MB0046 – Marketing Management

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  Assignment

Drive	Semester 2017
Program	Master of Business Administration - MBA
Semester	II
Subject code & name	MB0046 – Marketing Management
Book ID	B1629
Credit and Max. Marks	4 Credits , 60 Marks

Question 1. Write short notes on 7Ps of Marketing Mix and Marketing Planning Process.

Answer : The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery.

1) Product

The product in service marketing mix is intangible in nature. Like physical products such as a soap or a detergent, service products cannot be measured. Tourism industry or the education industry can be an excellent example.

2) Place

Place in case of services determine where is the service product going to be located. The best place to open up a petrol pump is on the highway or in the city. A place where there is minimum traffic is a wrong location to start a petrol pump

3) Promotion

Promotions have become a critical factor in the service marketing mix. Services are easy to be duplicated and hence it is generally the brand which sets a service apart from its counterpart. You will find a lot of banks and telecom companies promoting themselves rigorously.

Marketing Planning Process

4) Pricing

Pricing in case of services is rather more difficult than in case of products.

5) People

People is one of the elements of service marketing mix. People define a service.

6) Process

Service process is the way in which a service is delivered to the end customer.

7) Physical Evidence

The last element in the service marketing mix is a very important element. Services are intangible in nature. However, to create a better customer experience tangible elements are also delivered with the service.

Marketing Planning Process : The marketing planning process 5 steps involves both the development of objectives and specifications for how they will be accomplished. Below we outline these five basic steps that are key to this process.

1.       Determination of Organizational Objective : The basic objectives, or goals, of the organization are the starting point for marketing planning.

2.        Assessing Organizational Resources : Planning strategies are influenced by a number of factors both within and outside the organization.

3.       Evaluating Risks and Opportunities : Environmental factors – competitive, political, legal, economic, technological and social – also influence marketing opportunities.

4.       Marketing Strategy : The net result of opportunity analysis is the formulation of marketing objectives designed to achieve overall organizational objectives and develop a marketing plan.

5.       Implementing and Monitoring Marketing Plans : The overall strategic marketing plan serves as the basis for a series of operating plans necessary to move the organization toward accomplishment of its objectives.

Question 2. Explain Marketing Information System (MIS). What are the various characteristics of MIS?

Answer : A system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion.

A Marketing Information System consists of three components:

Question 3. Write short notes on Difference between Consumer and Business Market and Buying Roles in Industrial Marketing.

Answer : The term consumer business processes from those that precede the purchase of goods and services to the final experience of using the product or services. Models of Consumer Buying Behavior draw together the various influences on the process of the buying decision.

CONSUMER BUYING PROCESS

  1) Recognition of need

  2)  Information Search

  3)  Evaluation of Alternatives

  4)  Purchase decision

  5)  Post Purchase Behavior

Question 4. What do you mean by Market Segmentation? What are the various requisites of effective market segmentation?

Answer : Market segmentation : Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. Effective

Question 5. Explain Brand? What are the various advantages of Branding?

Answer :-  Brand : A brand is a product, service, or concept that is publicly distinguished from other products, services, or concepts so that it can be easily communicated and usually marketed. A brand name is the name of the distinctive product, service, or concept. Branding is the process of creating and disseminating the brand name.

Question 6. Explain the concept of E-Marketing or Online Marketing. Explain various types of Internet Advertising.

Answer : E-Marketing (Electronic Marketing) are also known as Internet Marketing, Web Marketing, Digital Marketing, or Online Marketing. E-marketing is the process of marketing a product or service using the Internet. Emarkerting not only includes marketing on the Internet, but also includes marketing done via e-mail and wireless media. It uses a range of technologies to help connect businesses to their customers.

Advantages of E-marketing

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