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AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
SUBJECT : MARKETING MANAGEMENT
- A) Discuss Various Marketing Research Instruments. Give suitable examples (one example /instrument)? (10 Marks)
Answer : The most common research instrument is the questionnaire. Keep these tips in mind when designing your market research questionnaire.
When market research goes wrong, it’s usually the result of a poorly designed market research questionnaire.
When designing market research instruments,
- B) Describe following in context of new product development (NPD)? (10 Marks)
- The new product development decision process
Answer : Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable.
7-step process comprising the key elements
- Risk factors hindering new product development
Answer : Shortage of important ideas in certain areas: There may be few ways left to improve some basic products (such as steel or detergents).
Fragmented markets: Companies have to aim their new products at smaller market segments, and this can mean lower sales and profits for each product.
Social and governmental constraints: New product has to satisfy consumer safety and environmental concerns.
- C) Illustrate the marketing mix for any two of the following? (15 Marks)
- Cafe Coffee Day
Answer : The leading coffee chain across the world, Cafe coffee day has several products which appeal to the Indian audience and it has a price which is very much affordable for the upper middle class of India. The promotions are amazing and it has numerous retail outlets which are growing in number across India. This article discusses the marketing mix of Cafe coffee day.
Product:
- Dr. Batra’s clinic
- Lux Soap
Lux soap was first launched in 1916 as laundry soap targeted specifically at’delicates’. Lever Brothers encouraged women to home launder their clotheswithout fear of satins and silks being turned yellow by harsh lyes that were oftenused in soaps at the time. The flake-type soap allowed the manufacturer someleeway from lye because it did not need to be shaped into traditional cake-shapedloaves as other soaps were. The
- HP( Hewlett Packard)
- D) Illustrate with examples, the differences between Product marketing & Services marketing? (10 Marks)
Answer : The whole “product versus service marketing” topic is nothing new to marketers all over the world. Google the term and you will find more than enough material on topics such as the tangibility versus intangibility and how product marketing is relatively easier as compared to services marketing. I have collaborated with both software services and software product marketing teams over the years and the experience has been very different.
A key point that marketers have to remember is that the customer is the best advertiser, be it a product or a service. It is basic human nature to go for the tried, tested and validated products/services. This comes from our innate
- E) Illustrate with examples, the methods/ways of evaluating advertising effectiveness? (10 Marks)
Answer : METHOD OF EVALUATING ADVERTISING EFFECTIVENESS:
- Method of evaluating advertising effectiveness: Method of evaluating advertising effectiveness Measuring ad-effectiveness is also known as ad-testing. There are different test available for measuring ad-effectiveness, they are as follows:- Pre-testing method Post-testing method Concurrent testing method
- pre-testing method: pre-testing method Pre-testing method- In pre-testing methods, testing of advertising is done during its development process or after creating advertisement but before implementing it on full scale basis, here, ad is tested in trial area to know its weakness. Following method are generally used as pre-testing methods for evaluating advertising effectiveness:-
- F) Discuss the factors which contribute in deciding the “price” of the product? Discuss various pricing methods? (10 Marks)
Answer : The pricing decisions for a product are affected by internal and external factors.
- Internal Factors:
- Cost:
While fixing the prices of a product, the firm should consider the cost involved in producing the product. This cost includes both the variable and fixed costs. Thus, while fixing the prices, the firm must be able to recover both the variable and fixed costs.
- The predetermined objectives:
While fixing the prices of the product, the marketer should consider the objectives of the firm. For instance, if the objective of a firm is to increase return on investment, then it may charge a higher price, and if the objective is to capture a l
- G) “Laco Industries “has planned to introduce new baby shampoo in the kids market. The company conducted a research in selected tier II cities in India to know the demand & successfully
launched its product. In this context, discuss the characteristics of the good research? (15 Marks)
Answer : Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies whether they are meeting their customers’ needs and expectations. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods–and even whether they should consider offering additional services.
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