Marketing Aptitude

Understanding Market
Market is a place where buyers and sellers meet each other to enter into transactions.. The exchange of goods or services for money is a transaction.  Market comprises not only the actual buyers but also the potential buyers of a product or service.

The presence of sellers and actual & potential buyers of a products or services over the Internet is known as "Online market" or "web market"

Can Two Persons make a Market?
Two persons can trade. However to create a market it takes at least three persons to have a market, so that there is competition on at least one of its two sides  In markets, the buyers outnumber sellers.

ABC Method

ABC method refers Attention, Benefits and Close. Its a sales method, where the customer’s attention is attracted, the salesperson then shows the benefits of the product to the customer, and finally closes the deal

.What is Utility?  Want-satisfying power of a good or service is called utility.

Definition of 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.

viral advertising.What is Viral Marketing Viral marketing. or marketing buzz are buzzwords referring to marketing techniques that use preexisting social networking . text messages. etc  . 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.  Marketing by the word of the mouth. interactive flash games.  Viral marketing may take the form of video clips. advergames.

. Viral marketing spreads the name of your business to more and more people through the Internet’s social media platforms so that your customer base gradually keeps increasing.

Marketing buzz  Marketing buzz or simply buzz — a term used in word-of-mouth marketing — is the interaction of consumers and users of a product or service which serves to amplify the original marketing message .

.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." This is the process of watering plants or crops using small amounts of water over long periods of time.   .  The phrase drip marketing comes from the common phrase used in agriculture and gardening called "drip irrigation.

With this thought in mind your campaign will succeed.Methods       What methods can you use for your drip marketing campaign? Postcards Newsletters Email Newsletter (You'll have to be careful of spam filters) Promotional or Sales Brochures Your drip marketing campaign should keep them aware of your products and services. .

What is Guerilla Marketing? Unconventional marketing intended to get maximum results from minimal resources is nothing but Guerilla Marketing.  It paved the way for small businesses to compete in the marketing arena with the big companies  .

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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. Newspapers. . etc). etc) rather than traditional channel of advertising (like TV. private mailings.

ii)Email Marketing: This type of marketing targets . in which marketers contact consumers by phone.Types of Direct marketing:  There are many types of direct marketing. This is the most common form of direct marketing. only some important types are listed i)Direct Mail Marketing: Advertising material sent directly to home and business addresses. ii)Telemarketing: It is the second most common form of direct marketing.

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

. is an increasingly popular way of doing business.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.

. online-marketing.What is Internet Marketing?  Internet marketing is the marketing of products or services over the Internet. web-marketing. Search Engine Marketing (SEM) or eMarketing. Internet Marketing is also known as imarketing.

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

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

That which can be offered to satisfy a need of the customer is called product. for a longer term orientation is called Strategic marketing  Marketing via e-mail falls under the category of direct marketing. Deciding initiatives in a short-term. CTR (Click Through Rate) is related to Advertising metrics.Notes on Marketing Aptitude . .  The sale of solution to a problem and not features of an item is called solution positioning.

A buyer whose latest purchase lies within the last 1-year period is called active buyer . An exposure to various other unutilised services of the bank to a customer is called cross selling.

calling on the prospective customers is known as a call. it is called motivation. When an organisation head inspires its employees to perform better. A 'likely' interested customer of the bank is termed as a prospect. In sellers' market marketing is not required to be undertaken. A marketing research undertaken for a particular one-time need is called ad hoc research.  In marketing. .

 Availing marketing services from ad hoc suppliers. its quality and competitiveness displayed in the form of letters. is known as AAU. . The process of using research tools to understand a market is called marketing research. Marketing study that monitors the changes in the consumer attitudes. An example of the practice of a la carte is advertising company. awareness and uses of a product. The essence of a product. symbols and colours is known as branding. rather than a centralised source is called a la carte.

the communication is .  A persuading communication between the Company's representative and a prospective buyer lies under the class of personal selling. The development of marketing mix to influence a customer's perceptions of a brand is called positioning. When a marketer persuades a person/group of prospective buyers.

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 It is a process used to learn more about customers' needs and behaviors in order to develop stronger relationships with them.  .What is Customer Relationship Management (CRM)? Customer Relationship Management concerns the relationship between the organization and its customers.

.What is Market Information?  To know the prices of the different commodities in the market. as well as the supply and demand situation.

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

What is SWOT Analysis? SWOT stands for Strengths. Weaknesses. Opportunities. and Threats  SWOT analysis is a tool for analyzing an organization and its environment.  .

.Skimming pricing strategy  In market skimming pricing strategy Initially price is higher and then it is reduced.

Price discrimination  Price discrimination or price differentiation exists when sales of identical goods or services are transacted at different prices from the same provider. .

often lower than the eventual market price.Penetration pricing  Penetration pricing is the pricing technique of setting a relatively low initial entry price. to attract new customers .

Premium pricing  Premium pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers. based solely on the price. .

.Basics of Brand  A brand is a symbol or a mark that helps the customers in instant recall and differentiates it thereby from the competitor products of same nature.

 Marketing may start even before production of goods and services. Selling is a part or component of marketing. and maintaining relationships with customers and suppliers. securing information needed to design and produce goods or services that match buyer expectations. creating. Marketing involves analyzing consumer needs. marketing means much more.  .Difference between Selling and Marketing While selling means offering to exchange something (intangible or tangible) of value for something else.

also known as a client is a current or potential buyer of a product -good or service. The firm or organization is seller. A customer may view. experience the service but not purchase. . A potential customer is also known as prospective customer or client. check.Who is a customer?  A customer.

The purpose for segmenting a market is to allow your marketing program to focus on 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 Market Segmentation?    The division of a market into different homogeneous groups of consumers is known as market segmentation.

. the marketers to stay focused rather than scattering their marketing resources.  By helping the marketer in addressing the customer needs and satisfying them.Market segmentation helps the marketing decision in following ways:  By helping the marketer to identify the groups of customers to whom he can more effectively target marketing efforts.  By helping.

 . your marketing would succeed.  The 4 P's of Marketing describe the mix of factors required to successfully market a product.Marketing Mix: Marketing mix is the combination of elements that you will use to market your product  If you could identify the right combination of these elements.

 .Marketing Mix : 4P's and 4C's The 4 P’s are: • Product • Price • Promotion • Place (distribution)  The first 4 P's are considered the basis of any marketing process.

 Commodity .Four C’s of Marketing Mix Now a days. buying cost and selling cost  Channel .(Replaces Promotion)  . the four C’s has thus replaced the four P’s of marketing making it a more customer oriented model.The various channels which help the product reach the target market. In the current scenario.(Replaces Price) involves manufacturing cost.(Replaces Products)  Cost . organizations treat their customers like kings.  Communication .

.The Extended Marketing Mix for Service Industry: Additional 3 P’s  The marketing mix of product marketing consists of 4Ps. the services marketing takes in 3 more P’s making the extending market mix for service industry: 7P’s The additional 3Ps are People. Process and Physical Evidence.

it is essential that you help him see what he is buying or not. pamphlets etc serve this purpose. For examplebrochures.The individuals involved in the sale and purchase of products or services come under people. a marketer tries to communicate the USP’s and benefits of a product to the end users  It refers to the experience of using a product or service.  Process .Process includes the various mechanisms and procedures which help the product to finally reach its target market  Physical Evidence . When a service goes out to the customer.  .With the help of physical evidence.People .

inseparability. variability etc.Why additional P’s? These additional 3P are required because of the special characteristics of the Service Industry. Because of certain characteristics like intangibility. perishability. Service industry needs additional marketing mix elements .

heard. Inseparability is when services can not be separated from there providers. tasted. smelt or felt. Also where. . They must be consumed when offered. Services are performed not produced. they can not be held or stocked. Variability is when the quality of services varies due to who provides them. Perishability is relating to the fact that services can not be stored. when and how they are provided. Intangibility is when services can not be seen.

maturity.  .  This sequence is known as the product life cycle and is associated with changes in the marketing situation. and decline. thus impacting the marketing strategy and the marketing mix.The Product Life Cycle A new product progresses through a sequence of stages from introduction to growth.

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Introduction Stage  In the introduction stage. . the firm seeks to build product awareness and develop a market for the product.

Growth Stage  In the growth stage. . the firm seeks to build brand preference and increase market share.

the strong growth in sales diminishes.  The primary objective at this point is to defend market share while maximizing profit. Competition may appear with similar products.  .Maturity Stage At maturity.

 .  The price may be maintained if the product is harvested.Decline Stage The marketing mix decisions in the decline phase will depend on the selected strategy. or reduced drastically if liquidated. the product may be changed if it is being rejuvenated. or left unchanged if it is being harvested or liquidated.  For example.