Registration No.

13-1017
Institute- BIIB (FINANCE)
MARKETING MANAGEMNT ASSIGNMENT NO.1
ANS NO.1:
Managerial processes created by organizations to satisfy customer needs and
wants by creating a product and which can be exchanged easily because it has
some value in them.
Example- When Reliance realized that there is a serious need of a good
internet connectivity in the country and customer want high speed internet
connection the at a nominal price range they came up with a JIO, which
ultimately satisfy the customer need of everyday internet connection and with
a want which has been satisfied by giving a good speed which is also
considered as a value to customer.

.
ANS NO.2:
NEEDS: which is necessary for subsistence, livelihood for example, Food,
Water, Shelter etc.
Basically, there are 3 types of needs:

Basic Social Individual

Food, shelter, Belongingness, Knowledge (at
clothes, safety Love etc some point of
etc. time to be
capable of
observe and
express that)
WANTS: form taken by human needs which are shaped by culture and society.
Example: In India generally the morning breakfast is aalo paratha, masala
dosa, idli while in USA you may find cornflakes, toast etc. So, the society will
determine you wants. Hence want comes in when need is satisfied.
DEMAND: demand is different from what people want. When want is backed
by buying power is demand.
You want a car and you can own Toyota, Tata, Maruti etc. but you go for Range
rover that is what demand as it is backed by your buying power.
Difference between WANT & DEMAND:
WANT DEMAND
Wants which are not backed by Those wants which are backed by
purchasing power but shaped by purchasing power become demand.
culture and society.
Ex., Single door Refrigerator is a need Ex., Demand of a rolls Royce car
but because of society Double door when you can have a Toyota
refrigerator becomes want. Fortuner.

ANS 3:
“Demand are backed by buying power”, the statement is true as the want is
something which is shaped by the society and culture and the wants which
gets satisfied by the buying power becomes demand. For example- If want a
television for your home and you go to the shop and there you see the Sony’s
home theatre and you increase your budget by spending on that home
theatre, hence it can be said that you have the buying power and your want
becomes your demand as soon as it is backed by buying power.
ANS 4:
Any physical objects, services, persons, organizations, ideas which can be
offered to market to satisfy need or want. Example- T.V, FedEx or blue dart,
Salman khan, software ideas etc.
Examples for-
Attention: life style products like Watches, Wireless earphones (neckbands,
airdopes) etc.
Acquisition: historic or high price paintings, land etc.
Use or consumption: mobiles and gadgets, food items, etc.

ANS 5:
Service as a product:
For example; Airtel, it provides the telecom services, broadband services etc.
and as a product- simcards, Mobile towers, dish antenna, etc.
Person as a product:
Salman khan, Sharukh khan etc. they all market themselves and charge for the
performance they do in weddings and functions etc. companies see them as a
product to market their product.
Idea as a product:
We all use the deodorants which contain the gas in it, but someone has the
idea to make a deodorant which is having No gas in it, and he converted this
idea into product which is today known as FOGG.
ANS 6:
An activity which is intangible in nature and the most important part is it does
not result in change of ownership.
For Example- When you order something from Amazon, flipkart etc. the
delivery service which they provide can be experienced whether it is fast or
slow but you can’t touch it, you can touch the product delivered but not the
services. Similarly, you pay for the services but you cannot own the services,
you can own the product not the services,
ANS 7:
As time is passing value becomes more and more important for a customer
whether it has to pay more that a particular product or service. So, customer
value means difference between the value that customer gains from owing and
using the product and the cost of obtaining the product.
For example- Today soap is getting replaced by Body wash and for those who
buy a set of 4 or 5 soap for Rs100 are now moving to Rs150 body wash as
because it has gained more customer value because of hygiene and easy to
carry in travel etc. hence customer don’t mind to pay more if it provide much
higher value and customer gain more satisfaction.

ANS 8:
Whatever the customer thinks of the performance of the product matched
with the buyer’s expectation is known as Customer satisfaction.
Let’s take an example of TATA AUTOMOBILES in the stages of customer
satisfaction:
Dissatisfied customer- Customers of NANO car, as the car falls short of their
expectations.
Satisfied customers- Customers of carriers like tata ace (chota Hathi), tata
hexa etc. are satisfied as these vehicles meets their expectations.
Delighted customers- customers using range rover, land rover, safari etc. are
delighted customers as the products like these exceeds or go beyond the
expectations of the customers by providing more safety features, more space
etc.
ANS 9:
Total features and characteristics of a product which has the ability to satisfy
customer needs. Quality in today means you have to first understand what the
customer requirements are? “Quality in relation to customer satisfaction”
means customer will buy only those products whose value (quality or utility)
exceeds its expectation.
For example- Parle-G biscuits quality is same as 10 years before that it still
satisfies the customer taste and need for snacks and customer requirements
are getting fulfilled by maintaining the quality of the product (Parle-G).
ANS 10:
Act of obtaining a desired object from someone by offering something in
return. For example- buying any product and paying something in return,
earlier exchange can also be termed as barter system.

ANS 11:
Trade between two parties that involves at least two things of value, agreed
upon conditions, a time of agreement and a place of agreement. But the
question is where it is all that written or where we can find the time of
agreement or place of agreement etc. The answer is “Invoice”. Invoice includes
Place of agreement- For 100 units of goods sold the price for the eastern states
would be Rs 300 per unit, and for rest of the states it will be Rs.500 per unit.
Time of agreement- If you order 200 units or more you will be provided extra
7% discount. Offer valid till midnight
Conditions- The goods will be delivered after 7 days from the date when goods
ordered, and the charges from destination to port will be borne by seller.
ANS 12:
If you don’t have a strong medium to build a customer relationship in the long
run, you are likely to get fail. Hence Relationship marketing means process of
creating, maintaining and enhancing strong, value laden relationship with
customer and other stakeholders.

For example- When you go to Maruti showroom to buy a car they provide you
many more things than just a car like, Maruti insurance, Maruti finance, Maruti
leasing etc. conducting mega camp in which it includes complimentary car
wash, AC & pollution checkup etc. to build strong customer relationship.
ANS 13:
Set of all actual and potential buyers which share a particular need or want
that can be satisfied through exchange and relationship. Size of the market is
determined by the number of buyers and sellers in the market.
For example, the market for Reliance Jio is now much bigger than anyone else
as the total number of buyers exceeds all other telecom companies in India.

Market of Telecom Industries

Relince Jio
10% Airtel
34% Vodafone&Idea
28% Others

28%

ANS 14:
Marketing done to reduce demand temporarily or permanently with the aim
not to destroy demand but only reduce or shift the same.
For example, TATA group used the demarketing strategy when they fall short
in supply of NANO cars, although the demand is high, they
marketed/promoted other tata products by complete shutdown of NANO
production.
“Demarketing has to be used carefully” the statement is true because if we
take price as a demarketing strategy and if any product’s price is fluctuating
continuously then it may create distrust among customer and they make look
for another substitute.
ANS 15:
“Selling and marketing concepts contrasted” which means Selling concepts
focuses on Existing product and to make profit by selling that particular
product whereas Marketing concept focuses on Customer need, want and
demand and to make profit by satisfying customers.
Example- When Bajaj came into the market, they follow the selling the concept
as there were no competitors and by the time goes on and the market grows
they shifts from selling concept to marketing concept.

Selling concept to Marketing concept

ANS 16:
“Societal marketing must improve the consumer’s and society well being”, the
statement is true in the sense that today customer is equally worried about the
environment and it try to uses the environment friendly products like we try to
avoid using products whose packaging have plastic covering, or which non
renewable in nature hence we always try to buy those product in which
company does something good for the society
For exapmle-If you buy any product of P&G Rs 1 will go for the societal cause
for every product purchased.
The body shop cosmetics company does the societal marketing very well as it
uses the plant based ingredients in their product and they never test their
product on animals.

ANS 17:
Jerome McCarthy 4P’S of Marketing:
1. PRODUCT- goods & services
2. PRICE- what consumer pays
3. PLACE- location where product is marketed
4. PROMOTION- advertising
ANS 18:
The 3 more P’s we see today is:
PEOPLE, PROCESS, PHYSICAL EVIDENCE
These are very relevant in today’s market as more and more business are now
act as a service provider as these 3 P’s plays a very crucial role in it.
PEOPLE- If you choose to go to a hotel, restaurant and you may find that the
staff is not good or not behaving in a correct way then you may choose
another place where the hospitality is good like OYO rooms, Cafe coffee day
etc.
PROCESS- As it is said that business is more towards providing services
customer chooses the process which is simpler, better and easy to use. For
example, Google pay, Amazon, Justdial etc.
PHYSICAL EVIDENCE- HDFC, BLUE DART, FedEx, etc. they always invest more on
their physical evidence to create a strong belief in the mind of the customer
that they are strong professionally managed company. Not only company’s
office but company’s website, brochure also create a confidence in the
customer to deal with that particular company.
ANS 19:
4C’s of Marketing:
CUSTOMER-
The person who will buy your product and you have to invest more and more
in the customer.
COST-
The cost will ultimately affect the final price; hence it is advised that you
should always have an eye in the cost of making product.
CONVENIENCE-
The convenience should be well enough to be dealt with the suppliers and the
customers too.
COMMUNICATION-
Communicating with all the stakeholders, customers, agencies etc.
ANS 20:
The 4A’s are:
ACCEPTABILITY, AFFORDABILITY, ACCESSABILITY, AWARENESS
When you enter the rural market the first step is whether your product will be
accepted or not.
The second step is affordable, is your product is affordable to the rural people
like for example If you sell Body wash in place of soap there is a huge
possibility of failure as rural market is not ready to afford that, But when the
company’s came up with the shampoo shashe or when Coca-Cola came up
with 5rs coca cola products like these get easily acceptance and they are easy
to afford
The third step is how easily accessible your product is, what is the distribution
channel of your products, like for example- HUL, ITC enter into the villages
whose population is below 5000 by their distribution channels.
The final step is awareness, to create awareness in rural India is an important
task like LG electronics use vans and road shows to reach the rural people.

ANS 21:
Marketing Myopia means when the companies refuse to take a long-term
view, and it ultimately results in failure. Meeting customer needs should be the
main focus rather than selling products or in other words Marketing concept
should be the first priority as compared to selling concept.
The best example is NOKIA, as the company refuse to see the long term view it
still struggles in the market to make a comeback.
Ambassador cars vs. Maruti cars