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Mba Assignment Mb0046-Marketing Management: Demographics
Mba Assignment Mb0046-Marketing Management: Demographics
Mba Assignment Mb0046-Marketing Management: Demographics
Q.NO-1 Suppose you are the Marketing manager of a banking firm. Your bank has
opened its first branch overseas. What factor do you think will affect the choice of
marketing the most and why?
Ans. Environmental scanning is a careful monitoring of an organization’s internal
and external environments for detecting early signs of opportunities and threats
that may influence its current and future plans. It’s totally based on the
environmental analysis.
Demographics:
Demographic are a study which is based on factors such as age, sex, economics
status level of education, income level and employment, among others.
Demographics are used by governments, corporations and non government
organizations to learn more about a population’s characteristics for many
purposes, including policy development and economic market research.
Legal environment:
It is important to know the rules you must play by. There are four major bases for
legal systems.
Common law : found in the UK , US , CANADA and other countries under
English influence
Islamic law: derived from the Koran and found in Islamic states
Commercial legal system: found in Marxist socialist economies and states
like china, and the former soviet union
Civil or code law: found in Germany, France, Japan and non Islamic and non
Marxist countries
Advantage of brand:
Successful brand building helps profitability by adding values that customers are
prepared to pay for. Strong brands inspire customer loyalty leading to repeat
sales and word of mouth recommendation. The brand owner can usually charge
higher prices, especially if the brand is the market leader. Better access to
distributors and other sellers usually want to stock top selling brands. With
limited shelf space it is more likely the top brands will be on the shelf than less
well known brands. Good branding gives a company several advantages including
establishing a positive reputation and building an image attractive to consumers.
Branding develops an image of a company’s products in the minds of consumers,
attributing goods with certain unique qualitities or characterstics that if done
effectively, are attractive to the target audience.
Strategic alliances:
An arrangement between two companies that have decided to share resources
to undertake a specific, mutually beneficial project. A strategic alliance is less
involved and less permanent than a joint venture, in which two companies
typically pool resources to create a separate business entity. In a strategic
alliance, each company maintains its autonomy while gaining a new opportunity.
A strategic alliance could help a company develop a more effective process,
expand into a new market or develop an advantage over competitor, among
other possibilities.
Contract Manufacturing:
Production of goods by one firm, under the label or brand of another firm. Contract
manufacturers provide such service to several (even competing) firms based on their own or
the customers' designs, formulas, and/or specifications. Also called private label manufacturing.
Advantages:
Franchising:
Franchising is the practice of the right to use a firm's successful business model
and brand for a prescribed period of time. The word "franchise" is of Anglo-
French derivation—from franc, meaning free—and is used both as a noun and as
a (transitive) verb.[1] For the franchiser, the franchise is an alternative to building
"chain stores" to distribute goods that avoids the investments and liability of a
chain. The franchisor's success depends on the success of the franchisees. The
franchisee is said to have a greater incentive than a direct employee because he
or she has a direct stake in the business.
Q.NO-4. Personal selling focuses in on personal “or one to one” selling. It involves
an individual sales man or a sales team establishing and building a profitable
relationship with customers over a period of time through a series of steps.
Explain the steps in the personal selling process which helps in the successful
sales.
Answer:
4. Presentation: For this purpose, the salesperson has to present the product and
describe its features in brief. The presentation should be matched with the
attitude of the prospect so that the salesman can continuously hold his attention
and create interest in the product.
7. Closing the sale: This is the climax or critical point in the personal selling
process. Completing the sale seems to be an easy task but inappropriate handling
of the customer can result in loss of sale. The salesman should not force the deal
but let the customer feel that he has made the final decision. He should guide the
customer in making the choice without imposing his own view. Some adjustment
in price or other concession may sometimes be necessary for a successful closing.
The salesman should show the same interest in the customer which he exhibited
during approach stage. Sales should be closed in a cordial manner so that the
customer feels inclined to visit the shop again. In closing the sale, the article
should be packed properly and handed over to the customer with speed and
accuracy. Once the customer has purchased the article, the salesman should show
and suggest an allied product. For instance, he may suggest socks, ties,
handkerchiefs, vests, etc., to a customer purchasing a shirt. This is known as
additional sales and requires great skill and tact.
Answer:
Explanation of consumer decision making process:
1. Problem Recognition:
Okay, so why do people want to buy things? It’s because there is a problem, and
they are looking for the solution to their problem. This is where the marketer can
do several things to make their product or service more enticing to the consumer.
If the problem is inactive, your job as a marketer is to make that problem active.
Want an example of great marketing? Just look at how Steve Jobs came along
with the phone. No one needed it, but he made sure that the phone was
something that everyone needed to have. Think of this simple equation here:
2. Information Search
This part of the consumer’s decision making process is where they are looking for
more information. They search for this either internally or externally. What’s the
difference between the two? Internal search is what someone already knows,
such as pre-existing knowledge of the product or from the consumer’s memory.
3. Evaluation of Alternatives
What other options does the consumer have available to them? Some things they
will consider are effectiveness and cost. When you’re buying a new car, don’t you
look into other choices you have between other brands? The consumer can make
their choice based on attributes or attitudes. For example: “Oh wow, this new
Ford has so many great features! Hmm…but if I get this BMW, it will make me
look rich and important to all my friends.”
This final step is somewhere a lot of marketers just completely forget about. Are
you following up with the customer after their purchase? It’s important to build a
healthy long lasting relationship with your customers. This is why you can’t leave
this last step out! What are you doing right now to find out if your customers are
satisfied with their buying experience?
Q.No6. Describe some of the strategies for the effective marketing and
advertising in rural market. Also explain the innovative use of media in rural
market.
Answer:
Planning and implementation of marketing for the rural areas. It actins a two way
marketing process, which encompasses the performance of business activities the
direct the flow of goods from urban to rural areas
Retail is primarily classified into two sectors as: organized and unorganized
retail sector, depending on how it is undertaken.
Organized retail sector has a single organization having large format retail
stores providing wide varieties of goods in good number of locations.
Unorganized sector has large number of organizations having single, small
retail outlets with limited variety at single location.
Product Strategies:
o Smaller Package, if it is possible
Place Strategies:
o Creation of Distribution Networks
Promotion Strategies:
o Edutainment
o Reaching the opinion-leaders
o Targeting the innovators or early adopters
o Category growth
Pricing strategy:
o Introductory pricing.
o Penetration Pricing strategy
Place Strategy:
o Strengthening relationship with Distributor
o Deepening the Penetration
Promotion Strategies:
o Increase in Promotional Budget
o Highlighting Quality or performance of the product
o Targeting the early Majority