MM

Following are the Assignment 1 questions. 

Date of Submission is 23rd July 2021

All Questions are compulsory………

Q1. What is marketing? What can be marketed?
https://topbullets.com/2019/03/28/what-is-marketing-and-what-can-
be-marketed-topbullets-com/

Q2. Explain the core concepts of marketing?

https://www.yourarticlelibrary.com/marketing/marketing-concepts-
8-core-marketing-concepts-with-diagram/48558

Q3. What is the orientation of a company towards its market?

https://www.orientation.agency/insights/marketing-orientation-
approaches

Q4. What are the steps followed in the Business Unit strategic
Planning Process?
https://slideplayer.com/slide/17192961/

Q5. Explain the marketing research process in detail?

https://businessjargons.com/marketing-research.html

Q6. Define the following terms

 Marketing Metrics
Marketing metrics are a quantifiable way to track performance and are an
important marketing measurement tool for gauging a campaign’s
effectiveness. The most appropriate marketing metrics vary greatly from one
campaign to the next. The right marketing metrics to measure will be the ones
that ultimately have the most impact on your business goals. Marketing
metrics are measured using reports and tools from various sources, and help
marketers optimize their current campaigns and plan for future campaigns.

 Marketing-Mix Modelling
Marketing Mix Modeling (MMM) is the use of statistical analysis to estimate
the past impact and predict the future impact of various marketing tactics on
sales. Your Marketing Mix Modeling project needs to have goals, just like your
marketing campaigns. As a brand manager, you are responsible for setting
those goals and seeing them through. Before you begin working with a
modeling vendor, make a checklist of questions for your vendor to address,
like the one at the end of this paper. Think of your checklist as a roadmap to
success—you’ll never get anywhere if you don’t know where you’re going, so
don’t skip this step.
 Marketing Dashboards
A marketing dashboard is a reporting tool that displays marketing analytics,
KPIs, and metrics using data visualizations. Marketing dashboards are
designed to provide teams with a real-time window into marketing
performance. At its core, a marketing dashboard answers the question, “How
are we performing right now?”
Marketing dashboards are marketing reports designed for continuous
monitoring and a broad distribution. Like a car’s dashboard, a marketing
dashboard allows the team to drive towards their goals with ready knowledge
of what’s going on under the hood. This type of visibility enables course
corrections on a daily, and even hourly, basis, in contrast to traditional
monthly or quarterly reporting cadences

 Data Warehouses & Data Mining

It is a technology that aggregates structured data from one or more
sources so that it can be compared and analyzed rather than transaction
processing. A data warehouse is designed to support management
decision-making process by providing a platform for data cleaning, data
integration and data consolidation. A data warehouse contains subject-
oriented, integrated, time-variant and non-volatile data.

It is the process of finding patterns and correlations within large data sets
to identify relationships between data. Data mining tools allow a business
organization to predict customer behavior. Data mining tools are used to
build risk models and detect fraud. Data mining is used in market analysis
and management, fraud detection, corporate analysis and risk
management.

 Mental Accounting
Mental accounting refers to the different values a person places on the
same amount of money, based on subjective criteria, often with
detrimental results. Mental accounting is a concept in the field
of behavioral economics. Developed by economist Richard H. Thaler, it
contends that individuals classify funds differently and therefore are
prone to irrational decision-making in their spending and investment
behavior.

The Buying Center
A buying center is a group of employees, family members, or members of any
type of organization responsible for finalizing major purchase decisions. In a
business setting, major purchases typically require input from various parts of
the organization, such as finance, accounting, purchasing, information
technology management, and senior management. Highly technical
purchases, such as information systems or production equipment, also
require the expertise of technical specialists. In some cases the buying center
is an informal ad hoc group, but in other cases, it is a formally sanctioned
group with specific mandates, criteria, and procedures. The employees that
constitute the buying center will vary depending on the item being purchased.

Q7. Explain the consumer buying decision process?

https://www.professionalacademy.com/blogs-and-
advice/marketing-theories---explaining-the-consumer-decision-
making-process

Q8. What bases are used for segmenting consumer markets?

Explain.
https://www.yieldify.com/blog/types-of-market-segmentation/

Q9. What pattern is used by companies for target market

selection?
https://www.yourarticlelibrary.com/marketing/5-patterns-of-target-
market-selection-that-may-considered-by-a-company/22178

Q10. Explain the competitive forces explained by Michael E

Porter?
https://www.investopedia.com/terms/p/porter.asp

Q11. Explain the strategies used by Market leaders?

https://talkforbiz.com/market-leader-strategies/