Q. Differentiate NEEDS and WANTS?
Ans. NEEDS: A necessity for living.
WANTS: Products that are not necessities, but are simply desired by the consumer.
Q. What is a Market?
Ans. The group of potential buyers.
Q. What is the Goal of marketing?
Ans. The goal of marketing is to attract new customers and create a lasting relationship through customer satisfaction.
Q. Differentiate CONSUMER and CUSTOMER?
Ans. CONSUMER: The person who uses the product.
CUSTOMER: The person who purchases the product. In many cases, the customer is also the consumer.
Q. What are GOODS and SERVICES ?
Ans. GOODS: Products which are tangible items that satisfy customer’s needs and wants.
SERVICES: Products which are intangible items that satisfy customer’s needs and wants.
Q. What is “MARKETING MIX”?
Ans. A combination of decisions a business makes in order to best reach its target market. The MARKETING MIX is also referred to as the “Four Ps”, Price, Place, Product, Promotion.
Q. what is “AIDA” ?
Ans. Attention, Interest, Desire, Action: a model describing the stages that promotion can take a target audience through: is often used to set promotional objectives.
Q. What do you mean by “Production Concept”?
Ans. It is a Marketing concept which holds that consumers will prefer products that are widely available and inexpensive. consumers are primarily interested in product availability and low prices. It is the oldest of the concepts in business.This orientation makes sense majorly in developing countries.
Q. What do you mean by “Product Concept”?
Ans. In this the consumers will favor those products that
offer the most quality, performance, or innovative features.consumers unlike Production Concept admire well-made products and can appraise quality and performance.This orientation makes sense majorly in developed countries.
Q. Differentiate “Sales” and “Marketing” Concepts ?
Ans. Sales Concept: It focuses on the needs of the seller. It is preoccupied with the seller’s need to convert his/her product into cash.In this aim is to sell what they make rather than make what the market wants.
Marketing Concept: Marketing Concept focuses on the
needs of the buyer.It is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs).
Q. What are the Four Pillars of Marketing?
Ans.1. Target market.
2. Customer needs.
3. Integrated marketing
4. profitability.
Q. what is Holistic Marketing?
Ans. The holistic marketing concept is a relatively new marketing perspective that takes into account the entire organization in addition to its counterparts when determining or executing its overall
marketing strategy. Holistic marketing recognizes that there are many stakeholders involved in each transaction—from suppliers, to employees, customers, shareholders, the community at large,
and the environment. In order for a company to achieve success in today’s business landscape, it must take into consideration the complexities of its breadth and inter dependencies because
businesses no longer exist in a vacuum but within a multi-dimensional, global,interconnected landscape.It has Four main components : relationship marketing , integrated marketing ,internal marketing and socially responsible marketing.
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