MB0046 –Marketing Management

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ASSIGNMENT

DRIVE	SUMMER 2016
PROGRAM	Master of Business Administration- MBA
SEMESTER	II
SUBJECT CODE & NAME	MB0046 –Marketing Management
BK ID	B1629
CREDITS&MARKS	4 CREDITS, 60 MARKS

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

Question.1. Explain the 7P’s of marketing mix with the help of suitable examples.

Answer:Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 P’s to explain the mix, nowadays it is more commonly accepted that a more developed 7 P’s adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further.

Before we get carried away though what is the Marketing Mix and what is the original 4 P’s principle?

Question.2. Briefly discuss importance of environmental scanning with the help of example.

Answer:Environmental scanning is one of the essential components of the global environmental analysis. Environmental monitoring, environmental forecasting and environmental assessment complete the global environmental analysis. The global environment refers to the macro environment which comprises industries, markets, companies, clients and competitors. Consequently, there exist corresponding analyses on

Question.3. Explain the factors that affect the consumer buying behavior.

Answer:The central focus of marketing is the consumer. To devise good marketing plans, it is necessary to examine consumer behavioral attributes and needs, lifestyles, and purchase processes and then make proper marketing-mix decisions. The study of Consumer behavior includes the study of what they buy, why they buy, how they buy, when they

Question.4. Why Branding is important? What value does the organization & customers get out of the branding process?

Answer:You know that branding is the key to any company, whether they sell coffee or industrial parts or clothing. But convincing your organization or clients that branding is necessary for all components of their business to succeed can be a bit more difficult than deciding exactly what colors best represent their brand mission.

How would you explain the process of branding to your clients? If you’re not sure how you’d break down your approach, you may be doing it wrong.

Brand Strategy: Dave Holston, author of The Strategic

Question.5. What do you meant by place or Channel of distribution? What are the important functions of marketing channels?

Answer:The distribution function of marketing is comparable to the place component of the marketing mix in that both center on getting the goods from the producer to the consumer. A distribution channel in marketing refers to the path or route through which goods and services travel to get from the place of production or manufacture to the final users. It has at its center transportation and logistical considerations.

Business-to-business (B2B) distribution occurs between a producer and industrial users of raw materials needed for the manufacture of finished

Question.6. Write short notes on:

a) Break –even pricing

Answer:Break even pricing is the practice of setting a price point at which a business will earn zero profits on a sale. The intention is to use low prices as a tool to gain market share and drive competitors from the marketplace. By doing so, a company may be able to increase its production volumes to such an extent that it can reduce costs and then earn a profit at what had previously been the break even price. Alternatively, once it has driven out competitors, the company can raise its prices sufficiently to earn a profit,

b) Mark-up pricing

Answer:Several varieties of markup pricing - also known as cost-plus pricing - exist, but the common thread is that one first calculates the cost of the product, then adds a proportion of it as markup. The amount to be marked up is decided at the discretion of the company. Basically, this approach sets prices that cover the cost of production and provide enough profit margin to the firm to earn its target rate of return.

Cost-plus pricing is used primarily because

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