Marketing Management V2

Assignment - A
Question 1: Define marketing management. Discuss the various management philosophies. Explain how the marketing and selling are contrasted and briefly explain the societal marketing concept. Answer: Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have compelled firms to market beyond the borders of their home country making International marketing highly significant and an integral part of a firm's marketing strategy. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business' size, corporate culture, and industry context. For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product. To create an effective, cost-efficient Marketing management strategy, firms must possess a detailed, objective understanding of their own business and the market in which they operate. In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.

Various Management Philosophies

Production Concept: The production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency. Product Concept: The production concept holds that customers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency. Selling Concept: Many organizations follow the selling concept. The selling concept is the idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort.

Marketing Concept: The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. Societal Marketing Concept: The societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets. It should then deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and the society's well-being. Contrast between Marketing Concent and Selling Concept The Selling Concept and the Marketing Concept are two different concepts of Marketing that related to the evolution of marketing in the world. The Selling Concept holds that in order for the firm to be profitable, it must focus on sales of the product regardless of the orientation of the product itself. This concept became popular after World War 2. On the other hand, the Marketing Concept is one of the recent concepts in marketing. It holds that a firm must identify the needs of the consumer and then plan, price, promote and distribute its product according ton the demands of the consumer. Explains The Societal Marketing Concept 1) The societal marketing concept is the newest of the marketing philosophies. 2) It questions whether the pure marketing concept is adequate given the wide variety of societal problems and ills. 3) According to the societal marketing concept, the pure marketing concept overlooks possible conflicts between short-run consumer wants and long-run consumer welfare. 4) The societal concept calls upon marketers to balance three considerations in setting their marketing policies: a) Company profits. b) Customer wants. c) Society's interests.

Question 2: Explain the various factors influencing the company's marketing strategy with the help of suitable examples Answer: There are various factors influence the company's marketing strategy. These are: Political factors: laws, rules and regulations that you have to obey which have been set by the government. For example; supermarkets are not allowed to open more than six hours on a Sunday. The sale of good act of 1979, goods sold should meet three conditions. Economic factors: The rate of taxes and the credit crunch could affect marketing as people will have less money to purchase products and will go for the cheaper option if possible. If interest rate keep going up these will put of some of the business. As the amount of income and output of every organisation has a bigger role of economic factors.

Socio-cultural factors: personal choices and lifestyles, demand from consumers may affect marketing if there is too little of what the customer wants and needs. The High Street is suffering badly from a combination of higher mortgage repayment and credit card costs, fuel and food bills, which are putting huge strain

on British households. Technological factors: Modern and fast technology which can make the marketing business more efficient, gives more choices on how to send, receive and store information. Geographical factors: Every place have different atmosphere due to which you cannot market every product at every place. For example in cities where you can't find mountains you can't market climbing equipment .In desert area you can't market swimsuits

Question 3:What is marketing research? Discuss the marketing research process with the help of an example. Briefly explain the sources of data. Answer: Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small. The Market Research Process To conduct market research, organisations may decide to undertake the project themselves (some through a marketing research department) or they might choose to commission it via a market research agency or consultancy. Whichever, before undertaking any research project, it is crucial to define the research objectives i.e. what are you trying to achieve from the research? And what do you need to know? After considering the objectives, Market Researchers can utilise many types of research techniques and methodologies to capture the data that they require. All of the available methodologies either collect quantitative or qualitative information. The use of each very much depends on the research objectives but many believe that results are most useful when the two methods are combined. Quantitative Research Quantitative research is numerically oriented, requires significant attention to the measurement of market phenomena and often involves statistical analysis. For example, a bank might ask its customers to rate its overall service as excellent,

good, poor or very poor. This will provide quantitative information that can be analysed statistically. The main rule with quantitative research is that every respondent is asked the same series of questions. The approach is very structured and normally involves large numbers of interviews/questionnaires. Perhaps the most common quantitative technique is the market research survey. These are basically projects that involve the collection of data from multiple cases such as consumers or a set of products. Quantitative surveys can be conducted by using post (self-completion), face-to-face (in-street or in-home), telephone, email or web techniques. The questionnaire is one of the more common tools for collecting data from a survey, but it is only one of a wide ranging set of data collection aids. Qualitative Research Qualitative research provides an understanding of how or why things are as they are. For example, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. Unlike quantitative research there are no fixed set of questions but, instead, a topic guide (or discussion guide) is used to explore various issues in-depth. The discussion between the interviewer (or moderator) and the respondent is largely determined by the respondents' own thoughts and feelings. As with quantitative techniques, there are also various types of qualitative methodologies. Research of this sort is mostly done face-to-face. One of the bestknown techniques is market research group discussions (or focus groups). These are usually made up of 6 to 8 targeted respondents, a research moderator whose role is to ask the required questions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and/or audio taping facilities. In addition, qualitative research can also be conducted on a one on one basis i.e. an in-depth interview with a trained executive interviewer and one respondent, a paired depth (two respondents), a triad (three respondents) and a mini group discussion (4-5 respondents)

Case Study
Question 1: Suggest bases for segmentation of market for groom plus products
Answer:

Segmentation is the division of market based on similarity of tastes and preference of the customers. Different products ranges target different customer segments. If the marketers know which segment of the market they are targeting, they can design their marketing mix to suit the customers in the segment. In the case studies mentioned, the target market for male fairness segment industry is the metro sexual youth. The domain of marketing segment is limited to the cities. Therefore the bases for segmentation should be a mixture of Individual marketing, niche marketing and Local marketing. Individual marketing is the extreme level of segmentation in which ABC can focus on individual customers. The company can approach individuals through emails and tie up with popular websites for promoting its own product. The company can send their promotional mails to the large customer base of these websites. The niche marketing can be an effort to position the fairness products in a smaller urban market that have similar attributes and some specific unsatisfied needs.As research by the company shows that men prefer bleach with its own fragrance and formulations niche marketing can be an effective strategy. Local marketing can help expand the marketing beyond the boundaries of the metro cities. The idea should be to offer customized fairness product to suit the local markets. As mentioned in the case study that the youths are driven by desire to look fairer, this particular attribute can be exploited. Even McDonalds had to design their strategy to to suit the local markets by introducing indianite products. Besides certain segmentation variables has to be kept in mind such as age and life cycle stage, gender, income, social class and certain psychographic attributes like values, beliefs, lifestyle, personality before designing a segmentation of market.

Question 2: Discuss the importance of packaging in marketing of the above product range
Answer:

We all know that packaging adds value to the product in the form of easier handling and secured usage. Packaging is very important for fairness products as it plays a vital role in its appeal and sales of the product. A properly packaged product can result in repeat purchase by the customers. For a fairness product, an easy to use packaging which is secured and transparent are likely to have better sales. Transparent packaging will help the customer view the contents of the product and help them in their purchase decision making. Packaging is also vital for preservation and their continual usage. Incase of beauty products, size shape color, and labeling should attract both visually and and psychologically. For better recognition and preventing confusion it is important to maintain consistency in packaging design. Packaging should also facilitate easier handling by the retailers and dealers.It should also be environment friendly as it would add to the good quality of the product and thus help in the easy saleability and marketability of the product. Innovative packaging can help distinguish beauty products from those of competitors. Large package size can motivate the customers to consume more as they have the feeling that they have bought a large quantity of the product at the reduced rate. The ultimate objective of packaging particularly in case of fairness products should be to facilitate easier usage, secured handling and preventing any spillage while using. The shape, size, colour, and mode of packaging should appeal to their psyche. As a result it will help in creating brand value and loyal customer base.

Question 3: Suggest a suitable promotion mix for creating awareness of the above range of products.
Answer:

Promotion of a product requires a diligent deliberation. There are a wide variety of media to choose from. Therefore it is indispensable to know the target customers, their location, the message to be delivered, and the timing of the promotions. The main purpose of promotion is to boost the sales of a product by creating design i.e, both the consumer as well as trade demand. Suitable promotion mix in case of

the beauty products can be the following. 1. Selection of the right media like television, websites and lifestyle journals can be effective in case of fairness product.. Most visible display hoarding on the busy streets, health centers, gym , spa etc. can help promote the product. 2. Point of purchase displays such as window displays, wall displays, danglers, balloons and of course innovations like sniff teasers that spreads the aroma of product can be an effective promotion mix. 3. Distribution of free samples to niche segments to encourage them try a new product. 4. Free gifts, coupons ,scratch card scheme can incentivise the customers buy the same product again. 5. Devising strategies through money refunds and rebates so that qualified customers make repeat purchase. The method of refund should be consistent and confidence boosting. Besides publishing stories and articles in leading dailies and health magazines and promoting social and health activities before launching the product can help build awareness. If a products feature and specialty can be carried in the editorial section of newspapers, publications or the broad cast medium, it can help not only in building awareness but also build credibility.

Assignment - C Objective Type Question

Question 1. The Selling Concept is

A. Products B. Customer needs C. Markets D. None of the above

Question 2. Market Means

A. The set of actual and potential sellers of a product B. The set of actual and potential buyers of a product C. Both buyers and sellers D. None of the above
Question 3. BCG stands for

A. Boston consumer goods B. Boston crdit groups C. Bosston consultancy groups D. Both a and b
Question 4. Marketing Mix Elements are

A. Product, price, place, and customers B. Product, price, place and promotion C. Product , price, place and physical distribution D. Both b and c
Question 5. Diversification means

A. A strategy for company growth by starting up or acquiring businesses outside the company's current products and markets B. A stage for company growth and starting up or acquiring other companies and their products C. A unit which deals in many products and services D. Both b and c
Question 6. SBU stands for

A. State bank of uttranchal B. Strategic business unit C. Semi brand units D. None of the above

Question 7. Market Segmentation is

A. The process of classifying customer's into groups, each with different needs, characteristics or behaviours. B. The process of classifying the markets into groups each with same needs and characteristics C. The process of making the dealers and distributors happy about the products D. None of the above
Question 8. Strategic Control means

A. A critical review of the company's overall production effectiveness B. A critical review of the company's overall finanicial effectiveness C. A critical review of the company's overall marketing effectiveness D. None of the above
Question 9. Changes in incomies

A. An economic enviorenmental factor B. A political environment factor C. A socio cultural environment factor D. Both b and c
Question 10. Status is

A. The general life style given by the society B. The general esteem given to a role by society C. The symbol in the market D. None of the above
Question 11. The first step in strategic planning is

A. Defining the company's mission B. Designing the marketing program C. Designing the business portfolio D. None of the above
Question 12. The 4c's of the marketing mix tactial tool kit are

A. Customer, cost, convienee and curve B. Customer, cost, convience and coverage C. Customer, cost, convienence and communication D. None of the above

Question 13. Promotion mix elements are

A. Price, advertising , publicity and sales promotion B. Advertising, sales promotion, publicity and personal selling C. Personal selling, strategy, advertising and publicity D. Both a and c
Question 14. Marketing productivity audit includes:

A. Products, price and distribution analysis B. Profitability analysis and cost effectiveness analysis C. Advertising and sales force anlaysis D. Both a and c
Question 15. Demography is

A. The study of human population in terms of size, location, age, gender, race, occupation and other statistics B. The study of the marketing plans C. The study of all the activities in the organization D. None of the above
Question 16. A sample is a

A. Segment of the area in the market B. Segment of the population selected to represent the population as a whole C. Part of the data D. Both a and c
Question 17. The two types of sales forecasts are:

A. Industry and the market sales forecasts B. Industry and the price forecasts C. Industry and the company sales forecasts D. None of the above
Question 18. PVCM stands for

A. Percentage and value cost margin B. Percentage-variable contribution margin C. Percentage value cost margin D. Both a and c
Question 19. Inventory turnover is

A. Gross margin/price

B. Sales/cost C. Sales/average value of inventory D. Both a and b

Question 20. The product is now more widely known and the sales grow rapidly is the stage of

A. Introduction stage B. Maturity C. Growth D. Decline

Question 21. The 4 stages of the PLC

A. Growth, introduction, maturity and decline B. Growth introduction maturity and new C. Introduction, decline, new product, growth D. Both a and c
Question 22. The new product development process starts with

A. screening B. idea generation C. product development D. none of the above

Question 23. The process of creating and developing product specifications that optimize the function, value and appearance of the product is

A. Product design B. Market design C. Industrial design D. None of the above

Question 24. Setting a price at or near competitive levels is

A. Penetrating pricing B. Parity pricing C. Competition pricing D. Both a and c

Question 25. In advertising, GRP stands for

A. Grand rating points B. Growth rating points C. Gross rating points D. None of the above
Question 26. Inventory cost is

A. Annual sales/inventory turnover X inventory carrying cost B. Total sales/inventory carrying costs C. Total costs/annual cost D. Both b and c
Question 27. The systematic design, collection analysis, and reporting of data relevant to a specific marketing situation facing an organization is

A. Market research B. Marketing research C. Product research D. Both a and c

Question 28. In collecting primary data, the two main research instumetns are:

A. Mechanical devices and the telephonic conversation B. Questionnaire and the mechanical device C. Questionnaire and the telephonic conversation D. None of the above
Question 29. VMS stand for

A. Vertical marketing system B. Vertical management system C. Value marketing system D. Vertical measuring system
Question 30. A descriptive thought that a person has about something is called

A. Idea B. Belief C. Value D. Description

Question 31. The collection of businesses and products that make up the company is

A. Product portfolio B. Business portfolio C. Market portfolio D. Both a and c

Question 32. Two or more outlets that are commonly owned and controlled are

A. Business stores B. Chain store C. Products D. None of the above

Question 33. The practice of using the established brand names of two different companies on the same product

A. Branding B. Re branding C. Co branding D. None of the above

Question 34. The set of basic values, Perceptions, wants and behaviours learned by a member of society from family and the important institutions is known as

A. Culture B. Sub culture C. Attitude D. None of the above

Question 35. The total combines lifetime values of all the company's customers is called

A. Product equity B. Customer equity C. Market equity D. Both a and c

Question 36. CRM stands for

A. Cost recovery management B. Customer relationship management C. Customer role in management D. None of the above
Question 37. Adding a standard mark up to the cost of the product is

A. Differentiated pricing B. Cost plus pricing C. Cost only pricing D. None of the above
Question 38. Human wants that are backed by buying power are called

A. Products B. Demands C. Markets D. Both a and c

Question 39. Stocking the product in as many outlets as possible is called

A. Extensive distribution B. Inclusive distribution C. Intensive distribution D. None of the above

Question 40. In marketing, MIS stands for

A. Management information system

B. Marketing information system C. Market idea system D. Major information system