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MB0030 (4 CREDITS)
Q.1,a:- Explain the meaning of market with its features. Ans:-Amarket is any
structure that allows buyers and sellers to exchange any type of goods, services
and information. The exchange of goods or services for money is a transaction.
Market participants consist of all the buyers and sellers of a good who
influence its price. This influence is a major study of economics and has given
rise to several theories and models concerning the basic market forces of supply
and demand. There are two roles in markets, buyers and sellers. The market
facilitates trade and enables the distribution and allocation of resources in a
society. Markets allow any tradable item to be evaluated and priced. A market
emerges more or less spontaneously or is constructed deliberately by human
interaction in order to enable the exchange of rights (cf. ownership) of
services and goods. Features of a market economy are: where people get to make
there own decisions, they have the right to choose their own job, things don’t
stay the same for a long period of time (economy changes from time to time), and
where the ruler does not make all the decisions -1- Q.1,b:- Marketing is more
than just an exchange process. How can you prove the validity of this statement?
Ans:-The marketer’s task lies in satisfying human needs and wants through the
exchange process. It is alleged that “marketing creates needs” and makes people
buy things they do not actually need. In reality, marketing or marketers do not
create “needs”, but they create “wants”. Needs are the basic human requirements
of food, clothing shelter water and air. When we desire certain specific objects

insurance and advertising. It helps an organization to keep abreast of changes taking place in the market and consumer tastes and preferences through market research. The firm that follows such practices is sure to prosper under all conditions.Marketing provides an effective channel of communication to the company with its consumers by way of advertising and sales promotion. and while doing so it creates demand for these goods and services. For the society as a whole.Micro Environmental Factors These are internal factors close to the company that have a direct impact on the organisations strategy. Marketing operations require the services of intermediaries such as wholesalers. finance. However this movement unleashes the forces of shareholder pressure on the strategy of organisations. thus leading to higher demand and sales. These services provide employment in large numbers. It results in the increased level of production.or items to fulfill these needs. He can now buy with credit or debit card or cash or on installments. it responds to these changes by rectifying any drawbacks in its products or changing its competitive strategy. These factors include: Customers Organisations survive on the basis of meeting the needs. Marketing is important not only to the company but to the consumers and society and to the economy. marketing is considered to be the most important acti vity. marketing is important because it acts as a change agent m aking people use latest products and improves the standard of living of the people. Training and development plays an essential role particular in service sector marketing in-order to gain a competitive edge. This. Thanks to much improved customer service. retailers. -3. For a company in any business. Consumer stands to benefit from marketing activities. Thus the company’s decision making and planning are not based on just hunches but on sound market information. improved and better quality products are available and he is able to buy goods at convenient locations. Satisfying shareholder needs may result in a change in tactics employed by an organisation. This is clearly apparent in the airline industry. Successful operation of marketing activities creates. Failure to do so will result in a failed business strategy.Q.2. Employees Employing the correct staff and keeping these staff motivated is an essential part of the strategic planning process of an organisation. which is beneficial to the economy. Examine how a firm’s micro environment operates when compared with its macro or external environment. wants and providing benefits for their customers. and service provides for storage. encourages them to use them. Based on this reliable data. Closer supplier relationships is one way of ensuring competitive and quality products for an organisation. Shareholders As organization require greater inward investment for growth they face increasing pressure to move from private ownership to public. Ans:. He has more alternatives to choose from. they are called wants. transporters.a. Suppliers Increase in raw material prices will have a knock on affect on the marketing mix strategy of an organisation. Prices may be forced up as a result. Many internet companies who share prices rocketed . This higher demand allows the company to achieve economies of scale in both production and distribution resulting in decrease in production and distribution costs which can be used to reduce prices to consumers. increases the national income. the main objective of marketing is to produce products and services for the society as per their needs and tastes. in turn. maintains and increases the demand for goods and services in the economy. a consumer is able to complain and expects his complaint to be attended in reasonable time. Marketing thus brings revenue and earns goodwill for the company. As we know. -2.

Mention the key points in one of the four buyer behavior model. Technology Forces: There is huge investment from the government to develop the infrastructure opportunities and the creation of the new product such as new advanced formulas. Q. and analysis of data about issues relating to marketing products and services. by methodological approach: Qualitative marketing research. What benefit can the organisation offer which is better then their competitors.A general model of the buyer decision process consists of the following steps: 1.b:. Income: As far as income levels are concerned. however. -7- Ans. Evaluation of Alternative 4. or disaster shortage of product will be there by marketers or suppliers. Can they sustain this differentiation over a period of time from their competitors?. The term is commonly interchanged with market research. Information for use in marketing information systems is gathered from customers.3. Ans:. consumers move towards another product which is of lower cost than the PepsiCo product. in that market research is concerned specifically with markets. hforcing organisations to change their tactics. and analysis of information and data for marketing decision making purposes. 2. while marketing research is concerned specifically about marketing processes. -5- Natural forces: Due to any earthquake. Competitor anlaysis and monitoring is crucial if an organisation is to maintain its position within the market. Pepsi targets mainly middle class to the upper class. recording.2. Macro Environment: Demographic forces: Age: The age of potential customers is around 14 to 30years. Competitors The name of the game in marketing is differentiation.Marketing Information System An information system concerned with the collection.b. alternatively. In a market which has very quickly become overcrowded many havel failed. buy you know something is wrong. either by target market: Consumer marketing research. Marketing research is the systematic gathering. This increases other beverages companies to enter Indian market and this in turn affects the Pepsi products. and Quantitative marketing research Q. expert practitioners may wish to draw a distinction.o Problem recognition Problem recognition is the ability to sense that things aren t going the way they should be.3. Information Search 3.:. Marketing research is often partitioned into two sets of categorical 1999 and early 2000 have seen the share price tumble as they face pressures from shareholders to turn in a profit. Answer:.a:-State the meaning of Marketing Information System and Marketing Research. this affects the business of Pepsi in whole country. so this affects the product and market. and Business-to-business (B2B) marketing research Or. Purchase decision 5. competitors and their products. changes in technology of production this affects the product. storage.. At this stage. Consumer programmes with a wider and more -4- direct audience can also have a very powerful and positive impact. and from the market itself. Hence even if a small insect is found in an Pepsi product in any part of India by a customer. Purchase 6. Economic Forces:When the economy of the consumer becomes low and expenses become high. Problem recognition. Cultural forces: Majority of Indians are non vegetarians and they expect the beverages they consume must be free from all insects. Post-purchase behavior/buyer s remorse (cognitive dissonance) -6- Q. Political and legal: India is politically stable and hence economy is stable and as a result it attracts investments from other countries. o Need description Some projects will benefit from a brief description of the conditions and . Media Positive or adverse media attention on an organisations product or service can in some cases make or break an organisation. you don t necessarily know what the problem is.Explain the various steps involved in the business buying process.

Step3. Published export statistics provide a reliable indicator of where U. o Supplier search o Proposal solicitation A solicited proposal is when the customer asks for a proposal. The section will be particularly useful where the project involves relocation.S. business associates. the ISAs and Customized Market Analyses (CMAs) offered by the Department of Commerce are useful. such as end-user sectors.limitations under which services are currently provided from. barriers (such as export controls) that affect exports to the country. exports are currently being shipped. Where existing conditions are well described in supporting documentation (eg condition surveys) it may be sufficient to quote the major finding and reference the report in the Appendices.S. and others to further evaluate targeted markets. a. Target three to five of the most statistically promising markets for further assessment.doc. This information is available from the NTDB and the NTIS. and other reports that give economic backgrounds and market trends for each country. Examine trends for company products as well as related products. If the market is just beginning to open up. The U. Analyze factors affecting marketing and use of the product in each market. Suppose you need to conduct a small marketing research study in your neighborhood regarding the purchase and use of detergent powders. cultural idiosyncrasies. Assess Targeted Markets Step1. o Product specification Written statement of an item s required characteristics documented in a manner that facilitate its procurement or production and acceptance. given the lower starting point.4. Step4. Look at each competitor s U. Step2. and business practices. did growth resume with economic recovery? Step3. Census Bureau provides these statistics in a published format. Country Commercial Guides (CCGs). Identify five to ten large and fast-growing markets for the firm s product. Step4. Identify any foreign barriers (tariff or nontariff) for the product being imported into the country (see Service Exports for an analysis of tariff and nontariff barriers). Obtain export statistics that indicate product exports to various countries. there may be fewer competitors than in established markets.S. that could influence demand. Consult with a Department of Commerce Export Assistance Center (see including the extent of domestic industry production and the major foreign countries the firm is competing against in each targeted market by using ISAs and competitive assessments. an unsolicited proposal is when you send them a proposal they haven’t even asked for.A. What will be your approach in the process? (4 marks) Ans:. Again. Calculate overall consumption of the product and the amount accounted for by imports. freight forwarders. The National Trade Data Bank (NTDB)and the National Technical Information Service (NTIS) offer Industry Sector Analyses (ISAs).S. Trade statistics also can be obtained using the National Trade Data Bank (NTDB). Look at them over the past three to five years. Identify any U. Screen Potential Markets Step1. Has market growth been consistent year to year? Did import growth occur even during periods of economic recession? If not. o Supplier selection o Order routine specifications o Performance review -8- Q. . Growth rates should be substantially higher in these countries to qualify as up-and-coming markets. rebuilding or refurbishing existing facilities. Step2. Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. market share. channels of distribution. Ascertain the sources of competition. -9- B. Demographic information (such as population and age) can be obtained from World Population (Census) and Statistical Yearbook (United Nations).

4. Customer would like to know what these features are and how they add value to the product. As a consumer. if the company is new to exporting. Exporting to one or two countries will allow the company to focus its resources without jeopardizing its domestic sales efforts. itc sun feast and other. Lg ge t – 282 gv/ge Akai d186 tt dx Electrolux kelvinator 386 Defrost system Door lock Adjustable -12- shelves Moisture and humidity control Deodorizing ability Water dispenser Defrost system From the above example it is clear that marketer should first develop the belief about the brand. Identify any U.customer who are representing this behavior are highly involved in the purchase of the product or service. Variety – seeking buying behavior When there are significant difference between the brands existing but customer will not involve more while purchasing.Step5. or foreign government incentives that promote exporting of your particular product or service (see Service Exports). then efforts should be directed to fewer than ten markets. parle. cream biscuits. customers who want to purchase ctv will not many differences between the brands but the price of the product and its technically makes customer to involve more. For example. In general. The process became complex as difference between brands are very high. marketer identify this behavior of the customer for biscuits. High involvement Low involvement Significant difference between brands Complex buying behavior Variety seeking buying behavior Few differences between brands Dissonance reducing buying behavior Habitual buying behavior. and milk biscuits of Britannia. Draw Conclusions After analyzing the data.-11- Q. The company s internal resources should determine its level of effort. door lock digital temperature control etc….S. (6 marks) ANS. the price of the product usually high let me show you the comparison of three brands and significant difference between them. identify the various marketing P’s for that brand. One of the major disadvantages of this type of behavior is customer will show post purchase dissonance which is very difficult to control. what factors will you consider when you have to buy a laptop? How will you arrive at a decision whether or not to buy a particular brand? Once you have selected a brand.b. In this situation marketer should undertake following steps The market leader should encourage customers to buy repeatedly. -10- C. Dissonance reducing buying behavior: The behavior exhibited by the customer when product purchase requires high involvement but only few differences exits. This doesn’t mean that quality of Britannia tiger is -13- inferior to other brands but customer would like to try the varieties available in the market. the company may conclude that its marketing resources would be applied more effectively to a few countries. Complex buying behavior :. In the above example you can see both akai and lg don’t have water dispenser while electrolux have. Both lg and Electrolux have moisture and humidity control while akai lacks it. Make the product . For example. There are many varieties of biscuits available. One can purchased salt biscuits. The customer who purchased Britannia tiger earlier may purchase sun feast cream biscuit next time. marie biscuits. customer who wants to purchase refrigerator would like to know the meanings of defrosting. provide the information and differentiate the company brand from others.

including commercial businesses. use them as components in products or services they offer.available and visible to the customer in the shopping places. What are the features of Business markets? How are they different from consumer markets? (5 marks) Ans:. The firm who are not market leader should come out with sales promotion techniques to encourage customer to purchase the product . someone down the supply chain is the user. there are more subtle distinctions between the two with substantial ramifications. Dwyer and Tanner (2006) note that business marketing generally entails shorter and more direct channels of distribution. or B2B marketing. the negotiation process between the buyer and seller is more personal in business marketing. or B2C marketing) is similar in terms of the fundamental principals of marketing. Use classical conditioning theory to create advertisements. and communicate and sell it in the fashion that demonstrates its value effectively to the target . It is worth drawing some comparisons between the two. facilitating the sale of their products or services to other companies or organizations that in turn resell them.image is important where it adds value to customers The purchaser is normally the user The purchaser is normally an integrator. In B2C. -15- The exchange is one of transaction. Consumer Business Every customer has equal value and represents a small % of revenue There are a small number of big customers that account for a large % of revenue Sales are made remotely. Service is highly valued Purchases are made for personal use . Marketers whose customer represent this category should follow below listed strategies Use price and sales promotion to stimulate product trial Use more visual aspect than the wordings in the advertisement Television is the better media for this type of products. Habitual buying behavior :.image is important for its own sake Purchases are made for others to use . or organizations. it often helps the business marketer set up successful sales calls. For example spice powder marketed by mdh. While consumer marketing is aimed at large groups through mass media and retailers. Costs are restricted to purchase costs Purchase costs may be a small part of the total costs of use The purchase event is not subject to tender and negotiation The purchase event is conducted professionally and includes tender and negotiation. or use them to support their operations. most business marketers commit only a small part of their promotional budgets to advertising. B2B and B2G marketing situations. Also known as industrial marketing. governments and institutions. -14- Q. business marketing is also called business-to-business marketing. for short. the manufacturer doesn t meet the customer Sales are made personally.The low involvement between the brands and few differences between the brand leads to the habitual buying behavior. While that advertising is limited. position and price to align the product/service with its market.Business Marketing is the practice of individuals. Marketing to a business trying to make a profit (Business-to-Business marketing) as opposed to an individual for personal use (Business-to-Consumer. Business vs consumer markets To help explain the differences between business and consumer markets. the manufacturer gets to know the customer Products are the same for all customers. There is the potential for long term value Although on the surface the differences between business and consumer marketing may seem obvious. 5 a. There is no long-time view (financial services differ) The exchange is often one of strategic intent. According to Hutt and Speh (2004). the marketer must always: successfully match the product/service strengths with the needs of a definable target market. The service element is low Products are customised for different customers. and that is usually through direct mail efforts and trade journals. everest or mtr have very feew differences between them and customer do not search the information to purchase particular product. often an intricate balance.

market.Four major segmentation bases for consumer markets will be: 1. The reason for this is simply that consumer wants and product usage often are related to one or more of these subcategories. the regions. attitudes. c) Accessibility :. -18- Behavioural segmentation: Some marketers regularly attempt to segment their markets on the basis of product. Psycho graphic segmentation: Psycho graphic segmentation divides buyers into different groups based on social class. Demographic segmentation: Demographics are the most common basis for segmenting consumer markets.Report Cancel This is a private document. gender. 1500 Free Advertising Start Running Your Own Ads Here. b)Obtainable b) Substantiality :.The degree to which the segments are large and/or profitable enough. Psycho-graphic segmentation 4. They are frequently used because they are often strongly related to demand and relatively easy to measure. 6. .5 b. Explain briefly the important bases for segmenting markets (2 marks) and then identify the bases for these products by giving appropriate reasons: i) A digital wrist watch (2 marks) ii) Sunglasses (2 marks) iii) Air-cooler (2 marks) iv) Dictionary (2 marks) Ans:. feels. d) Actionability :-The degree to which effective programs can be formulated for attracting and serving the segments -17- Q. Behavioural segmentation divides buyers into groups based on their knowledge. life-cycle. income and education. cities and towns where people live and work is geographic segmentation. market segments must exhibit four characteristics: a) Measurability:. The most popular characteristics for demographic segmentation are age.The degree to which the size and purchasing power of the segments can be measured. A segment should be the largest possible homogeneous group worth going after with tailored marketing programme. Geographic characteristics are also measurable and accessible. lifestyle or personality characteristics.A degree to which the segment can be effectively reached and served. and behaves. So psycho graphic segmentation helps the marketer in examining attributes related to how a person thinks. List out the 5 important prerequisites of effective segmentation by giving suitable examples. they utilize behavioural segmentation. People in the same demographic Group can have different psycho graphic makeup. Demographic segmentation 3. countries.635Uploaded:06/18/2010Category:Business/Law>MarketingRated:complete set mb0030b listb marketingpowderimportant prerequisitesmarketing pstatementmeaninggiving appropriate(more tags)mb0030b listb marketingpowderimportant prerequisitesmarketing pstatementmeaninggiving appropriatesunglassesexchange process(fewer) drmkinAds by Google Rs. uses or responses to a product. (5 marks) Ans:- To be maximally useful. *** -19- -20- mb0030 Download this Document for FreePrintMobileCollectionsReport DocumentReport this document?Please tell us reason(s) for reporting this document Spam or junk Porn adult content Hateful or offensiveIf you are the copyright owner of this document and want to report it. please follow these directions to submit a copyright infringement notice. family. -16- Q. Behavioural segmentation Geographic segmentation: Subdividing markets into segments based on location. Geographic segmentation 2. Info and Rating Reads:1.related behavior.

Recent Readcasters Add a Comment Submitshare:Characters: 400 Print this documentHigh QualityOpen the downloaded document. 23 p. 296 p. p. but other s can view it public moderated: others can add to this collection. Enroll Today! Academy. p. p. so it may only be added to private Introduction to Economics Learn Economic Principles online at Mises Academy. 2 p. 1 p. but you approve or reject additions private: only you can add to this collection. 139 p. 153 p. so it may only be added to private collections. 20 p. 1 Share & Embed Related Documents PreviousNext 75 p. Finished? Back to Document Add this document to your CollectionsThis is a private document. 38 p. 2 p. and only you will be able to view itSave collectionCancelYou have not created any collections yet. 1 p. Add this document to your Collections 20 p. p. but others can view it public moderated: others can add to this collection. Enter Now! InternationalBusinessLeague.More from this user PreviousNext 14 p.Name:Description:Collection Type:public - locked public . p.moderated privatepublic locked: only you can add to this collection.Name:Description:Collection Type:public .locked public - moderated privatepublic locked: only you can add to this collection. FedEx Intl Biz League FedEx gives you a chance to get Featured on ET NOW. Fill Out the Form & We ll Help You! www.Google.Mises. but you approve or reject additions . mb0030 complete set From: drmkin Uploaded: 06 / 18 / 2010 Reads: 1636 Category:MarketingThis is a private document. and select print from the file menu (PDF reader required). 139 p. 1 p. p.

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