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ASSIGNMENT ON

Remuneration

Submitted To : Prof .Bharti Madaan (Lect.. in Management)

Submitted By : Ramandeep kaur MBA 2nd Roll no.23

PATEL MEMORIAL NATIONAL COLLEGE RAJPURA PATIALA

DECLARATATION
I hereby declare that project entitled Role Of Industrialization In Indian

Economy by me for the award of degree MBA under Punjabi University, Patiala is the original worth conducted by me and the material has neither been copied nor reproduced from any other source. The data provided in the study is correct to the best of knowledge & belief.

Ramanjeet kaur

Acknowledgement
This project is a culmination of task undertaken by me.

Acknowledgement is not a mere formality or ritual but a genuine opportunity to express the indebtedness to all those without whos active support and encouragement this project wouldnt have been possible. My special thanks to My lecturer who gave me the proper guidance. Last, but not the least, I would like to thank all others who, in one way or another have helped me so much along the way.

Ramandeep Kaur

Marketing
Introduction
Marketing is further defined by the AMA as 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.[4] The term developed from an original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering marketing is "a set of processes that are interconnected and interdependent with other functions,[5] whose methods can be improved using a variety of relatively new approaches." The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably."[6] A different concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value.[7] In this context, marketing is defined as "the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage."[7] Marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science, allowing numerous universities to offer Master-ofScience (MSc) programmes. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending

with pre- and post-sales promotional activities. It is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture.

Definition
The term "marketing mix" was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients", who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. [1] A prominent marketer, E. Jerome McCarthy, proposed a Four P classification in 1960, which has seen wide use

Product Mix
Product mix is a combination of products manufactured or traded by the same business house to reinforce their presence in the market, increase market share and increase the turnover for more profitability. Normally the product mix is within the synergy of other products for a medium size organization. However large groups of Industries may have diversified products within core competency. Larsen & Toubro Ltd, Godrej, Reliance in India are some of the examples. One of the realities of business is that most firms deal with multi-products .This helps a firm diffuse its risk across different product groups/Also it enables the firm to appeal to a much larger group of customers or to different needs of the same customer group .So when Videocon chose to diversify into other consumer

durables like music systems ,washing machines and refrigerators ,it sought to satisfy the needs of the middle and upper middle income group of consumers.

Likewise , Bajaj Electricals.a household name in India, has almost ninety products in i8ts portfolio ranging from low value items like bulbs to high priced consumer durables like mixers and luminaires and lighting projects .The number of products carried by a firm at a given point of time is called its product mix. This product mix contains product lines and product items .In other words its a composite of products offered for sale by a firm.

Product Mix Decisions


Often firms take decisions to change their product mix. These decisions are dictated by the above factors and also by the changes occurring in the market place. Like the changing life-styles of Indian consumers led BPL-Sanyo to launch an entire range of white goods like refrigerators , washing machines, and microwave ovens .It also motivate the firm to launch other entertainment electronics. Rahejas, a well-known builders firm in Bombay, took a major decision to convert one of its theatre buildings in the western suburbs of Bombay into a large garments and accessories store for men ,women and children, perhaps the first of its kind in India to have almost all products required by these customer groups Competition from low priced washing powders (mainly Nirma) forced Hindustan Levers to launch different brands of detergent powder at different price levels positioned at different market segments .Customer preferences for herbs, mainly shikakai motivated Lever to launch black Sunsilk Shampoo ,which has shikakai .Also ,low purchasing power. and cultural bias against shampoo market made Hindustan Lever consider smaller packaging mainly sachets , for single use .So, it is the changes or anticipated changes in the market place that motivates a firm to consider changes in its product mix.

Price mix
Pricing is the process of determining what a company will receive in exchange for its products. Pricing factors are manufacturing cost, market place, competition, market condition, and quality of product. Pricing is also a key variable in microeconomic price allocation theory. Pricing is a fundamental aspect of financial modeling and is one of the four Ps of the marketing mix. The other three aspects are product, promotion, and place. Price is the only revenue generating element amongst the four Ps, the rest being cost centers. Pricing is the manual or automatic process of applying prices to purchase and sales orders, based on factors such as: a fixed amount, quantity break, promotion or sales campaign, specific vendor quote, price prevailing on entry, shipment or invoice date, combination of multiple orders or lines, and many others. Automated systems require more setup and maintenance but may prevent pricing errors. The needs of the consumer can be converted into demand only if the consumer has the willingness and capacity to buy the product. Thus pricing is very important in marketing.

Place
Place refers to the means by which your customer acquires your product. This includes the actual place it is purchased (the shop, the telephone, the web page, the warehouse) as well as the actual route of distribution. Most consumer goods are purchased from a retailer, who purchase them from a wholesaler/distributor, who purchase them from the manufacture. If the goods were imported there might be more merchants in this distribution chain. Sometimes, this distribution chain can be bypassed or leapt over. In the security industry, some manufacturers of security systems sell their product directly to end users at the same time as selling them to security installation companies at the same time as selling them to national distributors. The point is that these different distribution channels can provide different levels of profitability and they can quite happily run alongside each other provided a well thought through pricing strategy has been decided upon. For example a consumer is likely to want only one variant of your product and expect to purchase it immediately. A retailer is likely to want limited stock of a number of variants and not expect to pay for 60 days. A distributor is looking at large volumes of product in all its variants at greatly discounted rates. Your ditribution policy needs to take account of these variables. If it does not, then you will find yourself in a very embarassing position with a customer sooner or later which would result in the loss of a sale. The complication to this approach however is that you need to consider the fact that your 'customer' might be a consumer, a retailer or a distributor and that each of

these customers will be looking for perhaps different features or different levels of service.

Promotion
Promotion is one of the four elements of marketing mix (product, price, promotion, distribution). It is the communication link between sellers and buyers for the purpose of influencing, informing, or persuading a potential buyer's purchasing decision. The following are two types of promotion: 1. Above the line promotion: Promotion in mass media (e.g. TV, radio, newspapers, internet, mobile phones, and, historically, illustrated songs) in which the advertiser pays an advertising agency to place the advertisement 2. Below the line promotion: All other promotion. Much of this is intended to be subtle enough for the consumer to be unaware that promotion is taking place. E.g. sponsorship, product placement, testimonials, sales promotion, merchandising, direct mail, personal selling, public relations, trade shows The specification of five elements creates a promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.[2] A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally, however there are three basic objectives of promotion. These are:[3]

1. To present information to consumers as well as others 2. To increase demand 3. To differentiate a product. There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product

People
An essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organisation wants to obtain a form of competitive advantage. Consumers make judgments and deliver perceptions of the service based on the employees they interact with. Staff should have the appropriate interpersonal skills, aptititude, and service knowledge to provide the service that consumers are paying for. Many British organisations aim to apply for the Investors In People accreditation, which tells consumers that staff are taken care off by the company and they are trained to certain standards.

Process
Refers to the systems used to assist the organisation in delivering the service. Imagine you walk into Burger King and you order a Whopper Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customers old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company.

Physical Evidence Where is the service being delivered? Physical Evidence is the element of the service mix which allows the consumer again to make judgments on the organisation. If you walk into a restaurant your expectations are of a clean, friendly environment. On an aircraft if you travel first class you expect enough room to be able to lay down! Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organizations perceptual plan of the service.

BIBLIO-GRAPHY
1. Awasthappa, Talent Management System published by Tata McGrawHill publishing company limited, New Dehli. 2. Armstrong, Michael(1988),A Handbook of Personnel Management Practice, Published by Kogan,London. 3. Rensis likert, The Human Organisation:Its Management andValueMcGrawHill Book Company, New York. 4. 5. 6. 7. Yoder Dale, Personnel Management and Industrial Relations1967. KS Khotari,Research Methodology. R.K.Sur and Sanjiv Verma,Organizational Behaviour. Shashi K Gupta and Rosy Joshi,Organizational Behaviour

WEBSITES: 1. 2. 3. 4. 5. 6. www.google.com www.yahoo.com projects.com http://en.wikipedia.org/wiki/recruitment and selection. http://www.managament help.org/ http://recuritment.naukrihub.com./recuritment Vs selection html. + (Project)

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