Download OU (Osmania University) MBA (Master of Business Administration) Marketing Concepts Study Material (Important Notes)
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.
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.
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
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.
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.
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.
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.
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
Often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
marketing as a process."
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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
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.
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.
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
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.
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.
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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.
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
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
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.
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
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
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
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.
79. Service quality: Service quality is a term which describes a comparison of expectations with
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
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
and service
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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.
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
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
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.
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
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
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
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.
79. Service quality: Service quality is a term which describes a comparison of expectations with
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
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
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
organize, automate, and synchronize business processes?principally sales activities, but also those
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
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.
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
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
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
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
performing the service every time
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
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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.
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
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
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.
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
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
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
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.
79. Service quality: Service quality is a term which describes a comparison of expectations with
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
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
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
organize, automate, and synchronize business processes?principally sales activities, but also those
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
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.
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
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
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
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
performing the service every time
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
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
92. Place is replaced by the convenience function. With the rise of internet and hybrid models of
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.
94.
Product
provides
Cintomer
Solid:10cl
represents
Customer
Cott
Price
provideS
Place
convenience
enable.* 2-way
Promotion Communication
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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.
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
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
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.
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
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
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
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.
79. Service quality: Service quality is a term which describes a comparison of expectations with
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
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
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
organize, automate, and synchronize business processes?principally sales activities, but also those
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
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.
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
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
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
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
performing the service every time
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
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
92. Place is replaced by the convenience function. With the rise of internet and hybrid models of
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.
94.
Product
provides
Cintomer
Solid:10cl
represents
Customer
Cott
Price
provideS
Place
convenience
enable.* 2-way
Promotion Communication
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
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
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.
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.
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
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.
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
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.
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
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
(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
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
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
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,
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
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.
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
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
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
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."
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
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
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
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
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
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.
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
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
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
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.
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
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.)
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
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
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.
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
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
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
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.
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
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
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.
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
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
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
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.
79. Service quality: Service quality is a term which describes a comparison of expectations with
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
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
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
organize, automate, and synchronize business processes?principally sales activities, but also those
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
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.
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
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
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
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
performing the service every time
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
pigeon-holing a customer into a product.
91. Pricing is replaced by cost, reflecting the reality of the total cost of ownership.
92. Place is replaced by the convenience function. With the rise of internet and hybrid models of
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.
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This post was last modified on 06 January 2020