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MARKETING QUESTIONS BANK EXAMS PDF

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SBI PO Marketing Question Bank - Download PDF. Published on Wednesday, July 22, By Ramandeep Singh. SBI PO Mains exam is going to held on 26 . Click here to download the list of Marketing Questions in PDF SBI PO Pre-Exam Model Questions Paper-I in PDF J&K Bank. List of 50 Important Marketing Questions for Upcoming SBI PO Exams was given here to download in PDF. Candidates those who are List of Important Banking Awareness Questions for SBI PO Exam · Set of Practice.


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Good-value pricing offering the right combination of quality and good service at a fair price. Everyday low pricing EDLP charging a constant everyday low price with few or no temporary price discounts High-low pricing charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items Fixed costs overhead costs that do not vary with production or sales level.

Variable costs are costs that vary directly with the level of production. Total costs are the sum of the fixed and variable costs for any given level of production.

Experience curve learning curve the drop in the average per-unit production cost that comes with accumulated production experience. Cost-plus pricing markup pricing is adding a standard markup to the cost of the product. Break-even pricing target return pricing setting price to break even on the costs of making and marketing a product or setting price to make a target return. Target costing Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met.

Demand curve a curve that shows the number of units the market will download in a given time period, at different prices that might be charged. Price elasticity a measure of the sensitivity of demand to changes in price. Price can be defined narrowly as the amount of money charged for a product or service, or it can be defined more broadly as the sum of the values that consumers exchange for the benefits of having and using the product or service. The pricing challenge is to find the price that will let the company make a fair profit by getting paid for the customer value it creates.

Despite the increased role of non-price factors in the modern marketing process, price remains an important element in the marketing mix. It is the only marketing mix element that produces revenue; all other elements represent costs. Smart managers treat pricing as a key strategic tool for creating and capturing customer value. Identify the three major pricing strategies and discuss the importance of understanding customer-value perceptions, company costs, and competitor strategies when setting prices text book.

Good-value pricing involves offering just the right combination of quality and good service at a fair price. However, cost-based pricing is product driven rather than customer driven. If the price exceeds the sum of the values, consumers will not download.

Even in tough economic times, however, consumers do not download based on prices alone. Thus, no matter what price they charge—low or high—companies need to offer superior value for the money. If the company prices a product below its costs, profits will suffer. Cost-based pricing setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk. Heat, rent, interest, and executive salaries.

Costs as a function of production Experience: Figure But as production moves up to 1, units per day, average cost falls.

This is because fixed costs are spread over more units, with each one bearing a smaller share of the fixed cost. So a 3,daily production plant is the best size to build if demand is strong enough to support this level of production.

Here accumulated production is drawn on a semi-log scale so that equal distances represent the same percentage increase in output. Cost-plus pricing adds a standard markup to the cost of the product. Break-even pricing is the price at which total costs are equal to total revenue and there is no profit. If consumers perceive less value relative to competing products, the company must either charge a lower price or change customer perceptions to justify a higher price.

If the company faces a host of smaller competitors charging high prices relative to the value they deliver, it might charge lower prices to drive weaker competitors from the market. If the market is dominated by larger, low-price competitors, the company may decide to target unserved market niches with value- added products at higher prices. From the other internal and external factors affecting the price decisions is the overall marketing, objectives, and mix, briefly discuss it.

Thus, before setting price, the company must decide on its overall marketing strategy for the product or service.

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If the company has selected its target market and positioning carefully, then its marketing mix strategy, including price, will be fairly straightforward. Management must decide who within the organization should set prices.

Companies handle pricing in a variety of ways: In industries in which pricing is a key factor airlines, aerospace, steel, railroads, oil companies , companies often have pricing departments to set the best prices or help others in setting them. These departments report to the marketing department or top management. Others who have an influence on pricing include: Before setting prices, the marketer must understand the relationship between price and demand for its products. Pricing in different types of Markets: Under pure Competition: Thus, sellers in these markets do not spend much time on marketing strategy.

Under monopolistic competition: Under oligopolistic competition: A pure monopoly: The seller may be a government monopoly the U. Postal Service , a private regulated monopoly a power company , or a private nonregulated monopoly. Pricing is handled differently in each case. Inelastic demand occurs when demand hardly changes when there is a small change in price.

Elastic demand occurs when demand changes greatly for a small change in price. Factors that affect price elasticity of demand include: Upstream partners include raw material suppliers, components, parts, information, finances, and expertise to create a product or service.

Downstream partners include the marketing channels or distribution channels that look toward the customer. Marketing channel or distribution channel a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. Channel level a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final downloader. Direct marketing channel a marketing channel that has no intermediary levels.

Indirect marketing channel: Explain why companies use marketing channels and discuss the functions these channels perform Text Book. It must work within an entire network of partners—a value delivery network—to accomplish this task. Most producers use intermediaries to bring their products to market. They forge a marketing channel or distribution channel —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.

Through their contacts, experience, specialization, and scale of operation, intermediaries usually offer the firm more than it can achieve on its own. Marketing channels perform many key functions. Other functions help to fulfill the completed transactions by offering physical distribution transporting and storing goods , financing acquiring and using funds to cover the costs of the channel work, and risk taking assuming the risks of carrying out the channel work.

Briefly Explain the Supply chain and the value Delivery network. And the number of channel levels? The marketing channel: Channel members add value by: Some help to complete transactions: Financing, and risk taking. Because both the producer and the final consumer perform some work, they are part of every channel. Channel 1, called a direct marketing channel, has no intermediary levels; the company sells directly to consumers. All the institutions in the channel are connected by several types of flows: These flows can make even channels with only one or a few levels very complex.

Promotion mix or marketing communications mix the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. Advertising any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Sales promotion Short-term incentives to encourage the download or sale of a product or service. Direct marketing direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships. Personal communication channels: Buzz marketing Cultivating opinion leaders and getting them to spread information about a product or service to others in their communities.

Non-personal communication channels Media that carry messages without personal contact or feedback, including major media, atmospheres, and events. Define the five promotion mix tools for communicating customer value Text book Quest. Advertising includes any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. Firms use sales promotion to provide short-term incentives to encourage the download or sale of a product or service.

Finally, firms seeking immediate response from targeted individual customers use non- personal direct-marketing tools to communicate with customers and cultivate relationships with them. Discuss the changing communications landscape and the need for integrated marketing communications Text book. Recent shifts toward targeted or one-to-one marketing, coupled with advances in information and communications technology, have had a dramatic impact on marketing communications. As marketing communicators adopt richer but more fragmented media and promotion mixes to reach their diverse markets, they risk creating a communications hodgepodge for consumers.

To prevent this, more companies are adopting the concept of integrated marketing communications IMC. Guided by an overall IMC strategy, the company works out the roles that the various promotional tools will play and the extent to which each will be used.

[Study Materials] Marketing Book PDF for Bank PO Examinations

It carefully coordinates the promotional activities and the timing of when major campaigns take place. Outline the communication process and the steps in developing effective marketing communications Text book. The communication process involves nine elements: Two major parties sender, receiver , two communication tools message, media , four communication functions encoding, decoding, response, and feedback , and noise.

To communicate effectively, marketers must understand how these elements combine to communicate value to target customers. Next, the communicator has to determine the communication objectives and define the response sought, whether it be awareness, knowledge, liking, preference, conviction, or download. Then a message should be constructed with an effective content and structure. Media must be selected, both for personal and non-personal communication.

The communicator must find highly credible sources to deliver messages. Finally, the communicator must collect feedback by watching how much of the market becomes aware, tries the product, and is satisfied in the process. What are the five major promotion tools? Discuss the new marketing communications model. Although television, magazines, newspapers, and other mass media remain very important, their dominance is declining.

In their place, advertisers are now adding abroad selection of more-specialized and highly targeted media to reach smaller customer segments with more-personalized, interactive messages less broadcasting and more narrowcasting.

Discuss the need for marketing communications. Today, more companies are adopting the concept of integrated marketing communications IMC. Under this concept, as illustrated in Figure Each brand contact will deliver a message—whether good, bad, or indifferent. Everyday low pricing EDLP charging a constant everyday low price with few or no temporary price discounts High-low pricing charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items Fixed costs overhead costs that do not vary with production or sales level.

Variable costs are costs that vary directly with the level of production. Total costs are the sum of the fixed and variable costs for any given level of production. Experience curve learning curve the drop in the average per-unit production cost that comes with accumulated production experience. Cost-plus pricing markup pricing is adding a standard markup to the cost of the product. Break-even pricing target return pricing setting price to break even on the costs of making and marketing a product or setting price to make a target return.

Target costing Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met. Demand curve a curve that shows the number of units the market will download in a given time period, at different prices that might be charged.

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Price elasticity a measure of the sensitivity of demand to changes in price. Price elasticity of demand illustrates the response of demand to a change in price Inelastic demand occurs when demand hardly changes when there is a small change in price Elastic demand occurs when demand changes greatly for a small change in price Page 21 b Essay Questions 1.

Price can be defined narrowly as the amount of money charged for a product or service, or it can be defined more broadly as the sum of the values that consumers exchange for the benefits of having and using the product or service. The pricing challenge is to find the price that will let the company make a fair profit by getting paid for the customer value it creates.

Despite the increased role of non-price factors in the modern marketing process, price remains an important element in the marketing mix.

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It is the only marketing mix element that produces revenue; all other elements represent costs. Smart managers treat pricing as a key strategic tool for creating and capturing customer value. Identify the three major pricing strategies and discuss the importance of understanding customer-value perceptions, company costs, and competitor strategies when setting prices text book.

Good-value pricing involves offering just the right combination of quality and good service at a fair price.

However, cost-based pricing is product driven rather than customer driven. Even in tough economic times, however, consumers do not download based on prices alone. Thus, no matter what price they charge—low or high—companies need to offer superior value for the money.

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Page 23 4. If the company prices a product below its costs, profits will suffer. Page 24 5. Cost-based pricing setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.

Heat, rent, interest, and executive salaries. Costs as a function of production Experience: Figure But as production moves up to 1, units per day, average cost falls. This is because fixed costs are spread over more units, with each one bearing a smaller share of the fixed cost. Figure So a 3,daily production plant is the best size to build if demand is strong enough to support this level of production. Here accumulated production is drawn on a semi-log scale so that equal distances represent the same percentage increase in output.

Cost-plus pricing adds a standard markup to the cost of the product. Break-even pricing is the price at which total costs are equal to total revenue and there is no profit. Page 26 6. If consumers perceive less value relative to competing products, the company must either charge a lower price or change customer perceptions to justify a higher price. If the company faces a host of smaller competitors charging high prices relative to the value they deliver, it might charge lower prices to drive weaker competitors from the market.

If the market is dominated by larger, low-price competitors, the company may decide to target unserved market niches with value- added products at higher prices. From the other internal and external factors affecting the price decisions is the overall marketing, objectives, and mix, briefly discuss it. Thus, before setting price, the company must decide on its overall marketing strategy for the product or service.

If the company has selected its target market and positioning carefully, then its marketing mix strategy, including price, will be fairly straightforward. Page 27 8. Management must decide who within the organization should set prices. In industries in which pricing is a key factor airlines, aerospace, steel, railroads, oil companies , companies often have pricing departments to set the best prices or help others in setting them.

These departments report to the marketing department or top management. Before setting prices, the marketer must understand the relationship between price and demand for its products.

Pricing in different types of Markets: 1. Thus, sellers in these markets do not spend much time on marketing strategy. A pure monopoly: the market consists of one seller. The seller may be a government monopoly the U. Postal Service , a private regulated monopoly a power company , or a private nonregulated monopoly.

Pricing is handled differently in each case. Page 28 Price Elasticity of Demand: illustrates the response of demand to a change in price. Inelastic demand occurs when demand hardly changes when there is a small change in price. Elastic demand occurs when demand changes greatly for a small change in price.

Downstream partners include the marketing channels or distribution channels that look toward the customer. Marketing channel or distribution channel a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

Channel level a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final downloader. Direct marketing channel a marketing channel that has no intermediary levels.

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Indirect marketing channel: channel containing one or more intermediary levels. Page 30 B Essay Questions: 1. Explain why companies use marketing channels and discuss the functions these channels perform Text Book.

It must work within an entire network of partners—a value delivery network—to accomplish this task. Most producers use intermediaries to bring their products to market. They forge a marketing channel or distribution channel —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. Through their contacts, experience, specialization, and scale of operation, intermediaries usually offer the firm more than it can achieve on its own.

Marketing channels perform many key functions. Other functions help to fulfill the completed transactions by offering physical distribution transporting and storing goods , financing acquiring and using funds to cover the costs of the channel work, and risk taking assuming the risks of carrying out the channel work. Briefly Explain the Supply chain and the value Delivery network. Page 31 3. And the number of channel levels? The marketing channel: a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

Financing, and risk taking. Because both the producer and the final consumer perform some work, they are part of every channel.

[Study Materials] Marketing Book PDF for Bank PO Examinations

Channel 1, called a direct marketing channel, has no intermediary levels; the company sells directly to consumers. These flows can make even channels with only one or a few levels very complex. Page 33 Chapter 14 A Definition: Promotion mix or marketing communications mix the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. Advertising any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Sales promotion Short-term incentives to encourage the download or sale of a product or service. Direct marketing direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships.

Buzz marketing Cultivating opinion leaders and getting them to spread information about a product or service to others in their communities. Non-personal communication channels Media that carry messages without personal contact or feedback, including major media, atmospheres, and events.

Page 34 B Essay Questions: 1. Define the five promotion mix tools for communicating customer value Text book Quest. Advertising includes any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. Firms use sales promotion to provide short-term incentives to encourage the download or sale of a product or service.

Finally, firms seeking immediate response from targeted individual customers use non- personal direct-marketing tools to communicate with customers and cultivate relationships with them.

Discuss the changing communications landscape and the need for integrated marketing communications Text book. Recent shifts toward targeted or one-to-one marketing, coupled with advances in information and communications technology, have had a dramatic impact on marketing communications. As marketing communicators adopt richer but more fragmented media and promotion mixes to reach their diverse markets, they risk creating a communications hodgepodge for consumers.

To prevent this, more companies are adopting the concept of integrated marketing communications IMC. Guided by an overall IMC strategy, the company works out the roles that the various promotional tools will play and the extent to which each will be used.

It carefully coordinates the promotional activities and the timing of when major campaigns take place. Page 35 3. Outline the communication process and the steps in developing effective marketing communications Text book.