Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization.
Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value.
Marketing may be defined in several ways, depending on the role of the advertised enterprise in relation to the strategic role in positioning the firm within its competitive market.
7P's of Marketing : 4C's of Marketing: 5M's of Marketing:
1. Product 1. Customer needs & wants 1. Market
2. Price 2. Cost to the customer 2. Management
3. Promotion 3. Communication 3. Money
4. Place 4. Channel 4. Manpower
5. Physical Evidence 5. Manufacturing
6. Positioning
7. People
Marketing Questions :-
1. Market research is useful for ____?
(1) Deciding proper marketing strategies
(2) Deciding the selling price
(3) choosing the right products
(4) choosing the sales person
(5) All of these
Ans. (5)
2. A call means:
(1) shout out to somebody
(2) profession or business
(3) visiting friends
(4) visiting prospective customers
(5) after‐sales service
Ans. (4)
3. Conversion means:
(1) meeting a prospective client
(2) interacting with a prospective client
(3) converting an employer into an employee
(4) converting a seller into a buyer
(5) converting a prospective client into a buyer
Ans. (5)
4. Customization means:
(1) acquiring more customers
(2) regulating customers
(3) special products to suit each customer
(4) more products per customer
(5) All of these
Ans. (3)
5. Modern style of marketing include
(1) digital marketing
(2) tele‐marketing
(3) e‐commerce
(4) e‐mails solicitation
(5) All of these
Ans. (5)
6. E‐Marketing is the same as
(1) virtual marketing
(2) digital marketing
(3) real time marketing
(4) all of these
(5) None of these
Ans. (4)
7. Value‐added services means
(1) costlier products
(2) large number of products
(3) additional services
(4) at par services
(5) None of these
Ans. (3)
8. Aggressive Marketing is necessitated due to:
(1) globalization
(2) increased competition
(3) increased production
(4) increased job opportunities
(5) All of these
Ans. (2)
9. Efficient Marketing styles require
(1) proper planning
(2) good communication skills
(3) team work
(4) knowledge of products
(5) All of these
Ans. (5)
10. The performance of a salesperson depends on
(1) salary paid
(2) sales incentive paid
(3) sizes of the sales team
(4) ability and willingness of the salesperson
(5) team leader aggressiveness
Ans. (4)
11. The sole aim of marketing is to
(1) increase sales
(2) increase the number of employees
(3) increase profits
(4) increase production
(5) All of these
Ans. (1)
12. Lead generation means
(1) tips for selling tactics
(2) tips for better production
(3) generating leaders
(4) likely sources for prospective clients
(5) All of these
Ans. (4)
13. Find the correct statement:
(1) Marketing is redundant in monopolistic companies
(2) The performance of a salesperson depends on the amount of incentives paid
(3) Marketing is influenced by peer performance.
(4) An increase in market shares indicates fall in business volume.
(5) A mission statement is part of the Company's Prospectus.
Ans. (5)
14. Which of the following is the first step in the 'transaction processing cycle', which captures business data through various modes such as optical scanning or at an electronic commerce website? (1) Document and report generation
(2) Database maintenance
(3) Transaction processing
(4) Data Entry
(5) None of these
Ans. (1)
15. CRM (Customer Relationship Management) is
(1) A pre‐sales activity
(2) A tool for lead generation
(3) An ongoing daily activity
(4) The task of a DSA
(5) All of the above
Ans. (5)
16. Bancassurance can be sold to
(1) All banks
(2) All insurance companies
(3) Insurance Agents
(4) All existing and prospective bank customers
(5) All of the above
Ans. (4)
17. Cross‐selling is not effective for which one of the following products?
(1) Debit Cards
(2) Savings Accounts
(3) Internet Banking
(4) Pension loans
(5) Personal loans
Ans. (2)
18. Which of the following is not involved in the Growth Strategies of a company?
(1) Horizontal integration
(2) Vertical Integration
(3) Diversification
(4) Intensification
(5) None of these
Ans. (4)
19. A successful "Blue Ocean" requires
(1) Effective communication
(2) Innovative skills
(3) Motivation
(4) All of the above
(5) None of these
Ans. (4)
20. Cross‐selling is a basic function of
(1) All employers
(2) All employees
(3) All salespersons
(4) Planning Department
(5) All of the above
Ans. (3)
QUICK NOTES :-
1. Market May Comprise of:
i. One seller and many buyers
ii. Many sellers and one buyer
iii. Many sellers and Many buyers
iv. Few sellers and Many buyers
v. Many sellers and Few buyers
2. A “likely” interested customer of the bank is termed as prospect.
3. In Marketing, calling on the prospective customers is known as a call.
4. Division of the whole market into relatively homogeneous groups is called Market Segmentation
5. Marketing Guru Philip Kotler defines market segmentation as the subdivision of a market into homogeneous subjects of customers.
6. Marketing Mix: It is the set of marketing tools that a firm uses to pursue its marketing objectives in the target market.
7. E. Jerome McCarty proposed a classification of marketing mix in four key areas:
1. Product
2. Price
3. Place
4. Promotion
8. SWOT Analysis: A tool used by organization to help the firm to establish its strength. S – Strengths W – Weakness O – Opportunity T ‐ Threats
Note: Strengths and Weakness are – Internal Function Opportunity and Threats are ‐ External Function
9. 4 Stages of Product Life Cycle (PLC): i. Introduction
ii. Growth
iii. Maturity
iv. Decline
10. Brand: Brand is defined as “a name, term, sign and symbol or a combination of these, that identifies the maker or seller of the product .
11. Brand Equity: It refers to the value of the Brand.
12. JIT – Just in Time
13. MRTP – Monopolies and Restrictive Trade Practices
14. IMC – Integrated Marketing Communications
15. In Double win strategy customer gets price debate.
16. Monopoly (only one seller) exists when a specific person or enterprise is the only supplier of a particular commodity, which relates to a single entity's control of a market to purchase a good or service.
17. Oligopoly (few sellers) which consists of a few entities dominating an industry.
18. MRP – Manufacturing Resource Planning
19. HNI – High Networth Individual
20. The Concept of Goriila Marketing is introduced by J.C. Levinson.
21. The Method of sending promotional items to clients is called Drip Marketing.
22. Marketing via e‐mail falls under the category of direct marketing.
23. CTR (Click Through Rate) is related to Advertising metrics.
24. Creating a buzz in the industry is an example of Viral Marketing.
25. A non – traditional, low cost, flexible and highly effective marketing is termed as Goriila Marketing.
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