Marketing Management Short Question And Answer
Marketing Management Short Question And Answer
- What is a Market Segmentation?
Answer:- Market Segmentation is the process of dividing a heterogeneous market into homogeneous sub markets.
- What do you understand by price?
Answer:- Price is the exchange value of a product or service expressed in monetary terms. It is the money, which the buyer pays to the seller for a product or service. Price is the amount for which a product, a service or an idea is exchanged regardless of its worth to the buyer.
- What is pricing?
Answer:- Pricing is the function of translating into quantitative terms the value of the product or idea by the marketing manager before it is offered for sale to consumers. Pricing is the process of setting objectives, identifying the factors governing the price, formulating price policies and strategies setting prices, implementing them and controlling them
- Define sales promotion.
Answer:- Sales promotion has been defined as, those marketing activities, other than personal selling, advertising and publicity that stimulate consumer purchasing and dealer effectiveness, such as displays, shows and demonstrations, expositions and various non current selling efforts not in ordinary routine.
- What kind of tools can be included under sales promotion?
Answer:- Sales promotion includes tools for consumer promotion (sample, coupons, cash refund offers, price off, premiums, prizes, free trials, warranties, tie-in promotions, crosspromotions, point-of-purchase displays and demonstrations); trade promotion (price off, advertising, display allowances and free goods); and business and sales-force promotion (trade shows and conventions, contests for sales representatives and specialty advertising).
- What do you understand by the term ‘advertising’?
Answer:- Advertising is the popular tool of promotion as it communicates in a persuasive manner about organization or products or services non-personally through paid media. The advertisement should provide new information or support the information the audience already has in order to capture their attention. It should be able to persuade them and influence their attitude and purchase behaviour.
- Define the term ‘advertising’
Answer:- According to William J. Stanton, “Advertising consists of all the activities involved in presenting to a group a non-personal, oral or visual openly sponsored message regarding a product, service or idea”.
- Write a short note on personal selling.
Answer:- Personal selling or salesmanship is the process of contacting the prospective buyers personally and persuading them to buy the products. In other words, it is an art of convincing customers to buy the given products or services.
- What is product development?
Answer:- Development of new products refers to the different products a company plans, develops and markets It consists of creation of new ideas, determining their sales potential, profitability, production requirements, investment and other resources needed and then producing. The product is then tested before marketing it on large scale. The decision to produce a particular product depends on identification of needs and expectations of customers together with company’s possible resources to produce it.
- Define marketing research.
Answer:- Marketing research is the process of gathering information from the market and consumers and making a record of it.
