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ASSIGNMENT
Course
Code : MS-6
Course
Title : Marketing
for Managers
Assignment
Code : MS-6/TMA/SEM-I/2014
Coverage : All Blocks
Note : Attempt all the questions and submit this assignment on or
before 30th April, 2014 to the coordinator of your study centre.
1.(a) Distinguish between the terms “Marketing and Selling” and discuss
the various activities carried out in the following situations.
Answer : The difference between marketing and selling:
Many business owners and
practitioners mistakenly think of selling and marketing as interchangeable
concepts. This is particularly true in the case of small businesses, which
often equates marketing with selling deliberately due to organizational and
resource limitations.
But even if sales and marketing
are intrinsically linked, the fact is that they are two very different business
activities.
The difference.
(b) Why a sound knowledge of consumer behaviour in essential for
marketer? Discuss.
Answer : Marketing and consumer
behavior are intrinsically connected. Without grasping a level of understanding
of what drives consumers, marketers would have a pretty difficult time
identifying the right market segments and putting together a marketing campaign
that will attract attention.
Studying consumers helps
marketers improve their strategies because it gives them insight into
understanding buyer behavior. By obtaining a view into how consumers think,
feel, reason and choose, marketers can use this information to not only design
products and services that will be in demand, but also how to present these
options to
2. (a) Indentify the elements of
Marketing Mix for Services. Explain each of these elements by taking an example of any service
offering of your choice.
Answer : Your marketing mix is
the combination of the elements of marketing and what roles each element plays
in promoting your products and services and delivering those products and
services to your customers.
Elements of the Marketing Mix
The elements of the marketing mix
are also referred to as the 5 P's of marketing. For years marketers referred to
the 4 P's of marketing. Only recently has a 5th P been added. Whether you
subscribe to the theory that there are four p's or five p's of marketing, this
is essentially referred to as your "marketing mix".
The 4 P's of the Marketing Mix
The original 4 P's of marketing
(although they have been renamed a bit over the years) that were the elements
of a marketing mix are:
Product – The products or services offered to your customer: Their
physical attributes, what they do, how they differ from your competitors and
what benefits they provide.
Price – How you price your product or service so that your price
remains competitive but allows you to make a good profit.
(b) Discuss the significance of
Marketing Organization in the light of the firms Marketing objectives.
Answer : Basic Marketing Concepts
Marketing is an organizational
function and a set of processes for creating, communicating, and delivering
value to customers and for managing customer relationships in ways that benefit
the organization and its stakeholders.
·
Market-a collection of buyers and sellers.
·
Marketspace-electronic marketplaces unbound by
time or space.
·
Metamarket-a cluster of closely related goods
and services that center around a specific consumption activity.
·
·
·
3.(a)
“Marketing Research (MR) is the corner store for the success of a company”.
Discuss the above statement by picking an example of your choice where the role
of MR has contributed to the firm’s success.
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
(b) Elaborate the importance of the stages in the Buyer Decision
Process and its impact on the business.
Answer : A buying decision process (or cost–benefit analysis) describes the
process a customer goes through when buying a product. This buying decision
model has gone through lots of interpretation by scholars. Although the models
vary, there is a common theme of five stages in the decision process.
Stages
These stages were first
introduced by John Dewey (1910).The stages are:
1)
Problem/Need
recognition
2)
Information
search
3)
Evaluation
of alternatives
4.(a) Why and when firms embark
on New Product Development Initiatives? Discuss.
Answer : Organizations often use
strategic initiatives as a tool for improving operations. The deployed solution
typically includes new toolsets and processes that change the flow of work,
decisions, and information.
The success rate for these
process-improvement initiatives is about 1 in 3. In prior articles, I have
described examples of success in product development, healthcare quality, and
hospitality. Often the failures are done clumsily, as described in the first
change effort in this article describing a tale of two initiatives at Intel.
I find it best to think of tool
and process
(b) What is STP Strategy? What
are the benefit and their limitations?
Answer : Segmenting, targeting and positioning
In order to be an effective and
efficient business, you should seek out your target customer market. There are
three main issues to consider when determining your target market:
Market segmentation
Market segmentation involves
grouping your various customers into segments that have common needs or will
respond similarly to a marketing action. Each segment will respond to a
different marketing mix strategy, with each offering alternate
Dear students get fully solved
assignments
Send your semester &
Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
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