Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business Studies > Marketing Management > Flashcards

Marketing Management Flashcards

(48 cards)

Start Studying
1
Q

What is public relations

A

Public relations involve various programs designed to promote or protect an organizations image.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is sales promotion

A

Refers to short term incentives designed to encourage the buyer’s to make immediate purchase of a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Merits , limitations of sales promotion

A 
Merits
Attention value-gathers attention
Useful in new product launch
Synergy in total promotional efforts
Limitations
Reflects crisis
Spoils product image.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Commonly used sales promotion activities- case study topic

A

Rebate- offering at special price to clear excess inventory
Discount
Refund- refund a part of price on some proof of previous purchase
Product combination- another prod as gift
Quantity gift- offering extra quantity
Instant draws and assigned gift
Lucky draw
Usable benefit- giving discount voucher etc
Full finance @0%
Sampling
Contests- competitive events involving application of skills or luck

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Publicity

A

It generally takes place when favourable news is presented in the mass media about a product or a service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Features of publicity

A
  • It is an unpaid form of communication. Does not involve any direct expenditure by the marketing firm
  • There is no identified sponsor for the communication as the message goes as news item.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Personal selling

A

It involves oral presentation of messages in the form of communication to one or more prospective customers in order to making sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Features of personal selling

A

Personal form - direct face to face dialogue takes place involving interactive relationship

Development of relationship- allows development of relationships.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Merits of personal selling

A

Flexibility

Direct feedback

Minimum wastage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Role of personal selling

Importance to businessmen

A

Effective promotional tool

Flexible tool

Minimises wastage of efforts

Consumer attention

Lasting relationship

Link with customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Importance to customers

Of personal selling

A

Help in identifying needs

Latest market info

Expert advice

Induces customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Importance to society

Of personal selling

A

Converts latest demand- conv latest demand- into effective demand

Employment opportunity

Career opportunity

Mobility of sales people

Product standardization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Advertising

A

Most commonly used tool of promotion

It is an impersonal form of communication, which is paid for by the marketers to promote some goods or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Features of advertising

A

Paid form - sponsor/ie marketer has to bear the cost

Impersonal- no direct face to face contact/creates a monologue

Identified sponsor- some individual or a company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Merits of advertising

A

Mass reach

Enhancing customer satisfaction- creates confidence among the buyers

Expressiveness - with special effects even a simple product and message can look attractive

Economy - very economical mode of communication when large number of people are to be reached

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Limitations of advertising

A

Inflexibility - cannot be tailor made to the requirements of of different consumer groups

Less forceful - less forceful than personal selling as there is no compulsion on prospects to pay attention

Lack of feedback - evaluation of effectiveness becomes difficult

Low effectiveness - vol of adv is getting expanded and is becoming difficult to make adv heard by Target prospects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is promotion and promotion mix?

A

Promotion refers to the use of communication with the twin objective of informing potential customers about a product and persuading them to buy it.

Promotion mix refers to the combination of promotional tools used by an org to achieve it's communication objectives.it contains 4 tools
Advertising
Personal selling
Sales promotion
Publicity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is price and factors affecting price determination?

A

Price may be defined as the amount of money paid by a buyer(or received by a seller) in consideration of the purchase of a product or a service

1) Product cost - fixed cost, variable cost, semi variable cost includes all
2) The utility and demand - utility provided by prod and intensity of demands sets the upper price of the prod
3) extent of competition in the market - high comp low price, low comp high price
4) gov and legal regulations - govt intervene can set low price of if it declares a prod as essential and regulate it’s price
5) pricing objective - short run high price high profit, long run low price larger share of market
6) Marketing method used - quality and Amt of adv, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Physical distribution

A

Concerned with making the goods and services available at the right place so that people can purchase the same

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are channels of distribution

Study These Flashcards
A

They are the set of firms and individuals that take title or assist in transferring title of goods and services from the producers to the consumers.

21
Q

Functions of distribution channels

Or middle men

Study These Flashcards
A

1) Sorting
2) Accumulation
3) Allocation
4) Assorting
5) Product promotion
6) Negotiation
7) Risk taking

22
Q

Types of channels

Study These Flashcards
A 
1) direct channel(zero level)
Manufacturer- consumer
2) one level
Manufacturer- retailer- customer
3) two level
Manufacturer- wholesaler- retailer- customer
4) three level channel
Manufacturer - agent - wholesaler - retailer - customer
23
Q

Components of physical distribution(PD)

Study These Flashcards
A

Order processing - a good PD provides for an accurate & speedy processing

Transportation

Warehousing

Inventory control (a) firm policy
(b)degree of accuracy of sale forecast
(C) responsiveness of distributionsys
(D) cost of inventory

24
Q

What is branding

Study These Flashcards
A

It is the process of giving a name, sign or symbol to a product

25
What is a brand
It is a name, term, sign, symbol, design, or some combination of then used to identify the products- goods or services of one seller or group of sellers and to differentiate then from their competitors
26
Brand name
The part of brand that can be spoken
27
Brand mark
Part of brand which can be recognized but which is not utterable
28
Trade mark
A brand or a part of brand that is given legal protection. the protection is given against it's use by other firms
29
Advantages of branding to marketers
Enables marking product differentiation Helps in advertising and display programmes Differential pricing Ease in intro of a new product
30
Advantages of branding to customer
Helps in product identification Ensures quality Status symbol
31
Characteristics of a good brand name
- Short, easy to pronounce - suggest products quality and benefits - distinctive - adaptable to packaging or labeling req - versatile to accommodate new prod - capable of being legally registered - staying power or shouldn't get out of date
32
What is packaging
It refers to the act of designing and producing the container or wrapper of a product
33
Packaging - levels of packaging
Primary (toothpaste tube) Secondary ( cardboard box for tube) Transportation (corrugated gaon containing numerous cardboard boxes)
34
Importance of packaging
Rising standards of health and sanitation Self service outlets Innovational opportunity Product differentiation
35
Functions of packaging
Product identification Product protection Facilitating the use of product Product promotion
36
What is a label
Labels are useful in providing detailed information about the product
37
Functions performed by a label
- describe the product and it's content - identification of the prod or brand - grading of product - helps in promotion of product - providing information required by the law
38
What is marketing
It is social process where in people interact with others in order to persuade them to act in a particular way say to purchase a product rather than forcing them to do so
39
Features of marketing
Needs and wants- satisfies individuals Create a market offering Customer value Exchange mechanism
40
What is a product & who is a marketer
Anything that can be of value to the buyer is termed as a product Marketers refers to any person who takes an active part in the process of exchange
41
Conditions for an exchange
Involvement of atleast two parties Both parties should be capable of offering something of value Ability to communicate and deliver the good Free to accept or reject the offer Willing to enter in into transaction (Both the parties)
42
Marketing management
Refers to planning organization directing controlling the activities which facilitate exchange of goods goods and services b/ween prod and consumer
43
Difference b/ween selling and marketing
- Selling: a part of the process, marketing: a wider term - Transfer of title vs satisfying customer needs - Profit by max sales vs customer satisfaction - Selling starts after prod has been developed vs marketing starts way before the prod is produced - difference in strategies: different efforts in both - difference in emphasis: selling, bending the customer acc to the prod, marketing bending prod acc to customer
44
Difference b/ween selling and marketing
- Selling: a part of the process, marketing: a wider term - Transfer of title vs satisfying customer needs - Profit by max sales vs customer satisfaction - Selling starts after prod has been developed vs marketing starts way before the prod is produced - difference in strategies: different efforts in both - difference in emphasis: selling, bending the customer acc to the prod, marketing bending prod acc to customer
45
Marketing management philosophies
Production concept - Max of profit by mass producing , availability & affordability were considered to be the key to success Product concept- emphasis shifted from quantity to quality, incorporating new features Selling concept- aggressive selling and promotional efforts to make customer buy Marketing concept- focus on satisfaction of customer Societal marketing- focus on customer satisfaction with concern for the long term welfare of the society
46
Functions of marketing Tip to remember GM-PSP-BC-PPP-TS
1) gathering and analysing market info 2) market planning 3 product design and development 4) standardization and grading 5) packaging and labeling 6) branding 7) customer support service 8) pricing 9) promotion 10) physical distribution 11) transportation 12) storage
47
What is marketing mix
It is the combination of variables used by the organization to create its market offering
48
Elements of marketing mix
Product - goods or services or anything of value which is offered to the market for sale Price - amount of money which the consumers have to pay to obtain the product Place - it includes activities that make firms products available to the target customers Promotion - all such activities that communicate availability, features, merits, etc of the products to the consumer and persuade them to buy it.

Business Studies (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions