Marketing Management V2

Assignment - A
Question 1: Define marketing management. Discuss the various management philosophies. Explain ho the marketing an! selling are contraste! an! "riefl# explain the societal marketing concept. Ans er: Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and an integral part of a firm's marketing strategy. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business' size, corporate culture, and industry conte t. !or e ample, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product. "o create an effective, cost#efficient Marketing management strategy, firms must possess a detailed, ob$ective understanding of their own business and the market in which they operate. In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.

Various Management $hilosophies

$ro!uction %oncept: "he production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency. $ro!uct %oncept: "he production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency. &elling %oncept: Many organizations follow the selling concept. "he selling concept is the idea that consumers will not buy enough of the organization's products unless the organization undertakes a large#scale selling and promotion effort.

Marketing %oncept: "he marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. &ocietal Marketing %oncept: "he societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and the society's well#being. %ontrast "et een Marketing %oncent an! &elling %oncept "he %elling &oncept and the Marketing &oncept are two different concepts of Marketing that related to the evolution of marketing in the world. "he %elling &oncept holds that in order for the firm to be profitable, it must focus on sales of the product regardless of the orientation of the product itself. "his concept became popular after 'orld 'ar (. )n the other hand, the Marketing &oncept is one of the recent concepts in marketing. It holds that a firm must identify the needs of the consumer and then plan, price, promote and distribute its product according ton the demands of the consumer. Explains 'he &ocietal Marketing %oncept *+ "he societal marketing concept is the newest of the marketing philosophies. (+ It questions whether the pure marketing concept is adequate given the wide variety of societal problems and ills. ,+ -ccording to the societal marketing concept, the pure marketing concept overlooks possible conflicts between short#run consumer wants and long#run consumer welfare. .+ "he societal concept calls upon marketers to balance three considerations in setting their marketing policies/ a+ &ompany profits. b+ &ustomer wants. c+ %ociety's interests.

Question 2: Explain the various factors influencing the compan#(s marketing strateg# ith the help of suita"le examples Ans er: "here are various factors influence the company's marketing strategy. "hese are/ $olitical factors: laws, rules and regulations that you have to obey which have been set by the government. !or e ample0 supermarkets are not allowed to open more than si hours on a %unday. "he sale of good act of *121, goods sold should meet three conditions. Economic factors: "he rate of ta es and the credit crunch could affect marketing as people will have less money to purchase products and will go for the cheaper option if possible. If interest rate keep going up these will put of some of the business. -s the amount of income and output of every organisation has a bigger role of economic factors.

&ocio-cultural factors: personal choices and lifestyles, demand from consumers may affect marketing if there is too little of what the customer wants and needs. "he 3igh %treet is suffering badly from a combination of higher mortgage repayment and credit card costs, fuel and food bills, which are putting huge strain

on 4ritish households. 'echnological factors: Modern and fast technology which can make the marketing business more efficient, gives more choices on how to send, receive and store information. )eographical factors: 5very place have different atmosphere due to which you cannot market every product at every place. !or e ample in cities where you can't find mountains you can't market climbing equipment .In desert area you can't market swimsuits

Question *:+hat is marketing research, Discuss the marketing research process ith the help of an example. -riefl# explain the sources of !ata. Ans er: Market Research is a systematic, ob$ective collection and analysis of data about a particular target market, competition, and6or environment. It always incorporates some form of data collection whether it be secondary research 7often referred to as desk research+ or primary research which is collected direct from a respondent. "he purpose of any market research pro$ect is to achieve an increased understanding of the sub$ect matter. 'ith markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small. 'he Market .esearch $rocess "o conduct market research, organisations may decide to undertake the pro$ect themselves 7some through a marketing research department+ or they might choose to commission it via a market research agency or consultancy. 'hichever, before undertaking any research pro$ect, it is crucial to define the research ob$ectives i.e. what are you trying to achieve from the research8 -nd what do you need to know8 -fter considering the ob$ectives, Market Researchers can utilise many types of research techniques and methodologies to capture the data that they require. -ll of the available methodologies either collect quantitative or qualitative information. "he use of each very much depends on the research ob$ectives but many believe that results are most useful when the two methods are combined. Quantitative .esearch 9uantitative research is numerically oriented, requires significant attention to the measurement of market phenomena and often involves statistical analysis. !or e ample, a bank might ask its customers to rate its overall service as e cellent,

good, poor or very poor. "his will provide quantitative information that can be analysed statistically. "he main rule with quantitative research is that every respondent is asked the same series of questions. "he approach is very structured and normally involves large numbers of interviews6questionnaires. :erhaps the most common quantitative technique is the ;market research survey<. "hese are basically pro$ects that involve the collection of data from multiple cases = such as consumers or a set of products. 9uantitative surveys can be conducted by using post 7self#completion+, face#to#face 7in#street or in#home+, telephone, email or web techniques. "he questionnaire is one of the more common tools for collecting data from a survey, but it is only one of a wide ranging set of data collection aids. Qualitative .esearch 9ualitative research provides an understanding of how or why things are as they are. !or e ample, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. >nlike quantitative research there are no fi ed set of questions but, instead, a topic guide 7or discussion guide+ is used to e plore various issues in#depth. "he discussion between the interviewer 7or moderator+ and the respondent is largely determined by the respondents' own thoughts and feelings. -s with quantitative techniques, there are also various types of qualitative methodologies. Research of this sort is mostly done face#to#face. )ne of the bestknown techniques is market research group discussions 7or focus groups+. "hese are usually made up of ? to @ targeted respondents, a research moderator whose role is to ask the required questions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and6or audio taping facilities. In addition, qualitative research can also be conducted on a ;one on one< basis i.e. an in#depth interview with a trained e ecutive interviewer and one respondent, a paired depth 7two respondents+, a triad 7three respondents+ and a mini group discussion 7.#A respondents+

%ase &tu!#
9uestion */ %uggest bases for segmentation of market for groom plus products
-nswer/

%egmentation is the division of market based on similarity of tastes and preference of the customers. Bifferent products ranges target different customer segments. If the marketers know which segment of the market they are targeting, they can design their marketing mi to suit the customers in the segment. In the case studies mentioned, the target market for male fairness segment industry is the metro se ual youth. "he domain of marketing segment is limited to the cities. "herefore the bases for segmentation should be a mi ture of Individual marketing, niche marketing and Cocal marketing. Individual marketing is the e treme level of segmentation in which -4& can focus on individual customers. "he company can approach individuals through emails and tie up with popular websites for promoting its own product. "he company can send their promotional mails to the large customer base of these websites. "he niche marketing can be an effort to position the fairness products in a smaller urban market that have similar attributes and some specific unsatisfied needs.-s research by the company shows that men prefer bleach with its own fragrance and formulations niche marketing can be an effective strategy. Cocal marketing can help e pand the marketing beyond the boundaries of the metro cities. "he idea should be to offer customized fairness product to suit the local markets. -s mentioned in the case study that the youths are driven by desire to look fairer, this particular attribute can be e ploited. 5ven McBonalds had to design their strategy to to suit the local markets by introducing indianite products. 4esides certain segmentation variables has to be kept in mind such as age and life cycle stage, gender, income, social class and certain psychographic attributes like values, beliefs, lifestyle, personality before designing a segmentation of market.

Question 2: Discuss the importance of packaging in marketing of the a"ove pro!uct range
-nswer/

'e all know that packaging adds value to the product in the form of easier handling and secured usage. :ackaging is very important for fairness products as it plays a vital role in its appeal and sales of the product. - properly packaged product can result in repeat purchase by the customers. !or a fairness product, an easy to use packaging which is secured and transparent are likely to have better sales. "ransparent packaging will help the customer view the contents of the product and help them in their purchase decision making. :ackaging is also vital for preservation and their continual usage. Incase of beauty products, size shape color, and labeling should attract both visually and and psychologically. !or better recognition and preventing confusion it is important to maintain consistency in packaging design. :ackaging should also facilitate easier handling by the retailers and dealers.It should also be environment friendly as it would add to the good quality of the product and thus help in the easy saleability and marketability of the product. Innovative packaging can help distinguish beauty products from those of competitors. Carge package size can motivate the customers to consume more as they have the feeling that they have bought a large quantity of the product at the reduced rate. "he ultimate ob$ective of packaging particularly in case of fairness products should be to facilitate easier usage, secured handling and preventing any spillage while using. "he shape, size, colour, and mode of packaging should appeal to their psyche. -s a result it will help in creating brand value and loyal customer base.

Question *: &uggest a suita"le promotion mix for creating a areness of the a"ove range of pro!ucts.
-nswer/

:romotion of a product requires a diligent deliberation. "here are a wide variety of media to choose from. "herefore it is indispensable to know the target customers, their location, the message to be delivered, and the timing of the promotions. "he main purpose of promotion is to boost the sales of a product by creating design i.e, both the consumer as well as trade demand. %uitable promotion mi in case of

the beauty products can be the following. *. %election of the right media like television, websites and lifestyle $ournals can be effective in case of fairness product.. Most visible display hoarding on the busy streets, health centers, gym , spa etc. can help promote the product. (. :oint of purchase displays such as window displays, wall displays, danglers, balloons and of course innovations like sniff teasers that spreads the aroma of product can be an effective promotion mi . ,. Bistribution of free samples to niche segments to encourage them try a new product. .. !ree gifts, coupons ,scratch card scheme can incentivise the customers buy the same product again. A. Bevising strategies through money refunds and rebates so that qualified customers make repeat purchase. "he method of refund should be consistent and confidence boosting. 4esides publishing stories and articles in leading dailies and health magazines and promoting social and health activities before launching the product can help build awareness. If a products feature and specialty can be carried in the editorial section of newspapers, publications or the broad cast medium, it can help not only in building awareness but also build credibility.

Assignment - % /"0ective '#pe Question

9uestion *. "he %elling &oncept is

A. $ro!ucts 4. &ustomer needs &. Markets B. Done of the above

9uestion (. Market Means

-. "he set of actual and potential sellers of a product 4. "he set of actual and potential buyers of a product %. -oth "u#ers an! sellers B. Done of the above
9uestion ,. 4&E stands for

-. 4oston consumer goods 4. 4oston crdit groups %. -osston consultanc# groups B. 4oth a and b
9uestion .. Marketing Mi 5lements are

-. :roduct, price, place, and customers -. $ro!uct1 price1 place an! promotion &. :roduct , price, place and physical distribution B. 4oth b and c
9uestion A. Biversification means

A. A strateg# for compan# gro th "# starting up or ac2uiring "usinesses outsi!e the compan#(s current pro!ucts an! markets 4. - stage for company growth and starting up or acquiring other companies and their products &. - unit which deals in many products and services B. 4oth b and c
9uestion ?. %4> stands for

-. %tate bank of uttranchal -. &trategic "usiness unit &. %emi brand units B. Done of the above

9uestion 2. Market %egmentation is

A. 'he process of classif#ing customer(s into groups1 each ith !ifferent nee!s1 characteristics or "ehaviours. 4. "he process of classifying the markets into groups each with same needs and characteristics &. "he process of making the dealers and distributors happy about the products B. Done of the above
9uestion @. %trategic &ontrol means

-. - critical review of the company's overall production effectiveness 4. - critical review of the company's overall finanicial effectiveness &. - critical review of the company's overall marketing effectiveness D. 3one of the a"ove
9uestion 1. &hanges in incomies

A. An economic enviorenmental factor 4. - political environment factor &. - socio cultural environment factor B. 4oth b and c
9uestion *F. %tatus is

-. "he general life style given by the society 4. "he general esteem given to a role by society %. 'he s#m"ol in the market B. Done of the above
9uestion **. "he first step in strategic planning is

A. Defining the compan#(s mission 4. Besigning the marketing program &. Besigning the business portfolio B. Done of the above
9uestion *(. "he .c's of the marketing mi tactial tool kit are

-. &ustomer, cost, convienee and curve 4. &ustomer, cost, convience and coverage %. %ustomer1 cost1 convienence an! communication B. Done of the above

9uestion *,. :romotion mi elements are

A. $rice1 a!vertising 1 pu"licit# an! sales promotion 4. -dvertising, sales promotion, publicity and personal selling &. :ersonal selling, strategy, advertising and publicity B. 4oth a and c
9uestion *.. Marketing productivity audit includes/

A. $ro!ucts1 price an! !istri"ution anal#sis 4. :rofitability analysis and cost effectiveness analysis &. -dvertising and sales force anlaysis B. 4oth a and c
9uestion *A. Bemography is

A. 'he stu!# of human population in terms of si4e1 location1 age1 gen!er1 race1 occupation an! other statistics 4. "he study of the marketing plans &. "he study of all the activities in the organization B. Done of the above
9uestion *?. - sample is a

-. %egment of the area in the market 4. %egment of the population selected to represent the population as a whole %. $art of the !ata B. 4oth a and c
9uestion *2. "he two types of sales forecasts are/

-. Industry and the market sales forecasts 4. Industry and the price forecasts %. 5n!ustr# an! the compan# sales forecasts B. Done of the above
9uestion *@. :G&M stands for

-. :ercentage and value cost margin -. $ercentage-varia"le contri"ution margin &. :ercentage value cost margin B. 4oth a and c
9uestion *1. Inventory turnover is

-. Eross margin6price

4. %ales6cost %. &ales6average value of inventor# B. 4oth a and b

9uestion (F. "he product is now more widely known and the sales grow rapidly is the stage of

-. Introduction stage 4. Maturity %. )ro th B. Becline

9uestion (*. "he . stages of the :C&

A. )ro th1 intro!uction1 maturit# an! !ecline 4. Erowth introduction maturity and new &. Introduction, decline, new product, growth B. 4oth a and c
9uestion ((. "he new product development process starts with

-. screening -. i!ea generation &. product development B. none of the above

9uestion (,. "he process of creating and developing product specifications that optimize the function, value and appearance of the product is

-. :roduct design 4. Market design %. 5n!ustrial !esign B. Done of the above

9uestion (.. %etting a price at or near competitive levels is

A. $enetrating pricing 4. :arity pricing &. &ompetition pricing B. 4oth a and c

9uestion (A. In advertising, ER: stands for

-. Erand rating points 4. Erowth rating points %. )ross rating points B. Done of the above
9uestion (?. Inventory cost is

A. Annual sales6inventor# turnover 7 inventor# carr#ing cost 4. "otal sales6inventory carrying costs &. "otal costs6annual cost B. 4oth b and c
9uestion (2. "he systematic design, collection analysis, and reporting of data relevant to a specific marketing situation facing an organization is

-. Market research -. Marketing research &. :roduct research B. 4oth a and c

9uestion (@. In collecting primary data, the two main research instumetns are/

-. Mechanical devices and the telephonic conversation -. Questionnaire an! the mechanical !evice &. 9uestionnaire and the telephonic conversation B. Done of the above
9uestion (1. GM% stand for

A. Vertical marketing s#stem 4. Gertical management system &. Galue marketing system B. Gertical measuring system
9uestion ,F. - descriptive thought that a person has about something is called

-. Idea 4. 4elief %. Value B. Bescription

9uestion ,*. "he collection of businesses and products that make up the company is

-. :roduct portfolio -. -usiness portfolio &. Market portfolio B. 4oth a and c

9uestion ,(. "wo or more outlets that are commonly owned and controlled are

-. 4usiness stores -. %hain store &. :roducts B. Done of the above

9uestion ,,. "he practice of using the established brand names of two different companies on the same product

-. 4randing 4. Re branding %. %o "ran!ing B. Done of the above

9uestion ,.. "he set of basic values, :erceptions, wants and behaviours learned by a member of society from family and the important institutions is known as

A. %ulture 4. %ub culture &. -ttitude B. Done of the above

9uestion ,A. "he total combines lifetime values of all the company's customers is called

-. :roduct equity -. %ustomer e2uit# &. Market equity B. 4oth a and c

9uestion ,?. &RM stands for

-. &ost recovery management -. %ustomer relationship management &. &ustomer role in management B. Done of the above
9uestion ,2. -dding a standard mark up to the cost of the product is

A. Differentiate! pricing 4. &ost plus pricing &. &ost only pricing B. Done of the above
9uestion ,@. 3uman wants that are backed by buying power are called

-. :roducts -. Deman!s &. Markets B. 4oth a and c

9uestion ,1. %tocking the product in as many outlets as possible is called

-. 5 tensive distribution 4. Inclusive distribution %. 5ntensive !istri"ution B. Done of the above

9uestion .F. In marketing, MI% stands for

-. Management information system

-. Marketing information s#stem &. Market idea system B. Ma$or information system