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MB0046 – set 1solution

MB0046 – set 1solution

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Published by Ahmed Barkaati

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Published by: Ahmed Barkaati on Jun 21, 2012
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Master of Business Administration - MBA Semester 2MB0046
Marketing ManagementAssignment no-1
Q.1 Explain the various stages involved in new product development.
 New product development process:s
tage 1 - Idea generation:
 New product idea can be generated either from the internal sources or external sources. The internal sourcesinclude employees of the organization and data collected from the market. The external source includescustomers, competitors and supply chain members. For example, Ingersoll Rand welcomes new ideas fromthe General public. 
Stage 2-Idea screening:
 Organization may have various ideas but it should find out which of these ideas can be translated intoconcepts. In an interview to Times of India, Mr. Ratan Tata, chairman TATA group discussed how his ideasaw many changes from the basic version. He told that he wanted to develop car with scooter engine, plasticdoors
But when he unveiled the car, there were many changes in the product. This shows that initial ideawill be changed on the basis of market requirements. 
Stage 3 - Concept development:
 the main feature or the specific desire that it caters to or the basic appeal of the product is created or designed inthe concept development. Concepts used for Tata Nano car are - Concept I: Low-end
probably without doors or windows and with plastic curtains that rolled down,a four-wheel version of the auto-rickshawConcept II: A car made by engineering plastics and new materials, and using new technology like aerospaceadhesives instead of welding.Concept III: Indigenous, in-house car which meets all the environment standards 
Stage 4 - Concept testing:
 At this stage concept is tested with the group of target customers. If any changes are required in the concept orthe message it will be done during this stage. Also the effectiveness is tested on a minor scale. If the conceptmeets the specific requirements, then it will be accepted. 
Stage 5 Marketing strategy development:
 The marketing strategy development involves three parts. The first part focuses on target market, sales, marketshare and profit goals.
initial business plan consisted sales of 2 lakhs cars per annum. The second partinvolves product price, distribution and marketing budget strategies.
fixed Rs 1 lakh as the car price,and finding self employed persons who work like agent to distribute the cars. The final part contains marketingmix strategy and profit goals. 
Stage 6 - Business analysis:
 it is the analysis of sales, costs and profits estimated for a new product andto find out whether these align withthe company mission and objectives 
stage 7 - Product development:
 during this stage, product is made to undergo further improvements, new features or improvised versions areadded to the product. There is also scope for innovation and using the latest technology into the product. 
Q.2 Discuss the importance of SWOT analysis to develop effective marketing mix.A.2
A tool used by organisations to help the firm establish its Strengths, Weaknesses, Opportunitiesand Threats (SWOT). A SWOT analysis is used as a framework to help the firm develop its overallcorporate, marketing, or product strategies.Note: Strengths and Weaknesses are internal factors which are controllable by the organisation.Opportunities & threats are external factors which are uncontrollable by the organisation.
Strength examples could include:
A strong brand name.Market share.Good reputation.Expertise and skill.
Q.3 Briefly explain the major external and uncontrollable factors that influence anorganization decision making, performance and
strategies.A. 3
Company’s Macro Environment
:-The major external and uncontrollable factors that influence an organization's decisionmaking, and affect its performance and strategies. These factors include the economic factors;demographics; legal, political, and social conditions; technological changes; and naturalforces.
Q.4 Discuss the potential benefits associated with MIS.A. 4
1) Helps to recognise market trends: MIS helps managers to recognise market trends,in respect of price, designs of products, fashions, etc. timely information of the market trendenables the firm to follow the right course of action.2) Facilitates marketing planning and control: effective marketing planning is required interms of product planning, pricing, promotion and distribution. such planning will be possibleonly if the company is possessing adequate and relevant information. this is also possiblethrough MIS.3) Quick supply of information: today a firm has to take quick decisions. for this purpose itrequires fast flow of information which is facilitated by a properly designed MIS.4) Improves quality of decision making: a properly designed MIS supplies reliable andrelevant information. with the help of computers and other data processing equipment, themarketing managers can make the right decisions at the right time.

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