MARKETING IMPORTANT QUESTIONS After having a look on this material you are recommended to go through the online aptitude tests provided in our site to improve your time management which is one of the success factor in competitive examinations. You should practice good number of online exams to get confidence hence you are recommended to go through the online test for SBI PO for various sections like computer knowledge, general awareness, arithmetic and reasoning. Here you go Analysis In marketing and other social science disciplines, a variety of statistical and non-statistical methods are used to analyze data, instead of sheer intuition, or simple descriptive Statistics– which have been the norm in the library filed. Aggregation A concept of market segmentation that assumes that most consumers are alike. Advertising The placement and purchase of announcements and persuasive messages in time or space in any of the mass media by business firms, non-profit organizations. This has not been a traditional method for libraries of informing the public, but rather public service announcements, which are placed at no cost, are the norm. Activities, interests, and opinions (AIO) A measurable series of psychographic (as opposed to demographic) variables involving the interests and beliefs of users. Note, because psychographics are usually expensive to gather, yet offer a more precise profile of users, demographic variables are usually relied upon. Acquisitions value The users’ perception of the relative worth of a product or service to them. Formally defined as the subjectively weighted difference between the most a buyer would be willing to pay for the product or service, less the actual price of the item. Time user must spend to ‘acquire’ is often used as a surrogate for ‘relative worth or price paid,’ in library research. For example, a user might be willing to expend drive time and a brief time in the library to check out a best seller, but not wait two weeks for a copy to be returned. Accountability Libraries like private sector businesses are increasingly called upon to make all units accountable for results. Growing funds are needed for technology as opposed to only books. Funders often cut the library budget first, in favour of other agencies such as police and fire or other seemingly, more necessary agencies. Libraries are developing better performance measures within the present day control systems to offer better accountability. Audience The number and/or characteristics of the persons or households who are exposed to a particular type of advertising media or media vehicle. In a library this could be a certain number of people that attend a library program. Audit The process of reviewing the library’s strengths and weaknesses (internally), and opportunities and threats (externally) to shed light on the agency’s performance. Balanced stock The composition of merchandise inventory in the colors, sizes, styles and other assortment characteristics that will satisfy user wants. For the library this would mean, services and materials based upon users wants and needs. Barcode An information technology application that uniquely identifies various aspects of product characteristics, increasing speed, accuracy, and productivity of distribution process. Most library materials are barcoded for security. Brand A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name. Library could be considered a trade name. Channel of distribution An organized network of agencies and institutions which in combination perform all the functions required to link producers with end customers to accomplish the marketing task. For a library this would include vendors, publishers as well as library facilities. Circulation The number of copies of a print advertising medium that are distributed. For the library field, this is numbers of items checked out by users. Consumer The ultimate user of goods, ideas or services. Also the buyer or decision maker, for example, the parent selecting children’s books is the consumer. Core product The central benefit or purpose for which a consumer buys a product or service. The core product varies from purchaser to purchaser. For a library user the core benefit of checking out a book, may be for one user that there is no charge, and to another the availability of a work which can no longer be purchased. Customer The actual or prospective purchaser of products or services. The library user is the library’s customer. Decision support system (DSS) A decision support system (marketing definition) is a systematic collection of data, techniques and supporting software and hardware by which an organization gathers and interprets relevant information from business and the environment and turns it into a basis for making management decisions. A DSS differs from a management information system in that it is designed to answer precise questions and what/if questions. An example would be, ‘What affect on system library use will there be if Branch X is closed?’ DE marketing The process of reducing the demand for a product–or decreasing consumption. For example, the library discontinues offering income tax assistance and forms. Direct marketing Marketing efforts, in total directed toward a specific targeted group–direct selling , direct mail, catalog or cable–for soliciting a response from customer. A library may mail a library registration card to every new mother in the hospital. Dwell time The amount of time a customer/user spends in time waiting in line. For a library user this is a price expended. Eighty-twenty principle The situation in which a disproportionately small number (e.g., 20%) of staff, products or users generate a disproportionately large amount (e.g., 80%) of a firm’s use/profits. A use analysis should be conducted to determine what the cause is. Exchange All activities associated with receiving something from someone by giving something voluntarily in return. This is the heart of the marketing process . A library user gives time instead of money to borrow materials, but it is still an exchange Goods A product that has tangible form in contrast to services that are intangible. A book versus a story read. Market – The set of actual or potential users/customers. Market area A geographical area containing the customers/users of a particular firm/library for specific goods or services. This would be determined by geocoding library users’ addresses and determining the boundaries of the primary geographic market. Market demand The total volume of a product or service bought/used by a specific group of customers/users in a specified market area during a specified period. For example, the demand for best sellers during the fall. Market development Expanding the total market served by 1) entering new segments, 2) converting nonusers, 3) increasing use by present users. Market positioning Positioning refers to the user’s perceptions of the place a product or brand occupies in a market segment. Or how the company/library’s offering is differentiated from the competition’s . For a library a competitor may be another public agency competing for public funds. What unique niche does the library serve when competing against police for same $$ Market profile A breakdown of a facility’s market area according to income, demography, and life style (often.) Market research The systematic gathering, recording and analyzing of data with respect to a particular market, where market refers to a specific user group in a specific geographic area. Market segmentation The process of subdividing a market into distinct subsets of users that behave in the same way or have similar needs. Segments for the library could be demographic (Asian); geographic (branch-level); psychographics (leisure-oriented); customer size (largest user group area); benefits (have children in the home learning to read.) Market share A proportion of the total sales/use in a market obtained by a given facility or chain. Branch A has 35% of the system’s circulation. Marketing The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing channel A set of institutions necessary to transfer the title to goods and to move goods from the point of consumption. (Vendors, publishers, library facilities.) Marketing mix The mix of controllable variables that the firm/ library uses to reach desired use/sales level in target market, including price, product, place and promotion- 4 P’s. For a library this would be embodied in price of user’s time to access goods, a product would be a book or story time, place is a branch or bookmobile, and promotion is publicity, displays etc. Marketing opportunity – An attractive arena of relevant marketing action in which a particular organization is likely to enjoy a superior and competitive advantage. The library is selected to host the community heritage festival which is funded by the city. Marketing plan A document composed of an analysis of the current marketing situation, opportunities and threats, analysis, marketing objectives, marketing strategy, action programs, and projected income statement. This could be very similar to a library’s long range plan. Maturity stage of product life cycle Initial rapid growth is over and use/ sales level off. Non-profit marketing The marketing of a product or service in which the offer itself is not intended to make a monetary profit for the marketer. Penetrated market Actual set of users actually consuming the product/ service. Point-of-purchase Promotional materials placed at the contact sales point designed to attract user interest or call attention to a special offer, e.g., ‘Sign up for Summer Reading Program.’ Point-of-sale (POS) A data collection system that electronically receives and stores bar code information derived from a sales transaction. This could the zip codes for library users, facilitating the library in determining geographic market are that users reside in. Potential market – Set of users who profess some level of interest in a designed market offer. Price The formal ratio that indicates the quantities of money goods or services needed to acquire a given quantity of goods or services. For a library user price may come in the form of time the library users must expend to obtain library materials or services. Private sector Activities outside the public sector that are independent of government control, usually, but not always carried on for a profit. Product A bundle of attributes or features, functions, benefits and uses capable of exchange, usually in tangible or intangible forms. The library’s products include materials to use, questions answered, storyhours, online searching, etc. Product life cycle The four stages products go through from birth to death: introductory, growth, maturity, and decline. Product mix The full set of products offered by an organization e.g., books, videos, storyhours, etc. Product positioning The way users/ consumers view competitive brands or types of products. This can be manipulated by the organization/ library. The library’s video collection, available for free, is competitive with local video stores that charge, if video collections are comparable. If the collections are not, the library is differentiating the video collection from the video store. Quality control An ongoing analysis of operations, to verify goods or service meet specified standards, or to better answer customer/user complaints. Libraries have been criticized for not employing more quality control standards on library services. Quality of life Sometimes measured by income, wealth, safety, recreation and education facilities, education health, aesthetics, leisure time and the like. Quantity discount A reduction in price for volume purchases. Shopping good Goods and products can be classified as convenience, shopping or specialty. A shopping good is one that more time is spent selecting (browsing) than a quick convenience good. Example, a certain type of mystery book. Slogan The verbal or written portion of an advertising message that summarizes themain idea in a few memorable words–a tag line. Social advertising The advertising designed to education or motivate target audiences toundertake socially desirable actions. Social class A status hierarchy by which groups and individuals are classified on the basis of esteem and prestige. Social indicator The data and information that facilitate the evaluation of how well a society or institution is doing. Specialty advertising The placement of advertising messages on a wide variety of items of interest to the target markets such as calendars, coffee cups, pens, hats, note paper, t- shirts, etc. These are widely given out to librarians at professional conferences from vendors. Libraries may use these items as well, but are usually sold in library gift shops. Target market The particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that sub market in order to accomplish its profit objectives. Or for the library, a target market might be within the market area served, children 5-8 years old, for summer reading programs, to increase juvenile use and registration Value The power of any good to command other goods in peaceful and voluntary exchange. Values The beliefs about the important life goals that consumers are trying to achieve. The important enduring ideals or beliefs that guide behavior within a culture or for a specific person. Word of mouth communication (WOM) This occurs when people share information about products or promotions with friends–research indicate WOM is more likely to be negative
Posted on: Sat, 27 Dec 2014 09:46:00 +0000
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