Marketing Management Test 1

 Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'

 Demand is one of the core concepts of marketing, supply is not the part of it.

When the trading involves both buyers and sellers of the entire nation, that it is called as a national market. The Cotton and Textiles Market in Mumbai is an example of national market.

 Philip Kotler  is called as the Father of Marketing Management.

In imperfect market there is imbalance between number of buyers and sellers.

Perfect Market classify on the basis of nature of competition in the market.

T. Levitt termed the product concept as “Marketing Myopia.”

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers. There are few sellers likely to be aware of the actions of the others. The decisions of one firm influence and are influenced by the decisions of other firms.

 The SWOT analysis indicates that some areas of an organization have weaknesses and  needs to be improved.

T stands for Threats and theses are areas where an organization feels that it might be subject to pressure situations, i.e. competitors, unorganized market, government policies, etc.

Aggressive Promotion or selling concept leads people to believe that marketing is all about selling.

 Every Day Low Pricing method is used by Big Bazaar to provide products to consumers at a low price.

The societal marketing concept or Ethical Marketing practice is an enlightened marketing concept which holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements and society's long term interests.

Total quality management is the main part of production process and now many organizations are process driven.

 Differentiated Pricing is also known as time pricing i. e. difference in rate based on peak and non-peak hours of shopping.

George is the name of a person and people are not a part of marketing mix's 4Ps. People are the part of additional 3Ps of marketing mix.

Evaluating the market performance is the third step of marketing control.

 Marketing Audit is used as a strategic control tool.

 According to Philip Kotler marketing audit is cultural examination of a company's environment, objectives, strategies and activities.

Work Culture is the factor of 'S' in PEST analysis and 'S' stands for social and cultural environment.

Philip Kotler define marketing audit as “It is comprehensive, systematic, independent and periodic examination of a company's environment, objectives, strategies and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance.”

Fiscal Policy is the factor of political and legal environment in PEST analysis.

PETA, green peace, etc are the example of Citizen Action Groups.

Metro Sexuality is the example of social and cultural environment of PEST analysis.

Monetary Policy is the factor of political and legal Environment in PEST analysis.