GENERAL KNOWLEDGE

GK

MARKETING MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Identify the marketing management philosophy:Rajesh is a manager in a company. His main area of focus is to generate revenue for the company through repeated sales. He decides to develop a product which generate revenue in the long run. For this he meets a team of R&D of his company. After a long meeting they decided to do a survey. Based on the survey a product is made to fulfill needs of the customers. The product later produces a lot of revenue through repeated sales.
A
Production concept
B
Product concept
C
Selling concept
D
Marketing concept
Explanation: 

Detailed explanation-1: -Branding is a function of marketing that facilitates product differentiation. Advertising is the component of promotion mix being used by the company “Giving the company power over prices through product differentiation, innovative advertising and ensured brand loyalty.”

Detailed explanation-2: -A brand extension is when a company uses one of its established brand names on a new product or new product category. It’s sometimes known as brand stretching. The strategy behind a brand extension is to use the company’s already established brand equity to help it launch its newest product.

Detailed explanation-3: -The important aspect related to the marketing of products which has been ignored by Farihad is Labelling. Labelling is the display of label in a product. A label contains information about a product on its container, packaging, or the product itself.

Detailed explanation-4: -The approach followed by ‘Home Creations Ltd. ‘ to run their stores successfully is Decentralisation. Decentralized decision-making is any process where the decision-making authority is distributed throughout a larger group.

There is 1 question to complete.