Marketing Abbreviations MCQ questions and answers | GK Abbreviations

Voice of the Customer (VoC) is a term that describes your customer’s feedback about their experiences with and expectations for your products or services. It focuses on customer needs, expectations, understandings and product improvement.
VoC programs have gained traction over the years and are fast-growing segments of a core business strategy for organisations. They work exceptionally well for brands as customers demand more direct engagement with a firm and because capturing and acting on customer feedback is critical to understanding a prospect’s complex decision-making process.

Value Added tax (VAT) is a type of indirect tax levied on goods and services for value added at every point of production or distribution cycle, starting from raw materials and going all the way to the final retail purchase. VAT was introduced on April 1, 2005. Under it, the amount of value addition is first identified at each stage, and then tax is levied on the same. Ultimately, the end consumer has to pay the complete VAT while buying goods; buyers at earlier stages of production receive reimbursements of tax they have paid. Because the consumer bears the entire tax, VAT is also a consumption tax.

VALS (Values and Lifestyles) is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.

True Market Value (TMV) is a term commonly used for a Real Estate e-auctions or online auction, as it creates transparency for the buyers and ensure that the seller maximises the price of the property to the true market value. The transparency creates a fair deal for all parties and is auditable if any twists around the deal should arise.

The Universal Product Code (UPC) is a bar-code symbology that is widely used worldwide for tracking trade items in stores.

The user experience (UX or UE) is how a user interacts with and experiences a product, system or service. It includes a person's perceptions of utility, ease of use, and efficiency. Improving user experience is important to most companies, designers, and creators when creating and refining products because negative user experience can diminish the use of the product and, therefore, any desired positive impacts; conversely, designing toward profitability often conflicts with ethical user experience objectives and even causes harm. User experience is subjective.

The point of sale (POS) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.

The Market Access Program (MAP; formerly the Market Promotion Program) is administered by the Foreign Agricultural Service and uses funds from the Commodity Credit Corporation (CCC). It helps producers, exporters, private companies, and other trade organizations finance promotional activities for agricultural products of the United States. MAP is designed to encourage development, maintenance, and expansion of commercial agricultural export markets. As such, it is considered to be a World Trade Organization "Green Box" program. Activities financed include consumer promotions, market research, technical assistance, and trade servicing.

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on the World Bank for its resources. Formed in 1944, started in 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system.

The Industries (Development and Regulation) Act, 1951, was enacted to provide for the development and regulation of certain industries.