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.First  50 Marketing Questions &  ANSWERs

1.  360 degree brandingMarketing activities which take into consideration brand identity and take aninclusive approach so that the brand is presented at

all points of  consumer contact. 

2.  3C’s model 

Only by integrating the three C's (Customer, Competitor, and Company) in astrategic triangle, sustained competitive advantage can exist. Kenichi Ohmaerefers to these key factors as the three C's or the strategic triangle.

3C's model: Customer-based strategies are the basis of all strategy. "There is no

doubt that a corporation's foremost concern ought to be the interest of itscustomers rather than that of its stockholders and other parties. In the long run,the corporation that is genuinely interested in its customers is the one that willbe interesting to investors". 

3.  4 Ps of Marketing

The 4 Ps of marketing mix are price, product, place, promotion. (PRODUCT) 

4.  7Ps of Marketing

The seven Ps of marketing mix are price, product, place, promotion, physical presence,people, and processes. This refers to the requirements of successfully marketing aproduct. It also serves as a means to encourage brand loyalty in consumers.(SERVICE) 

5.  ABC Analysis

An analysis of a range of  items that have different levels of significance andshould be handled or controlled differently. It is a form of  Pareto analysis inwhich the items (such as activities, customers, documents, inventory items, salesterritories)  are grouped into three categories (A, B, and C) in order of

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their estimated importance. 'A' items are very important, 'B' items are important,'C' items are marginally important.

For example, the best customers who  yield highest revenue are given the'A' rating, are usually serviced by the sales manager, and receive most attention.'B' and 'C' customers warrant progressively less attention and are servicedaccordingly.

Definition of 'Guerrilla Marketing'

A marketing tactic in which a company uses surprise and/or unconventionalinteractions in order to promote a product or service. Guerrilla marketing isdifferent than traditional marketing in that it often relies on personalinteraction and has a smaller budget, and it focuses on smaller groups ofpromoters that are responsible for getting the word out in a particular locationrather than on wide-spread media campaigns.

Guerrilla marketing  originally was a concept aimed towards small businesses with a small budget, but this didn’t stop big

businesses from adopting the same ideology.

Larger companies have been using unconventional marketing to compliment their advertising campaigns. Some marketers

argue that when big businesses utilize guerrilla marketing tactics, it isn’t true guerrilla. Bigger companies have much larger

budgets and their brands are usually already well established.

It can also be far more risky for a big business to do guerrilla marketing  tactics. In some instances, their guerrilla stunts can flop

and ultimately become a PR nightmare. Smaller businesses don’t run as much risk as most people will just write it off as

another failed stunt.- See more at: http://www.creativeguerrillamarketing.com/what-is-guerrilla-marketing/#sthash.y7icvVkL.dpuf  Example :MTV Bakra 

6.  Adaptive Marketing

It refers to changing or reforming (adapting) a firm‘s marketing mix to suit to theparticular geography in which the firm is operating. The customers‘ preferences are different in different geographical segments ordifferent segments in the same geography in terms of cultural backgrounds,spending power and type of product required. Thus, the company needs tochange its products, prices, channels, and promotion strategies to suit theconsumers‘ requirement in each country or area. 

Example - Tata Group has launched Nano in India with the proposition of aneconomic car worth $ 2500 directed towards the middle segment. But they areplanning to launch a similar version of the same vehicle in the name of NanoPixel worth $4500 in European market for the youth.

7.  Advertising ObjectiveAn advertising objective is a goal of an advertising campaign, selected at the startof the campaign to keep it focused on a specific end product. Companiesuse objectives to set goals for their advertising and may use assessments to

determine whether goals are being met. These can allow companies to adjusttheir advertising, consider new advertising ideas, and set new goals for long termsales, growth, and development 

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 8.  Advertorial

An advertorial is an advertisement in the form of an editorial. The term"advertorial" is a portmanteau of "advertisement" and "editorial. In television, the advertisement is similar to a short infomercial presentation ofproducts or services. In radio, these can take the form of a radio commercial or a discussion between

the announcer and representative. 

9.  Ambush Marketing

Ambush marketing is a name given to marketing campaigns that are also donearound the event, but where no money is paid for the event.[1]  There are manyvery important events where one company will pay money to becomethe exclusive sponsor  of the event (or in a category of the event). This creates aproblem for other brands or companies. These other brands then find ways topromote themselves in connection with the same event. They do not pay thesponsorship fee. Even if they wanted to, they could not, because one brand is theexclusive sponsor. They also do not break any laws.IPL, WORLD CUP, EDEN GROUND B/W PEPSI & COKE ... ANY COKE SYMBOLWASN’TALLOWED IN THE STADIUM. 

10.  B2B (Business to Business)

B2B is short for ―business to business.‖ It indicates sales made to otherbusinesses, rather than sales to individuals. The latter is referred to as ―businessto consumer‖ sales. B2B sales often take the form of one company selling supplies or components toanother.For example, a tire manufacturer might sell to a car manufacturer. Wholesalersoften sell their products to retailers, who then turn around and sell them toconsumers.Supermarkets are a classic example: they buy food from wholesalers and thensell it at a slightly higher price to individuals. 

11.  Barter

A barter (or bartering) is an exchange between two parties using goods andservices for payment instead of  currency.  The barter system enables two parties to exchange goods or services based onmutually perceived value.

 These transactions do not involve any exchange of  currency, however, each partybenefits from the transaction. To illustrate, a plumber can fix a baker‘s sink, for which the baker wouldnormally have paid $100 for the service. Instead, the baker gives the plumber$100 worth of his baked goods.Another example  would be a photographer agreeing to photograph a dentist's

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wedding pictures in return for some dental work of equal value.

12.  BCG Matrix

The Boston Consulting Group (BCG) is a global management consulting firmwith 78 offices in 43 countries.[1] It is one of the largest private companies in theUnited States.[3]  The firm serves as an advisor to clients in the private, public,and not-for-profit sectors across the globe

A BCG Matrix refers to a tool plan model used in determining a businessproducts' priorities portfolio. The model places products into stars, cash cows,dogs and question marks categories. Each category of a BCG Matrix modelimplies a concept. 

13.  Behavioural Segmentation

Behavioural Segmentation  is market segmentation based on certain consumer

behavior characteristics, such as benefits sought by the consumer, the extent towhich the product is consumed, brand loyalty, price sensitivity, and the ways inwhich the product is used. For example: If a customer has been using the same brand of toothpaste for 12 years and has had no cavities in that time period, a small price increase will mostlikely mot be an issue to that customer.

14.  Benchmarking 

A benchmark is a feasible alternative to a portfolio against which performance ismeasured.A good benchmark should appropriately reflect the portfolio's investment styleand strategy as well as the investor's return expectations.

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For example, the Russell 2000 may be an appropriate benchmark for aportfolio investing exclusively in small-cap domestic stocks,

15.  Benefit Segmentation

A form of  market segmentation based on the differences in specific benefits that

different groups of  consumers look for in a product.  One of thefive common segmentation strategies, its objective is to define specific niches thatrequire custom-tailored promotion. Method of determining a target audience for a particular product in terms ofthose people who want the benefits the product offers.By segmenting the audience according to these benefits through the copywriting,the advertiser can position the product in three different markets to achievemaximum advertising effectiveness.If the product is a fast sports car, for example,  the target audience will be thesegment of the population that wants the benefits of a fast sports car. 

16.  Blue Ocean Strategy

Blue Ocean Strategy   suggests that an organization should create new demandin an uncontested market space, or a "Blue Ocean", rather than compete head-to-head with other suppliers in an existing industry. Denote all the industries notin existence today  –   the unknown market space, untainted by competition. Inblue oceans, demand is created rather than fought over.Shampoo sachet of south Indian entrepreneur.

17.  Brand

Brands simplify consumers purchase decision. Brand is the "name, term, design, symbol, or any other feature that identifies oneseller's product distinct from those of other sellers"[1] Initially, branding wasadopted to differentiate one person's cattle from another's by means of adistinctive symbol burned into the animal's skin with a hot iron stamp and wassubsequently used in business,marketing, and advertising. 

A modern example  of a brand is Coca Cola  which belongs to the Coca-ColaCompany.

18.  Brand Equity The purpose of brand equity metrics is to measure the value of a brand. A brandencompasses the name, logo,  image, and perceptions that identify a product,service, or provider in the minds of  customers.  It takes shape

in advertising, packaging, and other marketing communications, and becomes afocus of the relationship with consumers. In time, a brand comes to embody apromise about the goods it identifies — a promise about quality, performance, orother dimensions of value, which can influence consumers' choices amongcompeting products.  When consumers trust a brand and find it relevant, theymay select the offerings associated with that brand over those of  competitors, 

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even at a premium price. When a brand's promise extends beyond a particularproduct, its owner may leverage it to enter new markets. For all these reasons, abrand can hold tremendous value, which is known as brand equity  

Brand equity is a phrase used in the marketing industry which describes thevalue of having a well-known brand name, based on the idea that the owner of awell-known brand name can generate more money from products with that brandname than from products with a less well known name, as consumers believe

that a product with a well-known name is better than products with less wellknown names.

19.  Brand ExtensionBrand extension or brand stretching is a marketing strategy in which a firmmarketing a product with a well-developed image uses the same brand name in adifferent product category. The new product is called a spin-off . Organizationsuse this strategy to increase and leverage brand equity (definition: the net worthand long-term sustainability just from the renowned name).An example of a brand extension is Jello-gelatin creating Jello pudding pops. Itincreases awareness of the brand name and increases profitability from offeringsin more than one product category. Another example  is Virgin Group,  which was initially a record label that hasextended its brand successfully many times; from transportation (aeroplanes,trains) to games stores and video stores such a Virgin Megastores 

20.  Brand Identity

Brand identity is different than brand image, which is what consumers actuallythink. It is constructed by the business itself. A negative gap between brandidentity and brand image means a company is out of touch with marketsentiment, which will make selling its products more difficult. The brand imageheld by consumers can reach a point at which a business or product has torebrand itself or risk not bringing in sales. Brand identity includes following elements - Brand vision, brand culture,positioning, personality, relationships, and presentations.Brand identity is the aggregation of what all you (i.e. an organization) do. Itis an organizations mission, personality, promise to the consumers andcompetitive advantages. It includes the thinking, feelings and expectations ofthe target market/consumers. It is a means of identifying and distinguishing anorganization from another.

EXAMPLE  - Britannia “ting-ting-ta-ding‖), trademark colours (for example -Blue colour with Pepsi), logo (for example - Nike), tagline (for example - Apple’stagline is “Think different‖),etc. 

21.  Brand Value

"Brand Value" is considered to be the net present value of the estimated futurecash flows attributable to the Brand.

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Brand Value is also referred to has Brand Equity. A brand can be an intangibleasset, used by consultants like Brand Finance to rationalise the variationbetween a company's "book value" and market value.EXAMPLES where Brands have made the right (Intel Inside marketing activity).

22. 

Break Even Pricing

Number of units that must be sold in order to produce a profit of zero (but willrecover all associated costs). In other words, the break-even point is the point atwhich your product stops costing you money to produce and sell, and starts togenerate a profit for your company. Break even pricing   is the practice of setting a price point at which a businesswill earn zero profits on a sale. The intention behind the use of break even pricingis to gain market share and drive competitors from the marketplace. By doing so,a company may be able to increase its production volumes to such an extent thatit can reduce costs and then earn a profit at what had been the break even price.

Alternatively, once it has driven out competitors, the company can raise its pricessufficiently to earn a profit, but not so high that the increased price is temptingfor new market entrants. = (Total fixed cost / Production unit volume) + Variable cost per unit 

23.  Break-Even Analysis

An analysis to determine the point at which revenue received equals the costsassociated with receiving the revenue. Break-even analysis calculates what isknown as a margin of safety, the amount that revenues exceed the break-evenpoint. This is the amount that revenues can fall while still staying above thebreak-even point.Break-even analysis is a supply-side analysis; that is, it only analyzes the costs ofthe sales. It does not analyze how demand may be affected at different pricelevels.

For example, if a business sells fewer than 200 tables each month, it will make aloss, if it sells more, it will be a profit. With this information, the businessmanagers will then need to see if they expect to be able to make and sell 200

tables per month.

24.  Business Plan

A business plan is a formal statement of a set of business goals, the reasons theyare believed attainable, and the plan for reaching those goals. It may also containbackground information about the organization or team attempting to reachthose goals.

Business plans may also target changes in perception and branding by the

customer, client, taxpayer, or larger community. When the existing business is toassume a major change or when planning a new venture, a 3 to 5 year businessplan is required, since investors will look for their annual return in thattimeframe.

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 Buzz marketing is a viral marketing technique that attempts to make eachencounter with a consumer appear to be a unique, spontaneous personalexchange of information instead of a calculated marketing pitch choreographedby a professional advertiser. Historically, buzz marketing campaigns have beendesigned to be very theatrical in nature. The advertiser reveals information aboutthe product or service to only a few "knowing" people in the target audience. Bypurposely seeking out one-on-one conversations with those who heavily influence

their peers, buzz marketers create a sophisticated word-of-mouth campaignwhere consumers are flattered to be included in the elite group of those "in theknow" and willingly spread the word to their friends and colleagues. Word-of- Mouth Marketing  

Instant messaging (IM) applications  are also being looked at as a vehicle forcarrying out buzz marketing campaigns 

28.  Click and Mortar companies

A click and mortar company is a company that has a traditional physicalpresence but has added e-marketing to their marketing strategy. An example of aclick and mortar company includes JC Penny's, Wal-Mart, K-Mart, Target, etc.Basically it is any company with a website at which a buyer can make purchaseseither online or in the "brick and mortar" store.

For example, if consumers prefer to purchase a book from Amazon.com whose cost plusovernight delivery charge is essentially the same as an over-the-counter book fromBarnes & Noble what does that say about the B&N transaction 'experience'? Apparently,not much. 'Clicks and mortar' improves that experience by converting inventory to anadvantage by harnessing it with online catalog access from which the retail customer canobtain both comparative and product information and streamlined delivery. That strategyis clearly relevant to providers of financial services.

29.  Click Only Companies

Click-only companies are those companies who have a website/online presencewithout a physical store. They sell their products through their website only. They differ from click-and-mortar companies who have a physical presence inaddition to their e-commerce business.

Ebay and Amazon  are few click only companies who provide only onlineofferings.

30.  Co-branding

Co-branding refers to several different marketing arrangements:

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Co-branding, also called brand partnership,[1] is when two companies form analliance to work together, creating marketing synergy. As described in Co- Branding: The Science of Alliance :[2] 

“  "the term 'co-branding' is relatively new to the business vocabulary and isused to encompass a wide range of marketing activity involving the use oftwo (and sometimes more) brands. Thus co-branding could be consideredto include sponsorships, where Marlboro lends it name to Ferrari or

accountants Ernst and Young support the Monet exhibition." ” 

Co-branding is an arrangement that associates a single product or service withmore than one brand name,  or otherwise associates a product with someoneother than the principal producer. The typical co-branding agreement involvestwo or more companies acting in cooperation to associate any of various logos,color schemes, or brand identifiers to a specific product that is contractuallydesignated for this purpose. The object for this is to combine the strength of twobrands, in order to increase the premium consumers are willing to pay, make theproduct or service more resistant to copying by private label manufacturers, or tocombine the different perceived properties associated with these brands with a

single product.

Example:

• British Airways and Citibank formed a partnership offering a credit card wherethe card owner will automatically become a member of the British AirwaysExecutive club

Other examples  include the marketing of  Gillette M3 Power shaving equipment(which require batteries) with Duracell batteries (both brands owned by Procter &Gamble). 

31.  Commercialization

Commercialization is the process or cycle of introducing a new product orproduction method into the market. The actual launch of a new product is thefinal stage of  new product development and the one where the most money willhave to be spent for advertising, sales promotion, and other marketing efforts.

Commercialization is often confused with sales,  marketing or businessdevelopment. The commercialization process has three key aspects:

1.  The funnel. It is essential to look at many ideas to get one or two productsor businesses that can be sustained long-term.

2. It is a stage-wise process, and each stage has its own key goals andmilestones.

3. It is vital to involve key stakeholders early, including customers. 

 Xerox chose a competitive strategy because ―their product was good enough tosucceed on its own‖. 

32.  Communication Channel

Generally, a communication channel is the medium that is used in thetransmission of a message from one party to another; for example the print mediaor the broadcast media. In electronic media, channels of communications refer to

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the physical medium such as a wire used to convey information signals from onepoint to the other.A medium through which a message is transmitted to its intended audience, such as print media or broadcast (electronic) media.EXAMPLE - Brochures, letters, email messages video email messages, telephoneconversation, videoconferencing, and face to face meetings.

33.  Communication Research

Communication Research  is a peer-reviewed academic journal that publishespapers in the field of  communication studies.  Theeditors-in-chief are PamelaShoemaker (Syracuse University) and Michael E. Roloff (Northwestern University).It was established 1974 and is currently published by SAGE Publications. 

34.  Competition-based Pricing

Competition based pricing is used by a business that wants to price theirproducts at or lower than their competition's price. This is done a lot withdifferent retailers that are in the same area. It makes sure the customer gets thelowest price possible. A pricing method in which a seller uses prices of  competing products asa benchmark instead of considering own costs or the customer demand. Example ~Apple's MAC laptops vs. WindowsCoke vs. Pepsi  

35.  Competitive Advantage

An advantage that a firm has over its competitors, allowing it to generate greatersales or margins and/or retain more customers than its competition. There canbe many types of competitive advantages including the firm's cost structure,product offerings, distribution network and customer support.Competitive advantages give a company an edge over its rivals and an ability togenerate greater value for the firm and its shareholders. The more sustainablethe competitive advantage, the more difficult it is for competitors to neutralize theadvantage.Pershing General Hospital is a 125-bed, primary-care facility located in a ruralarea with no other hospitals within 50 miles. Because the organization operateswith almost zero competition, it doesn‘t need to focus on how to beat out otherhospitals. However, it does need to decide what services to offer with its limitedgovernmental funding.

36.  Consumer Oriented Marketing

Consumer orientated marketing is when a product or service is marketed at theconsumer, with the consumer needs at the front of the marketing. This is seen asan alternative to traditional product orientated marketing which is where theproduct that is being promoted or advertised is the focus for the marketing

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collateral. There are three main focuses to consumer orientated marketing that are said tohave the biggest influence on what the customer purchases. These are:

  Size, Congestion, Purchasing power

When a product is marketed in a consumer orientated way there must be a lot ofresearch done to find out about the consumer. Although this can be costly, thebenefits of most consumer marketing campaigns do outweigh the initial research

cost.

37.  Consumerism

 The term "consumerism" has also been used to refer to something quite differentcalled the consumerists movement , consumer protection or consumer activism, which seeks to protect and inform consumers by requiring such practices ashonest packaging and advertising, product guarantees, and improved safetystandards. In this sense it is a movement or a set of policies aimed at regulatingthe products, services, methods, and standards of manufacturers, sellers, andadvertisers in the interests of the buyer.Consumerism  is a social and economic order that encourages the purchase ofgoods and services in ever-greater amounts

38.  Corporate Identity

A corporate identity is the overall image of a corporation or firm or business inthe minds of diverse publics, such as customers and investors and employees. It

is a primary task of the corporate communications department to maintain andbuild this identity to accord with and facilitate the attainment of businessobjectives. It is usually visibly manifested by way of  branding and the useof  trademarks. In general, this amounts to a corporate title, logo (logotype and/or logogram) andsupporting devices commonly assembled within a set of guidelines. Theseguidelines govern how the identity is applied and confirm approved colourpalettes, typefaces, page layouts and other such.Corporate identity is often viewed as being composed of three parts:  Corporate design (logos, uniforms, corporate colours etc.)  Corporate communication (advertising, public relations, information, etc.)  Corporate behavior (internal values, norms, etc.)

  Red for Coca-Cola   Blue for IBM, nicknamed "Big Blue"  Brown for UPS, "What can Brown do for you"  Light Teal for Korean Air

39.  CRM (Customer Relationship Management)

Customer relationship management (CRM) is a model for managing acompany‘s interactions with current and future customers.  It involves usingtechnology to organize, automate, and synchronize sales, marketing, customerservice, and technical support. 

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It simply takes capturing your client‘s mobile numbers systematically and payingfor a service which automatically sends out the messages. The investment isabsolutely worth it~ When a salesperson  helps his customer overcome a difficult problem, it'smuch more likely that she'll get in touch with him for future purchases. Andthere's also a good chance that she'll send her friends and family to him as well.And this is exactly what a customer relationship management system is trying toaccomplish.

40.  Customer Perceived Value

Perceived customer value is a marketing and branding related concept thatpoints out that success of a product is largely based on whether customersbelieve it can satisfy their needs. This phrase emphasizes that when a companydevelops its brand and markets its products, customers ultimately determinehow to interpret and react to marketing messages. Companies spend significanttime researching the market to get a sense of how customers think and feel.Value Proposition, RESEARCH MESSAGE.EXAMPLE  - NIKE, a well-known brand of today, endorsed in professional NBAplayer Michael Jordan and created a special line of shoes called the Air Jordan(s).Nike seems to understand all too well the need to develop strong customer-perceived value.

41.  Demographic Segmentation

Demographic segmentation occurs when the market is divided into groups on

the basis of variables such as age, family size, family life cycle, gender, income,religion, race, social class, nationality, generation, education, and occupation.Demographic variables are the most popular way to distinguish customersegments. One of the reasons that demographic segmentation is so popular isthat consumer desires, preferences, and usage rates are often associated withdemographic variables that are relatively easy to quantify.GENDER, AGE, OCCUPATION, INCOME LEVEL & Martial Status

42.  Direct Marketing

Direct marketing is a channel-agnostic form of  advertising that allowsbusinesses and nonprofits organizations to communicate straight to thecustomer, with advertising techniques that can include Cell Phone Textmessaging,  email, interactive consumer websites, online display ads, fliers,catalog distribution, promotional letters, and outdoor advertising.Direct marketing messages emphasize a focus on the customer, data, andaccountability.Print materials that are distributed by hand to potential clients are a relativelylow cost, low tech and effective example of direct marketing.

43.  Discount Store

A discount store is a type of  department store,  which sells productsat prices lower than those asked by traditional retail outlets. Most discount

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department stores offer a wide assortment of goods; others specialize in suchmerchandise as jewelry, electronic equipment, or electrical appliances. Discountstores are not variety stores, which sell goods at a single price-point or multiplesthereof (£1, $2, etc.). Discount stores differ from variety stores in that they sellmany name-brand products, and because of the wide price range of the itemsoffered.Following World War II, a number of retail establishments in the U.S. began topursue a high-volume, low-profit-margin strategy designed to attract price-

conscious consumersDiscount stores also offer a huge range of products to the end-users but at adiscounted rate. The discount stores generally offer a limited range and thequality in certain cases might be a little inferior as compared to the departmentstores.

Wal-Mart currently operates more than 1300 discount stores in United States. InIndia Vishal Mega Mart comes under discount store

44.  Discrimination Pricing

A pricing strategy that charges customers different prices for the same product orservice. In pure price discrimination, the seller will charge each customer themaximum price that he or she is willing to pay. In more common forms of pricediscrimination, the seller places customers in groups based on certain attributesand charges each group a different price.Examples of  price discrimination can be found in the travel and entertainmentindustries, among others.   Trains will often price differentiate by offering discounts to frequent travelers,

seniors, and other select groups.  Many movie theaters, amusement parks, tourist attractions, and other places

have different admission prices per market segment because different groupshave very different demand curves based on their income and time constraints.

45.  E-Marketing

E-marketing means using digital technologies to help sell your goods or services. These technologies are a valuable complement to traditional marketing methods

whatever the size of your company or your business model.E-marketing gives businesses of any size access to the mass market at anaffordable price and, unlike TV or print advertising, it allows truly personalizedmarketing.Global reach, Lower cost  Track able, measurable results  24-hourmarketing  Personalization  Better conversion rate

46.  Factory Outlet

An outlet store or factory outlet is a brick and mortar or online retail store inwhich manufacturers sell their stock directly to the public. Traditionally, afactory outlet was a store attached to a factory or warehouse, sometimes allowingcustomers to watch the production process like in the original L.L. Bean store. Inmodern usage, outlet stores are typically manufacturer-branded stores

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likeGap or Bon Worth grouped together in outlet malls.  The invention of thefactory outlet store is often credited to Harold Alfond, founder of the Dexter ShoeCompany.Example sentences for factory outletBut this minuscule factory outlet   is worth your attention if you're looking for acasual leather jacket. The lodging is within walking distance of factory outlet  stores.Its economic base is a mix of retail trade, factory outlet  shopping, manufacturing

and agriculture.Adjacent factory outlet   stores, fast food restaurants, and motels round out theborder area.One would rezone eight acres to commercial in order to expand theexisting factory outlet  center.

47.  Forecasting Sales

Sales Forecasting is the process of estimating what your business‘s sales aregoing to be in the future.Sales forecasting is an integral part of business management. Without a solididea of what your future sales are going to be, you can‘t manage your inventoryor your cash flow or plan for growth. The purpose of sales forecasting is toprovide information that you can use to make intelligent business decisions.Examples: Sales forecasting done on a month by month basis will give you a much morerealistic prediction of how your business will perform than one ―lump‖ salesforecast for the year.

48.  Generation X

Generation X, commonly abbreviated to Gen X, is the generation born after theWestern Post – World War II baby boom.  Demographers, historians andcommentators use beginning birth dates from the early 1960s to the early 1980s. The term was popularized by Douglas Coupland's 1991 novel Generation X: Tales for an Accelerated Culture .  Before that, it had been used forvarious subcultures or counter cultures after the 1950s.[1] "Generation X refers to adults born between 1961 and 1981"Professor Christine Henseler summarizes it as "a generation whose worldview isbased on change, on the need to combat corruption, dictatorships, abuse, AIDS,a generation in search of human dignity and individual freedom, the need forstability, love, tolerance, and human rights for all."

49.  Generation Y

Generation Y, also known as the Millennial Generation,[1] is the

demographic cohort following Generation X. There are no precise dates for whenGeneration Y starts and ends. Commentators use beginning birth dates from theearly 1980s to the early 2000s.

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53.  Inbound Enquiry

Inbound Enquiry is a preliminary response from prospective customers followingan advertisement or a sales promotion campaign. Number of enquiries (andtheir conversion into sales revenue) made is a measure of the effectiveness of afirm's marketing efforts.

Inbound enquiries that come through various live inbound channels areimportant as most of the prospective customers reach out to you since they havea need for the offerings or want to know more about the offerings. It‘s a directoutput of the firm‘s marketing activities. It‘s also critical to handle theseenquiries on a real time basis or have a very quick response time.

54.  Indirect Marketing

In the context of marketing there are two types of marketing, direct and indirect. The channel in which there is no direct communication to customers by thecompanies is called indirect marketing. Basically it is treated as the next stage forbrand recognition and awareness.

When customers are aware of the product and only require to be reminded aboutthe product than indirect marketing will be used. Indirect marketing is generic innature and no segmentation and targeting is required. The retention tocustomers is made by presenting them in symbolic representation withoutdiscriminating within the customers. In indirect marketing we cannot record theimmediate response of the customers but questionnare can be used to takeresponse in future.

55.  Industry Life Cycle

 The industry undergoes various stages throughout its life span. The industry lifecycle is divided into five stages which are as follows:Development stage: In this stage the boundaries and range are set and theproduct development and designing are into inclining phase

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56.  Innovative Marketing

It is a process where a product is marketed and communicated to the targetgroup by the help of ideas and process which were not used earlier. It can bedone through changes in the product design, launching the product in uniqueplace, promoting through unconventional method, uniquely pricing the productetc.

Example: Pricing a new product at a rate which is slightly away from the usual

trend like launching flavoured soda glass at Rupee 4 will generate the attention ofthe customer. 

57.  Interactive Marketing

  Earlier marketing used to a transaction based process where the ultimate goalwas to pitch to the potential customer and offer them the product withoutknowing their needs and ultimately converting them into the consumer. Therewas no direct interaction with the target customer to generate and gather theirneed.

  Interactive marketing is the solution for this problem where there is a directcommunication to the customer to collect and gather their response. Thiscommunication help in understanding their need and helps the company tobetter serve their customer and help them to develop product and services asper the desire of the customer. In a way it helps both, the companies andcustomers as the company are able to serve the customer better byunderstanding their needs and generating brand loyalty and profit andcustomer gets the desired service and increases the satisfaction level among

them. 

58.  Internal marketing

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 It is a process to induce the positive change in the employee behavior bymotivating the employees to provide the best possible service to its customers. This process involves providing regular training to employees to increase theirskills. The employees are also motivated by providing them with rewards andrecognition. Apart from them good management practice also helps in shapingthe employees behaviour towards providing value to its customer. 

59.  Lead

 The lead is defined as the potential customer i.e. someone who has showninterest in buying product or service of an organization.

 The leads are identified through a lead generation process which utilizes various

channels like referrals of existing customers, trade shows, directadvertising/publicity, emails etc. As per the recent trend, lead generators areextensively using information available on social media like Facebook, Twitter,Google+ etc. to identify a potential consumers and appropriate channel ofaddressing them. Sometimes an organization takes help of another organizationspecialized in indentifying leads. Some software tools which can present detailanalysis of the leads are also available in the market.

 There are mainly two types of leads:

1. Sales Lead: 

It is a generic type of lead in which a potential customer expresses his/herinterest in a particular type of offer instead of specific company or brandassociated with that offer.

e.g.) A person willing to opt for a life insurance policy but needs information onvarious policies before finalizing one policy is a sales lead for all insurancecompanies.

2. Marketing Lead: 

Here the customer specifically mentions the name of the company or brand inwhich he/she is interested.

e.g.) A person looking for Reebok retail outlet to buy shoes is a marketing lead forReebok company and cannot be taken away by Adidas or Nike.

60.  Logo

  Logos are graphical symbols or icons used by public enterprises,organizations or individuals to aid public recognition of their business orventure. Logos represent company brands and identities and logos onproducts enable instant customer recognition of the company/brand.

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  Logos can be plain graphical symbols (car logos) or wordmarks composed ofthe organization‘s name (IBM).

  Logos  involving ideograms and symbols facilitate cross-language marketingand hence are more effective compared to logos having alphabets in the native

country‘s language. An effective logo must have both an icon or symbol and alogotype (company name) to emphasize the company‘s name over the graphic.Some large corporations like MTV, Google etc have adopted dynamic logoswhich change their settings over time.

  Logos and their design can be protected by copyrights. In case anyone tries tocopy an existing logo, it is an offence called Copyright infringement punishableunder the Copyright Law. Same colours can be used by different companiesfor their logos but the design or symbols cannot be reproduced. 

61.  Macro Environment

Factors affecting a decision are called its environment.

Macro environment refers to the external environment- the conditions that existin the overall economy. It is not bound by geography and has direct bearing onthe operations of a company.

 The degree to which the company would be affected by the macro environment isdetermined by the extent to which the company is dependent on the health of theeconomy and its resources.

Some of the macroeconomic factors affecting a company‘s performance are: 

  Gross Domestic Product (GDP)    Inflation    Weather conditions    Monetary Policy    Fiscal Policy    Employment Etc.

Example :   An increase in inflation would cause the prices of goods to rise andhence, the consumption will fall. Similarly, a rise in per capita income wouldincrease the willingness to spend and people would start consuming more. 

62.  Mark-up

Mark-up refers to the percentage increase or simply increase OVER the costincurred in a product. It is in contrast to Mark-Down which is a discount offeredon the selling price.

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Eg. Rs 8 is the cost of a CHIPS PACKET, and the producer wants a 25 % markup, the mark-up price would be

Rs8 + 25% of Rs 8

i.e, Rs 8 + Rs 2=Rs 10

Hence the chips would reach the retailer at Rs 10 Mark-up.

63.  Markdown

Markdown refers to the reduction in the prices of the articles from the MRP orcost when the same are being sold to the Distributors and the dealers.

Eg. A chips packet‘s MRP is ` 10 then a mark down of 20% will result in thedealer getting the same for `8 .Hence it would be`8 at 20 % mark down.

Please note that in this case a 20% mark down is equal to a 25% mark up.

64.  Market Challenger

A firm that is just a notch below the market leader and is a leadership contenderin its own rights, when comes up with strategies to uproot the dominance of the

leader, can be termed as a market challenger.A market challenger can try the established tricks of the trade such as pricereduction, product differentiation or altogether a new strategy by launching anew product to change the entire playing field.

65.  Market Positioning

 The process of creating an image or establishing a utility of a product amongstthe target consumers is known as Market positioning. The product may havemany uses or difference in quality, but it is the positioning that determines thedemand that it will generate from the customers.

Eg. All 100-150 motorbikes work on a similar design and have the same utility oftransportation but the positioning is done in a different manner. In case of HeroMoto corp.,CBZ was positioned as stylish and glamourous with speedperformance , while CD DAWN was positioned as high mileage bikes. Passionfetches a decent mileage but it was not positioned as fuel efficient, rather it wasan urban bike.

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66.  Market-penetration Pricing

As the name suggests, Market Penetration Pricing, is the mechanism in whichthe prices of the product are kept low at the start so that large sales volumes canbe achieved. This is manly done keeping the price-sensitive customer in mind,who are higher in numbers and play an important part in the sales volume.

 The ‗Market-penetration price‘ guarantees- higher sales, shifting of customer base

and most importantly the ‗Break-in‘ in the market. So, later when the productestablishes, a premium could be charged.

67.  Market-skimming Pricing

Market skimming price is a high price of a particular product that exist for aperiod of time depending on the nature of product, its substitute and the

demand. The prices is charged with an intention of making the most of themarket.

 The following conditions are a prerequisite for market skimming pricing-

  Exclusivity ( Apple Ipod, Iphone)  Very High Demand of the product  Absence of a substitute or a competitor

68.  Marketing Audit

Marketing Auditing is a tool used to know about the progress in the particularmarketing job undertaken. It is conducted at various stages of the marketing.

It involves the internal as well as the external parameters.

Internal Processes-Internal parameters constitute of the marketing mix(Product, Place, Price Promotion), Labours, investment, machines, marketing

team etc.

External Processes-External processes consist of positioning, segmentation,consumer beliefs, buying behaviour, customer relationships etc

69.  Marketing Mix

The marketing mix is a business tool used in marketing and by marketingprofessionals. The marketing mix is often crucial when determining a product orbrand's offering, and is often synonymous with the fourPs: price , product , promotion , and place ; in service marketing, however, the fourPs have been expanded to the Seven Ps or eight Ps to address the differentnature of services.

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 An example of a marketing mix restaurant is McDonald's Restaurant. Marketingmix is a strategy that is used by firm to penetrate the market and an example ofthe marketing mix is the product. 

70.  Marketing Strategy

Marketing strategy  is defined by David Aaker as a process that can allow anorganization to concentrate its resources on the optimal opportunities with thegoals of increasing sales and achieving a sustainable competitiveadvantage.[1] Marketing strategy includes all basic and long-term activities in thefield of marketing that deal with the analysis of the strategic initial situation of acompany and the formulation, evaluation and selection of market-orientedstrategies and therefore contribute to the goals of the company and its marketingobjectives 

Example = If you are a florist, you can lend decorative plants to a functionattended by your target market in exchange for signage. If you own a restaurant, you could set up a concession stand at high school sports events, donating theprofits to the school in exchange for product sampling. If you are a car dealer, you can lend cars for parade use. 

71.  Maximum Retail Price

Maximum retail price is the price that can be charged from the consumer. Itincludes all the taxes levied on the product.

 The consumer however, can purchase the products at lower price. In fact, aconsumer can even bargain on the MRP.

72.  Pay-Per-Click

Pay-per-click is an online marketing technique used by companies to reach itstarget audience effectively but at a cheaper cost.

 To achieve this, a company creates an advertisement and creates keywordsrelated to the organisation. These keywords appear in the search results of anonline search engine viz. Google, Bing, etc. and are thus visible to all. Companiesbid to appear at higher positions in the search results. If the individual clicks thelink, (s)he is redirected to the company‘s website. For this advertising, thecompany is charged a nominal amount only when its link is clicked upon by theuser.

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Recently, this process is being successfully employed by many companies in theirrecruitment process as far as the arena of human resources is concerned. Typically a company opens up this process for a specific time interval, say twomonths, during recruitment. The interested applicants click and are navigated tothe company‘s website. 

 This method has several advantages over traditional recruitment advertisement.

Advantages 

1.  Cheaper, yet focussed recruitment strategy. Appropriate use of keywordsincrease the conversion ratio, i.e. fraction of applicants among all thevisitors.

2.  This method has been reported to bring in higher quality applications also.

73.  Personal Selling

It is when an individual salesperson sells a product, service or solution to aclient.

Here the salesperson uses his skills and techniques to sell a product and thusboth attain value in this transaction.

Kotler describes 6 roles for the sales force for personal selling

  Prospecting  Communicating  Selling  Servicing  Information gathering  Allocating

Example: - 

 The selling which occurs face to face or door to door or it can be over the phone iscalled personal selling.

74.  PLC Product Life Cycle

PLC stands for Product Life Cycle and deals with the various stages that aproduct goes through in the market and the business it does.

From the above graph, it is clear that sales vary with time and hence thestrategies used in each of these stages should be different.

Introduction stage  –  In this stage, sales maybe low and hence the profit wouldbe low. The firm has to engage in heavy promotion to create awareness about the

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product in the market. Cost plus formula is generally used for determining theprice of the product.

Growth stage  –   Sales in this period are rapidly rising and so are the profits.Promotion is not that aggressive. However, firms do offer warranties and otheroffers to promote the product. The main aim is to increase the market share.

Maturity stage  –   In this stage, sales have reached a peak and even the profitshave reached the peak. Here the strategy is to maximize profits and also retainthe market share. The firm also tries to price the product in the same range asthat of the competitor. The firm tries to diversify and bring in variations bycreating newer models. Thus, strong distribution networks are built and thepromotion is increased to create awareness about the new brands.

Decline stage  – Here, both sales and profits are declining. The strategy is to incurminimal or no expenditure on this product and milk it as much as possible

before it declines completely. Hence prices are cut. Promotion is minimized.

75.  Poison Pill

A poison pill  is an anti-takeover strategy used to prevent hostile takeovers orcorporate raiding and aims at making the transaction being pursued by a hostile

bidder extremely unattractive from an economic perspective. It derives its namefrom the cyanide pill that secret government agents are said to be instructed toswallow if capture is imminent.

 The Poison pill provision entrusts existing shareholders (except the hostile suitor)to purchase the targeted stocks at a price significantly lower than the marketprice resulting in the dilution of the economic interests of the suitor by makingthe target economically unattractive and impractical.

 To pursue this provision, it is essential that the same is incorporated in thecompany‘s charter and is triggered by events specified therein such as the

announcement of a cash tender offer or the acquisition by an outsider of aspecified percentage of the target's shares. Currently, the most widely usedpoison pills are "call plans" that combine the features of ―Flip in‖ (right topurchase additional shares of the company) and ―Flip over‖(right to acquireshares of the acquirer).

76.  Porter Five Forces Model

It is a strategy model proposed by Porter which provides a framework forassessing and analysing the competitive strength and position based on 5parameters of an organization.The Porter 5 forces are 

  Existing competitive rivalry between suppliers

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   Threat of new market entrants  Bargaining power of buyers  Bargaining Power of suppliers   Threat of substitute products (including technology change)

77.  POS (Point Of Sale)

POS is a point where final payment or transaction is completed for purchasedgoods and services. It is sometime referred to as Point of Purchase also. Acustomer initially decides upon the product to purchase which is brought to POSto complete its transaction. All these data is stored as Point of Sale data in adatabase.

Example: Intel sells its Chip products to its national distributor where thetransaction is captured in the database. Further this distributor sells it to itsresellers spread across the globe and all this is captured in a POS database. Ithelps to keep record of all the transactions that have taken place and alsoenables to study its customers buying pattern as well.Also POS systems have helped retail malls to revolutionize industry. It usesvarious state-of-art technologies to capture and store data into its databasesystem. The same data is used to improve customer‘s next purchase by studyingits purchase habits and requirements.

78.  Premium Pricing

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 Premium Pricing is the practice of keeping high prices for the productscompared to its competitor‘s one in order to maintain exclusivity of the products.Generally, a perception of customer is that product will be exceptionally of highquality and thus is highly priced. Taking advantage of this, many manufacturerspractice premium pricing for their products where some are not upto the qualityexpected by a customer.Premium pricing  can be practiced when a company‘s brand value is high or

when product produced have unique features or when competition is low.Like, Sony,  while introducing its Walkman, practiced premium pricing

and gained the control of market. Generally, companies choose markets whereconsumers are ready to pay more and hence take advantage of it by practicingpremium pricing. ExampleConsider a PQR company. Company manufactures sports shoes which haveunique features like metal lining, rubber sole, mesh body, cushion feel, waterproof cover, lightweight, durable etc. Then, company may price it at Rs.5000whereas competitors‘ shoes can be obtained at Rs.1000 to Rs.2500. Here we cansee that company PQR practices Premium Pricing due to unique features of itsproduct.

79.  Pricing Strategies

Pricing Strategies determine the pricing model that is compatible with the target

market and is consistent with the pricing objectives. Pricing objectives can eitherbe to obtain a target return on investment or to grab a target market sharea) Cost Based Pricing b) Demand Based Pricing c) CompetitionBased Pricing 

80.  Primary Data

In primary data collection, you collect the data yourself using methods such asinterviews and questionnaires. The key point here is that the data you collect isunique to you. The research should only be accessible to you or the people youwant to. The data generated may be qualitative (usually in the form of words) orquantitative (usually in the form of numbers).this is the data observed orcollected directly from first-hand experience

Methods of collecting primary data are: -

  Questionnaires  Interviews  Focus group interviews  Observation  Case-studies  Diaries

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  Critical incidents  Portfolios.

81.  Primary Demand

Primary demand is when a potential buyer or prospect or client is showinginterest or planning to buy your product or service for the first time.So it is very important to educate and give all the information to the customer ofwhat you are selling before he shows interest in a competitor‘s product. 

Example: -When you tell someone about any new product and he shows interest in it.

82.  Product Lifecycle

Any new product undergoes different stages from introduction to growth, thenmaturity and finally decline. This is due to the changing marketing situation andthus impacts the product marketing strategy and marketing mix.

Different stages for product life cycle are: -  Market introduction stage: - company builds product awareness and tries to

develop a new product for the market  Growth Stage: -firm tries to increase the market share and brand preference  Maturity stage: -firm tries to defend the market share as there is competition and

there is reduction in sales  Decline stage: -here the sales decline drastically.

Example: - Product life stages and the respective strategies

83.  Product Mix

It is the total number of product lines the company offers to its customers. Thatis all the products sold by the company. They are generally marketed together asthey earn more revenues as compared to individual selling of the products.Product mix is measured based on: -

  Depth  Length  Consistency

  Width  Product market mix strategy

Example: - Electrical distributors product mix

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84.  Promotion Mix

Incorporation of all the fundamentals of promotion mix is essential to meet theinformation requirements of all objective customers. This basically means thatthe endorsement/promotion mix is not considered to please only the potentialbuyer or only the habitual buyer.

 There are six main rudiments in a promotional mix: -1. Advertising2. Personal Selling3. Publicity & Sales promotion4. Corporate image5. Exhibitions6. Direct Marketing

85.  Psychological Pricing

It is a concept which states that certain prices have impact on buying power. These prices catch the eye of the customer and results into buying of theproduct. These are also referred as magic prices or charm prices.Customers buy with certain prices or price levels.

Advantages: -   Overall improvement

  Emotional based pricing

Dis-advantages: -  Calculation complication

Example: - Rs.99 instead of Rs.100 creates a psychological impact. Thedifference is just 1 rupee but it looks less than hundred. In the end you mightend up paying 100 in both the casesBata uses this psychological pricing in all its products. All products are pricedlike 999.99, 399.95 etc

86.  Public Relations

It is the flow of information from an individual or a company or an organizationwith the public. It helps the company to build its brand image as well as put adistinct view in the minds of the customers and its stakeholders. It helps thecompany to build its reputation.

Examples: -   Public events  Talk shows  Social media  Writing books about the company or organization

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87.  Pull Strategy

A ―pull‖ selling strategy is one that requires high spending on advertising and

consumer promotion to build up consumer demand for a product.In this you motivate your customers to seek your brand in an active process.

Different Types of pull tactics are:-   Advertising and mass media promotion  Word of mouth referrals  Sales promotions and discounts

Mostly all the marketing campaigns by a company are considered as Pull strategyand sales promotions as Push Strategy.

88.  Push Strategy

A ―push‖ promotional strategy makes use  of company‘s sales force and tradepromotion activities to create consumer demand for a product.Different Types of push tactics are:- 

  Trade show promotions to encourage retailer demand

  Direct selling to customers in showrooms or face to face  Packaging design to encourage purchase

Example: - McDonalds uses push strategy to sell its products. Even retail storeslike Big Bazaar make use of Push strategy by offering sales promotions like buy 1get 1 or buy 3 get X% discounts.

89.  Referral

re•fer•ral 

n. 1. an act or instance of referring.2. the state of being referred.3. a person referred or recommended to someone or for something.

  a person whose case has been referred to a specialist or professional group;

"the patient is a referral from Dr. Bones"

  case - a person requiring professional services; "a typical case was thesuburban housewife described by a marriage counselor"

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  a recommendation to consult the (professional) person or group to whom onehas been referred; "the insurance company says that you need a writtenreferral from your physician before seeing a specialist"

  recommendation - something (as a course of action) that is recommended asadvisable

  the act of referring (as forwarding an applicant for employment or referring a

matter to an appropriate agency)

  forwarding - the act of sending on to another destination; "the forwarding ofmail to a new address is done automatically"; "the forwarding of resumes tothe personnel department"

  remit, remittent, remission - (law) the act of remitting (especially the referral ofa law case to another court)

90.  Reverse Psychology

Reverse Psychology is a technique adopted by making a person do something bysuggesting to do the opposite of what is desired . It works because people areself-defiant & reactive and will always try to work in a contrary manner. Thistechnique is especially used by parents upon their children threatening them notto do something whereas when they actually want them to do it.

It is one of the increasingly used techniques by Marketers around the world thesedays. In traditionally used marketing techniques, Push Strategy is employedwhere the marketer promotes the brand through various promotions &advertising and tries to convince the consumer to buy a product.

But in Reverse Psychology marketing, the opposite approach - Pull strategy  isemployed where the brand draws in the consumer. There are many ways inwhich marketers adopt this technique of marketing.

  One way is where brands are promoted as exclusively for one group by

explicit mention (For eg: This product is for “Men Only”/ “Youth only” /“Not for Women”)   One more way is where the brand is shown as being used by popular

personalities in the society This invokes interest in consumer‘s minds and influences them to try theproduct. After they try the product and become satisfied, they spread theawareness by ‗word of mouth‘. 

91.  Secondary Data

Secondary data  is essentially information that is already available and whichhad been previously collected for some other purpose. The major advantage of Secondary data in any research is that it is:

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  Cost effective  Time saving  Helps identify gaps in the primary data and streamlines research  Provides a basis for comparison to arrive at a research finding

Sources of Secondary data can be either published or unpublished sources.Published sources include published reports of the Government, publications offoreign Government, Journals, magazines, periodicals, reports of economists,scholars, bureaus etc.

Unpublished sources include research work of teachers, scholars andprofessionals, records of private firms and government departments etc.

92.  Service Level Agreement (SLA)

Service Level Agreement or SLA is a contract between a service provider and itscustomer. The contract specifies the level of service the customer is buying or theservice provider is providing. More generally, internet service providers (ISP) thesedays provide service level agreements to the customers explaining in simplelanguage the levels of service being bought by the customer.Recently, IS departments in organizations have introduced the concept of SLAs inthe system so that their customers i.e. personnel from other departments have afair understanding of the service in a measurable, justifiable and a comparablemanner.Apart from description of the services being provided, the SLA should alsoinclude metrics to measure performance. Some of the popular metrics found inSLAs are:

  Percentage of time service will be unavailable  Service rate  Response time  No. of users who can be served simultaneously

Example: Common examples of SLAs would include all agreements you as anindividual accept each time you install an application on your computers,laptops, PCs, smart phones, etc. A specific one would be something like theagreement Microsoft makes you accept before installing its products.

93.  Simulation Modelling

Simulation Modelling helps to operate the model in different ways. Usually themodel is operated in a single way for what it is formed but with the help ofsimulation various experiments can be performed to reconfigure the modelaccording to the changes in the industry.For example: The simulation model, MarkStrat helps you act virtually like a real

market in which different factors including products, production, expenses, salesforce etc. can be altered for the company according to the changes in the industryand the results from this simulation model can be used to interpret the results inthe real world in the industry.

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94.  Strategic Groups

Strategic Groups refers to a group of companies who follow the samestrategy  within a particular industry. A company which operates in anindustry can have different business segments catering to different markets. Foreach of these segments, there will be a unique market characteristic, operating

environment, threats and opportunities. So companies that operate under thissegment will all have same strategies and therefore are called strategic groups. The term was coined by Michael S. Hunt, a Harvard Professor in his 1972Doctoral Thesis report. He was studying the appliances industry anddiscovered ‘sub - groups’  within the industry that showed high competition.Let us take the example of aviation industry. There are different segments withinthe industry like luxury class, economy class, business class etc. Thecharacteristic of luxury class segment will be different from that of an economyclass segment. Companies that operate under luxury class segment face thesame kind of competition in the market. Hence their strategic behaviour andperformance will be similar.

95.  Target Costing

 Target costing is a process of determining the actual cost price of any product orservice after considering the desired profit margin behind the same.It helps in completing the product within the set price by changing the process

for the same or by making the existing process more efficient.Formula ~ “Target Cost = Expected selling price –  Desired profit” 

96.  Telemarketing

Telemarketing is a marketing method in which the salesperson promotes hisproducts or services to the customers through tele services such as phone or webconferencing. It can either be live marketing by a salesperson or marketingthrough some recorded voice.It is considered as the most interactive method of marketing. It is an adaptiveform of marketing which allows a salesperson to adapt his marketing strategybased on the customer he is talking to over the phone. This method is consideredannoying by many customers. Also, many scams have been reported against this.Eg  –  We all are familiar with the banking agents calling us for promoting theirloan schemes or their credit cards. And most of us get annoyed on receiving suchcalls. This is an example of live telemarketing.

Another familiar example could be the robo-call or recorded call that we get frommobile service providers telling us about their ringtones, hellotunes, etc.

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 97.  Test Marketing

 Test marketing is done before launching a new product or before launching amodified product. This is done to gauge the response of the consumers and iscompared with the expected response and the required changes are made then.Sometimes it so happens that because of the poor response the product as awhole is also scratched. Test marketing is a part of pilot testing of the product.

98.  Third Party Endorsement

Solicited or unsolicited recommendation or testimonial from an entity (usuallya customer or user)  other than the manufacturer and seller ofa product or service. 

Third party endorsement is defined as solicited or unsolicited recommendationfrom an entity or individual who is neither manufacturer nor seller of theproduct/service. This recommendation maybe from loyal customer or from abusiness associate who are well known to the customers.

 Third Party Endorsement is a powerful tool as it persuades or convincesconsumer to buy a certain product/service and consumer goes ahead with it ashe/ she trusts the endorserExamples (Expert Endorsement) :Mike Goulian, famous American aviator, endorses brand

Castrol.(Media Endorsement) :Newspaper ―The Hindu‖ is endorser of managementcollege, IIPM.(Celebrity Endorsement): Shahrukh Khan is endorser of brand Pepsi in India.

99.  Viral Marketing

Viral marketing, viral advertising, or marketing buzz are buzzwords referringto marketing techniques that use pre-existing social networking services andother technologies to produce increases in brand awareness or to achieve othermarketing objectives (such as product sales) through self-replicating viral processes, analogous to the spread of  viruses or computerviruses (cf. Internet memes and memetics). It can be delivered by word ofmouth or enhanced by the network effects of the Internet and mobilenetworks.[1] Viral marketing may take the form of  video clips, interactive Flash games, advergames, ebooks, brandable software, images, textmessages, email messages, or web pages.  The most common utilized

transmission vehicles for viral messages include: pass-along based, incentivebased, trendy based, and undercover based. However, the creative nature of viralmarketing enables an "endless amount of potential forms and vehicles themessages can utilize for transmission", including mobile devices.Example = Hotmail 

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