PMEGP EDP TRAINING MODULE III ANSWER KEY PART ONE

 PMEGP EDP TRAINING MODULE III ANSWER KEY PART ONE

 

ANSWER KEY

 

1  : A                          can be defined as the marketers vision of brand and what is should do for consumers.

1.   Brand exploration

2.   Brand promise

3.   Brand creation

4.   None of the above

 

CORRECT ANSWER: Brand promise

DESCRIPTION: A Brand promise is the core problem you aim to solve for your customers. It’s the sense of trust and connection you want people to feel when they think about your brand. It is what you want to be known for.

 

2  : Product related factors which help in determining the channels is

1.   Nature and Value of Product

2.   Perishable and Non-perishable product

3.   Product Complexity

4.   All of these

 

CORRECT ANSWER: All of these

DESCRIPTION: a) Nature of Product: In case of industrial goods like CT scan machine, short channels like zero level channel or first level channel should be preferred because they are usually technical, expensive, made to order and purchased by few buyers.

Consumer goods Ike LCD, refrigerator can be distributed through long channels as they are less expensive, not technical and frequently purchased. b) Perishable and Non- Perishable Products: Perishable products like fruits or vegetables are distributed through short channels while non-perishable products like soaps, oils, sugar, salt etc. require longer channels. c) Value of Product: In case of products having low unit value such as groceries, long channels are preferred while those with high unit value such as diamond jewellery short channels are used. d) Product Complexity: Short channels are preferred for technically complex goods like industrial or engineering products like machinery, generators like torches while non-complex or simple ones can be distributed through long channels.

 

3  : PR stands for?

1.   Public Relations

2.   Personal Relation

3.   Person Relation

4.   Public Reputation

 

CORRECT ANSWER: Public Relations

DESCRIPTION: Public Relations is defined as ‘the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its publics’ (Institute of Public Relations). PR can be relatively cheap, but it is certainly not free. Successful strategies tend to be long-term and plan for all eventualities. All airlines exploit PR; just watch what happens when there is an incident. The pre-planned PR machine clicks in very quickly with a very effective rehearsed plan.

 

4  : What is the marketing Strategy for Small Bussiness?

1.   Market Research

2.   Profile your Target Markets

3.   Both A and B

4.   None of these

 

CORRECT ANSWER: Both A and B

DESCRIPTION: MARKET RESEARCH Market research is a key part of developing your market strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing. PROFILE YOUR TARGET MARKETS Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts.

 

5  : What are the ways in which value can be added to the product or service?

1.   Bundling and packaging

2.   Service levels

3.   Recognition and reward levels

4.   All of these

 

CORRECT ANSWER: All of these

DESCRIPTION: Bundling and packaging: Put together desirable packages, purchasing levels and a series of added benefits that are significant in value and are, themselves, a whole lot more valuable than simply the product is by itself. Service levels: Provide a higher level of service but by adding different levels of service based upon someone's size, frequency or amount of purchase. For example, you may want to have gold or platinum or silver levels of service that people qualify for, are willing to pay for, and receive when they do business with you Recognition and reward levels: Provide recognition to clients or customers based upon their ability to utilize your product or service, maximize its potential, buy certain levels from you, etc. What this means is that they themselves are recognized for being outstanding customers.

 

6  : Which Payment Method appoints third party for Payment?

1.   Merchant Account

2.   Payment Processors

3.   Payment Gateway

4.   All of these

 

CORRECT ANSWER: Payment Processors

DESCRIPTION: A payment processor is a company (often a third party) appointed by a merchant to handle transactions from various channels such as credit cards and debit cards for merchant acquiring banks. They are usually broken down into two types: front-end and back-end. Front-end processors have connections to various card associations and supply authorization and settlement services to the merchant banks' merchants. Back-end processors accept settlements from front-end processors and, via The Federal Reserve Bank for example, move the money from the issuing bank to the merchant bank. In an operation that will usually take a few seconds, the payment processor will both check the details received by forwarding them to the respective card's issuing bank or card association for verification, and also carry out a series of anti-fraud measures against the transaction.

 

7  :                    is the process of gathering information about names and requirements of the firm’s future customers

1.   Prospecting

2.   Pre-Approach

3.   Approach

4.   None of these

 

CORRECT ANSWER: Prospecting

DESCRIPTION: The process of gathering information about names and requirements of the firm’s future customers. Ranking the customers in terms of their urgency of need and sales volume etc. Prospecting could be done through friends and relatives, satisfied customers, through telephone calls, advertisement, inquiries, observation, trade associations and using directories etc

 

8  : CRM stands for?

1.   Customer Relationship Management

2.   Consumer Relationship Manager

3.   Customer Rural Management

4.   none of these

 

CORRECT ANSWER: Customer Relationship Management

DESCRIPTION: Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies use to manage and analyse customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth. CRM systems compile customer data across different channels, or points of contact between the customer and the company, which could include the company's website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.

9  :                      is a term for any type of business that trade products or services or transfer any information through computer networks such as internet.

1.   E-commerce

2.   C-Commerce

3.   Network Sharing

4.   All of these

 

CORRECT ANSWER: E-commerce

DESCRIPTION: Commerce means interchange of goods. Similarly, e-commerce means interchange of goods electronically.

 

10  : Branding means                      

1.   Creating a Brand

2.   Define a Brand

3.   Both A and B

4.   None of these

 

CORRECT ANSWER: Both A and B

DESCRIPTION: CREATING A BRAND • To attract customers who fit your customer profile, your business's image should align with your customers' needs and expectations. • An image makes a company distinctive, or unique, compared to others in the market. • By emphasizing your competitive advantage as part of your image, you can position your products or services to stand out in the market and attract more customers. • An image describes how customers feel about your business. Branding helps you figure out who to target and how to speak their language. DEFINE A BRAND • It’s the means by which people recognize your company or products. Broadly, a brand is the sum of all the values, traits, and interactions that shape a customer’s experience. • Customers have an initial response when they see a product, but their feelings can change once they use it. A successful brand has to make back-end storytelling match up with front-end expectations.