Frequently Asked Questions for a Marketing Interview Essay Example

Frequently Asked Questions for a Marketing Interview Essay Frequently Asked Questions for a Marketing Interview 1. What is market research according to you? 2. What is the difference between sales and marketing? 3. Explain the term customer loyalty. 4. What is the difference between Customer Satisfaction and Delight 5. What is Target Market? 6. Give an example of a product which exhibits habitual buying . 7. What are the various methods of Sampling? 8. Give an example of a lifestyle store. 9. What is meant by footfalls? 10. What is Primary Data? 11. Annual Report of a company is primary or secondary data? 12. What is meant by Cross Selling? 13. How will you show a physical evidence for an airline? 14. What is Brand Equity? 15. What is the difference between Market Potential and Sales Potential? 16. What is the difference between sales and marketing. 17. What is market Skimming . In what scenario will you implement it? 18. If you were a marketing manager of a five star hotel, how would you ensure the customer loyalty? 19. What is likert scale? 20. What is blue ocean strategy? 21. What are the applications of BCG Matrix? 22. What is sales territory? 23. Differentiate between needs and wants. 24. What is B2B marketing? 25. What are lifestyle brands? 26. What are cult brands? 27. What is Umbrella Branding? 28. What are quotas? 29. What do you understand from Service Guarantee? 30. What are intermediaries? FAQs FOR MOCK INTERVIEWS – FINANCE / BANKING / ECONOMICS 1. What is break-even point? 2. Distinguish between NPV and IRR. 3. What is a Derivative? 4. Explain Fundamental analysis. 5. What are Basel norms? 6. What is a Non Performing Asset (NPA)? 7. Describe Working capital gap. 8. What is EMI? 9. What is hedging? 10. Describe various types of risks in financial system. 11. What is a monetary policy? 12. What is exchange rate? 13. Mention various instruments of the money market. 4. Name the regulatory bodies for: banks, capital markets, and insurance sectors. 15. What is debt restructuring? 16. Distinguish between fund-based and non fund-based facilities. We will write a custom essay sample on Frequently Asked Questions for a Marketing Interview specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Frequently Asked Questions for a Marketing Interview specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Frequently Asked Questions for a Marketing Interview specifically for you FOR ONLY $16.38 $13.9/page Hire Writer 17. What are documentary Letters of Credit? 18. What is arbitrage? 19. What is cash management? 20. What is ‘Bancassurance’? Frequently Asked Questions for Mock Interview – Economics/Finance 1. What are Bonds? 2. Define money market 3. What is securitization? 4. What is credit creation? 5. Do you feel banking sector is able to weather recession? 6. India has a heavy percentage of public sector, is it helpful for sustaining high growth rate? . How monetary policy affects the growth of the economy? 8. Explain inter-linkages between monetary and fiscal policy. 9. What is financial crowding out? 10. Are stock prices an indicator of economic health? 11. Are we heading for stagflation? 12. So far as economic down turn is considered, which banking sector is better able to sustain, public sector banks or private sector banks? 13. Are we looking at reality sector recession? 14. Should we appreciate the rupee? 15. Is the dollar over priced? 16. What is capital market? 17. S hould India opt for dis-investment in public sector? 18. What is sub-prime crisis? 19. Could India be facing sub-prime crisis? 20. Are inflation and deficit related HR Domain Questions 1) What is the differences between HR , HRM HRD ? A. human resources, that element within a company which deals with the human aspects/needs of workers. Many companies have an HR department, which may provide a broad range of services to its employees. Some who work in HR are considered part of the department, but many people outside of such a department may have something to do with not just the financial aspects of work, but also â€Å"the human element† of employing workers. Human Resource Management is the organizational function that deals ith issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. Human Resource Development (HRD) is the framework for helping employees develop their personal and organizational skills, knowledge, and abilities. Human Resource Development includes such opportunities as employee training, employee career development, performance management and development, coaching, mentoring, succession planning, key employee identification, tuition assistance, and organization development. ) What are Functional , Product based and Matrix Organizational Structures ? 3) What do you understand by Induction Program what are the important parameters to be considered before designing an Induction program ? A. An induction program is the process used within many businesses to welcome new employees to the company and prepare them for their new role. Induction training should include development of theoretical and practical skills, but also meet interaction needs that exist among the new employees. Benefits of an induction program An induction program is an important process for bringing staff into an organisation. It provides an introduction to the working environment and the set-up of the employee within the organisation. The process will cover the employer and employee rights and the terms and conditions of employment. As a priority the induction program must cover any legal and compliance requirements for working at the company and pay attention to the health and safety of the new employee. An induction program is part of an organisations knowledge management process and is intended to enable the new starter to become a useful, integrated member of the team, rather than being thrown in at the deep end without understanding how to do their job, or how their role fits in with the rest of the company. Good induction programs can increase productivity and reduce short-term turnover of staff. These programs can also play a critical role under the socialization to the organization in terms of performance, attitudes and organizational commitment A typical induction program A typical induction program will include at least some of the following: †¢ any legal requirements (for example in the UK, some Health and Safety training is obligatory) †¢ any regulatory requirements (for example in the UK banking sector certain forms need to be completed) †¢ introduction to terms and conditions (for example, holiday entitlement, how to make expense claims, etc) †¢ a basic introduction to the company, and how the particular department fits in †¢ a guided tour of the building completion of government requirements (for example in UK submission of a P45 or P60) †¢ set-up of payroll details †¢ introductions to key members of staff †¢ specific job-role training 4) What are the various levels of HR planning done in organizations ? A. Human resource planning is a systematic analysis of HR needs to ensure the availability of the correct number of employees with the necessary skills at the right time. The in creased competitive nature of business that makes workforce flexibility an imperative need has raised the importance of human resource planning. Demand Forecasting The steps to HR Planning start with forecasting the number and type of employees needed in the future. This requires a good understanding of the internal and external environment of the enterprise. The major aspects of the internal environment that affect HR Planning include short-term and long-term organizational plans and strategies, and the status of the organizations human resources. The major aspects of an enterprise’s xternal environment that impacts HR planning include the general status of the economy, developments in technology, level of competition, labor market trends and regulations, demographic trends and the like. For instance, an organization planning to launch a new product would require additional marketing staff, and an organization looking to open a new branch would require more office staff. An organization looking to close down unprofitable branches might look to retrench workers. Similarly, technological developments might prompt the organization to shift to reliance on fewer numbers of technically skilled workers rather than depend on a large pool of manual labor. Correct forecasting of human resource requirements contributes significantly to the competitiveness of the enterprise. Organizations forecasting more workers than required retain surplus or under-utilized staff, and organizations that fail to grasp the full extent of human resources required find themselves overstretched and unable to seize opportunities. The two major methods of forecasting are judgmental methods such as Delphi technique or managerial estimates, and various mathematical models such as time series, personnel and productivity ratios, regression analysis, and the like. Inventory Analysis and Supply Forecasting The second step in HR planning is inventory analysis or keeping track of the current employees in the organization to determine the extent to which this meets the forecast. The HR inventory analysis entails Skill inventory, or keeping track of the number of employees, and the age, locations, qualifications, and skills of each employee to determine the specific role each employee would fill in the short term and long term †¢ Forecasting resignations and recruitment and understanding their impact on the skill inventory levels †¢ Forecasting leaves, transfers, dismissals, sabbaticals, prolonged illness, and deaths of employees and their impact on inventory levels The ways to forecast the internal supply of human resources include methods such as Markov analysis, transitional matrices, replacement schedules, succession planning, and the like. Audit The third step in HR planning is audit, which includes reconciling inventory with forecast through a systematic analysis of demand and supply forecasting, and identifying areas where shortages and surpluses exist. The audit phase also involves, among other tasks: †¢ Identifying reasons for resignations, the cost of such resignations such as recruitment and training costs of new hires, cost of lost experience, skills and knowledge of the departing employee, and the like, and devise retention plans to retain key talent, if required †¢ Review the effectiveness of the recruitment activities, training and development initiatives, career planning exercises, succession planning, and other interventions Reconciliation The next step in HR Planning is developing action plans to bridge the gap between forecast and supply. The various alternatives include: †¢ Strategy to recruit new employees Retrenchment of downsizing strategy to shed excess workforce †¢ Training and Development plans to right-size the workforce †¢ Career Planning and Succession Planning to identify key personnel †¢ Changes in work regulations such as timings, overtime policy and the like The basic considera tions when undertaking the planning process is compliance and impact of labor legislation. Laws that govern overtime and retrenchment for instance can have a significant impact on the strategy adopted. The other consideration is the availability of resources such as financial, physical, and technical for implementation of the plans. Once approved, such plans become part of the company’s strategic objectives. Strategic HR Planning entails aligning such HR Plans with the overall strategic goals of the organization. Control The last step in HR Planning is monitoring and controlling implementation of the HR plan. This entails ensuring implementation proceeds in accordance with the plan and taking timely course corrections. The external and internal environment of an enterprise always remains in a state of flux, and a good HR Plan incorporates mechanisms to make timely revisions in accordance with such changes 5) What is the difference between Job Description Job specification ? A job description is a list of the general tasks, or functions, and responsibilities of a position. Typically, it also includes to whom the position reports, specifications such as the qualifications needed by the person in the job, salary range for the position, etc. A job description is usually developed by conducting a job analysis, which includes examining the tasks and sequences of tasks necessary to perform the job. The analysis looks at the areas of knowledge and skills needed by the job. Note that a role is the set of responsibilities or expected results associated with a job. A job usually includes several roles. The job description might be broadened to form a person specification. An alternate terminology used under the UN system is Terms of reference (TOR). 6) What do you understand by Job Design? What are the modern methods of Job Design [pic]A. Work arrangement (or rearrangement) aimed at reducing or overcoming job dissatisfaction and employee alienation arising from repetitive and mechanistic tasks. Through job design, organizations try to raise productivity levels by offering non-monetary rewards such as greater satisfaction from a sense of personal achievement in meeting the increased challenge and responsibility of ones work. Job enlargement, job enrichment, job rotation, and job simplification are the various techniques used in a job design exercise. In job enrichment, the attempt is to build in to jobs a higher sense of challenge and achievement. The accumulation of achievement must lead to a felling of personal growth accompanied by a sense of responsibility. Job enlargement means increasing the scope of a job through extending the range of its job duties and responsibilities 7) What is Human Resource Outsourcing? What are the various functions which can be outsourced ? 8) Why is reliability and validity a important part of selection tests and interviews ? 9) What are the various sources of recruitment ? SOURCES OF RECRUITMENT [pic] 10) What is the career management cycle? Which stage is the most important according to you ? Career Management Cycle The Career Management Cycle is a life-long process to assist you in making personally authentic career decisions and pursuing your goals. The Career Center can assist you with the following steps: †¢ [pic]Step 1: Know Yourself Can you clearly articulate who you are, identifying your interests, values, and skills? Its imperative that before you pursue a job search, you have a good grasp of yourself. Consider the following: o †¢ [pic]Step 2: Explore Your Options Once you feel confident about who you are, the next logical question is: Whats out there? Consider the following: †¢ [pic]Step 3: Plan your strategy and take action Now that youve narrowed your options, it’s time to set goals and conduct a job search or apply to graduate school. [pic]Step 4: Manage Your Career Once you begin working, be sure to continue networking and developing your skills. Consider the following: 11) What is the difference between Rate range and pay grades ? 12) What percentage of a salary is deducted as a part of the employee provident fund ? 3) When is an employee eligible to receive his/her Gratuity? How is it calculated ? 14) What do you understand by 360 degrees performance appraisal? Where can it be used ? In human resources or industrial/organizational psychology, 360-degree feedback, also kno wn as multi-rater feedback, multisource feedback, or multisource assessment, is feedback that comes from all around an employee. 360 refers to the 360 degrees in a circle, with an individual figuratively in the center of the circle. Feedback is provided by subordinates, peers, and supervisors. It also includes a self-assessment and, in some cases, feedback from external sources such as customers and suppliers or other interested stakeholders. It may be contrasted with upward feedback, where managers are given feedback by their direct reports, or a traditional performance appraisal, where the employees are most often reviewed only by their managers. The results from 360-degree feedback are often used by the person receiving the feedback to plan training and development. Results are also used by some organizations in making administrative decisions, such as pay or promotion. 15) How do you evaluate the effectiveness of training programs? What is Kirk Patrick’s model to evaluate the same ? Evaluation is often looked at from four different levels (the Kirkpatrick levels) listed below. Note that the farther down the list, the more valid the evaluation. . Reaction What does the learner feel about the training? 2. Learning What facts, knowledge, etc. , did the learner gain? 3. Behaviors What skills did the learner develop, that is, what new information is the learner using on the job? 4. Results or effectiveness What results occurred, that is, did the learner apply the new skills to the necessary tasks in the organization and, if so, what results were achieved? 16) What is the difference between Management Development Program Worker Training program ? Give examples of the same 17) What do you understand by Core competency and role based competency ? 18) Who are Kaplan and Norton ? What is the Balance score card ? 19) What were the Hawthorne experiments? Is there any relevance of it in the modern context 20) What are the various leadership styles? Are transactional leaders more effective or Transformational leaders more effective in the work place ? Leadership style is the manner and approach of providing direction, implementing plans, and motivating people. Kurt Lewin (1939) led a group of researchers to identify different styles of leadership. This early study has been very influential and established three major leadership styles. The three major styles of leadership are o Authoritarian or autocratic o Participative or democratic Delegative or Free Reign 21) What are the various stages of Group formation? Which stage is the most important 22) What are the various stages of Grievance handling in a Manufacturing plant ? grievance is a sign of employee’s discontent with job and its nature. The employee has got certain aspirations and expectations which he thinks must be fulfilled by the organisation where he is working. When the organisation fails to satisfy the employee needs, he develops a feeling of discontent or dissatisfaction. Thus, grievance is caused due to the difference between the employee expectation and management practices Steps in the Grievance Procedure 15 Identify grievances: Employee dissatisfaction or grievance should be identified by the management if they are not expressed. If they are ventilated, management has to promptly acknowledge them. ?Define correctly: The management has to define the problem properly and accurately after it is identified/acknowledged. ?Collect Data: Complete information should be collected from all the parties relating to the grievance. Information should be classified as facts, data, opinions, etc. ?Prompt redressal: The grievance should redressed by implementing the solution. ?Implement and follow up: The Implementation of the solution must be followed up at every stage in order to ensure effective and speedy implementation. : 3) What is the Trade Union act, Industrial Dispute act the factories act ? Is it still relevant in today’s context for all industries ? 24) What is the Geocentric and the polycentric approach in International HRM ? 25) What is the importance of cross cultural communication in today’s global Business environment ? Cross-cultural communication (also frequently referred to as intercultural communication, which is also used in a different sense, though) is a field of study that looks at how people from differing cultural backgrounds communicate, in similar and different ways among themselves, and how they endeavour to communicate across cultures. 6) How does an organization go about building the next generation of leaders ? 27) What do you understand by Knowledge Management? Can HR processes be benchmarked ? Importaance of training Training your employees do have a significant role in modern business era. Not just to equip them with latest tools your company has implemented, there is a lot more to it. I have sorted down them in a list. This is a must read if you employ or mean to employ in future atleast one person. Training your emplyess is important because 1. Rapid technological innovations impacting the workplace have made it necessary for people to consistently update their knowledge and ski lls 2. People have to work in multidimensional areas , which usually demand far more from their area of specialisation. 3. Change in the style of management. 4. Due to non-practical collage education. 5. Lack of proper and scientific selection procedure. 6. For career advancement. 7. For higher motivation and productivity. 8. To make the job challenging and interesting 9. For self and development 10. For employee motivation and retention 11. To improve organisational climate 12. Prevention of obsolescence 13. To help an organisation to fulfil its future manpower needs. 14. To keep in pace with times 15. To bridge gap between skills requirement and skills availability 16. For survival and growth of organisation and nation