MGT 301 SHORT QUESTIONS AND ANSWERS 2025/2026

MGT 301 SHORT QUESTIONS AND ANSWERS 2025/2026 Question: What is the difference between mass marketing and database marketing? Answer: In the data base marketing we have all the relevant information of the target market and we have made the records of the relevant information in the form of the data bases. Mass marketing means the marketing at the large scale marketing in which we do not have the data base form of record of our customer because our target market is very large and the products are produced by the general common character. Question: What is the role of broker and agent in the marketing system? Answer: Main function is to facilitate buying and selling, for which they earn a commission on the selling price. Generally, specialize by product line or customer types. BROKERS: Chief function is bringing buyers and sellers together and assisting in negotiation. They are paid by the party who hired them, and do not carry inventory, get involved in financing, or assume risk. Examples: food brokers, real estate brokers, insurance brokers, and security brokers. AGENTS: Represent either buyers or sellers on a more permanent basis than brokers do. Question: What is mean by Competitive Advantage? How we will design a Competitive Intelligence System? Answer: To be successful, a company must consider its competitors as well as its actual and potential customers. In the process of performing a competitor analysis, the company carefully analyzes and gathers information on competitors' strategies and programs. A competitive intelligence system helps the company acquire and manage competitive information. The company must then choose a competitive marketing strategy of its own. The strategy chosen depends on the company's industry position and its objectives, opportunities, and resources. Some of these are time-tested and some are relatively new .The advantage of our firm with comparison to our competitors which may be in term of low price, high quality, Easy availability of our product, good will, convenience in use etc is included. Question: Define business markets? Answer: The business market includes firms that buy goods and services in order to produce products and services to sell to others. Question: Why do we study consumer behavior? Answer: Consumers determine the sales and profits of a firm by their purchase decisions. Basic objective of studying consumer behavior is that the firm needs to know how, when, why, and where consumers make purchase decision/ all these are important questions, which are to be known to the companies so that they can design and implement marketing strategies to satisfy the customers. Question: How does an organization create a customer? Answer: Organizations can create the customers by identifying customer's needs, designing goods and services that meet those needs then communicating information