Marketing Essentials: Key Concepts and Definitions
1. What is a product? A product is anything offered to a market to satisfy a need or want, including goods, services, experiences, ideas, or combinations of these.
2. Who defines the six stages involved in the strategic marketing planning process? Philip Kotler and other marketing experts define these stages as: (1) Situation Analysis, (2) Goal Setting, (3) Strategy Formulation, (4) Tactical Planning, (5) Implementation, and (6) Monitoring and Control.
3. What is Structural linkage? Structural linkage refers to the degree of interdependence and coordination between different units or functions within an organization.
4. What is the Market sensing process? It is the process by which companies gather and interpret market information to anticipate customer needs, market trends, and competitive actions.
5. What is a Multinational strategy? A multinational strategy involves tailoring products and marketing strategies to individual countries, taking into account local preferences and conditions.
6. What is Kotler’s definition of a market? According to Philip Kotler, a market consists of all actual and potential buyers of a product or service.
7. In which aspect does the orientation of the marketing and sales function work? It works in aligning marketing and sales goals toward customer satisfaction, revenue generation, and market competitiveness.
8. How does the New offering realization process work? This process involves idea generation, screening, concept development, business analysis, product development, testing, and commercialization.
9. What is to Determine objective? Determining objectives involves setting specific, measurable, achievable, relevant, and time-bound (SMART) goals for a business or marketing plan.
10. Why is it important to Put the customer’s interests first? It builds customer loyalty, enhances brand reputation, and drives long-term profitability by creating value for customers.
11. How does an MNC organize its upstream, downstream, and internal value-adding activities? An MNC organizes these activities by optimizing global supply chains (upstream), managing distribution and marketing (downstream), and improving efficiency through internal processes.
12. What is the situation analysis? It involves assessing the internal and external factors affecting a business, including strengths, weaknesses, opportunities, and threats (SWOT analysis).
13. How do you share information during the project management process? Through communication tools like emails, meetings, project management software, dashboards, and reports.
14. What is profit? Profit is the financial gain realized when total revenue exceeds total costs.
15. What is socially responsible marketing? It is a marketing approach that considers ethical, social, and environmental impacts while meeting customer needs and achieving business goals.
16. What refers to the extent to which market-related activities are more influenced by sales than by marketing? This is known as sales orientation, where the primary focus is on selling products rather than understanding customer needs.
17. How do you select the target market? By segmenting the market based on criteria like demographics, psychographics, behavior, and geographic location, and selecting segments that align with the company’s goals and capabilities.
18. What refers to the use of similar or varied products, advertising, and other marketing elements across countries? This is known as a global marketing strategy or standardization vs. adaptation strategy.
19. What strategy involves transferring and adapting the parent company’s knowledge or capabilities to foreign markets? This is called a transnational strategy or knowledge transfer strategy.