Marketing Compendium 3 : for Marketing Interviews

Previous Compendiums : M 1 M2

1. What Is Utility ?
   Utility is the Want-satisfying power of a good or service
2. What Is Marketing?
   Marketing is the Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create and maintain relationships that satisfy individual and organizational objectives.
3. What Do You Mean By Marketing Concept?
   It is basically consumer orientation done by a firm of organization to achive the objective of long-run success in the business.
4. What Do You Mean By Relationship Marketing?
   Relationship marketing is the development and maintenance of long-term, cost-effective exchange relationships with individual customers, suppliers, employees and other partners for mutual benefit
5. What is Customer Orientation?
   Customer orientation is basically a business philosophy which incorporates the marketing concept that emphasizes first determining unmet customer needs and then designing a product/service for satisfying them.
6. What Is A Market ?
   A market is a set of all actual and potential buyers of a product or service.
7. What Is The True Meaning Of Demand ?
   Human wants that are backed by buying power. If that is not backed by buying power it can’t be called a demand. It can be called desire.
8. Who Is A Buyer ?
   Buyer is the person who makes an actual purchase. Actual transaction of money / product ownership is necessary.
9. What Is Barter ?
   The act of obtaining a desired object from someone by offering some other object and not currency in return.
10. What Is A Product ?
    Any physical object, service, person, place, organization and idea that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
11. What Is A Potential Market?
    The set of consumers who express or possess some level of interest ( so that they may buy later) in a particular product or service is called a potential market.
12. What is Consumer Behavior?

The buyer behaviour of ultimate consumers is called consumer behavior.