Marketing is the top choice by students when it comes to choosing a specialization for an MBA, as it offers numerous career opportunities in areas such as sales, market research, and advertising. Given the popularity of this specialization, it's essential for students preparing for MBA college interviews to have a good understanding about major marketing concepts.
This article aims to help aspirants as we have mentioned many common marketing-related questions that have been asked during these interviews.
Marketing Interview Questions asked in MBA interviews:
What is marketing? Ans: Marketing can be termed as the process of selling a product or service. It includes market research and advertising.
What do you understand by STP? Ans: STP stands for Segmentation, Targetting and Positioning.
What are the four Ps of marketing? What are the additional 3 Ps? Ans: The four Ps of marketing are Product, Place, Price and Placement. The additional three Ps are People, Process and Physical Environment.
What is service marketing? Ans: The process of marketing a service like financial services, hospitality and tourism. It is either B2B or B2C.
What is the difference between a consumer and customer? Ans: Customer is someone who purchases the product. A consumer is someone who consumes/uses the product. For eg. Dog food (Bought by dog owner (customer), consumed by the dog (consumer)).
What is market share? Ans: A percentage of total sales volume in a market captured by a brand, product, or company.
What’s a sales funnel? Ans: Also known as the revenue funnel, it is the steps involved in the buying process that a company takes its customers through while selling a product.
In marketing, what does AIDA stands for? Ans: AIDA is a marketing tool that stands for Awareness, Interest, Desire and Action.
What do you understand by CRM? Ans: CRM stands for Customer Relationship Management.
What is a successful marketing campaign? Ans: A successful marketing campaign effectively reaches and resonates with the target audience, achieves a predetermined objective (like increased sales, brand awareness, or lead generation), and offers a good return on investment. In this digital era, success is determined by engagement metrics and the ability to adapt and evolve based on data analytics and feedback from the consumers.
What is a successful marketing strategy according to you and explain its working? Ans: A successful marketing strategy prevalent these days is the use of influencer marketing on digital platforms like Instagram and YouTube. This strategy works because it leverages the trust influencers have with their followers, creating a more organic and credible marketing approach. The success rates of this strategy are high due to its ability to reach the specific target audience who believe and follow the influencers. As a result, these audiences are more likely to purchase, generating high engagement rates.
What is the role of Digital Marketing in a company’s overall success? Ans: Digital marketing is integral to a company's overall strategy due to the increasing presence on digital platforms. It allows for precise targeting, real-time data analysis, and a platform to directly engage with customers. Digital marketing strategies must be integrated with traditional marketing methods for a comprehensive approach.
What are some good ways to launch a market entry strategy for a new product? Ans: Market entry for a new product should involve effective strategies thorough market research to understand the target audience, competitive landscape, and market needs. It's crucial to identify a unique selling proposition (USP) and build a go-to-market strategy that includes a mix of product, price, place, and promotion tactics tailored to the market characteristics.
Other important marketing interview questions:
What are the keys to success in marketing?
Why is digital marketing so successful?
Do me a favour – sell me this pen?
What is the most important skill required in the marketing field?
What is the difference between sales and marketing?
What’s the difference between the push and pull strategies in marketing?
What are some of the marketing campaigns you are aware of?
What is ambush/guerrilla marketing?
What difference do you find between campaigns by Coke and Pepsi?
