What is marketing?
Marketing can be referred to as a form of communication with your customers, with the help of marketing tools such as advertising, promotion, publicity, design aspects related to the look of the product etc. All these are aimed at getting the target audience (customer) to first get interested in your product or service and then ultimately buy them.
Explain its core concepts.
Needs ,wants and demands are the core concepts of marketing. These are basically inter related to each other which means needs which could be individualistic, social or physical arise due to a state of deprivation and have to be fulfilled for a basic human survival. Some human needs shaped by cultural and individual experiences and lifestyles take the form of wants. Ultimately demands are those sets of wants which are backed by the power to buy and could be related to many needs & wants. Other related concepts of marketing may include the Marketplace with exchange and the actual transaction as its base.
What are the keys to marketing success?
Keys to marketing success can be summarized in below mentioned points:
a. the foremost important point is to “satisfy the customer”.
b. A company should have a clear image in order to achieve marketing success.
c. Thirdly work should be clearly distinct from other business activities in an organization. It should be central to the entire organization.
d. Fourthly business should develop a unique strategy that is consistent with the circumstances that it faces.
Mention the various components of marketing management
Marketing management components can be divided into following points:
a. Corporate level : It consists of company’s mission and objectives.
b. Functional level : Non marketing and marketing institutions are included in it.
c. Marketing level : It consists of situation analysis, objectives, strategy, implementation, budget, and evaluation.
d. The marketing mix consists of product, distribution, promotion, and price.
What were the different approaches used in marketing earlier?
There were three marketing approaches used earlier:
a. Production orientation: An organization which focuses on production specializes in producing most of the given services and products without considering the quality.
b. Product orientation: An organization which focuses on product orientation is mainly concerned with the quality of the products.
c. Selling orientation: An organization which uses sales orientation mainly focuses on the selling or promoting a particular product, and not determining new consumer desires as such.
Explain Service marketing. Also explain what is a service
a. Service marketing can be defined as marketing of services. It’s not same for tangible products. Services if compared with goods then neither all products are purely goods nor services. In more clear words service can be defined as
b. use of the service is not separated from its purchase.
c. A service can never be in material form and therefore it cannot be touched, seen, heard, tasted, or smelled.
d. The use of a service is inherently subjective, i.e. if many people are experiencing services then each of them will experience it uniquely.
What are the current approaches used for marketing?
Current approaches used for marketing can be categorized in four categories:
a. Relationship marketing: This approach basically deals with customer satisfaction. The whole emphasis is done on the relationship between the suppliers and customers.
b. Business Marketing: It does not focuses on consumer products rather it focuses on industrial goods. All sort of marketing techniques are like promotion, advertising, etc are used.
c. Social marketing: It focuses on marketing a product socially i.e. online.
What is an International marketing plan?
a. It involves the organization in making more then one marketing decisions across the nations.
b. There are many reasons to enter an international market led by large market size and diversification.
c. There are also several reasons to avoid entering international markets, including too much red tape, trade barriers, and transportation difficulties .
d. The stages of going international are as follows: exporting, licensing, joint ventures, direct investment, U.s. commercial centers, trade intermediaries, and alliances .
What is marketing communication?
Marketing communication can be defined as the efforts made by the seller to convey his message to his buyers and to accept it in retrievable form. The main point of communication process is persuasion. It is totally goal oriented. It is not an haphazard activity. Each of its tool consists of specific complexities and potentialities that justify managerial specialization.
What are the various types of marketing research?
Various types of marketing research are:
a. Field research: It is related to the research for a specific purpose.
b. Desk research: Usually it is conducted for one purpose initially but gradually it is used to support another goal.
c. Xploratory research: It investigates an assumption..
d. Predictive research: This type of research is done to predict any future occurrence.
e. Conclusive research: This type of research is done to derive a conclusion of a research process.
What is real-time marketing? How it became important?
Real time marketing can be defined as marketing done to a customer in a particular time and place. It is the kind of marketing which seeks the most appropriate offer for a particular customer. Real-time marketing is the outcome of customer relationship management (CRM) solutions in major companies.Over time Real-time marketing became a big solution for vendors and maturing customers. Vendors found themselves re-branding real-time marketing products to suggest a more holistic appreciation of enterprise interaction decision management.
What is interruption marketing?
Interruption marketing can be defined as promoting a product by the means of advertising, public relation and sales. It is not suitable every time and depends upon company to company. It is very much sales directed, so if a company has limited funds to invest for advertising and wants quick results then interruption marketing is best. But at times it is not considered a fruitful way of marketing.