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MGT301 Quiz

Course Synopsis MGT 301 (Priciple of Marketing)

This course gives the students a comprehensive, innovative, managerial and practical introduction to marketing. Specifically, how to use the different concepts in developing marketing strategies and performing marketing analysis, Customer analysis, company analysis and competitor analysis. It also gives an insight to make students familiar with the concept of Marketing Mix (product, pricing,promotion, and distribution strategies) It also enhances the students problem solving and decision making abilities by learning how to leverage strategic marketing analysis to inform tactical marketing mix decisions while providing you with a comprehensive framework to evaluate marketing decisions and to create successful marketing initiatives. This course also expands your knowledge of the marketing industry while increasing your awareness of the strategic and tactical decisions behind today’s top performing brands

There are Quiz number 4 Of MGT301 Principle of Marketing(Screen Shoot Given Below)

There are Some Important  question About This subject MGT 301
There are Some Important  question About This subject MGT 301
Question:
What is cross selling and up-selling?
Answer:
Cross-selling is the practice of selling a different product or service to an existing customer or suggesting him related products to purchase in order to increase the profit derived from that customer and to strengthen customer relationship. For example if any customer comes to purchase perfume to a cosmetic store then he can be shown other related perfumes purchased by other customers. Up-selling denotes persuading customer to purchase more expensive items in order to generate more profit. For example if a customer comes to beauty saloon for a simple hair cut he/she can be persuaded by beautician to have a stylish hair cut in order to look more charming.

Question:
What is difference b/w potential & actual buyers?
Answer:
An actual buyer refers to a customer who has the ability and is ready to purchase a product, while a potential buyer refers to a customer who has the purchasing power to buy a particular product in the future on a regular basis.

Question:
How a marketer can manage demand in market?
Answer:
A marketing manager manages demand of a product/service by increasing or decreasing the demand. Marketing management is concerned not only with finding and increasing demand, but also with changing or even reducing it. When an organization cannot fulfill the demand, then they start de-marketing. It is demarketing to reduce demand temporarily or permanently, the aim is not to destroy demand, but only to reduce or shift it. For example, cigarette manufacturing companies have a type of demarketing to limit its use under instructions from the government. It includes campaigning to avoid from it and the compulsion to print “Smoke kills” along with snap. In this particular stance the company itself, discouraging its sales.

Question:
What is meant by TACTICAL PLANNING?
Answer:
Tactical Planning is part of strategic planning process which is concerned with translating general goals developed by strategic managers into specific objectives. Company’s CEO and higher level managers develop mission for the company whereas tactical planning which is done by middle level managers deals with converting those broader missions into specific easy to understand objectives. Simply you can say that when we breakdown strategic plans it becomes tactical plan which helps achieve strategic plans developed by top management.

Question:
What is market share?
Answer:
Market share is the percentage share that a company owns in the industry and this is in terms of sales amount. This is usually calculated by dividing company’s sales over the total sales of industry for a specific time period. he company having higher market share is considered to be more stable and profitable.

Question:
What is niche marketing?
Answer:
Focusing and concentrating all the marketing promotional efforts on a small portion or segment of a market which is cost-effective and suitable for marketers or companies in a specific area is known as Niche Marketing. For example, Dettol Skin Care, which majorly focuses on women as it is offered to the ladies for their facial skin.

Question:
What is psychological pricing and what is reference pricing?
Answer:
Psychological pricing means setting prices below a rounded figure so that customers can imagine that the price of the product is quite lower. For example price like 465, 475 instead of rounded figure i.e. 500 depicts lower prices in minds of consumers. Reference pricing means how much consumers expect to pay for a good in relation to other competitors or previously set prices. For example for clothes usually higher reference price is set and after some time 50% or 70% discounts are set.

Question:
What is a firm?
Answer:
Firm is the business entity such as corporation, Limited liability or partnership. Mainly the firms are associated with organizations in some concern like legal or consultancy. However the word firm is broadly used for the business that operates with profit motives and gathers the required resources such as capital, human resources, finance and operations.

Question:
What is sound market?
Answer:
In simple words, Sound marketing means clear identification of company’s strengths, weaknesses, opportunities and threats. It describes where the company is going and how it’s getting there. Sound Marketing gives focus and direction to the company to sustain and grow in the market.

Question:
What is the difference between mass marketing and database marketing?
Answer:
In the data base marketing we have all the relevant information of the our target market and we have made the records of the relevant information in the form of the data bases. Mass marketing means the marketing at the large scale marketing in which we do not have the data base form of record of our customer because our target market is very large and the products are produced by the general common character.

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