MB0046 – MARKETING MANAGEMENT

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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.

 

Q.1 Explain the stages in the new product development process.

 

Ans: The new product development process has the potential to be haphazard because of the inherent uncertainty in the process, as well as the myriad methods available for product development. Setting up an organizing framework to identify the stages in the process, and the methods applicable to each stage, should help in bringing order to the process.

 

1. Idea Generation:

 

Many methods are available for the idea generation stage such as brainstorming, Delphi and focus groups. The basic approach is to harness creativity in some form for the development of new ideas. While there is much to recommend for the more qualitative approaches, one of the drawbacks is the lack of quantitative validity to the ideas at this stage. That is, the ideas have not been shown to have popularity in the constituency that matters – the

 

 

Q.2. Explain the various types of retailers and wholesalers.

 

Ans: Types of retailers:

Retailing refers to all the transactions which involve sale of goods or services to the ultimate consumers. A retailer is a middleman who procures goods from the wholesalers and sell it to the final consumers. The 7 main types of retailers are;

 

1. Department Store :

 

This type of retailer is often the most complex offering a wide range of products and can appear as a collection of smaller retail stores managed by one company.

 

2. Supermarkets :

 

 

Q.3 Describe the steps in business buying process.

 

Ans : Steps in business buying process :

1. Problem recognition:

 

Problem can be identified from either internal stimuli or external stimuli. Company would like to launch new product hence it searches for the suppliers who can supply the material and equipments required for the new product. A large printing company may find that it can set up an exclusive design section as a profit centre. For this it may want high end design software and systems.

 

2. Need description:

 

 

 

Q.4 Explain the product mix pricing strategies with examples.

 

Answer : Product mix:

Pricing is a critical element of the marketing mix and companies must make strategic choices about how to price their products to best achieve their business goals. The product mix is the collection of products and services that a company chooses to offer its market. Pricing strategies range from being the cost leader to being a high-value, luxury option for consumers. The product mix is the collection of products and services that a company chooses to offer its market. When the product is a part of product-mix, there are five kinds of strategies involved

 

1. Product Line pricing:

 

 

 

Q.5. Advertisement is a media which conveys message about the product. It is important to understand different types of advertisement to attract the attention of the people to a product and service. Find out the various forms of advertisement.

 

Ans : Advertising is the promotion of a company’s products and services though different mediums to increase the sales of the product and services. It works by making the customer aware of the product and by focusing on customer’s need to buy the product. Globally, advertising has become an essential part of the corporate world. Therefore, companies allot a huge part of their revenues to the advertising budget. Advertising also serves to build a brand of the product which goes a long way to make effective sales.

 

 

 

 

Q.6. Explain the forms of customer relationship and the reasons behind losing customer by organization.

 

Answer : Forms of Customer relationship:

There are six specific categories of Customer Relationships:

 

1. Personal Assistance :

 

This is based on human interaction.  Customers can communicate directly with company representatives throughout the sales process and after the sale is complete.

 

2. Dedicated Personal Assistance :

 

 

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