Marketing and Sales Questions

Q:

What is competition in terms of marketing?

Answer

Competition  occurs when two or more organisations act independently to supply their products to the same group of consumers.


There are mainly two cases when firms can compete. One is price where firms are selling identical or very similar products, they must compete on price with each firm trying to undercut the others. The other is differentiation. A non-price competition depends on making a product different from those of competitors and by giving it distinctive qualities that are valued by the target market. This might include branding, styling, special features or higher levels of customer service. Good competition provides more options to customers and also brings with it improved  customer services.

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Q:

Market survey means...........

A) Market Research B) Market Planning
C) Marketing Strategies D) Market Monitoring
 
Answer & Explanation Answer: A) Market Research

Explanation:
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Q:

Managing direct and online marketing :

What is direct marketing? Give some examples.

Answer

In direct marketing, there is a direct interaction of the customers with the seller without any intermediaries. Here, the role of the intermediaries is nil. The medium used is more direct using telephone, mail, internet where the seller can directly reach out to the consumer. Examples of such marketing include telemarketing, email, voicemail marketing, door-to-door selling etc. This kind of marketing is more time saving as the problem of distance which may otherwise exist between the buyer and seller is eliminated and is also cost effective as it minimizes commuting costs.

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Q:

What is multi - level marketing (MLM)?

Answer

It is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of the other salespeople that they recruit. This recruited sales force is reffered to as the participant's 'downline' , and can provide multiple levels of compensation. Other terms used for MLM include pyramid selling, network marketing and refferal marketing. Most commonly, the salespeople are expected to sell products directly to consumers by means of relationship referrals and word-of-mouth marketing.

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Q:

What is Inbound and outbound marketing?

Answer

Inbound Marketing :


     Inbound marketing refers to marketing activities that bring visitors in, rather than marketers having to go out to get prospect's attention.


1. Communication is interactive and two-way.


2. Customers come to you via search engines, refferals and social media


3. Marketers provide value


4. Marketers seek to entertain and/or educate


5. It is a cheaper way of marketing


6. It is the new trend in marketing


7. People are more in control of what information they receive and how


 


Outbound Marketing


    In Outbound marketing the company contacts the customer through a message. It uses offline methods such as trade shows, mails to customers and calling customers.


1. Communication is one-way.


2. Customers are sought out via print, TV, radio, banner advertising and cold calls.


3. Marketers Provide little to no added value.


4. Marketers rarely seek to entertain or educate.


5. It is expensive compared to inbound marketing


6. It is one of the traditional methods of marketing.


7. In outbound marketing company is in control.

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Q:

Selecting and managing marketing channels :

What are the factors to be considered before deciding upon setting up a channel?

Answer

a.Understanding the customer profile : the tastes,preferences, habits of the customers may differ from person to person.


b.Determining the objective as to who would be the target market, whether the company wants to go for cost minimisation or not etc.


c.Type of channel members :Who all would be involved? Wholesalers, retailers?


d.The criteria on which the channel members would be evaluated and selected.


e.How many intermediaries will be involved in the overall distribution?

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Q:

In-transit to destination or out for delivery means

Answer

When you give your item to the USPS for delivery, it accepts your item and starts the process of delivery. Transit is a part of the shipment delivery process. When we say that the package is in the transit or in transit to the destination, it means that the package is on the way to the delivery.

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Q:

What is buying forward?

Answer

It is an investment strategy that involves the buying of money market instruments or currencies in anticipation of a price rise or a future increase in demand. Buying forward allows an investor to take advantage of future and potential profits by buying now at alower price, and selling when prices rise.

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