The different levels of products are core layer, basic product layer, expected product layer, augmented product layer, and potential product layer. •The classification of products is durability and tangibility, consumer goods, and industrial goods. •The seven levels of product hierarchy are need family, product family, product class, product line, product type, brand, and item. •A product line is a group of products for essentially similar use, and technical and marketing considerations. The four ways in which product mix can be adjusted to achieve organizational goals are market penetration, market development, product development, and diversification. •A package may have three levels.
They are primary, secondary, and shipping. Labeling is closely related to packaging and is used in many different informational, legal, and promotional ways Q2. Explain the steps in marketing research Process 10 marks (350-400 words) The process of marketing research involves the following steps: •Identifying the marketing problem •Developing marketing research plan •Designing marketing research strategy Collection of data •Analysis of collected data •Preparation of report The advantages of Marketing Research are: It is used to measure market potential, characteristics, and share of markets for a particular brand or company. It helps in obtaining information that could lead to the formulation of short and long-range forecasts. It helps in taking better advertising decisions The limitations of Marketing Research are: Although marketing research uses techniques of science, it is not exact science. The results obtained are not accurate as compared to physical and chemical sciences.
HISTORY Curtis publishing company is the first company. Charles Coolidge parlin was the first head. Research was for Campbell soup. In the United States. 3. Case study Hindustan express news paper Largest chain of news paper in India During 1975 – 1977 fought for freedom of the press Newspaper flash lighted government and its policies Suffered restrictions and newspaper quota Suffered loses Change ...
Political, legal, technological, and social variables are uncontrollable from the standpoint of the individual marketing decision maker. Consumers, dealers, wholesalers, retailers, etc. , are the basic constituent’s entities on whom marketing research is carried out. Q3. Write short notes on: A. marketing plan B. Marketing planning process Marketing planning for an organization is planning for that organization’s revenue-earning activities. Marketing plan is a written document that specifies the required actions to attain one or more marketing objectives.
Some of the elements of a marketing plan are: Marketing planning Missing statement Market overview Market assumptions Marketing action plans Marketing objectives and goals Marketing Planning process The marketing planning process must begin by setting the corporate objectives and should be followed by strategies and plans for each function. The five steps in marketing planning process are: Deciding the marketing objectives Designing the marketing system Developing strategies or separate functions Developing detailed plans Merging marketing plan into organizational plans
Describe the international market entry strategies in brief 10 marks There are two methods to entry into foreign markets. They are indirect exporting and direct exporting. •In indirect exporting, the manufacturers take the help of merchant exporters to get products exported to foreign markets. •In direct exporting, the manufacturers decide to export themselves. •There are two specific reasons for why a manufacturer may resort to direct exporting: 1 •Success in foreign markets can boost the manufacturer’s image in the domestic market. 2 There are a number of benefits available to exporters as, for example, exemption from income tax for export profits The popular methods of entering international markets are: Joint ventures Strategic alliances direct investment Contract manufacturing Franchising Q5. Discuss the various Price adjustment options adopted by the companies 10 marks (350-400 words) A firm’s price decision is influenced by many internal and external factors. They are: Factors affecting price decisions are A>Internal factors Costs, Pricing policy Survival price Market share price B>External factors
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Customers Suppliers Channel members Competitors Q6. Define Personal selling and also explain the personal selling process. 10 marks Personal Selling Involves the communication technique in which sales people build the personal relationship with customers to generate the value for the organization. The value may be sales and benefits to the customer. The value may not be only financial gains, but it may be providing the information to customer. For example, Medical representatives of CIPLA provide the information to doctors and they don’t actually sell the medicine to them.
Personal Selling Process 1. Lead generation: Identification of prospects is first step in personal selling process. Organizations generate the lead through customer references, trade associations, and customer directories or through cold calling. 2. Lead evaluation: All the methods used for lead generation may not be genuine. For example, do not call registry option from telecom department, has most of the cell phone users opt for it. Customers who opted for such facility belong to middle and upper class. Hence if some executive uses cold calling there is doubt about its reliability.
Marketer also should concentrate on whether the lead generated has necessary willingness, purchasing power and authority to buy. 3. Buyer analysis: Before approaching the customer, sales force should understand what products have prospects bought in the past, what products they are now using and what are their attitudes and buying habits towards the products. Sales personnel should set sales objectives and prepare draft for customer approach. 4. Approaching the customer : In this step sales person should know how to meet the prospect and what is the mode to build rapport with him/her.
Customer Satisfaction Strategies What is customer satisfaction? We are in the midst of a revolution in business. Some call it a customer revolution, others a quality revolution, others a service revolution. Organizations are attempting to obtain increased customer satisfaction by focusing on the quality of their products and the service provided. This movement toward quality has produced ...
For example, in Japan, business meetings start in the evening. If any company sells its product in China, it should not use number 8 in their presentation. Sales executive should decide the presentation format. Please see work book for the checklist on sales presentation. 5. Presentation and demonstration : Sales presentation starts with briefing the product, understanding the need of the customer and changing the mode of presentation according to the need of customer. The presentation should be vivid, simple and attractive. 6.
Providing solutions to customer : After the presentation and product demonstration, if any queries or ambiguity exist, then sales executive should handle the questions properly with lot of attentiveness and should then solve the problems of customer. If the problem is not properly identified, then the solution may not be appropriate. 7. Order generation : This process is very important in the entire personal selling process. Sometimes sales executives are unsure about how task for the order. Such executives usually will not get the order.
Handling customer at this stage is also very difficult. Customers may get all the information from sales executive and then show their reluctance to buy. Sales people also face unrealistic expectations from the customer. Sales executive should be smart enough to use order closing techniques. (These techniques are discussed in the workbook) 8. Follow up : Sales executives should follow up on the order generated. It will help the company to identify the customer satisfaction towards the product. It also helps them to induce the buyer to go for repeat purchase.