SPRING ASSIGNMENT

MARKETING MANAGEMENT
MB 0046/MBF202

Name: Nandeshwar Singh

Roll no. 1408001255

Q1. A marketing mix refers to a planed mixed of the controllable element of

the product marketing plan, commodity terms as 4Ps, Product, Price, Place,
and Promotion. Considering the increasing role in the economy and customer
orientation additional Ps, People, Process and Physical evidence were added
to the marketing mix. These P’s are very important while generating the
optimum income for the companies are introduced since it will adjust until the
right combination that serves the need of the customer. Define marketing mix
and also explain the 7P’s of market mix?

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.

• Product: According to Philip Kottler, ‘A product is anything that can be offered to a

market for attention, acquisition, use, or consumption that might satisfy a need or want.”

In effect, according to this definition, products include physical products, services,

persons; places, orgainisation, and ideas. Product has various attributes such as quality,
variety, design, brand and warrantees that can be manipulated depending on what the
target market want.
• Price: Price impacts the volume of sales it is value that purchase a specific quantity
weight or other measure of a product. For example, you buy a packet of chips which is
net 10 grams in weight for Rs. 10; this value denotes the price of the product.

• 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.

• Physical evidence: It is a tangible part of the services. Service customers experience a

greater risk as they cannot rate a particular service until it consumed. Therefore, services
providers should try to attach an element of tangibility to their services offering.

I t includes web pages, paperwork, broachers etc.

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:

a. A brand as a symbol of status and social significance gives you psychological

satisfaction.

b. A brand promises and deliverers a high level of assurance to consumers.

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.

Q.3 Describe the international entry strategy?

Answer. The popular methods of entering international market are:

METHODS OF INTERNATIONAL ENTRY

STRATERGY

STRATEGIC ALLIANCE

JOINT VENTURE MANUFACTURING FRANCHISING

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.

• Direct Investment: A firm invests directly in facilities to produce or market in

foreign country. For example, in the early 1980’s Honda, a Japanese automobile
company, built an assembly plant in Ohio and began to produce cars for the North
American Market. These cars were substitute for imports from Japan.

• Contract Manufacturing: It is the process that establishes a working agreement

between two companies. As part of the agreement, one company wills custom produce
parts or other materials on behalf of their client. In most custom cases, the manufacturer
will also handle the ordering and shipment process for the client.

• Franchising: Franchising is a specialized form of licensing in which the franchiser not

only sells intangible properly to the franchisee, but also insists the franchisee to abide by
strict rules with respect to how business is done. The franchisee will also often assist the
franchisee to run the business on an ongoing basis.

Q4. Personal selling focus on ‘personal’ or ‘one to one’ selling, It involve

individual salesman or a sales team established building the profitable
relationship with a customer over a period of time through a series of steps?
What is personal selling? Explain the steps of personal selling which helps in
successful sales?

Answer. Personal selling is a process of communicating and presenting product and

services to customers on face-to-face personal dialogue. The process of personal selling is
following.
 • Prospecting – This is the beginning of sales process, which covers searching for
customers with potential demand.

• 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.

• Communication and approach - This is the process of communicating and

contacting the customers. It involves developing a system to greet and customers and
meets them for the sales. The following are some proven technique:

PROCESS OF PERSONAL SELLING

PROSPECTIVE

TARGETING

PRE-APPROACH

COMMUNICATION AND APPROACH

PRESENTATION & DEMONSATRATION

CUSTOMER OBJECTION HANDLING

CLOSING

FOLLOW-UP AND MAINTAINANCE

 1. Ask questions – Questions should preferably be relevant to sales presentation.

2. Use a referral – Someone favorably known to the potential customers.

3. Complement the prospect – It is a good way to establish rapport if there is anything

that the prospect has achieved.

4. Offer a benefit or services – This can e quite effective if relevant to customer’s need.

• Presentation and demonstration – In this stage, the salesperson gives a sales

presentation and if required demonstrates features, advantages, and benefits and value
propositions of the product.

• Customer objection handling – Customers always pose objective during

presentation are when asked to order. Psychological resistance and logical resistance are
the two types of resistance seen at this stage. The logical resistance to price, delivery
schedule or certain companies.

• 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.

Q5. Describe the stage of Business Buying Process?

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.

• Recognizing an organizational need – Orgainisational purchasing starts with the

identification of demand for product and services. While there are different kind of needs,
most needs arise out of situations related to the operation of the business. It become
routine, particularly a straight re-buy situation. A larger construction company may
negotiate a contract with a steel beam supplier to replenish inventory on demand.

• Deterring product specifications- Subsequent to identification of the responsibility

centre, the purchase manager also specifies exact product and services description for
procurement. It is also necessary to estimate the exact quantity required for procurement.
 It is also necessary to estimates the exact quantity required and the period in which these
quantities need to be delivered.

• Identifying suppliers- The information gathered enables the orgainisational buyer to

quickly look for suppliers who can meet minimum requirements. These requirements
might be delivery time, capacity to meet a minimum requirement usually means that a
supplier will not be included in the list of acceptable suppliers will not be included in the
list of acceptable suppliers, no matters how well that suppliers stacks up on the other
criteria.

• Information search and suppliers evaluation- A buying centre may have to

evaluate several product types for a particular use before suppliers can be selected. If
products are complicated, technically trained person people sort through the alternative to
recommended those that meet previously developed product specifications.

• Negotiation of purchases order- An orgainisational buyer may negotiate a

contractual agreement with suppliers. An agreement of this kind can cover a single
purchase of a product or repurchase of the product over a period of time. Contracts are
commonly used in straight re-buy situations. The buying centre of a larger supermarket
chain centre into contracts for purchases of frequently sold products like soaps, toothpaste,
for a year or more

• Evaluation of Supplier performance – An important part of orgainisational

purchasing is evaluation of suppliers after purchases. This task is typically assigned to the
purchasing department. The criteria used for supplier selection become the performance
standard for this evaluation.

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.