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ASSIGNMENT
Course Code : MS-6
Course Title : Marketing for Managers
Assignment Code : MS-6/TMA/SEM-I/2015
Coverage : All Blocks
Note: Attempt all the questions and submit this assignment on or before 30th April, 2015 to the coordinator of your study center.
- 1. (a) Distinguish Product Marketing Vs Services Marketing with suitable illustrations.
Answer:Marketing products and services can have many similarities as well as differences. Products and services benefit from adding trust and name recognition into the marketing materials, but products can be impulse purchases whereas services need time for delivery. There are several differences between marketing products and services, most of which center on relationship building.
Trust: Entrepreneur magazine says in a service-
- (b) The essence of Marketing is a “Transaction”. Explain the underlying meaning of the above statement and give reasons in support of your answer with suitable examples.
Answer:Transactional marketing is a business strategy that focuses on single, “point of sale” transactions. The emphasis is on maximizing the efficiency and volume of individual sales rather than developing a relationship with the buyer.
The transactional approach is based on the four
- 2. (a) What are the major objectives of promotion strategy in a manufacturing andMarketing organization? Suggest suitable promotion mix in the followingcategories:
- i) Banking Services
- ii) Smart phones
iii) Mineral Water
Answer: (a) Manufacturers produce tons of goods every day, all of which impact consumers indirectly or directly. Similar to any industry, the manufacturing industry has specific objectives and corresponding strategies that are designed to improve a company’s bottom line. These relate to quality, safety, vendor selection, problem identification and resolution, and efficiency and costs.
Strategic business objectives are goals deemed most important to the current and future health of a business. Objectives are prioritized by an organization through a thorough analysis of business practices such as a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Though prioritization of strategic objectives is unique to each business, common objectives exist. Six of the most common areas to focus strategic business goals are in the areas of market share, financial resources, physical resources, productivity, innovation and action planning.
Increase Market Share: In order to grow a business needs to increase their share of competitive markets. Marketing plans start with the overall strategic business plan of a company, but explain further how specific aims will be carried out. Marketing plans address this through defining product or service offerings, researching target markets, analysis of competition, then strategically placing, pricing and promoting the company offering.
Strengthening Financial Resources: Included in the growth objectives of an organization is the availability of capital resources to invest in future expansion projects. If a company’s financial resources are strong, capital could conceivably come from cash reserves. For many organizations, strengthening financial resources means to build cash flow or increase assets in order to attract investors and court creditors to fund expansion.
Physical Resources: To companies that produce tangible products, physical resources could mean the plant, machinery and other equipment integral to producing a product. Service businesses could define physical r
- (b) Explain the concept of market segmentation. Why do marketing firms undertake such segmentation exercise? Discuss the major advantages and demerits with suitable examples in the recent part.
Answer: Market segmentation is the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle.
Four basic factors that affect market segmentation
- 3. (a) Discuss the importance of the Marketing Research function and its application in the current business environment. What are the advantages and disadvantages that a firm accrues? Cite any two examples of your choice in the recent part.
Answer:“Marketing research does not make decisions and it does not guarantee success”. Marketing managers may seek advice from marketing research specialists, and indeed it is important that research reports should specify alternative courses of action and the probability of success, where possible, of these alternatives. However, it is marketing managers who make the final marketing decision and not the researcher. The second observation, that marketing research does not guarantee success, is simply a recognition of the environment within which marketing takes place. In the fields of science and engineering researchers are often working with
- (b) Distinguish and discuss, cyber marketing from conventional marketing. Discuss the advantages and limitations of cyber marketing.
Answer:All businesses must implement marketing strategies to attract customers, create a brand image and remain competitive in the marketplace. Marketing tools range from traditional mediums, such as print, billboard and broadcast advertising, to high-tech options such as web-based, interactive and email marketing strategies. The approach that works best for your business depends on your budget and your target audience.
Cost: One of the most notable differences between traditional and cyber marketing is pricing. Traditionally, print ads in newspapers and
- 4.(a) What is New Product Development Strategy? As a product executive of a growing FMCG company discuss the various stages in the development process of a new product. You may assume any consumer product category to explain the stages.
Answer: Developing new products or modifying existing products so they appear new, and offering those products to current or new markets is the definition of product development strategy. There is nothing simple about the process. It requires keen attention to competitors and customer needs now and in the future, the ability to finance prototypes and manufacturing processes, and a creative marketing and communications plan. There are several subsets of product development strategy.
Product Development Diversification Strategy:
- (b) What is the role of Marketing Organization in an enterprise? Discuss the considerations involved in designing a marketing organization for Pan India Operations.
Answer: It is inevitable that all small business corporations will be challenged by six significant marketing issues (as narrated below). SMEs will be challenged with a limited war chest of marketing budgets or even a marketing staff in our hand to face these issues. As you might expect, you will be faced with having to juggle marketing and numerous ranging aspects of operating a business. Therefore, if you notice that sales are failing to meet the standards you wish, then you will know that it is because not enough time is being spent on the marketing area,
- 3. (a) Discuss the importance of the Marketing Research function and its application in the current business environment. What are the advantages and disadvantages that a firm accrues? Cite any two examples of your choice in the recent part.
Answer:“Marketing research does not make decisions and it does not guarantee success”. Marketing managers may seek advice from marketing research specialists, and indeed it is important that research reports should specify alternative courses of action and the probability of success, where possible, of these alternatives. However, it is marketing managers who make the final marketing decision and not the researcher. The second observation, that marketing research does not guarantee success, is simply a recognition of the environment within which marketing takes place. In the fields of science and engineering researchers are often working with
- (b) Distinguish and discuss, cyber marketing from conventional marketing. Discuss the advantages and limitations of cyber marketing.
Answer:All businesses must implement marketing strategies to attract customers, create a brand image and remain competitive in the marketplace. Marketing tools range from traditional mediums, such as print, billboard and broadcast advertising