Marketing Management Assignment
Content
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
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
