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What does the term 'PRODUCTS' refer to in marketing?
Any goods or services produced to meet consumers' wants, tastes, and preferences.
What are the two types of goods in marketing?
Consumer goods and business goods.
What is the difference between demand for consumer goods and demand for business goods?
Demand for consumer goods is direct, while demand for business goods is derived from the demand for consumer goods.
What is the difference in the number of buyers between consumer goods and business goods markets?
Consumer goods have a great number of buyers, while business goods have a limited number of buyers.
Why is after-sale service important for consumer durables and business goods?
After-sale service is important for consumer durables to maintain customer satisfaction, and it is of paramount importance for all business goods to ensure proper functioning and support.
What is the difference in buyer knowledge between consumer goods and industrial goods purchases?
Buyers of consumer goods may not have thorough knowledge, while buyers of industrial goods must have complete knowledge of the goods they buy and use.
Why is the reputation of the seller or manufacturer important in buying industrial goods?
The reputation of the manufacturer is always important in buying industrial goods to ensure quality, reliability, and trust in the product.
What type of inducements are common in marketing consumer goods but not in industrial goods?
Inducements to buyers in the form of cash discounts, free gifts, etc., are common in marketing consumer goods, but not as common in marketing industrial goods.
How are the markets for consumer goods and industrial goods affected differently?
The market for consumer goods is affected by fashion and style changes, while the market for industrial goods is affected by technological changes.
What does the 'PLACE' element represent in the marketing mix?
The location where the buyer and seller exchange goods or services, also known as the distribution channel.
Why is the distribution channel important for businesses of any size?
The distribution channel provides a link between production and consumption, ensuring that products reach customers efficiently.
What is the significance of having the right distribution channel for a business?
Having the right distribution channel ensures that customers have access to the product, prevents competitors from gaining an advantage, and enables effective sales through trained distributors or agents.
What are the three types of distribution channels mentioned in the text?
Channel 1 (wholesaler), Channel 2 (retailer), and Channel 3 (direct marketing channel).
What does 'PRICE' represent in the marketing mix?
The value of money exchanged for a product or service, determining the cost of the offering.
What is the purpose of CHANNEL 1 in distribution channels?
A wholesaler buys and stores large quantities of goods and breaks them into smaller quantities for retailers.
What is the role of a retailer in distribution channels (CHANNEL 2)?
Retailers act as intermediaries that customers use to get products from manufacturers.
What type of distribution channel is CHANNEL 3?
CHANNEL 3 is a direct marketing channel with no intermediary levels.
What is PRICE in the context of sales and marketing?
PRICE is the value of money exchanged for a product or service, determined by buyer willingness, seller acceptance, and competition.
What is PENETRATION PRICING strategy?
Setting a low price initially to gain market share, then increasing the price once market share is achieved.
Describe SKIMMING PRICING strategy.
Charging a high price initially and gradually lowering it to make the product available to a wider market, attracting competitors.
What is COMPETITION PRICING method?
Using prices of competing products as a benchmark for pricing, rather than own costs or customer demand.
Explain PRODUCT LINE PRICING strategy.
Setting prices for multiple products in coordination to maximize sales by creating complementary products.
What is BUNDLE PRICING?
Selling several products/services together in a package at a lower price than if sold separately.
Define PREMIUM PRICING strategy.
Setting a higher price for a product to create the perception of higher value compared to competitors.
What is PSYCHOLOGICAL PRICING?
Setting prices slightly below rounded numbers, assuming customers perceive them as lower prices.
Describe OPTIONAL PRICING strategy.
Earning more through cross-selling basic products with optional/accessory products sold at a premium by the same company.
Explain COST PLUS PRICING method.
Adding a markup to the total cost of goods and services to determine the selling price.
Define PROMOTION in marketing.
Promotion refers to activities that communicate the product, brand, or service to users.
What are the types of promotions included in the PROMOTIONAL MIX?
Advertising is one of the types of promotions in the promotional mix.
What is cost plus pricing?
Adding a markup to the cost of goods and services to arrive at a selling price.
What is included in the cost plus pricing approach?
Direct material cost, direct labor cost, overhead costs, and a markup percentage.
What is promotion in marketing?
The complete set of activities that communicate the product, brand, or service to the user.
What are the types of promotional mix in advertising?
Advertising, radio, television, print, electronic, word of mouth, public relations, personal selling, and sales promotion.
What advantage does radio advertising offer in terms of audience selection?
The advantage of selecting the territory and audience to which the message is directed.
What advantage does television advertising offer compared to radio advertising?
Television advertising is more effective due to sound and sight, with a pictorial presentation that leaves a lasting impression.
What is word of mouth advertising?
When each happy customer can steer new customers your way through personal recommendations and referrals.
What is personal selling in marketing?
Individual salespeople selling a product, service, or solution to a client by matching the benefits of their offering to the client's specific needs.
What are the five stages of personal selling?
Prospecting, making first contact, the sales call, objection handling, and closing the sale.
What is sales promotion in marketing?
Initiatives undertaken by an organization to promote an increase in sales, usage, or trial of a product or service, not covered by other elements of the marketing communications mix.
What are examples of sales promotion activities?
Free gifts, free samples, free trials, customer contests, and special pricing.
What is direct marketing?
A promotional method that involves presenting information about a company, product, or service to the target customer without using an advertising middleman.
What is the 'People' element in the marketing mix?
The team, staff, audience, and advertisers involved in marketing who are crucial for selling and pushing the product.
What is the 'Packaging' element in the marketing mix?
The outside appearance of a product and how it is presented to customers, serving as a silent hero in the marketing world.
What are the five basic functions of packaging?
Protection, containment, convenience, communication, and sustainability.
What is the sixth P in the Marketing Mix related to packaging?
Packaging
What are the five basic functions of packaging?
1. Protection 2. Containment 3. Information 4. Utility of Use 5. Promotion
What does the protection function of packaging involve?
Providing for the effects of time and environment for natural and manufactured products
What does the containment function of packaging involve?
Maintaining integrity during handling, filling, sealing, processing, transportation, marketing, and dispensing of the product
What information does packaging commonly convey to consumers?
General features, product ingredients, net weight, manufacturer's address, maximum retail price (MRP)
How is packaging used for promotion by companies?
Using attractive colors, logos, symbols, and captions to influence customer purchase decisions
What is packaging concept in packaging decisions?
Defines what the package should be or do in terms of size, shape, materials, color, text, brand mark, and tamperproof ability
What are the three basic concepts for positioning a product or service in the market?
Functional, Symbolic, Experiential
What are the steps of the positioning process in marketing?
Entrepreneurship, Developing a brand identity, Brief history of branding
What is a brand name in marketing?
A name, term, design, symbol, or feature that identifies a seller's product as distinct from others, used for recognition and creating customer association
What is branding?
A powerful and sustainable high-level marketing strategy used to create or influence a brand.
Why is the brand name important?
1. It is the face of the business 2. It makes the business authoritative in the market, developing credibility and trust 3. It becomes a template for everything included in advertisements 4. It gives the company a purpose or mission to stand for 5. It generates new customers and delights existing ones.
What are the elements of brand identity?
Brand Name and Logo.
What is a brand name in brand identity?
The name by which a brand is called. It should be simple, unique, creative, and easy to remember. Refers to the word or words used to identify the company, product, service, or concept.
What are the principles of a good logo design?
Simplicity, Originality, Relevance, Scalability, and Timelessness.
What are the types of logos?
1. Letter Mark 2. Word Mark 3. Pictorial Mark 4. Abstract Mark 5. Mascot Logo 6. Emblem Logo 7. Combination Mark.
What are the other elements under a logo?
Typography, Color Schemes, Shapes and Forms, Taglines, and Jingles.
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