BB0001– Marketing - 2 Credits
(Book ID: B0078)
Assignment Set- 1 (30 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
Q.1Give an example of any organization that practices the Societal Marketing Concept. Briefly describe its marketing strategy and explain why it is successful.[10 Marks]
Answer: DAEWOO one of the world’s largest luxury car manufacturing company practices Societal Marketing Concept (S.M.C) . The organization’s marketing strategy is to determine the needs, wants & interests of target markets and to deliver the desired satisfactions more effectively and efficiently than other competitors. Marketing Strategy is the overall process for marketing a product that includes selecting and analyzing a target market and creating and maintaining a marketing mix. Once the target market is identified, the next step is to create the Marketing Mix, which is a set of four elements: product, price, distribution and promotion. We have a lot of control over the elements in our Marketing Mix, but we have a very little control over the environment in which we are operating. Products are integral to the exchange process; and without them there is no marketing. Astute marketers realize that a product is actually a ‘bundle of value’ that meets customer’s expectations and liabilities. The Societal Marketing Concept calls upon marketers to build social and ethical considerations into their marketing practices which must balance the often conflicting criteria of company profits, consumer wants, satisfaction and public interests. Thus, S.M.C is successful in preserving and enhancing the consumer’s as well as the society’s well-being.
Q.2Imagine that you purchased a car recently. Describe the different stages that you went through in the process of buying the car. [10 Marks]
Answer: The purchaser/consumer takes his buying decision, for some commodities immediately without much consideration such as items of daily use while for some other commodities mainly luxury or durable items. The purchaser goes with consults and undergoes rigorous thinking before taking a decision to buy/purchase a product. The purchaser passes through five distinct stages in taking a decision for purchasing a particular product/commodity. These stages are: (1) need arousal, (2) information search, (3) evaluation behavior, (4) purchase decision and (5) post purchase feelings. i) Need Arousal: The buying process starts with need arousal. A need can be activated through internal or external stimuli. The basic needs of a common man arises to a level and become a drive and he knows from his previous experience how to satisfy those needs like hunger, thirst, sex, etc. A need can also be aroused by an external stimulus such as sight of new thing in a shop while purchasing other things.
ii) Information Search: After need arousal the consumer tries to gather the sources and information about the product and tries to solve it. There are four consumer information sources: (a) Personal sources (i.e. family, friends, neighbours etc.). (b) Commercial sources (i.e. advertisements, salesman, and dealers). (c) Public sources (i.e. mass media, consumer rating organizations). (d) Experimental sources (i.e. handling, examining, using the product). iii) Evaluation Behaviour: After collecting the information the consumer clarifies and evaluates the alternatives. There is unfortunately no simple and single evaluation process used by all consumers or even by one consumer in all buying situations. The most current process of evaluation is to judge the product largely on a conscious and rational basis. Various considerations from the part of judgement such as product attributes, importance, weights, and brand image, utility function for each attribute, and attitude etc. After evaluation of various alternatives, he takes the decision to...