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Q. ‘Customer value is a combination of quality, service and price.’ Explain. Or Write a brief note on customers. Ans. Customer value is a combination of quality, service and price as it is based on these factors only. Customer value increases with the increase in services and quality and decreases with a decrease in quality … Read more
Q. Explain the importance of the marketing mix. Ans. Importance of Marketing Mix: The following points explain the importance of marketing mix: 1. Helps in Clean Mix Creation: Our marketing mix should have all the P’s compatible with each other. The price should compatible with the placement of the product. The product should be compatible … Read more
Q. Discuss the concept of the marketing mix. Ans. Concept of Marketing Mix: Marketing mix is the set of controllable variables that a firm can use to influence the buyer’s response within a given marketing environment (consisting of political, social, cultural, economic and marketing institutional influences). The environmental influences are uncontrollable elements, whereas the ingredients … Read more
Q.9. Give the objectives of marketing management. Ans. Objectives of Marketing Management: The objectives of marketing management are as follows: 1. Satisfying Customer’s Needs and Wants: Marketing managers should carefully determine the needs and demands of the customers in order to satisfy them with their products and services. The process of marketing management is customer-oriented … Read more
Q. Differentiate among needs, wants and demands. Can marketers, create needs? Ans. Marketing thinking starts with the customer’s needs. Today each marketer wants to retain M.B.A to satisfy the customers because of the intense competition. Differentiate among needs, wants and demands: A human need is a state of felt deprivation of some basic satisfaction. Needs … Read more
Q.7. Explain the concept of holistic marketing orientation. Or Define holistic marketing and explain it with an example. Ans. Holistic Marketing Orientation: Holistic marketing is a new paradigm in marketing. It does not focus on marketing one area of businesses, like holistic businesses only, but is a concept of marketing that strives to be an … Read more
Q.6. What is marketing myopia? Ans. Marketing Myopia: Marketing myopia is the short-sighted and inward-looking approach to marketing that focuses on the needs of the firm instead of defining the firm and its products in terms of the customer’s needs and wants. The concept was given by Theodore C. Lewitt. Its theme is that the … Read more
Q.5. What are the components of relational marketing orientation? Ans. Components of Relational Marketing Orientation: Relational marketing orientation is made u of several inter-linked components which are: 1. Trust: It is the core element that serves as the basis of long-term relationships since short-term inequalities are unavoidable. They can easily be resolved and will result … Read more
Q.4. Write a short note on a goods-services continuum. Or Explain the concept of the goods-services continuum Ans. Goods-services Continuum: It enables marketers to see total products’ relative goods/services composition. A product position on the continuum, in turn, allows marketers to spot opportunities. At the pure goods ends of the continuum, goods with no related … Read more
Q. What are the marketing challenges in the globalized economic scenario? Ans. The marketing challenges in the globalized economic scenario are as follows: 1. Self-reference- Criterion and Ethnocentrism: It refers to the phenomenon of taking only one’s c knowledge, experience, values, and beliefs into consideration while making a decision. 2. Market Differences: In case a … Read more