can provide supportwith clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
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strategy. Customers want to understand more than just your product; they also want tofocus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
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updated when needed. It should fall in line with your other product offerings as well. Packaginginvolves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
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your company.86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
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89. Inventory - having enough stock to meet demand90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
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92. Place is replaced by the convenience function. With the rise of internet and hybrid models ofpurchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
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94.Product
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providesCintomer
Solid:10cl
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represents
Customer
Cott
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Price--- Content provided by FirstRanker.com ---
provideS
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Placeconvenience
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enable.* 2-way
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Promotion CommunicationFirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
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discontinuity"? Peter F.Druker2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
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5. "Cherry Picking": Bargaining by going from store to store to get the best deal.6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
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9. Difference between market and marketing: A market is, therefore, the set of all actual andpotential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
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11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
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acronym PEST is an easy way to remember the factors that make up the macro environment andstands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
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15. A target market is a group of customers that the business has decided to aim its marketingefforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
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products.18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
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physical you can touch) or intangible (like a service, experience, or belief).21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
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(advertising, saturation) changes over time and must be managed as it moves through its successionof stages.
23. 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.
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24. Advertising is a form of communication for marketing and used to encourage or persuade anaudience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
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immediate sales.26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
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27. Personal selling involves a two-way flow of communication between a buyer and seller,Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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29. Consumer behavior is the study of individuals, groups, or organizations and the processes theyuse 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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
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31. Industrial market segmentation is a scheme for categorizing industrial and business customers toguide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
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care services and professional services.33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
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34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits incertain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
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36. Difference between Consumer and customer: -A customer is who buys the things but aconsumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
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least four problems: which questions to study, which data are relevant, what data to collect, andhow to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
--- Content provided by FirstRanker.com ---
evaluate marketing actions; monitor marketing performance; and improve understanding ofmarketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
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product lines that a company offers to its customers. For example, a small company may sellmultiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
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44. Product bundling, where several products are combined into one group, which is then offeredfor sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
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products in the line.48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
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52. When you have a single saleable item distinguishable by size, appearance, prize or some otherattribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
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55. Consistency: Product mix consistency pertains to how closely related product lines are to oneanother--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
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known name, as consumers believe that a product with a well-known name is better than productswith less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
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58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand inpreference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
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brand name. It is an attempt to use corporate brand equity to create product brand recognition.60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
--- Content provided by FirstRanker.com ---
their products.61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
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and finally the individual product itself.63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
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64. Integrated marketing communications (IMC) is an approach to brand communications wherethe different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
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permitting each to work in isolation, which maximizes their cost effectiveness.65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
--- Content provided by FirstRanker.com ---
business user, using direct means, or using indirect means with intermediaries.67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
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69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initialentry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
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to distinguish its products or services from those of other entities.72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
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73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumptionof a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
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product or service overlooks any faults or defects in order to justify their purchase.76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
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78. Global marketing: The Oxford University Press defines global marketing as "marketing on aworldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
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80. Relationship marketing strategy employed by an organization in which a continuous level ofengagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
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and service81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
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82. Partner relationship management (PRM) is a system of methodologies, strategies, software, andweb-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
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company's products and/or service. Excellent customer service personnel who can provide supportwith clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
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strategy. Customers want to understand more than just your product; they also want tofocus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
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updated when needed. It should fall in line with your other product offerings as well. Packaginginvolves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
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your company.86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
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89. Inventory - having enough stock to meet demand90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
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92. Place is replaced by the convenience function. With the rise of internet and hybrid models ofpurchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
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94.Product
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providesCintomer
Solid:10cl
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represents
Customer
Cott
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Price--- Content provided by FirstRanker.com ---
provideS
--- Content provided by FirstRanker.com ---
Placeconvenience
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enable.* 2-way
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Promotion CommunicationFirstRanker.com - FirstRanker's Choice
MBA Department
Basic Marketing Concepts
1. Name the marketing legend who first coined the word Privatization in his book "The age of
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discontinuity"? Peter F.Druker2. Name the personality who coined the term 'Marketing Myopia'? Theodere Levitt.
3. "Demand Spillover": Sale of a product or brand in one country market generates demand in
another country.
4. "Double branding": Usage of New and old brand names and logos.
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5. "Cherry Picking": Bargaining by going from store to store to get the best deal.6. What does the abbreviation FFP stand for as in airlines jargon? Frequent Flyer Programme.
7. If you buy health drink brands you would have noticed the words RDA Balanced Formula on it.
What does it mean? Recommended Dietary Allowance.
8. BCG ? "Boston Consulting Group's Growth-Share Matrix."
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9. Difference between market and marketing: A market is, therefore, the set of all actual andpotential buyers of a market offer. Marketing, on the other hand, is an organizational function and a
set of processes that work in tandem to serve the market effectively, efficiently and profitably.
10. Difference between selling and marketing: Selling has a product focus and mostly producer
driven and marketing focus on the customer rather than the product.
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11. 7Ps of Marketing Mix: Product, Price, Place, Promotion, People, Process and Physical evidence12. Micro environment factors are factors close to a business that have a direct impact on its
business operations and success.
13. Macro environment factors are factors operating in an organization's external environment, they
are not specifically about the organization but affect the overall operation of the organization. The
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acronym PEST is an easy way to remember the factors that make up the macro environment andstands for Political, Economical, and Social and Technological environment.
14. Market segmentation is a marketing strategy that involves dividing a broad target market into
subsets of consumers who have common needs (and/or common desires) as well as common
applications for the relevant goods and services.
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15. A target market is a group of customers that the business has decided to aim its marketingefforts and ultimately its merchandise towards market segment.
16. 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.
17. Re-positioning involves changing the identity of a product, relative to the identity of competing
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products.18. A brand is the idea or image of a specific product or service that consumers connect with, by
identifying the name, logo, slogan, or design of the company who owns the idea or image.
20. New product development (NPD): is the the complete process of bringing a new product to
market. A product is a set of benefits offered for exchange and can be tangible (that is, something
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physical you can touch) or intangible (like a service, experience, or belief).21. Advertising Vs Publicity: Advertising is paid form of ideas, goods and services while publicity
is not paid by the sponsor.
22. Product life-cycle management (or PLCM) is the succession of strategies used by business
management as a product goes through its life-cycle. The condition in which a product is sold
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(advertising, saturation) changes over time and must be managed as it moves through its successionof stages.
23. 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.
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24. Advertising is a form of communication for marketing and used to encourage or persuade anaudience (viewers, readers or listeners; sometimes a specific group) to continue or take some new
action.
25. Sales promotion includes several communications activities that attempt to provide added value
or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate
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immediate sales.26. Public relations (PR) are the practice of managing the flow of information between an
individual or an organization and the public. Public relations provides an organization or individual
exposure to their audiences using topics of public interest and news items that do not require direct
payment
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27. Personal selling involves a two-way flow of communication between a buyer and seller,Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
28. Internet marketing, also known as web marketing, online marketing, webvertising, or e-
marketing, is referred to as the marketing (generally promotion) of products or services over the
Internet.
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29. Consumer behavior is the study of individuals, groups, or organizations and the processes theyuse 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.
30. 7 O's of consumer behavior: Outlets, Operations, Organizations, Occupant, Object of Purchase,
Object of buying, and Occasion of buying.
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31. Industrial market segmentation is a scheme for categorizing industrial and business customers toguide strategic and tactical decision-making, especially in sales and marketing.
32. services marketing. 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
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care services and professional services.33. Annual Plan Control: One of the four types of marketing control system, needed by the
companies to evaluate their marketing effort. Its aim is to ensure that the company achieves the
sales, profit and other goals established in the beginning of the year. The prime responsibility of
annual plan control is of top management and middle management.
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34. Efficiency control: If a profitability analysis reveals that the company is earning poor profits incertain products, territories or markets then it is time to look for more efficient ways to manage the
sales force, advertising, sales promotion, and distribution in connection with these marketing
entities.
35. Marketing Myopia: Marketing Myopia refers to "focusing on products rather than customers."
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36. Difference between Consumer and customer: -A customer is who buys the things but aconsumer is the person who finally utilizes it.
37. Sample Size: Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample
38: Research Design: Research design is considered as a "blueprint" for research, dealing with at
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least four problems: which questions to study, which data are relevant, what data to collect, andhow to analyze the results
39. Marketing Research: According to American Marketing Association, "Marketing Research is
the function that links the consumer, customer and public to the marketer through information-
information used to identify and define marketing opportunities and problems, generate, refine and
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evaluate marketing actions; monitor marketing performance; and improve understanding ofmarketing as a process."
40. Project report: A project plan, according to the Project Management Body of Knowledge, is:
"...a formal, approved document used to guide both project execution and project control.
41. Product Mix: Product mix, also known as product assortment, refers to the total number of
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product lines that a company offers to its customers. For example, a small company may sellmultiple lines of products.
42. Product line: A group of related products manufactured by a single company
43. Product lining: It is the marketing strategy offering several related products for sale as
individual units.
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44. Product bundling, where several products are combined into one group, which is then offeredfor sale as a unit.
45. Line depth refers to the number of subcategories of a category.
46. Line consistency refers to how closely relate the products that make up the line are.
47. Line vulnerability refers to the percentage of sales or profits that are derived from only a few
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products in the line.48 The number of different categories of a company is referred to as width of product mix.
49. The total number of products sold in all lines is referred to as length of product mix.
50. If a line of products is sold with the same brand name, this is referred to as family branding.
51. When you add a new product to a line, it is referred to as a line extension.
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52. When you have a single saleable item distinguishable by size, appearance, prize or some otherattribute in your product line, it is called SKU-Stock Keeping Unit.
53. Width: The width of a company's product mix pertains to the number of product lines that a
company sells. For example, if a company has two product lines, its product mix width is two.
54. Depth: Depth of a product mix pertains to the total number of variations for each product.
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55. Consistency: Product mix consistency pertains to how closely related product lines are to oneanother--in terms of use, production and distribution.
56. Brand equity: Brand equity is a phrase used in the marketing industry which describe 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
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known name, as consumers believe that a product with a well-known name is better than productswith less well known names. Another word for "brand equity" is "brand value".
57. Brand Loyalty: Brand loyalty, in marketing, consists of a consumer's commitment to repurchase
or otherwise continue using the brand and can be demonstrated by repeated buying of a product or
service, or other positive behaviors such as word of mouth advocacy.
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58. Brand Positioning: Brand positioning refers to "target consumer's" reason to buy your brand inpreference to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand's benefits/reasons to buy; and it focuses at all points of contact with the
consumer.
59. Corporate Branding: Corporate branding is the practice of using a company's name as a product
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brand name. It is an attempt to use corporate brand equity to create product brand recognition.60. Branding: The overall 'branding' of a company or product can also stretch to a logo, symbol, or
even design features (e.g. regularly used colours or layouts, such as red and white for Coca Cola.)
that identify the company or its products/services. For example: The Nike brand name is known
throughout the world, people can identify the name and logo even if they have never bought any of
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their products.61. BCG Matrix: The BCG Matrix method is based on the product life cycle theory that can be used
to determine what priority should be given in the product portfolio of the business unit.
62. Product Portfolio: A product portfolio is comprised of all the products which an organization
has. A product portfolio may comprise of different categories of products, different product lines
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and finally the individual product itself.63. 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 or directly through a wholesaler, and then sells smaller
quantities to the consumer for a profit.
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64. Integrated marketing communications (IMC) is an approach to brand communications wherethe different modes work together to create a seamless experience for the customer and are
presented with a similar tone and style that reinforces the brand's core message. Its goal is to make
all aspects of marketing communication such as advertising, sales promotion, public relations direct
marketing, online communications and social media work together as a unified force, rather than
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permitting each to work in isolation, which maximizes their cost effectiveness.65. Interactive Marketing allows customers and prospects to participate in the process of building a
brand's image in a certain market or target group's minds.
66. Product distribution (or place) is one of the four elements of the marketing mix. Distribution is
the process of making a product or service available for use or consumption by a consumer or
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business user, using direct means, or using indirect means with intermediaries.67. Customer service is a series of activities designed to enhance the level of customer satisfaction
? that is, the feeling that a product or service has met the customer expectation."
68. Skimming pricing:Price skimming is a pricing strategy in which a marketer sets a relatively
high price for a product or service at first, then lowers the price over time.
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69. Penetrating pricing: Penetration pricing is the pricing technique of setting a relatively low initialentry price, often lower than the eventual market price, to attract new customers.
70. Trade mark: A trademark, is a distinctive sign or indicator used by an individual, business
organization, or other legal entity to identify for consumers that the products or services on or with
which the trademark appears originate from a unique source, designated for a specific market, and
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to distinguish its products or services from those of other entities.72. Green Marketing According to the American Marketing Association, green marketing is the
marketing of products that are presumed to be environmentally safe. Thus green marketing
incorporates a broad range of activities, including product modification, changes to the production
process, packaging changes, as well as modifying advertising.
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73. De-marketing: Demarketing is an attempt or device to reduce or limit demand for consumptionof a specific product or service on a permanent or temporary basis.
74. Post-purchase behavior involves all the consumers' activities and the experiences that follow the
purchase.
75. Post-purchase rationalization is a cognitive bias whereby someone who purchases an expensive
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product or service overlooks any faults or defects in order to justify their purchase.76. Post Purchase dissonance is basically an after purchase cognitive behavior.
77. Societal marketing concepts: The societal marketing concept is an enlightened marketing
concept that holds that a company should make good marketing decisions by considering
consumers' wants, the company's requirements, and society's long-term interests
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78. Global marketing: The Oxford University Press defines global marketing as "marketing on aworldwide scale reconciling or taking commercial advantage of global operational differences,
similarities and opportunities in order to meet global objectives.
79. Service quality: Service quality is a term which describes a comparison of expectations with
performance.
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80. Relationship marketing strategy employed by an organization in which a continuous level ofengagement is maintained between the organization and its audience. Relationship management can
be between a business and its customers (customer relationship management) and between a
business and other businesses (business relationship management). Relationship management is a
focus of the financial and investing industries as a way to identify potential cross-sales of products
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and service81. Customer relationship management (CRM) is a widely implemented model for managing a
company's interactions with customers, clients, and sales prospects. It involves using technology to
organize, automate, and synchronize business processes?principally sales activities, but also those
for marketing, customer service, and technical support
--- Content provided by FirstRanker.com ---
82. Partner relationship management (PRM) is a system of methodologies, strategies, software, andweb-based capabilities that help a vendor to manage partner relationships. The general purpose of
PRM is to enable vendors to better manage their partners through the introduction of reliable
systems, processes and procedures for interacting with them.
83. People. An extremely important part of any company is having the right people to support the
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company's products and/or service. Excellent customer service personnel who can provide supportwith clearly known expectations, such as hours of operation and average response time, is key to
maintaining a high level of customer satisfaction.
84. Process. Solid procedures and policies that are in place, which pertains to the
company's products and/or service, is an extremely valuable element to the marketing
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strategy. Customers want to understand more than just your product; they also want tofocus on the shape and form your business will take.
85. Physical Evidence/Packaging. This refers to the way your product, service, and everything
about your company, appears from the outside. Decisions need to be made about the size, shape,
color, material, UPC bar code, and label of the packaging. This should be customer tested and
--- Content provided by FirstRanker.com ---
updated when needed. It should fall in line with your other product offerings as well. Packaginginvolves the visual layout, practical setup, and when needed for products, clear and precise
installation instructions. Physical Evidence can also refer to the people within your company and
how they dress and act. It can refer to how your office is set up, the professionalism of your staff,
nice brochures, how you interact with your customer base, and every single visual element about
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your company.86. Intangibility - once a service is performed there is nothing to take home
87. Inconsistency - every employee has different abilities, you eill not always get the same person
performing the service every time
88. Inseparability - distinguishing between the service and the server
--- Content provided by FirstRanker.com ---
89. Inventory - having enough stock to meet demand90. Product is replaced by Customer: You have to study consumer wants and needs and then attract
consumers one by one with something each one wants. It is to create a custom solution rather than
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
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92. Place is replaced by the convenience function. With the rise of internet and hybrid models ofpurchasing, place is no longer relevant.
93. Promotions feature is replaced by communication. Communications represents a broader focus
than simply promotions. Communications can include advertising, public relations, personal selling,
viral advertising, and any form of communication between the firm and the consumer.
--- Content provided by FirstRanker.com ---
94.Product
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providesCintomer
Solid:10cl
--- Content provided by FirstRanker.com ---
represents
Customer
Cott
--- Content provided by FirstRanker.com ---
Price--- Content provided by FirstRanker.com ---
provideS
--- Content provided by FirstRanker.com ---
Placeconvenience
--- Content provided by FirstRanker.com ---
enable.* 2-way
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