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ASSIGNMENT
Course Code : MS-6
Course Title : Marketing for Managers
Assignment Code : MS-6/TMA/SEM-I/2016
Coverage : All Blocks
Note: Attempt all the questions and submit this assignment on or before 30th April, 2016 to the coordinator of your study center.
Question. 1. (a) Distinguish and discuss the concept of Marketing and elements of Marketing mix.
Answer:Marketing is a form of communication between you and your customers with the goal of selling your product or service to them. Communicating the value of your product or service is a key aspect of marketing.
Marketing is a widely used term to describe the means of communication between the company and the consumer audience. Marketing is the adaptation of the commercial activities and use of institutions by the organizations with a purpose to induce behavioral change on a short-term or permanent basis. The American Marketing
(b) What do you understand by the term “Marketing Strategy”? Pickup two examples of your choice from the recent past and explain how the strategy adopted by the firm/brand lead to its success.
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.
Question. 2. (a) What makes services marketing differ form product marketing? Discuss with suitable examples.
Answer:Marketing a good isn’t the same as marketing a service. The customer can touch carpet, but not the act of cleaning it–and that’s an important difference. Nearly all products are a bundle of goods and services. When a customer purchases a car, he’s also purchasing a warranty. Nonetheless, there are products, such as cleaning, that are nearly pure services. Services marketing offers unique challenges to the marketer–and marketers have smart solutions.
Intangibility: Services are intangible. Because the consumer doesn’t see the cleaning process, it’s more difficult for the marketer to leave an impression than it is with a handsome Persian rug. The promotion needs to associate the service with the
(b) Elaborate on the importance of Marketing Plan in accomplingthe firms marketing objectives.
Answer:A company has to have an overall company mission which defines what the company is all about and what makes it unique. For example, is the firm concerned with selling consumer goods (B2C), weapons, heavy machinery (B2B), etc.? Remember it is important not to suffer from marketing myopia, and this is why a business must be defined in terms of a need that is being satisfied and not an existing product. The mission statement will also define the culture, values, and philosophy of the firm. The mission statement provides direction for a firm so that employees, customers, suppliers, investors, and other stakeholders know what the organization is about and where it is headed. If done well, it also serves to
Question. 3. (a) As a Market Planning Manager, you have been assigned the task of designing a suitable marketing organization for a consumer durable company for its South Indian operations. How would you go about in the design and establishing the marketing organization? You may make assumption wherever necessary.
Answer:Without marketing, potential customers may not be aware of the product or service your business is selling. Without customers, your business may meet its demise. Marketing plays a vital role in business because planning how you’re going to reach potential customers helps to ensure that people are aware of your product or service and that you have an opportunity to convert that awareness into paying customers.
Creates a Guide: The achievement of written goals occurs more often than goals that are not written down. Marketing planning serves as a written
(b) Discuss the major objectives of Segmentation. When and why marketers undertake segmentation activity? Discuss the segmentation bases for the following:
- i) 50. C.C. moped
- ii) Pricing of tickets in multiplexes /cinema Halls.
Answer:You can use market segmentation to increase the efficiency and effectiveness of your marketing initiatives by identifying strategic marketing goals and breaking down mass markets into groups of consumers that have clearly expressed common needs. This type of strategic approach lets you leverage your marketing efforts to achieve improved performance while reducing promotional costs aimed at people who are not interested in your products.
Product: Your product could be improved in various ways, but you don’t want to spend money on extra features if they don’t result in additional sales.
- ii) Pricing of tickets in multiplexes /cinema Halls.
The Multiplex Association of India estimates that there are around 900 multiplex screens in India. By April next year, the count will increase to 1,350. At an average cost of Rs 2 crore per screen, that is an investment of Rs 900 crore. Nikhil Vora, MD of IDFC Securities, believes the industry is well capitalised to keep pace with its growth projections.
Leading the charge is PVR Ltd, which says it will add around 127 screens by April 2013. Inox Leisure Ltd will have 80 more, while many smaller and regional players, such as DT Cinemas and Wave Cinemas are also expanding. Despite its parent, Reliance Media Works, being saddled with Rs 1,912 crore of debt, Anil Ambani’s Big Cinemas, the
Question. 4. (a) Consumer behavior is the starting point for any new product/service idea to pursue. Do you agree with the statement? If yes or no, Substantiate.
Answer:Consumer behavior involves the psychological processes that consumers go through in recognizing needs, finding ways to solve these needs, making purchase decisions (e.g., whether or not to purchase a product and, if so, which brand and where), interpret information, make plans, and implement these plans (e.g., by engaging in comparison shopping or actually purchasing a product).
(b) Explain the concepts of Product Life Cycle (PLC) with a suitable example. Discuss how PLC can use as a tool for market development. Illustrate with an example of your choice.
Answer:A new product passes through set of stages known as product life cycle. Product life cycle applies to both brand and category of products. Its time period vary from product to product. Modern product life cycles are becoming shorter and shorter as products in mature stages are being renewed by market segmentation and product differentiation.
Companies always attempt to maximize the profit and revenues over the entire life cycle of a product. In order to achieving the desired level of profit, the introduction of the new product at the proper time is crucial. If new product is appealing to consumer and no stiff competition is out there, company can charge high prices and earn high profits.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
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