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SEMESTER 2
BBA204 MARKETING MANAGEMENT
Question 1- Define Green Marketing. What are the reasons for which companies adopt Green marketing ?
Answer1- According to the American Marketing Association, green marketing is the marketing of products that are presumed to be environmentally safe. Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. Yet defining green marketing is not a simple task where several meanings intersect and contradict each other; an example of this will be the existence of varying social, environmental and retail definitions attached to this term. Other similar terms used areEnvironmental Marketing and Ecological Marketing.
Green, environmental and eco-marketing are part of the new marketing approaches which do not just refocus, adjust or enhance existing marketing thinking and practice, but seek to challenge those approaches and provide a substantially different perspective. In more detail green, environmental and eco-marketing belong to the group of approaches which seek to address the lack of fit between marketing as it is currently practiced and the ecological and social realities of the wider marketing environment
The reasons for which companies should adopt green marketing practices –
a) Corporate Social Responsibilities (CSR) – This has become a watchword for organizations across the globe today. While companies exist for making profits, it is also important for companies to give back in some way to the environment and society in which they function. Companies have some social responsibilities to the countries and societies in which they operate and hence they cannot be driven by the idea of increasing their bottom lines only. b) Governmental pressure – Many governments across the globe have evolved legislation to ensure that companies function within the sphere of business and also that they are accountable to the society and country, in case of violation of laws or exploitation of the environmental resources.
Question 2- Explain the difference between Public relations and Publicity. Also discuss the public relation Techniques in brief.
Answer – The goal of public relations is to mould opinion. The saying “perception is reality” speaks to the need for public relations. Public relations work to protect an organization’s or individual’s reputation. Effective PR strengthens credibility, enhances image, develops goodwill and influences behaviour. Speeches, special events, newsletters, annual reports and news releases are examples of PR tactics.
The terms public relations and publicity are often misused. They are not interchangeable. Publicity is one aspect of public relations. Often referred to as free media, the goal of publicity is to get attention in online and traditional media. News coverage, feature articles, talk show interviews, blog postings and letters-to-the-editor are examples of publicity tactics.
Publicity might be a component of public relations, but there is a whole other world that is just about publicity
Differences between Public relation and publicity:1. Publicity is all about grass roots marketing.
2. Publicity rarely encompasses press releases, but focuses on media alerts and blast e-mails, phone calls, etc.
3. Publicity focuses on planning events, and crisis tends to arise a bit more frequently – but on a smaller scale.
Question 3-Define Marketing Planning. Explain about the two different Competitive
marketing strategies.
Answer – Planning is a systematic process of mapping the future course of action. It is important in deciding what is the action to be performed, how, when and where should the action be performed as well as who should perform the action. Planning aids in providing direction to the end-result or goal. Planning can be undertaken at the corporate level, strategic business unit level or at the functional level. Strategic planning aids in setting the Marketing Management agenda for the organization as a whole, while the market plan is undertaken by the concerned business unit.
The marketing decisions must fit into the overall strategy of the company and the budget allocated to marketing. So it is important for marketing managers to analyze all the constituent elements before arriving at marketing decisions or strategies. This analysis helps to prepare the course for the launch of marketing strategy of the organization. Such an analysis which outlines the route map for the marketing strategy is called as “Marketing Planning”.
Price based marketing strategies
Companies which use price based strategies, have price as their competitive advantage i.e. they sell at lower prices but still make profits. If a company wants to use price as the leverage, then such a company should also have cost leadership, i.e., the company should have a cost advantage over competition. The cost advantage can arise from a number of factors such as economies of scale, volume or location.
The price can be kept at a lower range only if the company is able to have cost advantage in the longer period. Once the cost advantages are removed, it may not be sustainable for the company to have low pricing.
Differentiation based marketing strategies
In a differentiation strategy, the company offers a unique proposition to the buyers by way of differentiation from competition. The differentiation strategy can be based upon the product, distribution channels or promotion.
Question 4- Define Service Marketing. Explain the strategies for Services Marketing.
Answer –Service marketing refers to the concept of creation and delivery of value for the satisfaction of the customer, which provides a profit to the seller or service provider.
The marketing of services relates to the marketing of an experience, as there may or may not be tangible products which are marketed to the customer. As services marketing relates to the customer’s experience, it is important to provide the right surroundings and support for the customer experience. A good customer provides word of mouth publicity and helps in garnering new customers. So, it is important for service providers to build a good rapport with their existing customers in order to retain the customer base as well as acquire new customers. On the other hand, when customers are dissatisfied with a service, they tend to spread negative publicity about that service resulting in loss of income. Hence, it is important that the strategies in services marketing need to be geared towards guaranteeing customer satisfaction and loyalty.
The important strategies that help in marketing of services –
a) Deepening of customer relationship – In the fast pace of modern life, customers look for one-stop-shop solutions for most of their purchasing needs. This helps them to save time and costs and provides consolidation of services. Also, a customer who has multiple relationships with a service provider will tend to be more loyal and will provide higher volumes of business due to the concentration of services.
b) b) Social relationships – Service is an intangible element which is heavily dependent upon the people factor. For providing a successful service, it is important to develop inter-personal relationships with the customers. The service provider has to understand the personality traits of the customer, so as to serve them better. Time and again, customers tend to be loyal to the provider who has an established social relationship with them, as it makes them feel more valued.
c) Customization – Could also be referred to as personalization of services. If the service provider is able to customize the service to suit the consumer’s needs, then such a strategy is very effective in the marketing of services. Customization of the user experience satisfies the human need for seeking attention and makes the customer to feel valued. This increases the brand loyalty and seeks to retain the customer within the organization.
d) Structural bonding – Some service industries provide structural or infrastructural support to its customers by integrating the customers into the organizational systems and processes. This helps to strengthen the relationship with the customer. As the customer becomes used to the organization’s processes, it becomes a tool of customer loyalty. This type of bonding can be used for both individuals as well as organizations.
Question 5- Explain the various stages of Consumer Buying process.
Answer – Research in the field of consumer behavior has established that the consumer under goes eight stages before arriving at a buying decision. Let us now understand the various stages in the decision making process –
1) Problem or need recognition – The buying process starts at the stage of need recognition by the consumer. When the consumer perceives that there is a need to buy a product, he starts obtaining information on the product, so as to arrive at a conclusion about buying the product.
2) Awareness – This stage is also termed as the search for information. The consumer starts obtaining information on various products available in the market so as to make an informed decision about buying.
3) Comprehension – After obtaining all the relevant information, the consumer starts to analyze the information about the product features, price, utility and service options available. This stage is also referred to
as the evaluation of alternatives, as the consumer weighs the pros and cons of various products before finalizing the brand of his choice.
4) Attitude – After becoming aware of the product and evaluating the product features, the consumer develops an attitude towards the product. The attitude may be for or against the product. If the consumer views the product favorably, then he proceeds towards buying the same. He is unlikely to purchase a product which does not meet his expectations.
5) Legitimization – It is not sufficient that the buyer develops a favorable attitude towards the product. It is equally important that the buyer is personally convinced that the buying decision is correct and legitimate. It has been observed that the buyer has to be convinced that the purchasing decision is valid and necessary for him to buy the product. It is not sufficient that the buyer comprehends the product specifications or has the right attitude to buy the product. It is necessary for the buyer to justify his purchase, so as to make the buying decision.
6) Trial – Once the buyer is convinced that he needs to buy the product, he may not buy a large quantity initially. Most buyers tend to buy a small sample to test the effectiveness of the product. Once they are convinced of the product quality, they then proceed to buy the required quantity.
7) Adoption – This stage is also the stage of the purchase decision. In this stage, the consumer embraces or adopts the product whole heartedly, after being convinced of the product quality after the trial stage.
8) Post-purchase behavior – Even after the purchase of the product, the buyer may not be convinced about his decision as there could be some lingering doubts regarding the product and comparison with competition. The buyer normally convinces himself by seeking additional information and clarifications so as to assure himself that he has purchased the right product. Once, the buyer is satisfied about the quality and nature of the product, he becomes a regular user of the product. Such usage promotes brand loyalty over a course of time, if the product is consistent in terms of quality and service. A satisfied buyer then becomes the best advertisement for the product, as he provides word of mouth publicity for the product From the above factors, it is clear that the purchaser makes an informed decision before buying the product as he weighs the pros and cons in his mind. While making smaller purchase decisions, consumers may follow a simple five stage model consisting of need recognition, information search, comprehension, purchase decision and post-purchase behavior. Impulsive buyers may not adopt the stages of buying process and tend to by-pass the entire process by plunging for the first item which catches their fancy.
Question 6- Describe the three additional components of Marketing mix in brief ?
Answer – marketing mix is a combination of various elements which contribute to the company’s marketing planning and strategy. It becomes necessary for marketing managers to adopt the right marketing mix for designing the marketing process of the organization. In the previous unit, we learnt about marketing environment and how it influences marketing decisions. In this unit we will study marketing mix and its components.
An organization or business needs to plan its marketing strategy in order to launch its products in any market. Such marketing planning involves the usage of the market information in order to assess the market conditions. In the previous units, we have studied the definition of marketing, the various concepts of marketing and marketing environment. These concepts help to define the framework of a market for the organization.
In order to arrive at the right strategy for a target market, the organization has to sub-divide the market into various segments. This makes it easier to formulate unique strategies for individual segments of the market. For each segment of the market, a combination of various marketing activities can be undertaken. Such marketing activities can be rolled into a single marketing. Programme for that segment, so as to make the marketing effective. Such an effective combination of marketing activities is termed as the “Marketing Mix”. In this unit, you will learn about the concept and components of the marketing mix and its relevance in the study of marketing management. The key ingredients of any marketing mix are Product, Price, Place and Promotion. These are also referred to as the 4 Ps of Marketing
Product refers to the physical entity offered by the company to its customers, which is a combination of tangible and intangible qualities. Product normally refers to the goods or services offered by a company which satisfies the needs or wants of a customer. The ingredients of the marketing mix are often changed or realigned by companies to aid their marketing strategie
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