Marketing Aptitude Summary Notes 2

• Q.1 What are the marketing Functions?

There are 8 universal functions of Marketing, categorized into 3 broad categories:

1. Buying,
2. Selling,
3. Transporting,
4. Storing,
5. Standardizing and grading,
6. Financing,
7. Risk taking
8. Securing marketing information.

• Q.2 What are Concepts of Marketing ?

The 5 concepts of marketing are as follows:

1. Needs, wants and demands
2. Products
3. Value and satisfaction
4. Exchange, transactions and relationships
5. Markets

• Q.3 Internet has empowered the customer. Write a Brief note

In the connected world, the customers empowered by Internet can

1. Get objective information for multiple suppliers without relying on the manufacturer or the retailer(http://www.alibaba.com/ )
2. Initiate requests for information and advertising from manufacturers (e.g., http://www.dealtime.com/)
3. Design and configure customized offerings e.g., http://www.hp.com/
4. Use buying agents to pit sellers against each other http://www.indiamart.com/
5. Unbundle offerings and arbitrage across channels http://www.naaptol.com/
6. Payby the minute, by the month, by the mile http://www.paypal.com/
7. Communicate with peers and experts for feedback on products and brands http://www.amazon.com/ and http://www.epinions.com/

Q.4 What are Different Steps in marketing Process?

Different Steps in Marketing Process are as follows:

1. Strategy formulation – the development of the broadest marketing/business strategies with the longest term impact
2. Marketing planning – the development of longer-term plans which have generally stronger impact than the short-term programs
3. Marketing programming, allocating and budgeting – the development of short-term programs which generally focus on integrated approaches for agiven product and on the allocation of scarce resources such as sales effort orproduct development time across various products and functions
4. Marketing implementation – the actual task of getting the marketing job done5. Monitoring and auditing – the review and analysis of programs, plans and strategies to assess their success and to determine what changes must be made
5. Analysis and research – the deliberate and careful acquisition and examination of qualitative and quantitative data to improve decision making
   

Q.5 What are 5 C’s of Marketing Decision Making?

Following are five major areas of analysis (5 Cs) that underlie marketing decision making :

1. Customer needs – What needs do we seek to satisfy?
2. Company skills – What special competencies do we possess to meet those needs
3. Competition – Who competes with us in meeting these needs?
4. Collaborators – Who should we enlist to help us and how do we motivate them?
5. Context – What environmental (say, cultural, technological or legal) factors limit what is possible?

Q 6. Write a brief note on Nature of Marketing

1. Marketing is a universal activity
2. Marketing is an art as well as science
3. Marketing is a human activity
4. Marketing is a socio economical activity
5. Product or service is the subject matter of marketing
6. For marketing presence of market is a must
7. The basis of marketing is exchange
8. Marketing is consumer oriented and not product oriented