Jatiya kabi Kazi Nazrul Islam University

Trishal, Mymensingh

Assignment
on
(Midterm 1 &2)

Course Name: Marketing Management

Course Code: HRM-301

Submitted to Submitted by

Rabeya Akther Shumi Rowshon Tabassom

Assistant Professor Roll: 18133023
Department of Department of
Human Resource Management Human Resource Management
Jatiya Kabi Kazi Nazrul Islam University Jatiya Kabi Kazi Nazrul Islam University

Date of submission:9.06.2021
 Midterm 1 &2

serial content page

1 Question -1 2
2 Question-2 3-4
3 Question-3 5-6

4 Question-4 7-9
5 Question-5 10

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 Answer to the question no:1

What do you mean core competencies? Give an example of marketing innovation

adopted by Bangladesh organization.

Core competencies:

Core competency is a concept in management theory introduced by C. K Prahalad & Gary

Hamel. Core competencies are the skills, characteristic and assets that set your company apart
from competitors.

Simply we know that core competencies mean a strategic capability or it's defining the
organization strength.
• In the other words what is that causes customers to choose one product over another?
• They are the fuel for innovation and the roots of competitive advantage
• It can be defined as harmonized contribution of multiple resources and skills that
distinguish a firm in the market place
• Provide benefit to the customer

The 3 factors to help identify core competencies in any business:

1. Accessibility: Provide potential access to a variety of markets.

2. Value-creation: Make a significant contribution to perceived customer benefits of the
end product.
3. Uniqueness: That means difficult for competitor imitate

Marketing innovation adopted by Bangladesh organization:

Example: E-valy.com .bd

Evaly has become the largest online and mobile commerce company in bd in just a few months.
Group buying is basically a strategy where if a large number of customers order a large quantity
of a particular product at a time and huge discounts are given.
Evaly started its journey with a totally new idea Like
• Group buying
• cashback facility
They connect word of mouth marketing by several pro so, mega sale offers huge and continuous
advertising in social media, gift card provision. their business on website / app/ social media.
Evaly pick up the product and deliver product to the destination that means they connect
organization to real customer. They get profit from consumer as well as manufacturer.

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 Answer to the question no:2

What are the porter’s generic strategies? Make it clear by giving the example of
Bangladeshi perspective

Porter's generic strategies:

Describe how a company pursues competitive advantage across its chosen market scope.
Generic strategies refer to three alternative methods for firm position itself competitively
within an industry

• Cost Leadership
• Differentiation strategy
• Focus
The concept of generic strategy is first decided by Michael porter in his book competitive
advantage.

Competitive advantage

COST DIFFERENTIATION
BROAD

Cost Leadership Differentiation

Market Scope
NARROW

Focus Focus
(Cost Focus) (Differentiation focus)

Figure 1: Porter's generic model

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Cost leadership:

• Produce at the lowest price

• Also known as a low-cost provider strategy
• Deliver goods at the lowest costs
• Lower cost is main focus and strategy
• Superior profits through lower costs Lower cost enables a lower selling price. This
attracts more customer than the completion
• Providing the same product at low cost as compare competitors
• Example: Walmart, Tesco

Differentiation strategy:

• Products or service differentiate to themselves from others

• The firm has unique resources and capabilities
• Target customer segments in not price sensitive Customer have very specific needs
• Creating a product or service that is perceived as being unique throughout the industry
• The firm can sell its products as prices that are higher than low product with market
• Example: McDonalds, costa coffee

Focus strategy:

Concentrating on a limited part of the business.

a. Cost focus
b. Differentiation focus

Cost focus

• Objective of developing the focus

• Attempts to achieve cost leadership in specific market
• Concentrations on specific groups of customers or product line or geographic region
• Offer products at lowest price and lowest cost
• Example: Azad shoes

Differentiate focus

• Delivering superior product to limited audience

• Selects particular market or particular class or specific geographic region
• Example: PepsiCo

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 Answer to the question no:3

What do you know about holistic marketing concept, integrated marketing,

internal marketing?

Holistic market:

Holistic marketing concept believes that the business and all its parts should focus towards one
single goal which is a great customer experience. Holistic marketing is a marketing concept in
which we study different marketing concept and their inter dependencies. Holistic marketing
is the seventh concept of marketing management orientation

There are four main components of holistic marketing in following:

1. Internal marketing
2. Integrated marketing
3. Performance marketing
4. Relationship marketing

1. Internal marketing

Includes the internal management system, marketing department and collaboration of other
departments with the marketing departments

2. Integrated marketing

Involves the product strategy, pricing strategy, promotion strategy, communication strategy
and placing strategy. Simply integrated marketing includes the whole basic product strategy in
which managers tells how to develop and deliver the product to the customers.

3. Performance marketing

Involves following activities like-

→ How to sell the product

→ what is brand and customer equity
→ what is legal and ethical responsibilities for company and product as well
→ social responsibility marketing
→ financial accountability

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4. Relationship marketing

→ relationship with direct and indirect stockholders

→ includes the relationship with customers, partners, employees, and competitors
→ rich relationship with customers, channel members and marketing partners aim to build
naturally satisfying long term relationship with key constitutes in order to earn and
retain their business

So holistic business marketing looks at the whole business system to create a marketing plan.

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 Answer to the question no:4

Analyze the macro and micro environment of the market of Bangladesh

Marketing environment:
Environment means surroundings.
Marketing environment consists of all the forces outside an organization that directly or
indirectly influence its marketing activities, includes competition, regulation, politics, society,
economic condition, and technology.
The business environment is a marketing term and refers to factors and forces that affect a
firm’s ability to build and maintain successful customer relationships. The two levels of the
environment are:

Marketing Environment

Micro Environment Macro Environment

1. Micro Environment:
Company aspect of micro environment refers to the internal environment of the company. The
micro environment is made from individuals and organizations that are close to the company
and directly impact the customer experience. This includes all such as-
• The company
• The suppliers
• Market intermediaries
• customers
• competitors
• Your public

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 2.Macro Environment:

The macro environment refers to all forces that are part of the largest society and affect the
micro environment. The purpose of analyzing the macro marketing environment is to
understand the environment better and to adapt the social environment and change through
the marketing effort of the enterprise to achieve the goal of the enterprise marketing
it includes the following –

• Demographic environment
• Economic environment
• Social Culture environment
• Technology environment
• Natural environment
• Legal and political environment

Demographic environment

→ It includes the study of a population with respect to the sex ratio, literacy rate, standard
of living etc.
→ It has a higher priority over other areas of management because business depends on
people

Economic environment

→ The survival and success of every business enterprise completely depends on its
economic environment
→ The main factors that affect the economic environment are economic conditions and
policies

Social Culture environment

→ Sociocultural factors such as lifestyle, social values and beliefs affect the marketing
activities of an organization, particularly the marketing of services

Technology environment

→ Technology is particularly important for service firm because it helps service firms
increases productivity effectiveness and enlarging the catchment areas of service
providers

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Natural environment

→ Climate change, pollution control, natural calamity, green trends, use of solar energy

Legal environment

→ This refers to the set of laws and regulations which influences business organizations
and their organization must obey and work within the legal framework

Macro environmental analysis the focus is shifted towards a broader context of the whole of
Bangladesh. We discuss some factors and it play a major role in the trades of any country.so
for a country these macro environment factors need special consideration while doing business
especially when the trade is between two countries.

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 Answer to the question no:5

Explain the key psychological processes of consumer behavior

Key psychological processes:

A person's buying choices are further influenced by four major psychological factors such as-

1. Motivation
2. Perception
3. Learning
4. Beliefs and attitude

1. Motivation

A motive is a need that is sufficiently pressing to direct the person to seek satisfaction of the
need. Psychologists have developed theories of human motivation.
• Sigmund Freud
• Abraham Maslow
• Herzberg's two factor theory

2. Perception

Perception is the process by which people select organize and interpret information to form a
meaningful picture of the world.
There are three perceptual processes such as-
Selective attention
Selective distortion
Selective retention

3. Learning

Learning describes changes in an individual’s behavior arising from experience

4. Beliefs and attitude

A belief is a descriptive thought that a person has about something. Beliefs may be based on
real knowledge opinion or faith and may or may not carry-on emotional charge.

Attitudes means a person's consistently favorable or unfavorable evaluations feelings and

tendencies towards an object or idea. The consumer identifies that he has an unsatisfied need
to be satisfied

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