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MB0046 MM Solved Winter Drive Assignment 2012

MB0046 MM Solved Winter Drive Assignment 2012

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Published by Praveen Kolli

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Published by: Praveen Kolli on Sep 10, 2012
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MB0046
Q1. Differentiate between Consumer market and business market.Business Marketing
is the practice of individuals, or organizations,including commercial
 
businesses, governments and institutions, facilitatingthe sale of their products or services to other companies or organizationsthat in turn resell them, use them as components in products or servicesthey offer, or use them to support their operations. Also known as
industrialmarketing
, business marketing is also called business-to-businessmarketing, or B2B
 
marketing, for short. (Note that while marketing togovernment entities shares some of the same dynamics of organizationalmarketing, B2G Marketing is meaningfully different.While
consumer marketing
is aimed at large demographic groupsthrough mass media and retailers, the negotiation process between thebuyer and seller is more personal in business marketing. According to Huttand Speh (2001), most business marketers commit only a small part of theirpromotional budgets to advertising, and that is usually through direct mailefforts and trade journals. While that advertising is limited, it often helpsthe business marketer set up successful sales calls.
List of important differences between Consumer market and business markets:
1.Organizational consumers purchase capital equipment, raw materials,semi finished goods, and other products for use in further production oroperations or for resale to others, whereas final consumers usually acquirethe finished items for personal, family, or household use.2.Organizational consumers are likely to require exact productspecifications. Final consumers more often buy on the basis of description, style, and color.3.Organizational consumers often use multiple-buying responsibility, inwhich two or more employees formally participate in complex or expensivepurchase decisions. Final consumers employ it less frequently and lessformally.4.Derived demand occurs for organizational consumers because thequantity of items they purchase is often based on the anticipated demand of their final consumers for specific finished goods and services; therefore,organizational consumers are less sensitive to price changes. As long as finalconsumers are willing to pay higher prices, organizational consumers will notobject to price increases.5.Demand is volatile due to the accelerator principle, whereby finalconsumer demand affects many levels of organizational consumers.
 
6.There are fewer organizational consumers than final consumers.
 
Q2. What is branding? Discuss the components of Brand Equity.Branding
is aprocessinvolved
 
in creating a unique name andimageforaproductin
 
the
 
consumers'mind, mainly throughadvertisingcampaignswith aconsistenttheme. Brandingaimstoestablisha  significantand differentiated presence in themarketthat attracts and retains loyalcustomers. Your brand strategy is how, what, where, when and to whom you plan oncommunicating and delivering on your brand messages. Where youadvertise is part of your brand strategy. Your distribution channels are alsopart of your brand strategy. And what you communicate visually andverbally is part of your brand strategy, too
"Brand Equity"
is set of assets linked to a brand‘s name and symbolthat adds value to the
 
product or service and/or that firm’s customer.Components of brand equity:1.Brand loyalty2.Brand awareness3.Perceived quality4.Brand associations
Brand Loyalty
Is consumer's commitment to repurchase the brand and can be demonstratedby repeated buying of a product or service or other positive behaviors such asword of mouth advocacy. True brand loyalty implies that the consumer iswilling, occasionally at least, to put aside their own desires in the interest of the brand. This will help organization to reduce the promotion cost. Forexample, many girls in India use only Ponds products, though competitors’products like Fa, Spinz, Cuticura, and Mysore Sandal are present in the marketand vice versa.
Brand Awareness
 The number of customers exposed to the brand name. Higher the brandawareness, higher will be the brand equity. Organizations put all the effortin the introduction stage of the product to create awareness among thecustomers. For example, Xerox Company has huge brand awareness sincephotocopier machines were introduced by this company and even todayphotocopies are referred as Xerox copies.
Perceived Quality
 The customer perception about the actual quality level of the product. Forexample, when a customer purchases Levis jeans he knows that itindicates quality even though there are several cheaper brands of jeans

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