Terminologies or glossaries are some commonly used terms and questions. This directory includes some commonly used terms and questions for different business majors. Knowing this terms will allow a person to have the basic understanding of the specified area. It will be advantageous for the job interview and other discussions.

Q 1: What is marketing? What are its core concepts?

Marketing can be referred to as a form of communication with your customers, with the help of marketing tools. It means building profitable relationships with the customers. Core concepts of marketing are- Need, want, demand, customer value, satisfaction, competition, exchange and transaction, segmentation, targeting, positioning, supply chain.

Q 2: Define Marketing Environment.

Micro Environment: The company, supplier, marketing intermediaries (Resellers, physical distribution firms, marketing service agencies, financial intermediaries), Competitors, and customers.

Macro environment: Demography, Geography, economic, political, cultural.

Q 3: What are the major factors influencing buying behavior?

Personal factors can be related to the persons’ age, sex, race, religion, occupation, educational qualifications, level of authority etc.....

Q 4: What are the stages of buying decision process?

Stages of buying decision process: Problem Recognition, Information search, Evaluation of Alternatives, Purchase decision, Purchase, Post-Purchase Evaluation.

Q 5: Define Business market and Consumer market.

Business market in simple words is business to business market where in the products or services of a particular organization are sold to or purchased by other organization or business.

Consumer market means who purchase the products for personal consumption.

Q 6: What are major types of buying situation?

1. Straight rebuy: Buyer reorder something without any modification.
2. Modified rebuy: Buyer wants to modify product specification, price, terms or suppliers.
3. New Task: Buyer purchases the product for the first time.

Q 7: Who are the participants in the business buying process?

Buying center: All individuals play role in the purchase decision making process.

Users: who will actually use the product?

Influencers: affect the buying decisions.

Buyers: make the actual purchase.

Deciders: have formal and informal power to select the final suppliers.

Gatekeepers: Control the flow of information to others.

Q 8: What are the qualities of useful market segments?

A market segment must have the following qualities- Measurable, accessible, substantial, differentiable and actionable.

Q 9: What is PLC? What are the stages of PLC?

Product life cycle refers to the presence of the product in the marketplace with respect to the ups and down in its business costs and sales activities. Stages are: Introduction, growth, maturity and decline.

Q 10: What is Oligopoly? Give some examples of oligopolistic markets.

The market consists of a few sellers who are highly sensitive to each other’s pricing and marketing strategies. The product can be uniformed or ununiformed, e.g. Telecommunication.

Q 11: What is monopoly? Explain with an example.

The market consists of many buyers and sellers who trade over a range of prices rather than a single market price e.g. Furniture, Wearing etc.

Q 12: What is pure competition? Explain with an example.

The market consists of many buyers and sellers trading in a uniform commodity. e.g. wheat, financial securities etc.

Q 13: How do sellers respond to price changes of their competitors?

Competitor’s cost, price and market offerings.

Q 14: How do buyers respond to price changes?

Consumer will base their judgments of a product’s value on the prices that competitors charge for similar products.

Q 15: What is direct marketing? Give some examples.

Direct communications with carefully targeted individual consumers to both an immediate response and cultivate lasting customer relationship. e.g. Call any service holder to take credit card over cell phone.

Q 16: What is the difference between a marketing mix and a promotional mix?

Marketing mix: 4P (Product, price, place, promotion)

Promotion mix: Advertising, Sales promotion, personal selling, public relation, directs marketing.

Q 17: What is sales promotion?

Short-term incentives to encourage the purchase or sale of a product or service. e.g.10% discount, Pantene offers buy one get one.

Q 18: What is public relation?

Building good relations with the company’s various publics by obtaining favorable publicity, building up good corporate image, and handling or heading off unfavorable rumors, stories and events.