Marketing Concepts

Abbreviations that may be asked in Marketing Aptitude:

·        HNI – High Networth Individual.

·        EOQ – Economic Order quality.

·        FDR – Fixed Deposit Receipts.

·        CNP – Cardholder Not Present.

·        PIN – Personal Identification Number.

·        SEO – Search Engine Optimization.

·        CRM – Customer Relationship Management.

·        BPO – Business Process Outsourcing.

·        VAT – Value Added Tax.

·        IDRA – Industries Development and Regulation Act.

·        MR – Marginal Revenue.

·        PAN – Permanent Account Number.

·        BEP – Break Even Point.

·        NPA – Non Performing Assets.

·        ATM – Automated Teller Machine.

·        ROA – Return on Assets.

·        M & A – Mergers & Acquisitions.

·        SEBI – Securities Exchange Board of India.

·        GDP – Gross Domestic Product.

·        IPO – Initial Public Offering.

What is Viral Marketing?

Marketing by the word of the mouth, having a high pass-rate from person to person is called Viral marketing.  Creating a 'buzz' in the industry is an example of viral marketing.

What is Bench Marketing?

A comparison of the business processes with competitors and improving prevailing ones is called bench marketing.

What is Drip Marketing?

The method of sending promotional items to clients is called Drip marketing.

What is Guerilla Marketing?

Unconventional marketing intended to get maximum results from minimal resources is nothing but Guerilla Marketing.

What is Social Media Marketing?

Social media marketing is marketing using online communities, social networks, blog marketing and more.

What is Direct Marketing?

Direct Marketing is a form of advertising that directly reaches to the customers on a personal basis (like phone calls, private mailings, etc) rather than traditional channel of advertising (like TV, Newspapers, etc).

Types of Direct marketing:

There are many types of direct marketing, only some important types are listed below and these are the most form of direct marketing.

i)Direct Mail Marketing: Advertising material sent directly to home and business addresses. This is the most common form of direct marketing.

ii)Telemarketing: It is the second most common form of direct marketing, in which marketers contact consumers by phone.

ii)Email Marketing: This type of marketing targets customers through their email accounts.

What is Indirect Marketing?

Indirect Marketing is the distribution of a particular product through a channel that includes one or more resellers.

Difference b/w Direct and Indirect Marketing:

Direct marketing is basically advertising your own products or services.

In the same way you might advertise for someone else is called Indirect marketing, is an increasingly popular way of doing business.

What is Internet Marketing?

Internet marketing is the marketing of products or services over the Internet.

Internet Marketing is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) or e-Marketing.

What is Digital Marketing?

Digital Marketing is the practice of promoting products and services using all forms of digital advertising. It includes Television, Radio, Internet, mobile and any other form of digital media.

Marketing Mix:

The Marketing Mix model (also known as the 4 P's) can be used by marketers as a tool to assist in defining the marketing strategy. The idea was that if you could identify the right combination of these elements, your marketing would succeed. E. Jerome McCarthy introduced the 4 P's of Marketing as a way to describe the mix of factors required to successfully market a product.

The 4 P’s are:

·        Product

·        Price

·        Promotion

·        Place (distribution)

The 5 P’s of marketing is 4 P’s + People/Packaging/Process/etc.

The 7 P’s of marketing consists of:

·        Product

·        Price

·        Place

·        Promotion

·        People

·        Process

·        Physical evidence.

The first 4 P's are considered the basis of any marketing process. The last 3 P's are a recent addition to the entire marketing process.

What is SWOT Analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.

What is Customer Relationship Management (CRM)?

Customer Relationship Management concerns the relationship between the organization and its customers. It is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them.

What are the Three Levels of a Product?

·        Core Product

·        Actual Product

·        Augmented Product

What is Market Research?

Market research is any organized effort to gather information about markets or customers. Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.

What is Market Information?

To know the prices of the different commodities in the market, as well as the supply and demand situation.

What is Market Segmentation?

The division of a market into different homogeneous groups of consumers is known as market segmentation. The purpose for segmenting a market is to allow your marketing program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing expenditures.

What is Branding?

The essence of a product, its quality and competitiveness displayed in the form of letters, symbols and colours is known as branding.

What is Marketing?

The process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's/organizational goals is called marketing.