Subject : Marketing Management

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AEREN FOUNDATION’S                                                           Maharashtra Govt. Reg. No.: F-11724

 

Name : UMER MUQUTHER S A                                                                                                       Marks : 80

Course : Specialisation

Subject : Marketing Management

Answer the following question.

Question. 1. Explain Psychological Pricing.

Answer:Psychological pricing (also price ending, charm pricing) is a pricing/marketing strategy based on the theory that certain prices have a psychological impact. Retail prices are often expressed as "odd prices": a little less than a round number, e.g. $19.99 or £2.98. There's evidence that consumers tend to perceive “odd prices” as being significantly lower than they actually are, tending to round to the next lowest monetary unit. Thus, prices such as $1.99 are associated with spending $1 rather than $2. The theory that drives this is that lower pricing such as this institutes greater demand than if consumers were perfectly rational.

Question.2. What is Inventory Management

Answer:Inventory management or Stock management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.

The concept of inventory, stock or work-in-

Question.3. Define the term Marketing Mix. Explain the significance of appropriate marketing mix in the present competitiveenvironment. Cite examples to support your answer.

Answer:Marketing strategy has the fundamental goal of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic, short-term, and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.

The distinction between “strategic” and “

Question.4. Present the factors that influence the pricing strategy of an organization .Which among them are non – controllable ?Why?

Answer:An enormous number of factors affect pricing decisions. A marketing manager should identify and study the relevant factors affecting the pricing. Some factors are internal to organisation and, hence, controllable while other factors are external or environmental and are uncontrollable.

Factors are also classified in terms of competition-related factors, market-related factors, product- related factors, and so forth. However, we will consider internal and external factors affecting pricing decisions. Due to these factors, price is set high or low, fixed or variable, and equal or discriminative. Figure 2 shows a list of internal and

Question.5. Advertisement expenses are usually wasteful, with no guarantee of enhanced sales or higher loyalty from among thetarget audience” .Do you agree with this statement ?Present your view – point.

Answer:In a competitive economy, companies seek to persuade consumers to buy their products or to avail their services. It is impractical to think that companies should only stock their warehouses and wait for consumers to come knocking on their doors. If this is what businesses did, there would be an economic waste in terms of products being produced but not being bought.

The critics of advertising attack the form of

Question.6. What is Price sensitivity?

Answer:Price sensitivity is the degree to which the price of a product affects consumers' purchasing behaviors. In economics, price sensitivity is commonly measured using the price elasticity of demand. For example, some consumers are not willing to pay even a few extra cents per gallon for gasoline, especially if a lower-priced station is nearby.

The price sensitivity of a product varies with the level of importance consumers place on price relative to other purchasing criteria. For example, customers seeking top quality goods are typically less price sensitive than bargain hunters.

Elasticity of Demand

Question.7. What do you mean by the term Physical Distribution? Explain briefly the nature & importation in the sphere ofphysical distribution

Answer:Physical distribution is the group of activities associated with the supply of finished product from the production line to the consumers. The physical distribution considers many sales distribution channels, such as wholesale and retail, and includes critical decision areas like customer service, inventory, materials, packaging, order processing, and transportation and logistics. You often will hear these processes be referred to as

Question.8.R.K.Industries Ltd., intends to launch a new folding exercise cycle in Indian market. As a marketing manager whichsteps would you like to take while launching this product? How will you conduct the test marketing for this product.Make necessary Assumptions and justify your answer.

Answer:In some cases, the product will be a direct revenue generator, and in other cases, the product will be a new platform for B2B business transactions.

In the first scenario – where the product is intended to be a direct revenue generator – the software needs to be positioned for sale. In the second scenario, rapid user adoption and acceptance is the goal. In either case, however, a well planned

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