GLOSSARY/KEYTAKEAWAYS

MARKETING MANAGEMENT

1. Marketing: Marketing is the bridge covering the void between two big economic axes, the
manufacturer and the consumer. Marketing is considered as the back-bone of all business
activities in this age of rapid change.
2. Market segmentation: It is the process of dividing the overall market into relatively distinct
homogeneous sub-groups of customers with specific needs or features that lead them to
respond to a particular marketing campaign in similar ways.
3. Marketing Channel: A marketing channel is a set of interdependent organizations involved in
the process of making a product or service available for use or consumption by the consumer
or business user
4. Micro Environment: These are the factors which are close to the business and affect its
ability to serve its customers, suppliers, marketing intermediaries, customer markets,
competitors and publics. Micro Environment includes the business itself, supplies, marketing
channel firms, customer markets, competitors, and publics.
5. Macro Environment: The larger societal forces affecting the Micro Environment constitute
the macro environment. These forces are considered to be beyond the control of the
organization. Macro environment includes the demographic, natural, technological,
economical political, and cultural forces.
6. Strategic Planning: The process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities is called
Strategic planning.
7. SWOT Analysis: SWOT stands for strengths, weaknesses, opportunities and threats. SWOT
analysis is a widely used framework to summaries a business's situation or current position.
8. Market Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place
relative to competing products in the minds of target consumers. Process begins with
differentiating the business's marketing offer so it gives consumers more value.
9. Consumer behaviour. It is the study of individuals, groups, or organizations and the processes
they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy
consumer needs and the society.
10. Buying motive: it is the motive to persuade the desires of consumers so that they buy a
particular good or service. Buying motive relates to a person's feelings and emotions
generating a desire to purchase.
11. Market segmentation: It is the process of dividing the overall market into relatively distinct
homogeneous sub-groups of customers with specific needs or features that lead them to
respond to a particular marketing campaign in similar ways.
12. Targeting: Evaluation of the attractiveness of each potential segment and decide which of
these groups they will invest resources against to try to turn them into customers
13. Positioning: Positioning means the development of a marketing strategy aimed at influencing
how a particular market segment perceives a good or service in comparison to the
competition
14. Product. A product can be defined as a set of attributes assembled in a distinct and
identifiable form
15. Service: Service is an intangible item, which arises from the output of one or more
16. individuals.
17. Convenience goods: The products the consumer seeks to purchase frequently, immediately,
and with a minimum of effort.
18. Shopping goods: Products purchased after the consumer has compared. competing goods in
competing stores on bases such as price, quality, style, and colour.
19. Packaging. It is the general group of activities in product planning which involve designing
and producing the container or wrapper for a product
20. Labelling: It refers to a commodity used to identify something or someone, as a small piece
of paper or cloth attached to an article to designate its origin, owner, contents, use or
destination
21. Product Mix: The product mix is a combination of product lines and individual offerings that
make up the product line.
22. Product Line: A product line is a series of related products.
23. Stretching: Product line stretching occurs when a business lengthens its product line beyond
its current range
24. Brand loyalty: It is a positive feeling towards a brand and a commitment to consistently
purchase the same product or service.
25. Price: Price represents the value that is exchanged in a marketing transaction.
26. Pricing: It is the process of determining what a business will receive in exchange for its
product.
27. Low quality trap: An organization initiating price cuts may fall in a low quality trap when
consumers associate the new low prices to a poorer quality product.
28. Fragile market trap: Situation when price sensitive consumers wait for further price cuts or
search for cheaper products.
29. Shallow pocket trap: Situation if financially strong organizations react by huge price cuts to
counter the price cuts initiated by a weak organization.
30. Marketing channel. It is a set of interdependent organizations involved in the process of
making a product or service available for use or consumption by the consumer or business
user
31. Vertical Marketing System (VMS): It consists of producers, wholesalers, and retailers acting as
a unified system.
32. Horizontal marketing system: It is one in which two or more businesses at one level join
together to follow a new marketing opportunity
33. Wholesaling: It is a significant part of distribution due to its impact on the economy, its
functions in the distribution channel, and its relationships with suppliers and customers.
34. Wholesalers: People buying from the manufactures and then sell goods to the retailers.
35. Retailers: People buying from the wholesalers and then sell goods to the consumers.
36. Sourcing: Method where business select their suppliers, determine the number
37. they will work with, and define the type of contractual agreements that will exist
38. Advertising: It is a paid form of non-personal mass communication through.
39. multiple media to present and promote the products, services
 40. Personal selling: It is a face-to-face paid personal communication that holds. the objective to
inform and persuade the prospects and customers to make a purchase decision.

DESCRIPTIVE QUESTION MARKETING MANAGEMENT

 Explain the need for the business organization to scan the environnent on a continuous basis?
 Briefly discuss various elements of a company's micro-environment.
 Explain the BCG matrix?
 Illustrate the value chain and how it adds value in a business?
 Name and describe the elements of a company's macro-environment and give an example
illustrating why each is important.
 .What Is Consumer Behavior in Marketing? Explain its importance
 .Describe the types of segmentation in detail
 Define marketing research? Discuss its benefits.
o Explain the need for brand positioning.
 Describe the different methods of collecting data and discuss the benefits and
o disadvantages of each.
 Differentiate between products and services. Explain various types of products.
 What is the need of new product development? What are the stages in productdevelopment?
 Define marketing research? Discuss its benefits.
 Explain the product life cycle and its stages.
 What are the various techniques of line stretching?
 What is pricing? What are the objectives of pricing?
 What is the importance of pricing?
 What are the objectives of pricing?
 Explain the pricing policy and steps in setting pricing policy?
 Describe five types of pricing
 Explain the importance of marketing channels
 How are channel management decisions taken?
 Describe multichannel marketing systems
 Differentiate between a wholesaler and a retailer
 What do you understand by IMC