Marketing Management Test - 3

7 important factors that determine the fixation of price are:
(i) Cost of Production:
(ii) Demand for Product:
(iii) Price of Competing Firms:
(iv) Purchasing Power of Customers:
(v) Government Regulation:
(vi) Objective:
(vii) Marketing Method Used:

A true salesperson has the following characteristics that they use consistently to succeed in making those important sales.
Conscientiousness.
Respectful.
Initiative.
They listen.
Persistent.
Coachable.
Positive.
Resourceful.

Marketing function types within a larger business might include performing market research, producing a marketing plan, and product development, as well as strategically overseeing advertising, promotion, distribution for sale, customer service and public relations.

Factors Determining Choice of Channels of Distribution:
1. Product Related Factors
2. Company Characteristics
3. Competitive Factors
4. Market Factors
5. Environmental Factor

The product concept is based upon the idea that customers prefer products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.

The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.

Manufacturer to Wholesaler to Retailer to Consumer For small retailers with limited order quantities, the use of wholesalers makes economic sense. Wholesalers buy in bulk from producers and sell smaller quantities to numerous retailers. But large retailers in some markets have the power to buy directly from manufacturers and thus cut out the wholesalers. These big retailers are also able to sell at a cheaper rate to consumers than retailers who buy from the wholesaler.

SWOT Analysis is a strong part of marketing. The SWOT analysis will be a useful tool in developing and confirming your goals and your marketing strategy.

Secondary packaging is intended to protect not only the product, but also the primary packaging, which often is the packaging most visible to the consumer in retail displays.

Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates.Sales promotions can be directed at either the customer,sales & staff, or distribution channel members (such as retailers).