NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Marketing Management

Internal Assignment Applicable for December 2022 Examination

Assignment Marks: 30

Answer 1

Introduction:

M/s Herbal Life that sells a variety of herbal remedies & FMCG Products in addition to other
products. Natural products, such as chia seeds, detergent, toothpaste, and even Ayurvedic
treatments, are commonly available. Price is the Single Factor that affects the buyer Purchsae
Descisions. Its Work as an indicator of Product Quality & Image. Pricing plays a very important
role in Company Marketing Mix Strategies.It helps to increase a company’s product or service sales
in selected market. It also have direct relation ship on growing company’s market share. When
Taking a Pricing Descisions their are variety of factors to consider.Origiznation Objectives, The
Marketing Mix, Costs, Competition, Consumer Perciption, Legal Constraints These objects have a
specialised function within a larger product line that may also comprise a number of other items
designed for usage in various settings. It is crucial to have the ability to adjust prices as needed.
Using a pricing plan that accounts for a variety of products can alleviate this issue. The simplest
pricing techniques are offered for items that are part of a product combination, for already-built
systems, and for all products at once.

Concept and Application:

Product mix pricing strategies are the plans that are established for setting up the prices after
considering the product mix that would be offered to customers. According to the case, the
following product mix pricing strategies are:
1) Product Line Pricing - Costs linked with a production line, and their Businesses usually
sell complete product lines as opposed to individual items; hence, they must have a solid
pricing strategy for such product lines.When determining their pricing strategy, businesses
consider the costs of producing various commodities, the costs spent by their competitors
and most significantly the weight that buyers place on various price functions. Typically,
Ayurvedic medicines are more costly than soap and toothpaste. These sums have been
meticulously computed. Pricing behaviour must be considered while making judgments.
2) Optional-Product Pricing - In addition to the primary product, there are various variants and
supplementary items for sale. In addition to the high-quality items available, you can also
purchase organic products. The firm may have difficulty selecting from the available
possibilities. It is essential to carefully weigh the included pricing and required components.
A corporation could increase its profitability by investing in additional items that can be
utilised as accessories or add-ons.
3) Captive-Product Pricing - When launching a new product that is compatible with its
flagship service, a business might forego offering package pricing. It is essential to
 investigate other pricing schemes to determine whether the principal product may be sold
alongside them. Toothpaste and shampoo are two examples of products that have illustrated
pricing structures. Combining marketing and advertising campaigns with discounted
packages can significantly boost sales. Used to be shampoo and toothpaste were commonly
discounted. Typically, they will offer you with a list of the necessary components to restore
the functionality that the original manufacturer intended. If companies want to implement
this pricing strategy as part of their marketing mix, they should proceed with caution.
Finding the optimal price point is crucial, particularly when it comes to the prices of needs
and easily accessible commodities. Customers may become resentful of a company if their
encounters with it consistently result in them spending more than they intended.
4) By-Product Pricing - In order to reduce the costs associated with testing and analysing their
byproducts, businesses should seek the highest possible price when determining the value of
their byproducts. This waste is generally expensive and impractical to dispose of. As a
result, the price of basics increases. To exploit by-product prices to offset disposal expenses
and reduce the value of the assets it generates, the company is aggressively seeking
consumers for these by-products.
5) Product Bundle Pricing - The final option for the product mix's pricing structure is product
bundle pricing. Businesses that provide bundle pricing do so by bundling numerous
discounted products. If organic products are bundled with other items, as in the product
bundle, they can be sold at a lower price. Pricing based on product packaging has been
demonstrated to be the most effective pricing method for a company's diverse product
offers. Customers that rarely need or utilise your product or service can suddenly become
paying customers. It is still acceptable to sell individual items for cheaper than package
prices.
Price adjustment strategies are the approaches adopted by companies to set or change the pricing of
the products based on the requirements or situations of their customers. Below are following Price
adjustments strategies are mentioned based on the given case:
1. Discount and Allowance Pricing – Company Reduces the Prices to reward the Customer
reponses such as Paying early or Promoting the Product or Volume Purchases. It is in the
Form of Cash Discount and other is Allowance which is reduction of the list Price.
2. Segmented Pricing - It is used when Company sells a Product at two or More prices and
even though the difference is not based on the cost. This Prices be in Several Form-
Customer Segment Pricing, Product form pricing, Location Based Pricing, Time based
Pricing. Segmenting Pricing Must also be legal
3. Psychological Pricing -It Occurs when sellers Consider the psychology of Prices not
simply the Economics, the price is always says something about the product. Reference
Prices are prices which buyers can carry in their mind and refer to when looking at the given
Product.
4. Promotional Pricing – Under this strategy Company will Temporarily price below list Price
or some time even below low cost to increase demand. Promotional Pricing be like - Special
Event Pricing, Flash Sales, cash rebates, low interest financing, longer Warranties or Free
maintainence.
5. Geographical Pricing – This strategy is basically adopted to set a price based on the
location. M/S Herbal Life can adopt this strategy according to the different conditions of the
urban markets
6. Dynamic and Online Pricing - When Prices are adjusted continually to meet the
characteristics and need of the indviual Customer and Situtations.
7. Internatinal Pricing - When Prices are Set in a specific country based on country Specific
Factor (Econominc conditions, competitve Conditions, laws & Regulations, Infrastructure,
Company Marketing Objective, Price Cuts & Price Increases.)
Conclusion:
When a product is included in a larger package, it is more difficult to decide an appropriate pricing.
It is difficult to budget for a product due to price variances. With these various price point
combinations, we are on the right track. A company's pricing tactics can effect its profitability,
reputation, viability, and expansion. The company's value should be considered because it has a
significant impact on the company's overall operations. The pricing mechanism we use for our
products and services is one of the most important aspects of our revenue-sharing scheme. It is
possible that the company would benefit from an adjustment in pricing. As a result of these changes,
it will be essential to adjust prices. Pricing is essential because it reflects the value and potential
market appeal of a product. When selecting products, the majority of buyers place a premium on
affordability.

Answer 2.
Introduction
As you have seen in during the COVID-19 pandemic, there is huge use of Ayurvedic Products to
enhancing the mental ,physical & Emotional health. All of you know that plants & herbs possess a
medical properties If you want to increase the Sales of Herbal Life Products you have to aware the
people that your products made from Naturals resaources like plants herbs and it is organic in
nature. You have to aware the people Ayurvedic products gives the good result with no other side
effects. To do this you have to create the website, and promoted your organication mediaction on
the several websites. The Buisness will increase when you showcasing & Selling ayurvedic and
herbal products online.The basic purpose of the promotional mix is first of all to create brand
awareness but the most essential is to produce organizational goals and profits. A promotional mix
is defined as being successful if you manage to deliver a clear, compelling message based on the
fact that you chose the most appropriate promotion method.

Concept & Applications :

The promotional mix generally involves 5 components such as
Advertising, Personal Selling, Sales Promotions, Public Relations, Direct & Digital Marketing
Advertising :
One of the key factors in the promotional mix, which contributes to brand building and also how the
market perceives the company, is advertising. Advertising includes broadcast, print, online,
mobile,outdoors and other form. It is always a big part of the promotional mix because of the far
and wide reach of advertising and the message that you can send to your existing and potential
customers. Online promotion of ayurvedic medicine is a good idea use google ads and other online
adversiting channels which help to establish a good brand name in the industry. Good advertising
can build a solid brand for the company. On the other hand, bad advertising with a wrong message,
can cause the brand or product to fail.
Personal Selling Promtional Mix:
It is a part of the promotional mix which involves a one to one communication between buyers and
customers (either potential or already customers). As it is a one-to-one communication, it generates
direct contact with prospects and customers. Even though it is considered to be one of the most
expensive forms of promotion, it is also considered to be the most successful as a seller-buyer
relationship can be created and developed.
Direct marketing & Digital Marketing :
Social media marketing, Email marketing, Internet marketing are all types of direct marketing used
by companies. Social media marketing has high return of invesment and it is less expensive than
traditional types of advertising and marketing. Email marketing is a form of marketing that can
make the customers on your email list aware of new products, discounts, and other services. A
Consumer email Newsletter is an efficient method for maintaining contact with the customer. From
your email you could tell them about your latest prmotion that will enhance their present plan. If
you already have a strong rapport with the sonsume then it easy for us to send the email.
Sales Promotions :
A sales promotion is a marketing strategy in which a business uses a temporary campaign or offer to
increase interest or demand in its product or service. The main purpose is to stimulate purchasing
and sales. While it has the potential of increasing sales, it is also beneficial for informing prospects
about new products on the market or just to recapture old or lost customer Such examples include:
coupons, product samples, etc. Sales promotion are usaully used together with advertising, perosnal
selling, direct and digital marketing or other promotion mix tools.
Public Relations :
Publicity is information about the companay product and services which is carried out by a third
party in a indirect way. Examples includes TV and Radio Presentation, magzines, Newpaper
Adversiting,speeches, mouth publicity

Conclusion :
Marketing and advertising play a vital role in the growth and success of a organisation when it is
executed well. This will helpto increase the demand and sales in the market. Your marketing efforts
should make it clear to potential customers how they get benefit from your products and services.
By doing so, you can distinguish yourself from competitors and increase sales. You may utilise as
many paid and unpaid placements as you wish in your advertising campaign. The easiest way to
develop Ayurvedic empires is by organic expansion, which is contrary to how most firms market
themselves, especially when backed by investors. The marketing and advertising mix would be
inadequate without advertising. Numerous techniques, including enhanced media exposure, special
offers, increased consumer loyalty, etc., can be employed to increase brand recognition.

Answer 3a.

Introduction:
Mr Raj has shown an interest in buying a new smartphone with latest technology. There are number
of cell phone models available, and their prices vary considerably. Each serves a distinct subset of
the broader populace. In order to help Raj in choosing a decision, we will subject him to a accurate
procedure that restricts his options.

Concept & Application:

There are 6 steps in decision-making process:
Need Recognitio- If Mr. Raj want to purchase a new phone, he needs to identify the goal, like he
knows here why he wants to purchase a new phone, because he wants latest features in his phone.
Mr Raj Need a high Mega Pixel Front and Back Camera with latest feature and also he Need 8 GB
Ram for Gaming Purpose.
Information Search - To buy a phone with latest technologies, new and updated system whether
android or iOS, meet his expectations of latest updates and researching before the purchase is
needed. Android and iOS are the two most popular mobile operating systems at now. His decision
will have a substantial impact on the phone he receives. Before making general conclusions, it is
essential to keep in mind that iOS and Android users have distinct preferences. Mr. Raj may
Priorities the product's security, reduce consumption, or do both, depending on how frequently the
product is updated.
Identifying the Alternatives - With relevant information for different brands like Apple, Samsung,
one Plus, Redmi now Mr. Raj can easily identify what exact Specifications like Storage Capacity,
RAM, Camera with authorised high Mega Pixel he wants in his new phone. Usually, more than 1
option is available in this step to decide.
Choose the alternatives- Here he will check the all options specifications and make the
comparison of all brands also check the customer review for decision-making process, where Mr
Raj has to decide and go ahead with that decision. Mr. Raj up till now must have identified and
clarified what decision's need to be made. Final call to decide which brand and which cell phone he
has to buy.
Purchase Desicion- Here Mr. Raj will, take the action, that is, he will go ahead and purchase the
phone he has selected or decided to buy and will purchase it. Meaningful, tangible and achievable
decision can be easy.
Post Purchase Behaviour- Last step here is, after the purchase is done. Mr. Raj will review the
product he had purchased. Whether the phone he bought is up to date, new features as he wanted are
there or not. Looking back at the decision taken, is satisfactory or not.
Through these processes it will be easy for Raj to take decisions.

Conclusion:
He need a smart phone with high Mega pixel count & 8GB Ram and the Samsung A71 has 12 mega
pixel cameras with 8Gb Ram are an excellent choice. So Mr. Raj will buy the Samsung A71 Mobile
through this Steps of decision Making Process.

Answer 3b.
Introduction:
Global Stock offers access to international stock exchanges. There are number of ways to spread the
news about the operative web-based programmes. There are currently over 2.9 million apps
available in the Google Play Store and over 35 million in the Apple App Store. These forecasts
show that the already crazy number of individuals will increase. Customers that are currently
utilising competing software may soon switch to ours. There are numerous competitors in this
market.
Concepts & Application:
Websites & Branded Web Communities:
The First step is to conducting online marketing is to create the Website and getting people to visit
the site is another. Also the Global Stock App must be user-friendly enough and visually appealing
to everyone. The Company branding objectives cannot be met until the app is prominently
promoted on its website. Spread the word about your presence order to avoid any unpleasant
surprises.
Social Media Marketing:
Global Stock App Marketing can be effective when it is exposed in many social media platforms are
utilised. Using social Media seems to be easiest for App Marketing. Along with Twitter and
Instagram, you may create a Facebook page. Create an account, then start following users who
match your target audience's profile. Focus your efforts on establishing connections that will benefit
both parties, providing material on issues that will be of interest to your audience, and engaging in
the dialogue.
App Store optimization:
Implement a strategy for app store optimization. Reach app consumers where they are already
downloading new apps by utilising online searches in addition to investing in app store optimization
(ASO).
Email Marketing:
It is a very important and growing digital marketing tool, in the world more than 200 million of
email are send out every minute of every day. Around 91 percent people receiving the promotional
emails from company with which they can promote the app online. Email is the ultimate direct
marketing medium.
Online Advertising:
A consumer spent more and more time online, companies shifting more of their marketing budget to
online Advertisement. It is form of marketing and Advertising which uses internet to promote the
Global Stock APP to the Audience.

Google's public service announcements:

Apple advertised their app store and search results with banner ads. To make your product more
discoverable in app stores, you may also wish to include relevant keywords.

Conclusion
App-based marketing can generate innovative ideas for client retention strategies and uncover our
competitors' marketing strategies. we have a substantial competitive edge over other companies in
our field. The success of any business depends on it. It may alter the public's perception of our
company. It could enhance our reputation, foster two-way communication with clients, and provide
a forum for truthful Communication.