IGCSE Enterprise: Specimen Questions with Answers 41 - 42 of 49

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Case Study -2

Pottery Barn & Sherwin-Williams

Co-Branding Campaign: Color Your Room

  • One of the biggest benefits of co-branding campaigns is the opportunity to expose your product or service to a brand-new audience. that՚s exactly what home furnishing store Pottery Barn and paint company Sherwin-Williams did when they partnered together back in 2013.
  • Together, the two brands created an exclusive product line of paints, and then added a new section of Pottery Barn՚s website that helped customers easily select paint colors to complement their furniture choices.
  • Customers could coordinate paint colors with picture-perfect Pottery Barn furniture for a mutually beneficial partnership – and style assistance for both brands customers to boot. “Paint Landing,” Pottery Barn՚s landing page for the partnership, contains helpful blog posts and how-to ideas for do-it-yourself painting and decorating.

Question 41 (4 of 12 Based on Passage)

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Short Answer▾

What is the difference between marketing and sales

Explanation

The Difference between Marketing and Sales
S. No.Marketing ConceptSelling Concept
1.Marketing involves:
  • finding out what the consumer wants.
  • Planning and developing product.
  • determining best way to price, promote, and distribute product and services.
Selling means planning, direction and control of the selling activities of a business which also includes areas like- recruitment, selection, training, motivation, compensation of sales executive.
2.Emphasis is on consumer wantsEmphasis is on product
1.Company first finds out what the consumer wants then develops and supplies the product to satisfy customer.Company makes a product and then finds out how to sell it.
2.Marketing concept is modern and accepted universallySelling concept is traditional and outdated.

Question 42 (5 of 12 Based on Passage)

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Short Answer▾

What do you mean by the term Marketing?

Explanation

Marketing means understanding and responding to customer needs. Marketing concept is a customer -oriented concept. What implies is that products/services are bought not merely because of their quality, packaging, or brand name, but because they satisfy a specific need of customer. It also implies that organizations must provide services to their customer and that too without any obligation. In other words, marketing means understanding and responding to customer needs, a perquisite for any organization՚s success. And this certainly cannot be ignored by any organization in today՚s competitive environment.

Any organization must be competition oriented too. Thus, the marketing concept involves:

  • Customer orientation
  • Competition orientation
  • Ability to respond to environmental changes before competition does.

Examples: Sony and Microsoft, who have consistently invested in futuristic technologies and products.

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