1) What is meant by goal setting?

Answer. "Establishing short or long term objectives, usually incorporating deadlines and
quantifiable measures."

(2) What is marketing strategy?

Answer. Marketing strategy is defined by David Aaker as "A process that can allow an
organization to concentrate its resources on the optimal opportunities with the goals of
increasing sales and achieving a sustainable
competitive advantage."

(3) What are the components of marketing mix?

Answer. The 4Ps that make up a typical marketing mix are - Price, Product, Promotion and
Place.

(4) Which is the shortest channel of distribution?

Ans. Producer-customer, Direct channel or zero level is the shortest channel of
distribution.

(5) What are the components to a successful sales strategy?

Answer. Components of successful sales strategy are creating an effective sales strategy
requires market knowledge, awareness of competitor activities, awareness of current
trends and detailed business analysis.

(6) Define branding.

Answer. 'Branding' is a process, a tool, a strategy, an orientation whereby a name, a sign,
or a symbol etc. is given to a product by the entrepreneur so as to differentiate his/her
product from the rival products.

(7) Why is a logo important for a company?

Answer. Logo is important for a company as it imparts a distinct identity to entrepreneur's
own brand.

(8) Give the meaning of tagline with the help of an example.

Answer. Taglines are simple but powerful messages that help to communicate an
enterprises goals, mission, distinct qualities and so much more. Balsara Hygiene
products,

(9) Explain the term packaging.

Answer. Processes and materials employed to contain, handle, protect, or transport any
commodity.
(10) What is labelling?
Answer. It is the display of information about a product on its container, packaging, or the
product itself.

(11) Define advertising.

Answer. Advertising is a paid form of communication designed to attract or persuade
potential customers to choose the product or service over that of a competitor.

(12) What is negotiation?

Answer. Negotiation is a process where two or more parties with different needs and
goals discuss an issue to find a mutually common and acceptable solution.

(13) Explain the meaning of CRM.

Answer. CRM is the abbreviation for customer relationship management.

(14) When do we conclude that a business has failed?

Answer. We can conclude that a business has failed when it does not generate adequate
cash flow to meet expenses.

(15) Explain the following term:

ATL.
Answer. ATL refers to above the line which targets mass audience and aims at
establishing brand identity.

(16) Give the meaning of BTL.

Answer. BTL refers to Below the line which targets identified small groups and aimed at
leading to an actual sale.

(17) What is TTL?

Answer. "Through the line" or TTL refers to an advertising strategy which involves both
above-and below-the-line communications in which one form of advertising points the
target to another form of advertising thereby crossing the
"line"
(18) What are the rules for goal setting?
Answer. The rules of goal setting are:

1. Relevant: To be relevant, a business goal has to be profitable in some fashion.

2. Actionable: When were setting business goals, we have to be sure that we have
developed them from general statements.
3. Achievable stretches: The purpose of business goals is to move the businesses
forward.

(19) What does the marketing strategy of a company include?(any 2)

Answer. Marketing strategy includes:

1. all basic and long-term activities in the field of marketing that deal with the analysis
of the strategic initial situation of a company.
2. the formulation, evaluation and selection of market-oriented strategies.
3. several strategies for growth and interrelated components called the marketing mix.

(20) What is sales strategy?

A sales strategy is defined as a documented plan for positioning and selling your product
or service to qualified buyers in a way that differentiates your solution from your
competitors.

(21) Explain the different types of sales strategies.

Direct sales are "simply" a business selling their product directly to the customer,
Indirect sales are when an external intermediary is added to the mix.

(22) Differentiate between trade mark and brand mark.

A trademark protects a form of intellectual property, while a brand is the overall
impression of your business.

(23) What is employee management?

Employee management is the process by which employers ensure workers perform their
jobs to the best of their abilities so as to achieve business goals.

(24) Is vendor management different from employee management?

Answer. Employee relationship management is a process that is directed to effectively
manage all interactions with employees, ultimately to achieve the goals of the
organisation. Where as vendor management is used to describe the process of finding,
qualifying and doing business with vendors.

(25) Differentiate between ATL and BTL.

Answer.
Above The Line (ATL) Below The Line (BTL)
(i) It targets the Mass audience. (i) It targets the identified small groups.
(ii) Promotion helps in (ii) Promotion can lead to an actual sale.
establishing brand
identity.
(iii) It is difficult to measure. (ii) It is easy to measure.
• Example: Print, online, • Example: Sponsorship, sales promotions, public
television and cinema, relations, personal selling, direct marketing etc.
advertising.

(26) What are the qualities of a good brand name?

Answer. A good brand name should have following qualities:

1. Short, simple and easy to pronounce.

2. Noticeable, easy to recognize and remember.
3. Pleasing, impressive when uttered.

(27) What are the rules for advertising?

Answer. There are four rules for advertising:

Rule #1: Grab Attention with a Strong Headline.

Rule #2: Emphasize Benefits, Not Features.
Rule #3: Consistency across Channels.
Rule #4: Engage with Your Audience.
Rule #5: Measure and Optimize.

(28) What is AIDA?

The AIDA Model, which stands for Attention, Interest, Desire, and Action model, is an
advertising effect model that identifies the stages that an individual goes through during
the process of purchasing a product or service.
(29) What areas are covered by Product Mix?
Answer. Product mix covers various aspects like, quality, quantity, design, features,
warrantees, guarantees, brand, repairing services, etc.

(30) Name four elements that play a vital role in the realization of the Marketing Mix.
Answer. Product Mix, Price Mix, Promotion Mix and Distribution Mix are the four elements.

(40) Name some intangible things related with firms.

Answer. Transportation, maintenance, security, health services, entertainment etc. are the
intangible things.

(41) Name some capital goods.

Answer. Capital goods include tools, machines, equipment, etc.

(42) Name some durable products.

Answer. Fans, coolers, air conditioners, fridges, furniture etc. are durable products.

(43) Name some speciality products.

Answer. Music systems, sports equipments, music instruments etc. are some speciality
products.

(44) Give some examples of raw materials needed for industrial products.
Answer.. Screws, nuts, bolts, nails, iron sheets, pipes, steel rollings, various metals, etc.

(45) Name some convenience products.

Answer. Convenience products include toothpicks, newspapers, toothbrush, cases of
small products, bags, etc.

(46) List some shopping products.

Answer. Shopping products include trousers, shirts, pants, frocks, furniture; small
electronic items,

(47) Name some non-durable products.

Answer. Non-durable products include vegetables, milk, tobacco, cigarettes, shampoo,
fruits, soaps, milk products, etc.
(48) Mention the various classes of Product Mix.
Answer. Product mix includes services, consumer product and industrial products.

(49) Name some products, which require after-sales services.

Answer. Scooters, cars, motorcycles, televisions, music systems, sewing machine, etc.
require after sales service.

(50) What do you understand by the term Market Mix?

Answer. Market Mix is the aggregate of activities like product, distribution, etc., which are
undertaken for attaining the predetermined goals in the marketing.

(51) Mention two factors affecting pricing of the commodity.

Answer. Cost of production, goals of firm, prevalent competition etc. affect the price of
the commodity.

(52) An entrepreneur charges different prices from different categories of the customers.
What type of pricing is it?
Answer. It is variable pricing.

(53) An entrepreneur introduces a new product with very low price. What type of pricing
is it?
Answer. It is penetrating pricing.

(54) An entrepreneur launches a new product in the market with high price. Identify the
type of pricing.
Answer. It is skimming price method.

(55) In which method of pricing bargaining plays an important role?

Answer. Variable Price Method.

(56) What is meant by

'Employment'?
Answer. An activity in which an individual works regularly for others and gets
remuneration in return.

(57) Distinguish between the direct selling mode and the indirect selling mode.

Direct – The consumer buys the product from you online, in a store, at a trade show or by
mail order. 2. Indirect – The consumer buys your product from a wholesaler, retailer,
dealership or some other intermediary.