Directorate of Online Education

INTERNAL ASSIGNMENT

NAME KARTIK PACHISHIYA

ROLL NO 2214502783

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of
400 - 450 words. Each question is followed by evaluation scheme.

Q.No Assignment Set – 1 Marks Total

Questions Marks
1. Macro environment include variables which directly or indirectly 10 10
exert an influence on the business. Do you agree or not? Justify your
answer in detail.
2. Define Product Mix. As every human being has different phases in 2+8 10
life, alike product follows. Elaborate the statement with suitable
examples applicable in each stage of PLC.
3. State the benefits of modern marketing concept. Enumerate how does 2+8 10
the understanding of marketing concepts gives immense benefits to
an organisation?

Q.No Assignment Set – 2 Marks Total

Questions Marks
4. The factors which determine consumer behaviour can be grouped into 10 10
major broad categories. Elaborate categories in detail.
5. Discuss the significance of relationship marketing. Elaborate the 10 10
methods which organization can adopt to enhance relationship with
customers?
6. Discuss in detail sequence of steps follow in developing an integrated 10 10
promotion mix take any example of company at your choice.

ANSWER1: Below are the Macro environment variables which directly or indirectly exert an
influence on the business.

 It consists of outside variables that the business cannot control but that unquestionably have
an impact. Economic forces, demographic forces, technological forces, environmental and
physical forces, political and legal forces, and social and cultural forces are some of the
elements that make up the macroenvironment.
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 There are two types of business environments: microenvironments and macroenvironments.
Microenvironments have a direct impact on business operations, whilst macroenvironments
have an indirect effect on all enterprises on a significant scale.
 Demographic, Economic, Natural, Technological, Political, and Cultural environments are
the six elements that make up the macro environment.
 the main uncontrollable outside factors (economic, demographic, technological, natural,
social and cultural, legal, and political) that have an impact on a firm's performance and
decision-making.
 Business operations are significantly impacted by macroenvironmental elements as
employment rates, GDP, consumer spending, fiscal policy, and inflation. Based on these
variables, institutions and governments plan their policies. A business's growth, tactics, and
decision-making are impacted by macroenvironmental issues.

Answer2: A product mix is the total number of individual products and the product lines that
the company manufactures. The product mix is something that keeps varying from company
to company. Some companies have a limited number of products, while others have several
lines of products, which include a number of different products in each product line. A
company can have a number of product lines containing several products.

A product line is basically a group of several products which are similar in terms of their
basic attributes. The products which fall into the same product line generally target the same
customer base and have almost similar prices. Professionals working in the product
development department often create flowcharts to illustrate their different various product
lines and to explain how the product lines relate to one another.

Significance: Companies with large product lines often focus on product mix. Focusing on
product mix allows companies to analyse the needs of customers so that they can introduce
some new products to the line. It helps businesses to fulfil the demands of their customers
better. Using product mix perfectly helps companies to stay with the latest trends, as there
can be many competitor companies that focus on several customer bases.

Function: The main function of a product mix is to provide companies with an understanding
of a particular product and the methods to advertise it to as many customers as possible. A
good product mix can provide detailed information about each and every product and the
target customers. For example, if a soap company produces a basic budget soap, an expensive
soap and nature-friendly soap, then a good product mix contains all the varieties of soaps that
the company produces with the types of consumers and their needs.

Size: The larger the product mix is, the more it can help the company in planning strategies
for growing sales. If the product mix contains a product that is unpopular among consumers,
it can lead to a significant loss in sales. Companies often focus on having those products in
the product mix which are in demand. Focusing on products that are currently in demand with
the customers can help companies to stand against their competitors in the market.
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Effects: Product mix can help the companies know their loyal customer base and the
customers who are switching to their competitors. This can directly help them to plan and
build strategies that focus on increasing the efficiency of the sales. For example, if you are
managing a chain of hotels for a company, you can offer your customers different kinds of
rooms, gardens and swimming pools in one place. This way customers can get different kinds
of facilities in one place.

Misconceptions: Some companies can misunderstand a product mix as a group of several

products that a company puts into the market. A product mix provides detailed information
about each product in the group and helps in optimising the production and delivery
processes. Introducing too many products into the same group can lead to a downgrade in
sales. Using product mix carefully allows companies to make sure that their products are
complementing each other instead of competing.

Here are some common examples of product mix strategies:

 bringing a change to an existing product strategy can help improve an existing

product
 eliminating low-performing lines or products can simplify product mix
 implementing a depth strategy is useful if a company keeps and expands its current
lines
 identifying and communicating new uses for existing products without affecting the
existing products or lines
 increasing the number of product lines or product variations
 adding a product with lower cost to its existing line of products
 adding a product with a higher cost to an existing line to increase the demand for its
low-cost products

Answer3: The selling concept strives to turn products into cash for the business, while the
marketing concept strives to meet customer needs through the product itself.
The marketing concept asserts that businesses are required to focus on the consumers' needs
and wants so they can offer products or services that will satisfy these needs better than the
competition. The marketing concept brings to the fore the principle of competitive advantage
and superior offerings. This concept was developed because with time, consumers grew to be
more discerning and selective about their purchase decisions. In this regard businesses
invested in strategies that would provide them with information about what the consumer
needs prior to product development.

The selling concept, on the other hand, asserts that consumers need to be influenced in order
to buy the products on offer through promotional campaigns. The focus of this concept is
directed towards turning products into cash for the business.

In summary, the differences between the two are;

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The selling concept focuses on the needs of the seller while the marketing concept focuses on
the needs of the buyer The selling concept works to turn products into cash while the
marketing concept works to satisfy the customers' needs through the product In the selling
concept, competition is predominantly centred on sales while in the marketing concept the
competition is centred on consumer satisfaction.
SET-II

Answer4: There are three types of variables that affect how consumers behave.

Explanation:

 Personal factors: Demographics can have an impact on a person's interests and attitudes .
 psychological aspects: a person's perceptions and attitudes will determine how they react to a
marketing message.
 Social factors such as family, friends, income, level of education, and social media all affect
consumer behavior.
 An examination of consumer behavior should show:
 consumer perceptions and feelings about other alternatives (brands, products, etc.);
 What factors affect customers' decision-making; How consumers behave while researching
and shopping;
 How the environment (friends, family, media, etc.) affects how customers behave.

Answer5: Relationship marketing is a distinct strategy for creating more meaningful

customer relationships with the goal of ensuring satisfaction with your business and what you
offer, and creating brand loyalty, retention, and a boost in customer lifetime value.

It involves the process of developing a true relationship with your customers in such a way
that they want to stay with you.

Relationship marketing is thinking long-term about the success of your business and
eliminating the sole focus on individual sales and new customer acquisitions.

You can accomplish this in a variety of ways, all of which provide existing customers with
essential information suited to their individual interests, concerns, pain points, and needs.

A few examples include:

Providing access to exceptional customer service.

Interacting with customers on social media.
Asking for feedback and making customers feel that their opinions matter.
Creating a loyalty program or other rewarding incentives.
Sponsoring events.
Nurture your customer relationships in these ways, and you’ll build trust, authority, and
loyalty along the way.
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The following five steps, however, will be beneficial in any situation.

1. Focus on Establishing an Emotional Connection

With relationship marketing, you want to create an emotional bond with your customers.Look
to empathetic marketing techniques to develop that emotional connection. Let them know
your business understands where they are coming from and where they want or need to go.
Focus on building authority and trust, then connect through your specific brand voice and
personality. Most importantly, always provide exceptional customer service equally to all.
You can also achieve an emotional connection by creating and providing relevant content that
speaks directly to your customers. Use different types of content to reach them, including
polls, quizzes, or other interactive content. Send them notices to celebrate birthdays,
anniversaries of their first purchase, and anything else relevant to your business.

2. Establish A Purpose for Your Business

Ensure your business has a purpose or meaningful reason behind everything you do. Show
customers that you’re not just all about how many sales or how much profit you can make. In
other words, determine what it is you stand for. Perhaps your concern lies with environmental
issues, such as ridding the ocean of plastic that is dangerous to sea life. Maybe you focus on
the value of volunteering or alleviating homelessness. Being purpose-driven is attractive to
consumers and to those who need what you offer. When given a choice, they will be more
likely to go with a business that prioritizes something they care about over another. While
only you know what the purpose will be for your particular business or brand, planning and
execution are key and will lead to building more beneficial relationships with customers.

3. Utilize Beneficial Technology

Relationships and technology may not sound like the perfect partnership, but when combined
correctly, they can provide results that lead to higher customer retention and sales. Your
customers are all unique yet may share certain pain points, concerns, needs, or interests. You
need to know how to reach each one of these, connecting with your customers on a personal
basis. One way to help with this is to incorporate beneficial technology. Use CRM tools to
manage your customer relationships by storing information and tracking interactions and
communications. An automated marketing system to ensure customers receive the right
communications at the right time is another important tool. While you still need to regularly
interact with customers, such as on social media and through customer service, technology
can help ensure you provide the right communications to foster that customer relationship
long-term.

4. Regularly Ask Customers for Feedback

Let your existing customers see that you value their thoughts and opinions by regularly
asking for and collecting feedback. This request for feedback may involve something as
simple as how a product is performing and if it meets their needs. Another example is to ask
your customers what it is they want to learn more about. As a result, existing customers will
feel like they are a valued part of your brand, and you will receive valuable information that
can further your marketing efforts. For example, hearing concerns or questions can help you
better your content marketing strategy, providing information on more relevant topics that
speak to your existing audience and attract new customers. You can also use what you learn
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to adjust pricing, increase offerings (such as packages or rewards programs), or improve
customer service.

5. Center Your Strategy on Building Long-Term Customer Relationships

While a good portion of your marketing budget will continue to focus on customer
acquisition, fostering relationships as much or more than actual sales will be beneficial in the
long term. To accomplish this, start by developing high-quality, relevant content that speaks
to your customers. Include content to take them through the buyer’s journey and long past
that first purchase. Focus on providing exceptional customer service and make it so easy and
enjoyable to do business with you that they wouldn’t think of going elsewhere. By spending
time connecting with customers and letting them develop loyalty to your brand, you both
benefit.

Answer6: In an age where a myriad of companies vie for the attention of leads, one of the
most critical needs for a company is the establishment of a robust marketing and sales
pipeline and enterprise system.

Such a system – which includes marketing, sales, PR, and communication experts – is tasked
with reaching prospects, leads, and customers with crucial information associated with a
company’s brand, products, services, events, and more.

An enterprise’s marketing strategy encompasses the strategic approach to ensuring a

company utilizes all mediums and marketing channels effectively and efficiently to further
the company’s goals.

Such goals typically include reaching more demographics, retaining customers and
converting leads, creating brand ambassadors, and expanding the company’s reach into
different territories and regions, with the ultimate purpose of increasing profit margins.

A company’s marketing strategy consists of the CEO, Chief Marketing Officer (CMO), CFO,
and other C-suite executives who work to align all marketing processes and projects with the
overarching business model and vision of the enterprise.

Within the scope of the marketing strategy, as noted by Simplicable, several mediums or
channels can be used toward fulfilling the goals of a company’s marketing department:

Television
Radio
Online Digital Assets
Apps
Messaging apps
Social Media
Games
Events
Graphics
Publications
Whitepapers
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Articles
Mail/Email
Public Speaking
In this digital age, business marketing is usually divided into two categories:

Outbound (traditional) marketing: Going out to customers to advertise the company’s

products/services, trying to convince unqualified leads to become customers, often via “cold
calling.”
Inbound (digital) marketing: The use of content marketing, like blogs, articles, and other
educational material deployed on a business’ online assets, to draw potential customers to the
company’s products/services, via leading.
The Marketing Funnel and Sales Funnel visual systems are often vital to understanding
marketing communications. Different processes within the marketing strategy align with
different phases of the marketing funnel (Top of the Funnel/ToFu, Middle of the
Funnel/MoFu, and Bottom of the Funnel/BoFu), and sales funnel.

The channels listed above can be used to publicize a new product/service, to attempt to reach
a new demographic via a PR campaign, to establish better relations with customers, and
more. All of these marketing tasks are integrated with PR and sales processes to help increase
sales and improve the top line of the business.

If the marketing strategy is to be created and carried out correctly, enterprises must
understand how marketing communications work. Marketing communications employ
electronic and non-electronic mediums or channels to convey a message to a market, which
can include a company’s prospects, leads, stakeholders, and customers.

Following several industry best practices for creating a marketing strategy and choosing the
best communications system will ensure that businesses reach their market in the most
effective manner possible.

1.Understand And Know Your Target Audience

The first step in establishing the best marketing communications system for your business is
to know your target audience intimately. This step includes analyzing buyer personas, past
sales, and marketing data (conversion rates, churn rates, etc.), along with analyzing
benchmark data, and the overall scope of target lead/customer demographics. Asking
questions such as these can be enlightening:

Who is in the market we are trying to reach?

What are the major buyer personas within the target demographic?
What problems are those in the target audience trying to solve?
What medium does our target audience typically use?
What is the best and most efficient way to communicate with the target audience?
What is the average age – and gender – of the target audience?
Marketing officers and strategists might find it advantageous to define what the target
audience even means. This definition is important since the target can refer to unqualified
leads versus qualified leads, or customers versus prospects, etc. Different strategies and
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communication channels can serve different targets, such as social media for qualified leads,
email for unqualified leads, graphics for customers, and articles for prospects.

2. Set Up A Budget Plan

Ultimately, the team must account for financials at all steps of the process associated with
creating a marketing strategy/marketing communication plan.

Accomplishing this requires that the marketing communication plan aligns with the
company’s budget, which will include feedback from the CFO of the company. The
important thing to remember is that the chief officers need to monitor all aspects of the
communication plan’s budget and ensure that the company is not going over budget, and
should have a clearly defined buffer.

3. Identify Your Unique Selling Proposition

Adopting and utilizing strategic differentiators is required to stand out in a crowd of
enterprises. When a company identifies a unique selling proposition (USP), it can reach a
greater audience and expand operations to new markets. In turn, they can secure more
interested prospects, increase conversion rates, and increase the top line of the enterprise.

Knowing what differentiates you from the competition is critical – something that is unique,
that makes your product or service stand out from the other products on the market. Such
unique elements can include additional functionalities for your product, a lower price to
quality ratio, etc.

4. Define Your Marketing Communication Methods

One of the most important parts of creating and implementing a robust marketing
communications strategy is defining the methods that will make up the strategy, such as
platforms and style, etc.

But the very first step of this process is for a company to define clear marketing
goals/objectives needed to optimize its marketing system.

Which Platforms
We’ve seen that there are a variety of platforms, channels, and digital media available to
disseminate information about your offerings to your market. Company analysts should
determine which channel best serves different facets of the pertinent market. For instance, it
may be more prudent to utilize social media to communicate with unqualified leads. At the
same time, website chatbots may better serve qualified leads, and email may be the best
marketing platform to deliver messages to loyal customers.

Which Messaging Style

The brand voice or messaging style is an important part of reaching your company’s target
audience. This process includes utilizing the most appropriate messaging style – one based on
market research. For instance, utilizing a laid back marketing style for a market of industry
experts and professionals may not be as effective as using a formal style that may include
business jargon typically associated with those industry experts. In the same way, using
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verbiage associated with industry experts when communicating with casual everyday
laypeople may not be the most effective style for that target audience.

Frequency And Targeting

It’s not only important to determine what your communication strategy will be, but also how
you will deploy the strategy. You need to determine how often – the frequency – you
communicate with your targeted groups. Additionally, you will need to decide how that data
will be analyzed (feedback) to optimize future marketing workflows. For instance,
unqualified leads (whether they reached via social media, messaging apps, or email,etc.) may
need more frequent communication than would qualified leads or loyal customers.

Channels For Promotion

While marketing and advertising are important to increase brand awareness, increase sales,
and generate interest, it is often more advantageous for a company to use unique channels or
platforms for promotions. When attempting to reach a target audience for the promotion of
critical information, prospects and leads may prefer contact via social media, email
campaigns, and native mobile applications. Using specific channels for the marketing of
promotional material can help to ensure that critical information reaches the correct target
audience in the most effective way possible.

5. Maintain A Consistent Brand Element

While it may not seem as important as the other factors associated with creating an effective
marketing system, how your company maintains its brand and its brand voice is key. Be sure
that your branding element is maintained throughout all phases of the marketing
communications and across all channels, platforms, and media. Your brand is the core
identity of your company. Consistency is key in helping to craft a positive image for your
company in the eyes of prospects, leads, clients, and customers.

6. List Down Key Success Metrics

Gauging the success of your marketing communications effort requires a set of success
metrics that can be recorded, analyzed, and used to craft future optimization strategies. For
instance, many metrics can determine how well your communications system is working,
informing you what is working and what isn’t working:

How many mentions have we received on Social Media?

How many newsletter sign-ups have we received from blog posts?
How many websites visits from a Social Media post?
What is the churn rate for email campaigns?
What is our conversion rate for website chatbot marketing/sales processes?
Given that different platforms can communicate with a specific audience, it is important to
separate the data (metrics) associated with different channels and to determine channel-
specific metrics as needed. In turn, you will have a complete picture for each channel used in
your marketing communications system. Thus, different metrics may be more pertinent for
different channels. For instance, one would not measure sign-up metrics for messaging app
interactions, since this metric would be better for a newsletter communication deployed on
the business website.
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7. Execute, Test, Reiterate
Once your marketing plan is ready, you may begin to execute the strategies, achieve the
success metrics, and change the plan as needed. It is best to maintain an open mind and
utilize dynamic strategies that can be altered and optimized along the way. Marketing
communication plans should not be set in stone but should be flexible and leave room for
optimization.