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ASSIGNMENT
| DRIVE | SUMMER 2014 |
| PROGRAM | MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2 |
| SUBJECT CODE & NAME | MB0046- Marketing Management |
| BK ID | B1629 |
| SEMESTER | 2 |
| CREDITS | 4 |
| MARKS | 60 |
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.
Q.1 A brand is a composite set of beliefs and associations in the mind of consumers. In brand
development, as a part of branding strategy decision, the brand manager can decide to create new brand elements for the new products, apply some of the existing brand elements to the new product, or use a combination of existing and new brand elements to the existing and new products. Explain the different branding strategies used by the companies for their range of products.
Ans: Definition of Brand :
Brand is the “name, term, design, symbol, or any other feature that identifies one seller’s product distinct from those of other sellers.” Brands are used in business, marketing, and advertising. Initially, livestock branding was adopted to differentiate one person’s cattle from another’s by means of a distinctive symbol burned into the animal’s skin with a hot branding iron. A modern example of a brand is Coca-Cola which
- Describe the international market entry strategies in brief.
Answer : There are a variety of ways in which a company can enter a foreign market. No one market entry strategy works for all international markets. Direct exporting may be the most appropriate strategy in one market while in another you may need to set up a joint venture and in another you may well license your manufacturing. There will be a number of factors that will influence your choice of strategy, including, but not limited to, tariff rates
Q.3 Explain the classification of market based on nature of Competition and area.
Ans : Definition of market :
Usually, Market means a place where buyer and seller meets together in order to carry on transactions of goods and services. But in Economics, it may be a place, perhaps may not be. In Economics, market can exist even without direct contact of buyer and seller. This fact can be explained with the help of the following statement. Generally market is the place where buyers and sellers are physically present and finalize the transaction.
Q.4 Personal selling focuses in on ‘personal’ or ‘one to one’ selling. It involves an individual salesman or a sales team establishing and building a profitable relationship with customers over a period of time through a series of steps. Explain the steps in the personal selling process which helps in the successful sales.
Ans : Personal Selling :
Personal selling is selling technique involved between person to person and between the prospective buyer and seller. Personal selling consists of human contact and direct communication rather than impersonal mass communication. Personal selling involves developing customers relationship, discovering & communicating customer needs, matching the appropriate products with these needs. Personal selling is the most significant promotional tool in terms of number of people employed. Personal selling is so important because the sales person is the catalyst that making reaction in the Marketing activities.
Q5. Discuss about competition based pricing and product mix pricing strategies with examples. (Define pricing, Explanation of product mix pricing strategies with examples) 2, 8
Answer:
Definition
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand.
Product Mix Pricing Strategies
In various corporations where a range or line of products is sold, the price of individual item must consider the prices of other products in the range. The several forms of product mix pricing are as follows:
(a) Product-line pricing – In this method, the prices of different products in a product line are being set on the basis of cost differences among products, various features assessment by customers, and competitor’s prices. The price steps must consider cost differences among products in the line, various fea
- 6 Do you think the argument of some theorists that the traditional Ps are not enough for
services marketing? Give suitable examples to prove your point.
Ans: Service Marketing :
Services marketing is a sub field of marketing which covers the marketing of both goods and services. Goods marketing includes the marketing of fast moving consumer goods (FMCG) and durables. Services marketing typically refers to the marketing of both business to consumer (B2C) and business to business (B2B) services. Common
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