Chapter 3

Question 1

Market strategy

Answer 1

Marketing strategy means a comprehensive plan to facilitate and promote exchange of goods and services.

Question 2

Marketing mix

Answer 2

Marketing mix before to the ingredients of the tools on the variables which the marketing mixes in order to interact with a particular market.

Question 3

Components / elements of marketing mix

Answer 3

1. Promotion
2. Product
3. Place
4. Price

Question 4

Product mix

Answer 4

Product mix involves planning and developing the right type of product that will satisfy fully the needs of the customer.

Question 5

Branding

Answer 5

Branding can be defined as a process, an orientation whereby a name, a sign, or a symbol, etc. is giving to a product by the entrepreneur so as to differentiate its product from the rival products

Question 6

Components of brand

Answer 6

Brand is a comprehensive term used to the note a name, term, sign, symbol, design, or combination of them.
1. Brand name
2. Brand mark
3. Trademark

Question 7

Qualities / Characteristics of a good brand

Answer 7

1. Short, simple, easy to pronounce
2. Noticeable, easy to recognise and remember
3. Pleasing, impressive when uttered
4. Neither obscene negative, offensive, or vulgar
5. Adaptable to packaging, labelling requirements
6. Capable of being registered and protected legally

Question 8

Types of brand name

Answer 8

1. Individual brand name
2. Family brand name
3. Corporate name
4. Alphanumeric name

Question 9

Individual brand name

Answer 9

An entrepreneur choses a distinct name for each of his offerings i.e. each product is promoted on the basis of separate brand name.

Question 10

Corporate names

Answer 10

Entrepreneurs can choose to utilise their corporate name all logo together with some brand names of individual products. Tata, Bajaj

Question 11

Family brand name

Answer 11

An entrepreneur juice is a common or a successful family name for their several products. Also called Umbrella Branding. Maggi, Amul

Question 12

Alphanumeric names

Answer 12

Enterprise have the option to name their product Alpha numerically, i20, i10, A8L

Question 13

Logo

Answer 13

Logo is the short term for logotype and is an identifying symbol for a product or service or a brand it is a graphic mark of emblem used to add and promote instant public recognition.

Question 14

Purpose of a logo

Answer 14

1. Company’s graphical representation
2. Identity of an enterprise
3. Through a set of colour combination forms images impression and slash or patterns logo provide essential information about a company and helps customer to relate it to an enterprise core brand.
4. Shortcut to advertising
5. Key visual component of an enterprises brand identity

Question 15

Tagline

Answer 15

Tagline for simple but powerful messages that help to communicate and enterprise goals, mission, distinct qualities etc. purpose behind a tagline is to create a memorable dramatic phrase that will sum up the product.

Question 16

Packaging

Answer 16

It refers to the act of designing and producing the container or wrapper of a product.

Question 17

Levels of packaging

Answer 17

1. Primary package
2. Secondary package
3. Transportation package

Question 18

Function / importance of packaging

Answer 18

1. Product identification
2. Product protection
3. Product promotion
4. Product differentiation
5. Easy handling
6. Rising standard of health and sanitation
7. Innovational opportunity for promoting the product

Question 20

Labelling

Answer 20

It is the display of information about a product on its container packaging or the product itself.

Question 21

Types of intellectual property rights

Answer 21

1. Patents
2. Copyright
3. Industrial design
4. Trademark
5. Trade secret

Question 23

Inventions which are patentable

Answer 23

1. Art, Process, method or manner of manufacturing
2. Machine, apparatus or other articles
3. Substances
4. Computer software
5. Food, chemical, medicines or drugs

Question 24

Copyright

Answer 24

Gives the creator original artistic or literary work, exclusive rights to use it. Like musical composition, poems, plays etc.

Question 25

Industrial design

Answer 25

Protects the visual design of objects that are not purely utilitarian.

Question 26

Pricing strategy/methods

Answer 26

1. Cost plus pricing
2. Penetration Pricing
3. Creaming or skimming
4. Variable pricing

Question 27

Trademark

Answer 27

It is a recognisable sign, design or expression which distinguishes a product or a service from its competitors

Question 28

Trade secret

Answer 28

Any confidential business information which provides an enterprise and competitive edge.

Question 29

Function / importance of labelling

Answer 29

1. It describes to product and specifies its content 2. It helps in the identification of the product 3. It helps to grade the product 4. It helps in promotion of the product 5. Providing information required by the law

Question 30

Cost plus pricing

Answer 30

It is the most common technique of pricing where the manufacturer charges a price to cover the cost of the producing of a product + a reasonable profit.

Question 31

Advantages of cost plus pricing

Answer 31

1. Simplest method 2. Knows exactly the amount of expenditure 3. Helps in evaluating reasons for escalation in expenses