Professional Documents
Culture Documents
MARKETING MANAGEMENT
MB 0046/MBF202
Ans. Market mix refers to the planned mix of the controllable elements of a product’s marketing
plan, commodity termed as 4Ps: Product, price, place and promotion. These four elements are
adjusted until the right combination that serves the needs of the customers, while generating
optimum income for the company is found.
• Place: The Company attempts to make the product distribution of product at the target
customers. Place mix deals with the physical distribution of products at the right time and
night place. For example a customer usually purchases toiletries from nearby retail stores.
So, toiletry marketers must ensure that their products are available at almost every nook
and corner store.
• Promotion : It include the method to communicate the feature and benefits of the
product or services to its target customers, some common methods include advertising
sales promotion, direct selling, public relation and direct marketing. For example, Toyota
promotes its brands by advertising. Sales promotion, public relations, sponsorship.
The Additional 3Ps: Considering the increasing role of services in the economy and
customer-orientation, additional 3Ps were added to the marketing mix. These 3Ps are as
following.
PROCESS
PEOPLE
PHYSICAL
• People; People are the main ingredient to any services provision is the use of
appropriate staff and people. Recruiting the right staff and training them appropriate to
delivery their services are very essential if the orgainisation wants to obtain a competitive
advantage.
• Process: It refers to the way which a service is delivered to the end users. For example,
when you go to McDonald drive-through, you are first greeted by an attended who asks
you order. Then he/ she notes down the order and inform a crew member about it. By
time you pay the billed amount, your order arrives. You take your order and leave. These
represent the services delivery process.
Q2. A Brand is a composite set off the beliefs and associations in the mind of
the customers. brand development, as a part of branding strategy decision,
the brand manager will decide to create a new brand element to the new
brand product, apply some of existing elements to the new brand product, or
using a combination of current product, new brand elements to the existing
product. Define Brand with their advantages? Explain types of strategies
brands using by the company in their product?
Ans\ The name, word, symbols, or a combination intended for identifying seller’s product or
services ad distinguish them from other rivals. Following are the advantages of Brand are:
c. The brand speaks about the product’s attributes and how they perform, about the brand
name and what it stands for and about the company associated with a brand. Hence, for a
consumer, the brand aids decided making by building trust, familiarity, and assurance of
a certain standard.
d. A brand serves as an assurance to the customer about the product performance. A brand
helps customers to identify the product on the shelf and helps in making an informed
choice.
STRATEGIC ALLIANCE
CONTROL MANUFACTURING
DIRECT INVESTMENT
FRANCHISING
• Joint ventures: A joint venture is a strategic alliance two or more parties, usually
business, form a partnership to share markets, intellectual property, assets, knowledge
and profits. A joint venture differs from a manger, in the sense that there is no transfer of
ownership in the deal. For example Best Price Modern Whole sale is a joint venture
between Wal-Mart and Bharti Enterprises. American retail giant Wal-Mart chose this
route to enter the Indian market. Establishing the joint venture with a foreign firm has a
long been a popular mode for entering a new market. The most typical joint venture is a
50/50 venture, in which there are two parties, who hold a 50% ownership stakes and
continue a team of managers to share operational control.
• Strategic alliances: When two or more businesses join together for a set period of
time. The companies, generally, are not in a direct completion, but have a similar
products or services that are directed towards the same target group For example, Tata
Motors and Fiat entered into a strategic alliance to corporate in the area like research and
development, and marketing.
Choosing a strategic alliance as the entry mode will overcome some of those
problems like established competition, hostile government regulation and operating
complexity. In the process, it will help reduce the entry cost.
• Targeting – This is the process of deciding how to allocate sales time among prospects
and existing customers.
• Pre-approach -In this step, the salesperson plan methods to approach the customers
and to collect company and customer information.
PROSPECTIVE
TARGETING
PRE-APPROACH
CLOSING
4. Offer a benefit or services – This can e quite effective if relevant to customer’s need.
• Closing- Some salesperson does not get this stage or do not do it well. The salespeople
try to close after handling the customers’ objections.
• Follow up and maintenance- The salesman does follow up and retain relationship
with customers to obtain repeated orders and referrals and ensure customer satisfaction
and repeated business. In the case of consumer durables, salesperson take care of
maintain.
Answer. Over a period of time, each orgainisation evolves its own procedures for making
purchase decisions. However, we can develop steps for generalizations of decision process
for better understanding of orgainisational decision process are as following.
Q.6 Describe some of the strategies for effective marketing and advertising in
rural market. Also explain the innovative use of media in rural marker?
Answer. Urban markets are becoming increasingly competitive and saturated for many
products. On the other hand, rural markets offer growth opportunities for firms caught up in
intensive battle in urban and metro markets. In rural marketing, institutional promotion is more
important than brand advertising. To a marketer, this is another hurdle because may be bought.
Inability of the smaller retailers to carry stocks without adequate credit facilities is an
impediment for growth of retail in rural areas.
The size of the rural market is fast expanding. Britannia ventured into basic items such as
biscuits, with their brand called ‘Tiger’. This brand is steadily gaining market shares and
also creating a new market. LG has ventured into the rural market, selling black and
white TVs with great success and hopes to further penetrate the markets in the near future
with color televisions.
The technology provides marketers with faster, efficient and powerful ways to handle
designing, promoting and distributing products, doing research and collecting loads of
market information almost instantly. The commercial application like browsers,
directories and portals are there. Firm create their corporate website and post vast amount
of information on it that includes product description, operating instructions, innovative
to suppliers to submit vide in company’s planned purchases, and contacting sales people.
Use of internet permits companies to collect marketing research information at reduced
costs and manpower involvement.