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NIBM GLOBAL

THIRD SEMESTER MBA

Subject : Service Marketing

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

Question. 1.            Explain the relation of the stock market to the modern financial system.

Question. 2.            Describe marketplaces and street markets.

Answer : Marketplace – definition and meaning

Marketplace may refer to an open space or square in a town where people buy and sell things, i.e., a street market. It also means ‘the market‘ in the abstract sense. For example, for a product to compete effectively in the marketplace, it needs to sell at the right price.

Online marketplace – definition

The online marketplace is a kind of e-commerce website where many third parties provide information on goods and services. The operator of the website processes the business transactions, i.e., orders.

Question. 3.            How do consumers talk about the products in the Market? Explain.

Answer : What is consumer behavior?

Consumer behavior is the series of behaviors or patterns that consumers follow before making a purchase. It starts when the consumer becomes aware of a need or desire for a product, then concludes with the purchase transaction.

You can also count repeat purchases under the umbrella of consumer behavior. For instance, some customers might buy every product you produce, while others will only buy one and disappear.

Through consumer behavior, you can also learn how customers interact with and use your products. This knowledge can help inform future decisions about product creation.

Several factors go into the definition of consumer behavior, including the following:

How consumers behave individually and in groups

Why consumer behavior patterns change based on the types of products and services they purchase

• When consumers are most likely to make a purchase
• How a customer feels directly before buying a product
• How that customer feels directly following the purchase
• Which questions or objections contribute to the buying decisions
• The number of touchpoints a customer makes with a brand or product before buying

We don’t mean to overwhelm you, but each of those factors is essential to understanding customer behavior. If you don’t know how to anticipate your target customer, how can you effectively market to him or her?

Consumer behavior in marketing is the response a target market exhibits to marketing materials. For instance, if someone in your target audience views one of your Facebook posts, how does he or she react?

You already know that marketing and advertising are essential parts of running your own business. However, that’s only one side of the coin.

Nobody can force consumers to buy your digital products.

Learning consumer behavior will help you build better marketing materials. You’ll produce better copywriting, select more appropriate images, and send messages to your audience that resonate with them.

In other words, you want every step you take in marketing your products to align with what you know about consumer behavior. And since consumer behavior changes depending on the product, you have to dig deep into the data available to you.

Why should you study consumer behavior?

Online entrepreneurs don’t always live near their customers. In fact, they might sell to people across the world.

Entrepreneurs can’t always just shake hands with their target audience members and get to know them. Research is often necessary.

You should study consumer behavior so you know how to create, market, and sell your Knowledge Commerce products effectively. The more data you gather, the better your decisions become.

Imagine, for instance, that you’re creating an online course for people who want to learn how to play the guitar. You would probably enjoy more success if you knew several things about your target market:

• Whether they had bought any other music-related educational products
• How much time they have to devote to learning to play the guitar
• What motivates them to learn guitar
• How much money they can allocate to musical education
• What pain points they experience
• Whether they have any objections to learning the guitar online
• What questions they have about online musical education

You can find the answers to all these questions, but only if you research consumer behavior. That’s why you need to find a place for this process in your workflow.

Question. 4.            Explain the factors that involve delivery of a service .

Answer : Factors to be considered in Designing Service Process

Designing a service process system involves a careful consideration of factors related to services. Various issues such as location, facility design, and layout for effective work flow procedures and job definitions for service providers, customer involvement, equipment selection, etc., should be decided while designing service process

Question. 5.            Describe Product Lifecycle Management.

Answer : Product life cycle management (PLM) is the integration of all aspects of a product, taking it from conception through the product life cycle (PLC) to the disposal of the product and components. PLM merges the overarching vision that an organization has for managing the data, people, software, manufacturing, marketing, and overall plans for the product.

PLM lowers the cost and speeds the

Question. 6.            Describe the 3 main steps for selecting and establishing a research design.

Answer :

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25 x 4=100 marks