MARKETING 3rd SEMESTER WINTER 2013 SOLVED ASSIGNMENTS

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ASSIGNMENT

 

 

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.

 

 

Q1 “The key to the development of the sales force is the finalization of the appropriate sales processes by each organization”. In this context, explain the process to personal selling.

(Explanation of the process) 10 marks

Personal selling is the most expensive form of advertising and to be effective one should use a step by step process to gain the most benefit. Personal selling can adjust the manner in which facts are communicated and can consider factors such as culture and behaviour in the approach. They can ask questions to discover the specific need of the customer and can get feedback and adjust the presentation as it progresses.

The key to the development of the sales force is the finalization of the appropriate sales processes by each organization. Sales processes differ across products as well as approaches and strategies followed by an organization. For example, the process usually adopted in a consumer product business is significantly consumer product sales, the approach could vary widely—some organizations believe and incorporate an inward-looking high-pressured sales-oriented approach, while others adopt a customer oriented problem-solving approach to selling.

 

Q2 “Motivation is one of the principal objectives of a good training plan”. Explain

(Explanation of motivating sales force-3 marks, Explanation of impact of motivation on sales productivity-7 marks) 10 marks

Motivation of the Sales Force

Motivation is the inner force within a person which guides behaviour and is responsible for causing specific actions.  refers to the decision (which action) chosen in a particular circumstance.

A motivated sales force can exceed your expectations for revenue and for profit. How do you motivate them to go above and beyond? Here are some ideas:

1. Foster a team environment

When people communicate, they can also begin to collaborate better. Senior salespeople can help junior

Q3 “Doing business globally always has been a tedious task for the organizations”. Explain

(Explanation of challenges faced by international sales manager) 10 marks

Ans.

When an organization faces several legal, ethical, employees related and other issues in its day to day routine which hamper its sales growth, in spite of all preventive measures, one can easily predict the challenges faced by international managers while doing business abroad. Some of these challenges are common to all international managers like systematic challenges such as political and economical environment while some other personal factors such as manager’s know how, ability, communication. Human Resource dealing art vary from person to person. The challenges faced by sales managers while doing business abroad are as follows:

Language Barriers: Every manager would like to go to abroad and serve organizations but due to language differences, they are not able to produce results. It happens because you being a sales manager you may be capable of doing your job but your customers don’t understand what you want to communicate. One of the foremost challenges faced by international sales managers is the language barrier. Therefore, a company for international sales positions always look for linguist (who is good at speaking or learning foreign languages). Secondly, sometimes, you know foreign language (like Russian, French, or German) but it is different to try to conduct business in a foreign language than to simply have

 

Q4 Explain Vertical Marketing System and its types.

(Explanation of VMS-1 marks, Explanation of types-9 marks) 10 marks

Ans.

A Vertical Marketing System (VMS) is a system in which almost all the members of distribution channel such as manufacturers, wholesalers and retailers work together to satisfy human needs and wants by facilitating the smooth flow of goods

 

Q5 Explain SCOR Model and its management methods.

(Meaning of SCOR-2 marks, Explanation of methods-8 marks) 10 marks

Meaning of SCOR Model

The SCOR model is used to understand simple or complex supply chains through a common set of terms. Consequently, different industries can be related to each other to interpret any supply chain. SCOR is based on five unique management methods. These are: Plan, Source, Make, Deliver and Return.

 

(i) Plan: It includes methods required to balance collective demand and supply to devise a strategy which meet sourcing, production and delivery requirements in an optimum manner.

 

(ii) Source: It includes methods to procure goods/services to meet the actual or anticipated demand.

 

(iii) Make: It includes methods that convert a raw product to a finished product to meet the actual or anticipated demand.

 

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Q6 Write short notes on:

a) Enterprise Resource Planning- 5 marks

b) Economic Order Quantity- 5 marks

(Explanation of model, Meaning and applications)

Answer.

Enterprise Resource Planning is the single, end-to-end software solution for business, and is built for the way people work today—ready to meet the ever-changing demands of a growing, global economy. ERP promises huge improvements in efficiency—for example, shorter intervals between orders and payments, lower back-office staff requirements, reduced inventory, and improved customer service.  Enterprise Resource Planning Systems (ERP) integrate the entire company’s information system, process and store data, cut across functional areas, business units, and product lines to assist managers make business decisions. They are massive computer application systems that allow a business to manage all of its operations (finance, requirements planning, human resources, and order fulfillment) on the basis of a single, integrated set of corporate data. The basic ERP Model is based on a process view of the organization. It reassigns the activities into tasks. Each of the tasks may cross functional boundaries. Its foundation is popularly called the ‘Stool’. The stool is made up of three basic elements ‘Market – Sales and Distribution’, the ‘Product – Materials Management and Production’ and the ‘Financial Accounting and Control’. Each of these forms a cycle and is described by four basic components:

• Organizational data

• Master data

• Rules

• Transactions

 

The three legs of the ‘stool’ are ‘organizational data’, ‘master data’ and ‘rules’. These legs are applicable to each of the three basic elements and based on these, ‘transactions’ are planned, implemented and controlled in the ERP system. The ‘stool’ concept is shown as Figure.

 

Applications

The main function of using ERP is to enable the flow of information between all business functions within an organization and manage the relationship with outside stakeholders. Therefore, ERP is an amalgamation of three important components:

• Business management practices,

• Information technology, and

• Specific business objectives.

 

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ASSIGNMENT

 

 

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.

 

 

 

 

 

 

Q1 “Marketers manage product positioning by focusing their marketing activities on a positioning strategy”. Explain

 

(Explanation of positioning approaches) 10 marks

 

Ans- Positioning refers to how you communicate the essential benefits of your small business to potential customers. Where you sell your product, how you make it, where you make it and your price all convey subtle messages to the marketplace, even without your using any overt advertising, public relations or promotions. Positioning is the perception of a brand or product in the mind of a target consumer and reflects the essence of that brand or product in terms of its functional and non-functional benefits as judged by the consumer. “7Up” was projected as the “un-cola” positioned as an alternative to the colas. Two simple words crystallized things in the consumers’ minds. HUL’s soap Lux is positioned as the “beauty soap” of female film stars and Dettol is the antiseptic for minor nicks and cuts. BMW car is positioned as the “ultimate driving machine”. As markets become more crowded and competitive with similar types of products, consumers rely more on the product’s image than on its actual characteristics in making their buying decisions.

 

 

Q2. Explain motivational conflict and its principles.

(Explanation of meaning-1 marks, Explanation of types-9 marks) 10 marks

Ans.

Motivational Conflict

Motivation is the driving force within individuals and is the result of a state of tension resulting from unfulfilled needs, wants or desires. “Variety is the spice of life.” Hardly anybody is likely to disagree with this saying. For most of us, too much of the same thing over and over again turns out to be unexciting, tasteless or boring. We are aware that consumers sometimes display ‘variety seeking’ behavior out of sheer boredom or a desire for variety. A motivational goal has valence (strength). This valence can be positive or negative. Consumers are motivated to approach the goal with positive valence However; some behavior is directed at avoiding a negative outcome.

Types of motivational conflicts

Approach-approach conflict – The person must decide between the attractive alternatives and may face a situation of

 

 

Q3 Explain Absolute threshold and Differential Threshold with the help of an example each.

(Explanation-6 marks, Examples-4 marks) 10 marks

Ans.

Absolute threshold

For instance, an individual may sense the sound pitch at 20 cycles per second and another individual may sense the sound pitch at 30 cycles per second. Absolute threshold for sound in the case of these two individuals would be different. Many individuals’ ability to discriminate sensory characteristics such as taste, smell, hearing or feel is small. Absolute threshold refers to the lowest level at which an individual can experience sensations. At this point, an individual can detect a difference between “something” and “nothing”, and this point would be the absolute threshold for that stimulus. The senses are likely to become increasingly dull under conditions of constant stimulation and the absolute threshold

 

 

Q4 Explain with one example each, the factors that inhibit relationship between beliefs, feelings and behavior.

(Explanation-6 marks, Examples-4 marks) 10 marks

Ans.

In psychology, the theory of planned behavior is a theory about the link between beliefs and behavior The concept was proposed by Icek Ajzen to improve on the predictive power of the theory of reasoned action by including perceived behavioral control. It is one of the most predictive persuasion theories. It has been applied to studies of the relations among beliefs, attitudes, behavioral intentions and behaviors in various fields such as advertising, public relations, advertising campaigns and healthcare. The theory states that attitude toward behavior, subjective norms, and perceived behavioral control, together shape an individual’s behavioral intentions and behaviors. People are viewed as self-organizing, proactive, self-reflecting and self-regulating rather than as reactive organisms shaped and shepherded by environmental forces or driven by concealed inner impulses. From this theoretical perspective, human functioning is viewed as the product of a dynamic interplay of personal, behavioral, and environmental influences. For example, how people interpret the results of their own behavior informs and alters their environments and the personal factors they possess which, in turn, inform and alter subsequent behavior. The self-efficacy theory contributes to explaining various

 

Q5 “Cultural Values are enduring beliefs that a given behavior or outcome is desirable or good”. Explain

(Explanation of cultural values-4 marks, Explanation of classification-6 marks) 10 marks

Ans.

 

Cultural values

 

Cultural values are essential these values are enduring beliefs that a given behavior or outcome is desirable or good. They create internal judgments that will determine how a person actually behaves. Ethics determine which values should be pursued and which should not. A culture’svalues are its ideas about what is good, right, fair, and just. Sociologists disagree, however, on how to conceptualize values. Or the commonly held standards of what are acceptable or unacceptable, important or unimportant, right or wrong, workable or unworkable, etc., in a community or society.

Conflict theory focuses on how values differ between groups within a culture, while functionalism focuses on the shared values within a culture. A culture, though, may harbor conflicting values. For instance, the value of material success may

 

Q6 Write short notes on:

a) The Adoption Process

b) Post-Purchase Behaviour of a consumer

(Meaning and Barrier-5 marks, Meaning and example-5 marks) 10 marks

Ans.

a)

 

The Adoption Process

The process of diffusion starts when early adopters influence their reference group members and other acquaintances to purchase the product. The adoption of an innovation requires that an individual or a group of consumers decide on buying a new product. Therefore, it is reasonable to view adoption as the first step in the diffusion process. The adoption of an innovation is likely to be a reasonably involving decision for most of those who are among the first to buy the product and can be represented by a hierarchy-of-effects model. Thus, the adoption process is basically a term used to describe extended decision making by consumers when a new product, service, or idea is involved. High involvement in product or purchase situation is likely for discontinuous innovations. For example, the decision to buy a DVD writer or have laser eye surgery will be a high-involvement decision. Most continuous innovations probably trigger limited decision making. In case of low-cost, low-risk innovations, consumers’ involvement level is likely as below:

 

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ASSIGNMENT

 

 

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.

 

 

Q1. What are the classifications of retail customers based on shopping?

(Explanation of classification) 10- marks

Answer.

Classification of retail consumers based on shopping:

In retail, this idea of focusing on the best current customers should be seen as an on-going opportunity. To better understand the rationale behind this theory and to face the challenge of building customer loyalty, we need to break down shoppers into five main types:

•  Loyal Customers: They represent no more than 20 percent of our customer base, but make up more than 50 percent of our sales. These people are the ones who can and should influence our buying and merchandising decisions. Nothing will make a Loyal Customer feel better than soliciting their input and showing them how much you value it. In my mind, you can never do enough for them. Many times, the more you do for them, the more they will recommend you to others.
• Discount Customers: This category helps ensure your inventory is turning over and, as a result, it is a key

Q2 Explain Retail EST Model with an example.

(Explanation-8 marks, Example-2 marks) 10 marks

Answer.

 

As per this model the retailer has to be the best (strategic differentiator) amongst one of several retail offerings to be the winner. This will aid in positioning the retail organization as one of several retail offerings. Est retailing helps the retailers in positioning themselves in the eyes of the customer, EST retailers always focus very keenly on their core customer propositions which is generally called as Est positions. All the employees of the retailer are committed to this job. They communicate that positioning to their customers and execute it relentlessly at the store level. The strategic and day-to-day operational decisions are based on their Est positioning. For example Domino’s Pizza

 

 

Q3 “Retail merchandising refers to the process used to conduct retail sales.” Explain

(Explanation of the RMM Process) 10- marks

Answer.

RMM Process

Merchandise management is a strategic process. As such, we need to create systems leading to a seamless and integrated way from top level strategy to tactical action. Ensuring the right merchandise is available at the right place, at right time in the right quantity and at right price is one of the major areas of concern for a retailer.

Retail merchandising refers to the process used to conduct retail sales. As part of the process, the merchandiser pays close attention to the different types of products offered for sale, how to present those products to consumers in a best way, and determine a reasonable retail price for each unit sold. Earlier, the retailers were engaged in the task of retail merchandising in a physical location, but nowadays the Internet has made possible to apply these same basic

 

 

Q4 Elaborate the upcoming tools used in Integrated Marketing Communication.

(Explanation of tools) 10- marks

Answer.

Integrated Marketing Communication (IMC)

IMC is integrated management of different communication media to build positive and lasting relationships with consumers and other stakeholders. It is a customer-centric approach to marketing and branding that emphasizes the

 

 

Q5 “Selling globally opens up the way to lucrative large-business customers.” Explain

(Explanation of benefits of going global) 10 marks

Answer.

 

Benefits of Going Global

Selling globally opens up the way to lucrative large-business customers.

 

Diversified markets: One of the main benefits of going global is that international retailers can take advantage of the booming global markets. Expanding business horizons overseas provides an opportunity to retailers to learn new ideas, concepts, approaches and new marketing techniques from their exposure in the global marketplace which can be successfully applied domestically.

 

Global competitiveness: Today, many foreign companies are entering the local market by exporting their goods and

 

 

Q6 Write short notes on:

a) Enterprise Resource Planning (ERP)

b) Future of Electronic Retailing

(Explanation-5 marks, Explanation-5 marks) 10 marks

 

Answer.

 

a)      Enterprise Resource Planning

 

Enterprise Resource Planning is the single, end-to-end software solution for business, and is built for the way people work today—ready to meet the ever-changing demands of a growing, global economy. It  is an industry acronym for Enterprise Resource Planning. Broadly speaking, ERP refers to automation and integration of a company’s core business to help them focus on effectiveness & simplified success. ERP packages are mostly used by larger retail chains and are designed to facilitate the administration and optimization of internal business processes across an enterprise, ERP packages have become the competitive tool for most large retail organizations. An ERP software uses a single database that allows the different departments to communicate with each other through information sharing.

 

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ASSIGNMENT

 

 

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.

 

 

Q1. Explain Cross sectional Research Design, its advantages and disadvantages.

(Meaning-2, Advantages-4, Disadvantages-4) 10 marks

Answer.

 

Cross sectional Research

A cross-sectional study, a type of descriptive, observational study, involves measuring different variables in the population of interest at a single point in time. This simultaneous data gathering is often thought of as a snapshot of conditions present at that instant. Its most important application lies in the field of epidemiology and disease research. Although it offers several advantages, such as the ease of assessing the prevalence of diseases, a cross-sectional study nevertheless has limitations.

There are two types of Cross-sectional design.

1.      Single cross-sectional design: In this, only one sample of respondents and their information is utilised and that is used only once in a study.

2.      Multiple cross-sectional designs: In this, information is captured with the help of two or more samples of respondents. Each sample’s information is used only for once. Though information is collected at different times from different samples of the study.

 

 

Q2. What are the various fundamental properties of scales of measurement? Explain with an example each.

(Explanation-2, Examples-8) 10 marks

Answer.

Scales of Measurement: Fundamental Properties

According to mathematical theory, a researcher can use four scaling properties in developing scales: assignment, order, distance and origin as shown

 

 

Q3. Describe the steps involved in Hypothesis Testing.

(Explanation of the steps)10 marks

Answer.

Steps involved in Hypothesis Testing

A hypothesis should be expressed clearly employing appropriate terminology; should be testable and limited in scope. various steps involved in hypothesis testing, which are explained below.

1. Setting-up of hypothesis: The first step is to set up the decision making process. This involves specifying the null hypothesis (H0) and the alternative hypothesis (H).

2. Selecting a significance level: A criterion used for rejecting the null hypothesis is the significance level. The significance level is used in hypothesis testing as follows: First, the difference between the null hypothesis and the results of the experiment is determined. Then, assuming the null hypothesis is true; the probability is computed and then

 

 

Q4. Explain Pearson Product Moment Correlation with the help of an example.

(Explanation-7, Example-3) 10 marks

Answer.

Pearson Product Moment Correlation

 

Pearson Correlation Coefficient is named after Karl Pearson who developed this correlational method to do agricultural research. It is used to measure correlation. The symbol for the correlation coefficient is lower case r, and it is described as the sum of the product

 

r=∑( Zx Zy)/N

 

 

 

Q5. Explain Business to Business Market Research and types of market research undertaken in B2B research.

(Meaning-4, Types-6) 10 marks

Answer.

Business Market Research

B2B research involves the investigation of any market where the targets to be examined are another business entity or employees of a business entity.B2B market research is a more complex process than B2C. It is very important to find out the right respondent in B2B research since they are preoccupied and show little interest in participation.

Thus, it depends upon the skills of B2B researcher that how he “opens up” his business clients by encouraging them. A business researcher must also have the knowledge of developing strategies which further helps in research findings and finally acceptable to the business clients. Professional researchers play a significant role in the business-to-business market research. The organisations normally take professional researchers’ help in cracking more business deals with the help of market research. This further helps the organisation in taking operational and strategic business decisions.

 

 

Q6. Write short notes on:

a) Copy testing

b) Sales Analysis

(Meaning with example-5, Meaning and Benefits-5) 10 marks

Answer.

 

a) Copy testing

 

 

Copy testing decreases the chances of risk on brand or company image by an ineffective advertisement.

Copy testing is generally carried out on a large scale as a quantitative research study in which the target audience is shown the advertising. The advertisers use copy testing as a technique to check the effectiveness of an ad after its production. 

 

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