| Question: |
What is marketing? |
| Answer: |
Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. |
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| Question: |
What is basic difference between marketing and marketing management? |
| Answer: |
Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. Marketing management is the practical application of marketing techniques. It is the analysis, planning, implementation, and control of marketing programs designed to create, build, and maintain mutually beneficial exchanges with target markets to achieve organizational objectives. |
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| Question: |
What is difference between "customer and consumer”? |
| Answer: |
Customer is an individual who purchases the product but may or may not use the product but when the individual uses the product he/she is called as consumer. For example a housewife buys cooking oil for her household- she is a customer. The entire family is a consumer. |
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| Question: |
Define marketing orientation. |
| Answer: |
Marketing Orientation: It is an approach to business that centers its activities on satisfying the needs and wants of its customers. |
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| Question: |
Define CEM. |
| Answer: |
Customer experience management describes the processes and methods used to design and manage a customer's entire experience with a product and company. |
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| Question: |
What is CLV? |
| Answer: |
Consumer Lifetime Value is a useful concept in the field of development of consumer loyalty. The value life of a customer can be represented by the sales turnover which a loyal customer can generate throughout his life for a company or by the margins that it will get for the company. |
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| Question: |
Explain "core competency” |
| Answer: |
Core competency is essentially what a business does well that distinguishes it from other businesses. It is a particular specialty or expertise of a business |
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| Question: |
Explain competitive advantage. |
| Answer: |
A competitive advantage is an advantage over the competitors gained by offering consumer greater value, either by means of lower prices or by providing greater benefits and services. |
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| Question: |
What is a sustainable competitive advantage? |
| Answer: |
A competitive advantage becomes a sustainable competitive advantage when a company is able to maintain competitive position in the market for the long period of time. It is an advantage that enables a business to survive against its competition. |
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| Question: |
What is marketing environment fit? |
| Answer: |
The external environment is uncontrollable and subject to change continuously. Hence it always poses challenges for marketers. What marketers can do is to respond properly to these environmental changes. They take decisions to adjust or fit their firm in that environment. How well the marketing is fit in its environment is called ‘marketing-environment fit’. |
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| Question: |
What are the uncontrollable factors? |
| Answer: |
There are other factors that affect the marketing but firm has no control over them called uncontrollable factors. Such as ‘Consumers’ ‘Competition’ ‘Government’ ‘Economy’ ‘Technology’ ‘Media’ etc. |
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| Question: |
Differentiate between marketing plan and business plan. |
| Answer: |
Business plan: It is a written proposal for a new business or new direction in a previously established business. Marketing plan: This is a general term used to describe the overall plan for marketing a brand, which outlines goals and objectives for the brand, and how to reach them. |
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| Question: |
What is cost leadership strategy? |
| Answer: |
In a cost-leadership strategy the firm attempts to gain a competitive advantage primarily by reducing its economic costs below its competitors. |
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| Question: |
Explain differentiation strategy. |
| Answer: |
A differentiation strategy calls for the development of a product that offers unique attributers that are valued by the customer. The businesses concentrate on achieving superior performance in an important customer benefit area valued by the large part of market. |
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| Question: |
Define economies of scale. |
| Answer: |
The increase in efficiency of production as the number of goods being produced increases. Typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods. |
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| Question: |
Define product life cycle. |
| Answer: |
The product life cycle shows the different stages that a product passes through during its lifetime. |
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| Question: |
Who are potential customers? |
| Answer: |
The most important customers for an organization that are major source of revenue; and by loosing them the firm may go in loss. |
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