RECOGNIZING A POTENTIAL MARKET

Question 1

• foundation model for business
• defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”
• refers to four broad levels of marketing decisions

Answer 1

Marketing Mix

Question 2

• created Marketing 4Ps in the 1960s
• foundation of the idea of marketing mix

Answer 2

Jerome McCarthy

Question 3

• the amount that the customer pays for them to satisfy

Answer 3

PRICE

Question 4

price of a product is initially sent low to rapidly reach a wide fraction of the market

Answer 4

Market penetration pricing

Question 5

• a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time

Answer 5

Market skimming pricing

Question 6

• default strategy to minimize the role of pricing in the marketing mix, not utilizing price to gain or restrict market share

Answer 6

Neutral pricing

Question 7

• position and distribution channel of the product to make it accessible to the potential buyers

Answer 7

PLACE

Question 8

• distribution on a large-scale and displaying the product in as many ways and places as possible

Answer 8

Intensive distribution

Question 9

• agreement between supplier and retailer that grants the exclusive rights within a specific geographic area to carry the supplier’s product

Answer 9

Exclusive distribution

Question 10

• involves making a product or group of products available only in certain markets.

Answer 10

Selective distribution

Question 11

• an agreement where one party (the franchiser) grants another party (the
  Franchisee) the right to use its trademark or tradename

Answer 11

Franchising

Question 12

• comprises the various elements like sales organization, public relations, advertising, and sales promotion

Answer 12

PROMOTION

Question 13

• a part of the total business organization of a firm
• distribution of goods or services.
• produced by the organization itself or may be purchased from manufacturers for resale

Answer 13

Sales Organization

Question 14

• practice of deliberately managing the release and spread of information to generate awareness and positive responses to products and services of the business

Answer 14

Public Relations

Question 15

• producing advertisement for commercial products or services

Answer 15

Advertising

Question 16

• persuading a potential buyer to buy the product designed to be used as a short-term tactic to boost sales

Answer 16

Sales Promotion

Question 17

• makes the business run
• employees who do the work, produce the product, and the ones who deliver the product or services

Answer 17

PEOPLE

Question 18

• flow of activities mechanism that take place when there is an interaction between customers and the businesses

Answer 18

PROCESS

Question 19

TYPES OF PROCESS
* creating tangible products

Answer 19

Technological processes

Question 20

TYPES OF PROCESS
* Use of receipts or barcodes or forms or other methods of information about a product of a company that manufactures

Answer 20

Electronic processes

Question 21

TYPES OF PROCESS
* reactions of the customers regarding the process

Answer 21

Direct activities

Question 22

TYPES OF PROCESS
* interaction does not take place in person, and it happens before or after the product has been bought

Answer 22

Indirect activities

Question 22

• tool to create something enormous or monumental

Answer 22

MIXING PROCESS

Question 23

TYPES OF MARKETING STRATEGY
* targets a defined demographic, psychographic and geographic market segment to become the market leader or specialist in a particular product

Answer 23

Niche Marketing

Question 24

* planned and systematic approach to develop a recall value in the mind of the potential customers for the product and increase its sale

Answer 24

Market Strategy

Question 25

TYPES OF MARKETING STRATEGY * brings all the people dealing in a particular industry under a single roof

Answer 25

Trade Show Marketing

Question 26

TYPES OF MARKETING STRATEGY * communicate with a large number of audience and convert them into buyers

Answer 26

Social Media Marketing

Question 27

TYPES OF MARKETING STRATEGY * psychologically influence the buyers by giving out a low-value product as a gift with a high-value product

Answer 27

Freebie Marketing

Question 28

TYPES OF MARKETING STRATEGY * before launching the product, creates a buzz or sensation about it

Answer 28

Undercover or Buzz Marketing

Question 29

TYPES OF MARKETING STRATEGY * company has to make efforts to reach out the potential customers through advertisements, telemarketing, cold calling, flyers, etc.

Answer 29

Outbound Marketing and Inbound Marketing

Question 30

TYPES OF MARKETING STRATEGY * one brand partners with one or more non-competitive brand to target similar customers for entirely different products

Answer 30

Cross Promotion Marketing

Question 31

is the base of all business strategies, and so is for the marketing strategy of the company

Answer 31

Vision

Question 32

* company’s in and out * i.e. the product specification, strengths, weaknesses, marketing mix, marketing channel, sales budget, etc.

Answer 32

Strategic plan

Question 33

* attracts more customers in the short run * freebies, sales discount, lucky draws, contests

Answer 33

Tactics

Question 34

* small map drawn to a comparatively small scale which shows the area proposed to be platted and the vicinity surrounding it

Answer 34

Vicinity Map