Internal Continuous Evaluation : Marketing Management

Semester:II
(BBA.LL.B.)

NAME ANANYA CHOUDHARY

PRN NO. 20010224158

DIVISION C
BATCH 2020-25

Q1 (a)
The process of marketing involves creating a market offering and to
satisfy the needs and wants of the present and potential buyers.
Marketing mix is the combination of the variables chosen by a firm to
prepare that market offering. It is a set of actions, or tactics, that a
company uses to promote its brand or product in the market

“Marketing mix is the set of marketing tools that the firm uses to pursue
its marketing objectives in the target market” - Philip Kotler

Marketing mix consists of various elements which can be broadly

classified into four categories popularly known as Four Ps of marketing.
1. Product
2. Price
3. Place
4. Promotion

1. PRODUCT: Product means goods and services or 'anything of value',

which is offered to the market for exchange. Product mix is the
combination of all products offered for exchange by a company. It relates
to decisions regarding planning, and developing the right type of goods
and services for the consumers. It includes branding, labelling and
packaging.

2. PRICE: 'Price' means the amount of money paid by a buyer in

consideration of a good or a service. Price affects the revenue and profits
of the firm. The marketers have to take several pricing decisions such as:
(I) Setting the pricing objectives, (ii) Determining the pricing strategies,
(iii) Determining the factors affecting price, (iv) Fixing a price for the
firm's products

3. PLACE/PHYSICAL DISTRIBUTION: It is concerned with making the

goods and services available at the right place, in right quantity and at
the right time.
There are two important decisions relating to this aspect:
(a)The decision regarding physical movement of goods from producers to
consumers (or users). It includes four major activities, viz. managing
inventory, order processing, warehousing and transportation.
(b)The decision regarding the channels or using intermediaries in the
distribution process, such as retailers, wholesalers, agents, etc.

4. PROMOTION: Promotion of goods and services involves informing

potential customers about the firm's product and persuading them to buy
it. 'Promotion mix' refers to combination of promotional tools (or
elements) used by an organisation to achieve its marketing objectives—(i)
Advertising, (ii) Personal selling, (iii) Sales promotion, (iv) Public relation

Now, in the Marketing Mix for Arjun’s cookware manufacturing

business following are the 4Ps-

PRODUCT
Arjun’s business has a wide selection of cookware which aims to care for
the environment and the health of its users. it has come up with a new
range of green pans that not only provide a healthy cooking surface but
are also good for the environment since they are manufactured with all
ceramic or silicon coating and are considered safer than the
traditional petroleum based non-stick surfaces which may
contain toxic substances.

PRICE
Arjun has identified this market as being the health conscious and willing
to purchase high quality items at a high market value. He has also
identified that customers understand the high quality of the products and
they are willing to spend a little more to be assured of getting a better
quality product. Over the years they are willing and able to pay more for
quality since their purchansing pwer has increased. They are also willing
to place a higher priority on health and quality than lower cost. 

Therefore, arjun the new cookware range of green pans is highly priced.

PLACE/PHYSICAL DISTRIBUTION
The venues for marketing high ticket cookware products have traditionally
been door to door sales, in home parties and tradeshow demonstrations.
With the introduction of internet marketing and online video technology it
is now possible to reach a larger audience using the same presence
therefore arjun can try that.

PROMOTION
Arjun will have to hire good advertising creators who can create a
campaign that the public remembers for a long time and leads to
increased goodwill. there is a need for marketers to have such strategies
to attract consumers advertising and promotion campaign includes the
following;
Search engine listings,Membership e-newsletter campaign
Promotional products such as coffee/tea cups, aprons and caps with
corporate branding offered through online catalog.

(b)

Business environment-
The term “Business environment” means the sum total of all individuals or
institutions and other forces that are outside the control of a business
enterprise but that may affect its performance .
There are four dimensions of Business environment-
Economic Environment
The economic environment consists of the economic factors that can
affect management practices in a business enterprise such as-
Change in disposable income of people
Inflation rates
Interest rates
Value of rupee
Stock market indices
Example: A rise in the disposable income of people due to a decrease in
tax rates in a country creates more demand for products.
Social Environment
• Social Environment consists of social forces like traditions, values,
social trends, level of education, the standard of living etc. All these
forces have a vast impact on business.
• Tradition: It refers to social practices that have lasted for decades,
such as Ugadi, Deepavali, Id, Christmas,etc.,
• Impact: More demand during festivals provides opportunities for
various businesses.
• Values: It refers to moral principles prevailing in the society, such
as Freedom of choice in the market, Social Justice, Equality of
opportunity, Non-discriminatory practices etc.
• Impact: The organisations that believe in values maintain a good
reputation in society and find ease in selling their products.
• Social Trends: It refers to a general change or development in the
society, such as health and fitness trend among urban dwellers.
• Impact: Health and fitness trend has created demand for gyms,
mineral water etc.

Political Environment-
It means that the actions were taken by the government, which
potentially affect the routine activities of any business or company on a
domestic or at the global level.
The success of business and industry depends upon the government’s
attitude towards the business and industry, Stability of Government,
Peace in the country.
Example: Political stability and central government’s attitudes towards
business, industry and employment, has attracted many national and
international business entrepreneurs to invest in India.

Legal Environment
It includes various laws passed by the government, administrative orders
issued by government authorities, court judgments as well as decisions
rendered by the central, state or local governments.
Understanding of legal knowledge is a pre-requisite for the smooth
functioning of business and industry.
Understanding the legal environment by business houses help them not to
fall in a legal tangle.
The legal environment includes various laws like Companies Act 2013,
Consumer Protection Act 1986, Policies relating to licensing & approvals,
Policies related to foreign trade etc.

Technological Environment

It consists of scientific improvements and innovations which provide new

ways of producing goods, rendering services, new methods and
techniques to operate a business.
It is very important for a firm to understand the level of scientific
achievements of a particular economy before introducing its products.
Technological compatibility of products also drives the demand for
manufactured products by a company.
Example: E-commerce has changed the scenario of doing the business,
buying goods and availing services at the click of a mouse or through
mobile, Digital India initiative by the government and move towards a
paperless society.

Now in the following case study, three dimensions of business

environment are applicable namely-

1. Economic Environment

“Although, the new cookware range is highly priced, he expects a ready

market for it as both the purchasing power of people and their preference
for better quality products have increased over the years”

An increase in the purchasing power of people indicates a rise in the

personal disposable income of people, this leads to creating a positive
economic environment for the business as people will buy more thereby
affecting the market of the product.
In the given case, we can see that Arjun has used the economic
component for his new endeavour since he realised that there was a
ready market as people's spending power and taste for higher-quality
items expanded. In this sort of setting, the rates of growth of GDP and
per capita income at current/constant prices, as well as rates of saving
and investment, are required. As a result, we can see both items in the
example above.

2. Social

“believes that the prosperity of their business greatly depends upon the
prosperity of their workers and vice versa”

This type of environment includes social forces like values, social trends,
society expectations etc.
Example : Value refer to concepts that a society holds in high esteem. In
India, individual freedom, social justice, equality of opportunity and
national integration are examples of major values cherished by all of us.
In business terms, these values translate into freedom of choice in the
market, business’s responsibility towards the society and non-
discriminatory employment practices.
In the give case also, we can see how Arjun changed the attitude toward
product innovation, lifestyles and consumer preference by providing
healthy cooking surface and avoid using toxic substances. It can also be
shown that how he changed the perspective to not be class- difference
with his workers. Arjun created the healthy environment and tried to
follow the components of social environment which are composition of
family, Expectations from the workforce, shift from rigid to receptive
method and focused on quality of life which both workers and customers
believe in.

3. Technological

“he introduces a new range of green pans that provide a healthy cooking
surface, as they are manufactured with all ceramic or silicon coating and
are considered safer than the traditional petroleum based non-stick
surfaces which may contain toxic substances”

This sort of environment is characterised by forces such as new business

processes and tactics, scientific advancements, and inventions.
For instance, recent technology advancements in computers and
electronics have made them more environmentally friendly.
Arjun attempted to modify the production method from the typical
petroleum-based nonstick surface, which contains hazardous substances,
to a ceramic coating, which is a healthy cooking surface, as seen in the
example. It may revitalise industries by improving products or lowering
costs by adjusting and evaluating the speed of technological change. As
we can see, it promotes innovation, productivity, customer value, and
competitive advantage.

SWOT analysis is a business analysis technique that guarantees a

project's objectives are clearly stated and all project-related aspects are
appropriately recognised. The four categories of the SWOT analysis are
Strengths, Weaknesses, Opportunities, and Threats. When doing a SWOT
Analysis, both internal and external factors are evaluated, since they both
have the ability to influence a project's or venture's success.
SWOT analysis is a strategic planning technique that gives you tools to
examine your situation.
Identifying core strengths, weaknesses, opportunities, and threats leads
to fact-based analysis, fresh perspectives, and new ideas.
SWOT-

Strength
In a SWOT analysis, strengths are the characteristics inside an
organisation that are thought to be important for a project's ultimate
success. Resources and talents that may be exploited to gain a
competitive advantage are known as strengths. For example- Innovative
products, expertise and procedures.
In the following case study, the fact that Arjun is receptive to the needs
of the workers and does not believe in class differences, thereby creating
a healthy work environment proves to be a strength. His positive
approach and believe in prosperity of the business depending upon the
prosperity of the workers of the business leads to an effective
communication and efficient management which is ultimately a strength
to the business

Weakness
Weaknesses are the aspects in the SWOT analysis formula that might
prevent a project from succeeding. A high level of competitiveness
between departments, a shaky internal communication system, a lack of
funds, and an insufficient number of supplies are all examples of
weaknesses. Weaknesses have the potential to undermine a project
before it ever gets started.For example- Lack of knowledgeable technical
support or average product quality
The rigid approach of Arjun Rampal’s father and fixed ideas about various
issues in the business is seen to be as a weakness for a business. The
distance maintained by him towards factory workers will ultimately lead to
a shaky internal communication.
Opportunities
Opportunities are defined as external components that may be useful in
attaining the project's objectives. These variables might include suppliers
that want to partner with the firm to help it succeed, the public's
favourable opinion of the firm, and market circumstances that make the
project appealing to a certain market group. For example- A new
international market or a market led by a weak competitor.
An understanding and analysis of the business environment generated an
opportunity for the business, that is the requirement of new range of
green pans that provide heathy cooking surface. Thus, this opportunity
showcased in the market was very well captured by Arjun and led to he
introduction of a new cookware range in their business.

Threats
These external elements may have a significant impact on the project's or
business venture's success. A poor public image, a lack of ready-made
markets for the final product, and a shortage of suppliers capable of
supplying raw materials for the project are all potential threats that must
be considered in any SWOT analysis. For example- A new competitor or
price war
The high price of the newly ranged cookware could prove to be a threat in
the market as their may be various pans that are cheaper in price. A
small target market for the product can also be seen as a lack of ready-
made markets for the final product, thereby being a threat to the
business.