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ASSIGNMENT
Course Code :
MS-6
Course Title : Marketing for Managers
Assignment Code :
MS-6/TMA/SEM-I/2015
Coverage :
All Blocks
Note: Attempt all
the questions and submit this assignment on or before 30th April, 2015 to the
coordinator of your study center.
Q. 1. (a)
Distinguish Product Marketing Vs Services Marketing with suitable
illustrations.
Answer:Marketing products and services can have many similarities as well as
differences. Products and services benefit from adding trust and name
recognition into the marketing materials, but products can be impulse purchases
whereas services need time for delivery. There are several differences between
marketing products and services, most of which center on relationship building.
Trust: Entrepreneur magazine says in a service-
Q. (b) The
essence of Marketing is a “Transaction”. Explain the underlying meaning of the
above statement and give reasons in support of your answer with suitable
examples.
Answer:Transactional marketing is a business strategy that focuses on single,
"point of sale" transactions. The emphasis is on maximizing the
efficiency and volume of individual sales rather than developing a relationship
with the buyer.
The transactional approach is based on the four
Q. 2. (a) What
are the major objectives of promotion strategy in a manufacturing andMarketing
organization? Suggest suitable promotion mix in the followingcategories:
i) Banking
Services
ii) Smart phones
iii) Mineral
Water
Answer: (a) Manufacturers produce tons of goods every day, all of which impact
consumers indirectly or directly. Similar to any industry, the manufacturing
industry has specific objectives and corresponding strategies that are designed
to improve a company's bottom line. These relate to quality, safety, vendor
selection, problem identification and resolution, and efficiency and costs.
Strategic business objectives are goals deemed most important to the
current and future health of a business. Objectives are prioritized by an
organization through a thorough analysis of business practices such as a SWOT
analysis. SWOT stands for strengths, weaknesses, opportunities and threats.
Though prioritization of strategic objectives is unique to each business,
common objectives exist. Six of the most common areas to focus strategic business
goals are in the areas of market share, financial resources, physical
resources, productivity, innovation and action planning.
Increase Market
Share: In order to grow a business needs to increase
their share of competitive markets. Marketing plans start with the overall
strategic business plan of a company, but explain further how specific aims
will be carried out. Marketing plans address this through defining product or
service offerings, researching target markets, analysis of competition, then
strategically placing, pricing and promoting the company offering.
Strengthening
Financial Resources: Included in the growth
objectives of an organization is the availability of capital resources to
invest in future expansion projects. If a company's financial resources are
strong, capital could conceivably come from cash reserves. For many
organizations, strengthening financial resources means to build cash flow or
increase assets in order to attract investors and court creditors to fund
expansion.
Physical Resources:
To companies that produce tangible products,
physical resources could mean the plant, machinery and other equipment integral
to producing a product. Service businesses could define physical r
Q. (b) Explain
the concept of market segmentation. Why do marketing firms undertake such
segmentation exercise? Discuss the major advantages and demerits with suitable
examples in the recent part.
Answer: Market segmentation is the process of defining and subdividing a large
homogenous market into clearly identifiable segments having similar needs,
wants, or demand characteristics. Its objective is to design a marketing mix
that precisely matches the expectations of customers in the targeted segment.
Few companies are big enough to supply the needs of an entire market;
most must breakdown the total demand into segments and choose those that the
company is best equipped to handle.
Four basic
factors that affect market segmentation
Q. 3. (a) Discuss
the importance of the Marketing Research function and its application in the
current business environment. What are the advantages and disadvantages that a
firm accrues? Cite any two examples of your choice in the recent part.
Answer:"Marketing research does not make decisions and it does not
guarantee success". Marketing managers may seek advice from marketing
research specialists, and indeed it is important that research reports should
specify alternative courses of action and the probability of success, where
possible, of these alternatives. However, it is marketing managers who make the
final marketing decision and not the researcher. The second observation, that
marketing research does not guarantee success, is simply a recognition of the
environment within which marketing takes place. In the fields of science and
engineering researchers are often working with
Q. (b)
Distinguish and discuss, cyber marketing from conventional marketing. Discuss
the advantages and limitations of cyber marketing.
Answer:All businesses must implement marketing strategies to attract customers,
create a brand image and remain competitive in the marketplace. Marketing tools
range from traditional mediums, such as print, billboard and broadcast
advertising, to high-tech options such as web-based, interactive and email
marketing strategies. The approach that works best for your business depends on
your budget and your target audience.
Cost: One of the most notable differences between traditional and cyber
marketing is pricing. Traditionally, print ads in newspapers and
Q. 4.(a) What is
New Product Development Strategy? As a product executive of a growing FMCG
company discuss the various stages in the development process of a new product.
You may assume any consumer product category to explain the stages.
Answer: Developing new products or modifying existing products so they appear
new, and offering those products to current or new markets is the definition of
product development strategy. There is nothing simple about the process. It
requires keen attention to competitors and customer needs now and in the
future, the ability to finance prototypes and manufacturing processes, and a
creative marketing and communications plan. There are several subsets of
product development strategy.
Product
Development Diversification Strategy:
Q. (b) What is
the role of Marketing Organization in an enterprise? Discuss the considerations
involved in designing a marketing organization for Pan India Operations.
Answer: It is inevitable that all small business corporations will be challenged
by six significant marketing issues (as narrated below). SMEs will be
challenged with a limited war chest of marketing budgets or even a marketing
staff in our hand to face these issues. As you might expect, you will be faced
with having to juggle marketing and numerous ranging aspects of operating a
business. Therefore, if you notice that sales are failing to meet the standards
you wish, then you will know that it is because not enough time is being spent
on the marketing area,
Q. 3. (a) Discuss
the importance of the Marketing Research function and its application in the
current business environment. What are the advantages and disadvantages that a
firm accrues? Cite any two examples of your choice in the recent part.
Answer:"Marketing research does not make decisions and it does not
guarantee success". Marketing managers may seek advice from marketing
research specialists, and indeed it is important that research reports should
specify alternative courses of action and the probability of success, where possible,
of these alternatives. However, it is marketing managers who make the final
marketing decision and not the researcher. The second observation, that
marketing research does not guarantee success, is simply a recognition of the
environment within which marketing takes place. In the fields of science and
engineering researchers are often working with
Q. (b)
Distinguish and discuss, cyber marketing from conventional marketing. Discuss
the advantages and limitations of cyber marketing.
Answer:All businesses must implement marketing strategies to attract customers,
create a brand image and remain competitive in the marketplace. Marketing tools
range from traditional mediums, such as print, billboard and broadcast
advertising
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