Marketing Management Job Interview Question and Answer
1 : What is
Marketing Management?
Ans: Marketing management is a social and managerial
process by which people or companies obtain what they need or want by creating,
offering and exchanging valuable products with each other.
2: What is
Market?
Ans: A market consists of all potential customers who
share particular needs / wants and who may be willing and able to participate
in an exchange to satisfy needs / wants.
3 : What is
Marketing?
Ans: Marketing is about buying and selling.
4 : What are the
Core concepts of Marketing?
Ans:
* Need/want/demand.
* Product/goods/Services.
* Relationship/Network.
* Value/Cost/Satisfaction.
* Market.
* Exchange/Transaction.
* Marketers/Prospects.
5 : What are
core Competencies?
Ans: Core competencies are the resources and capabilities
that comprise the strategic advantages of a company. A modern management theory
holds that a company must define, cultivate and exploit its core competencies
to be successful against the competition. Example: supervision, team building,
performance management, delegation, communication skills, etc.
6 : What are
the States of Demand?
Ans:
* Negative
Demand- Injection
* No demand-
Segway
* Declining
Demand- Scooters
* Latent Demand-
Mobile
* Overfull
Demand- Sim Card
* Irregular
Demand- Toothpaste
* Unwholesome
Demand- Cigarettes
7: What
are the tasks necessary for successful Marketing Management?
Ans:
* Develop the
vision before the strategy. Vision and strategy are important to the success of
our marketing.
* Focus on the
customer experience.
* Create a
marketing calendar.
* Become the new
media company
* Adapt the
engagement model.
* Develop a
selling process.
* Educate to
generate and close.
8: What is Environmental Scanning?
Ans:
Environmental scanning is the continuous monitoring of trends and events in the
internal and external environment of an organization that influence its
success, now and in the future. The results are extremely useful in shaping
goals and strategies.
9 : How many Forecasting Demand?
Ans:
There are four steps in any total-market forecast:
* Define the
market.
* Divide total
industry demand into its main components.
* Forecast the
drivers of demand in each segment and project how they are likely to change.
* Perform Sensitivity
analysis to understand the most critical assumption and measure risks to the
baseline forecast.
10: What is SWOT analysis?
Ans: SWOT stands
for Strengths, Weaknesses, Opportunities and Threats and therefore a SWOT
analysis is a technique for evaluating these four aspects of our business.
11: What are the External Factors?
Ans:
* Competition
* Economics
* Legal Issues
* Technology
4 P's =
Product/Price/Place/Promotion
12. What is conducting Market Research?
Ans:
Market research is the systematic collection, recording and analysis of
qualitative and quantitative data on issues related to marketing products and
services.
13. What is Customer Value?
Ans:
Customer value measures the value of a product or service and compares it with
its possible alternatives. This determines whether the customer feels that they
received enough value for the price they paid for the product / service.
14. What is Customer Satisfaction?
Ans:
Customer satisfaction is defined as a measure of how satisfied customers are
with a company's products, services, and capabilities. Information on customer
satisfaction, including surveys and ratings, can help a business determine the
best way to improve or change its products and services.
15. What is Loyalty?
Ans:
The status or quality of being loyal; fidelity to commitments or obligations.
Faithful adherence to a sovereign, government, leader, cause, etc. An example
or instance of fidelity, adherence or the like: a man of fierce loyalties.
16. What is Customer Retention?
Ans:
The definition of customer retention in marketing is the process of engaging
existing customers to continue to purchase products or services from our
business.
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