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MARKETING BASICS
Marketing:
The American Marketing Association (AMA) defines
marketing as The process of planning and executing
the conception, pricing, promotion and distribution of
ideas, goods and services to create exchanges that
satisfy individual and organizational goals.
In the most simple and basic manner- Marketing is
the delivery of customer satisfaction at a profit.
Core Concepts of Marketing
Needs - state of felt deprivation for basic items such
as food and clothing and complex needs such as for
belonging. e.g. I am thirsty
Wants - form that a human need takes as shaped by
culture and individual personality. i.e. I want a CocaCola.
Demands - human wants backed by buying power.
i.e. I have money to buy a Coca-Cola.
Products
Anything that can be offered to a market for
attention, acquisition, use or consumption and that
might satisfy a need or want.
Examples: Goods, Services, persons, places,
organizations, activities, and ideas etc.
Different Types of Pricing Strategy
Pricing strategies have a major impact on the
marketing effectiveness for companies, large and
small.
Pricing is one of the four elements of the marketing
mix, along with product, place and promotion. Pricing
strategy is important for companies who wish to
achieve success by finding the price point where they
can maximize sales and profits. Companies may use a
variety of pricing strategies, depending on their own
unique marketing goals and objectives.
Premium Pricing
Premium pricing strategy establishes a price higher
than the competitors. It's a strategy that can be
effectively used when there is something unique
about the product or when the product is first to
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Price Skimming
Businesses that have a significant competitive
advantage can enter the market with a price
skimming strategy designed to gain maximum
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customer as a last
link in business.
TYPES OF MARKET
Markets can be analyzed via the product itself, or
end-consumer, or both. The most common
distinction is between consumer and industrial
markets.
Consumer Markets
Consumer markets are the markets for products and
services bought by Individuals for their own or family
use. Goods bought in consumer markets can be
categorized in several ways:
a) Fast-moving
consumer
goods
(FMCGs)
Fast-moving consumer goods are those that sell in
high volumes, with low unit value, and have fast
consumer repurchase. Good examples include ready
meals, baked beans, newspapers etc.
b) Consumer durables:
These have low volume but high unit value.
Consumer durables are often further divided into:
i) White goods (e.g. fridge-freezers; cookers;
dishwashers; microwaves)
ii) Brown goods (e.g. DVD players; games consoles;
personal computers)
iii) Soft goods: Soft goods are similar to consumer
durables, except that they wear out more quickly and
therefore have a shorter replacement cycle.
Examples include clothes, shoes
Services (e.g. hairdressing, dentists, childcare)
Industrial Markets
Industrial markets involve the sale of goods between
businesses. These are goods that are not aimed
directly at consumers. Industrial market includes:
a) Selling finished goods
Examples include office furniture, computer systems
b) Selling raw materials or components
Examples include steel, coal, gas, timber
c) Selling services to businesses
Examples include waste disposal, security, accounting
& legal services.
SWOT ANALYSIS
When you are planning strategically with any
companyonline or offlineit is useful to complete
an analysis that takes into account not only your own
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PRODUCT MIX
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Elements of Branding
Brand includes various elements like - brand names,
trade names, brand marks, trademarks, and trade
characters. The combination of these elements forms
a firm's corporate symbol or name.
Brand Name - It is also called Product Brand. It
can be a word, a group of words, letters, or
numbers to represent a product or service. For
example - Pepsi, iPhone 5, and etc.
Trade Name - It is also called Corporate Brand.
It identifies and promotes a company or a division
of a particular corporation. For example - Dell,
Nike, Google, and etc.
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colouring,
is visually
to
be
apple, or
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MARKETING TERMS
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
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ABBREVATIONS
AIDA - Attention, Interest, Desire, Action
B2B - Business to business
B2C - Business to consumer
CLV - Customer lifetime value
CPC - Cost per click
CRM - Customer relationship management
CTA - Call to action
GA - Google Analytics
HIPPO - Highest paid person's opinion
POS - Point of sale
S2S - Server to server
SaaS - Software as a service
SEM - Search Engine Marketing
SEO - Search Engine Optimisation
SM - Social media
SMM - Social media marketing
SMO - Social media optimisation
SWOT - Strengths, weaknesses, opportunities,
threats
VM - Viral marketing
WOMM - Word of mouth marketing
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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) telemarketing
(3) ecommerce
(4) emails solicitation
(5) All of these Ans. (5)
6. EMarketing 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. Valueadded 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
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