( Best 100+ )Marketing Management Short Question And Answer

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Marketing Management Short Question And Answer

Marketing Management Short Question And Answer - Gk By... Answer:- Marketing is a process which aims at satisfying customers. It is a connecting link between the consumer and the producer

Marketing Management Short Question And Answer

  1. Define marketing.

Answer:- Philip Kotler defines marketing as “Satisfying needs and wants through an exchange process”.

  1. What is a consumer market?

Answer:- Consumer market consists of people who buy foods and services for their own consumption and not for resale.

  1. What is Agmark?

Answer:- AGMARK is a certification mark employed on agricultural products in India.

  1. What is ISI?

Answer:- ISI mark is a mark for industrial products in India. The mark certifies that a product conforms to the Indian Standards.

  1. What is barter system?

Answer:- A barter system is an old method of exchange. In this people exchanged services and goods for other services and goods in return.

  1. Define market segmentation.

Answer:- Market segmentation is a process of dividing the entire market population into multiple meaningful segments based on marketing variables like demographics (age, gender etc), geographic, psychographics (lifestyle, behaviour) etc.

  1. Define product.

Answer:- A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase.

  1. What is trading up?

Answer:- Trading Up refers to buying something superior than what one already has. It also means improving the quality, increasing the number of features or providing superior level of service which could justify higher price. It also means increasing the features of a product, enhancing its quality or supporting it with better quality of service to support its increased price

  1. What is trading down?

Answer:- Trading down means buying something of lower value or lowering the quality standards of a product or service.

  1. What is product life cycle?

Answer:- A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.

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