Explain the term Marketing Marketing is a social and managerial process by which individuals and organisations obtain what

they need and want by creating and exchanging value with others. In narrower context, marketing involves building profitable, value laden exchange relationship with customers. The definition emphasise the importance of the customer. Understanding the customer needs can change is fundamental to good marketing. What is market? The market describes the actual and potential buyers for the product. All markets have one thing in common: they involve relationships. Market profiling is an important aspect of marketing. Markets exhibit different characteristics and trends, and comprehending and monitoring these is a central aspect of marketing. Explain the difference between marketing and advertising Advertising is a single component of the marketing process. It's the part that involves getting the word out concerning your business, product, or the services you are offering. It involves the process of developing strategies such as ad placement, frequency, etc. Advertising includes the placement of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and of course the Internet. Marketing is a process that takes time and can involve hours of research for a marketing plan to be effective. What is meant by social marketing concept? Social marketing is the systematic application of marketing, along with other concepts and techniques, to achieve specific behavioural goals for a social good. Social marketing can be applied to promote merit goods, or to make a society avoid demerit goods and thus promote society's well being as a whole. Examples of social marketing include the use of campaigns to encourage people use seat belts, follow speed limits, or not to smoke in public. Explain market segmentation Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then be designed and implemented to target these specific customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment.

List the steps in segmentation process An ideal market segment meets all of the following criteria:

It is possible to measure. It must be large enough to earn profit. It must be stable enough that it does not vanish after some time. It is possible to reach potential customers via the organization's promotion and distribution channel. It is internally homogeneous (potential customers in the same segment prefer the same product qualities). It is externally heterogeneous, that is, potential customers from different segments have different quality preferences. It responds consistently to a given market stimulus. It can be reached by market intervention in a cost-effective manner. It is useful in deciding on the marketing mix.

What is meant by the term: target market? A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A welldefined target market is the first element to a marketing strategy. What is involved in product positioning?

Identifying the Competitors Determining how the Competitors are Perceived and Evaluated Determining the competitors positions Analysing the Customer Making the positioning Decision Monitoring the position

What is the difference between benefit positioning and competitive positioning? In marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. Competitive positioning is about defining how youll differentiate your offering and create value for your market. In term of a commercial marketing strategy, Benefit-Focused Positioning is

the process of highlighting the benefits which customers can achieve from consuming the offering, and then "creating an image or identity for a product, brand, or company in the perception of the target market".

Explain briefly the role of the marketing channel What functions do the members of the marketing channel perform? Marketing channels perform a number of different roles, all of which involve delivering value to the marketer, the channel members, and the customer. Five roles can be identified: Creating purchase opportunity One role of the channel is to make the product readily available and easily accessible to buyers. Marketing channels therefore create place utility for the buyers. The creation of purchase opportunity Communication Service Cost reduction And control

Communication The channel facilitates the flow of information about the product. Channel members may be asked for advice by buyers, and they may approach potential buyers and be involved in demonstrating the product.

Service Marketing channels involve a service role, whether this means giving advice on using and maintaining the product, providing for repair and spare parts, providing credit or simply a friendly greeting.

Cost reduction For many marketers it may be more cost-effective to use middlemen than to establish their own distribution channels. Firms use middlemen because they themselves lack the financial resources to have their own distribution system, and because a middlemen who is specialised in distribution, whole selling, or retailing may be more cost effective.

Control Marketers will generally be concerned about the control implications of channel management. Channels can be expensive to establish and maintain.

Explain briefly the push-pull approach

A pushpull system in business describes the movement of a product or information between two subjects. On markets the consumers usually "pull" the goods or information they demand for their needs, while the offerers or suppliers "pushes" them toward the consumers. Another meaning of the push strategy in marketing can be found in the communication between seller and buyer. Depending on the medium used, the communication can be either interactive or non-interactive.

What does direct marketing involve?

Direct marketing is a channel-agnostic form of advertising that allows businesses and nonprofits organizations to communicate straight to the customer, with advertising techniques that can include Cell Phone Text messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising.

Characteristics that distinguish direct marketing are:

1. Marketing messages are addressed directly to the customer and/or

customers. Direct marketing relies on being able to address the members of a target market. Addressability comes in a variety of

forms including email addresses, mobile phone numbers, Web browser cookies, fax numbers and postal addresses. 2. Direct marketing seeks to drive a specific "call to action." For example, an advertisement may ask the prospect to call a free phone number or click on a link to a website. 3. Direct marketing emphasizes trackable, measurable responses from customers regardless of medium. What does direct selling mean? Direct selling is the marketing and selling of products directly to consumers away from a fixed retail location. A textbook definition is: "The direct personal presentation, demonstration, and sale of products and services to consumers, usually in their homes or at their jobs." Explain the differences between Entrepreneurship and Intraprenurship Intraprenuship is "A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation". Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship. 'Entrepreneurship' is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen in an effort to transform innovations into economic goods.

What is meant by market gap analysis? In the management literature, gap analysis is the comparison of actual performance with potential performance. If a company or organization does not make the best use of current resources, or foregoes investment in capital or technology, it may produce or perform below its potential. Gap analysis identifies gaps between the optimized allocation and integration of the inputs (resources), and the current allocation level. This reveals areas that can be improved. Gap analysis involves determining, documenting, and approving the variance between business requirements and current capabilities. Gap analysis naturally flows from benchmarking and other assessments. Write a brief note on the life circle for entrepreneurial firms

The Entrepreneurial Life Cycle It starts with an entrepreneur who perceives an opportunity, creates an organization to pursue it, assembles the required resources, implements a practical plan, assumes the risks and the rewards, all in a timely manner for all involved. Entrepreneurs are directly involved in the dynamic, and very complex, interrelationship between financial management and business strategy. This is the significant difference that sets entrepreneurial management apart from all business management practices. In almost all cases, the person making the decisions has personal risk at stake. The worst-case scenario for folks at work is getting fired. The worst case for entrepreneurs is losing their home, personal credit, and lifestyle, as well as the destruction of family relationships. The heart of entrepreneurial management is continually juggling these vital management issues: What is this venture about? (mission and values statement) Where should it go? (goals and objectives) How will it get there? (growth strategy) What does it need to get there? (people and resources) What structure is best? (organizational capabilities) How much money does it need and when? (financing strategy) How will it recognize the final destination? (vision of success)