Marketing and Product

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ASSIGNMENT

Course Code :MS-6

Course Title : Marketing for Managers

Assignment Code : MS-06/TMA/SEM-I/2013

Coverage :All Blocks

Note : Attempt all the questions and submit this assignment on or before 30th April, 2013 to the coordinator of your study center.

1. (a) What do you understand by the term market planning and its role in marketing of good and services?

(b) Discuss the various elements of marketing mix both in case of product and services and their complementary role in effectively marketing the firms offerings.

2. (a) What is STP strategy? The success of product/service largely depends on the effectiveness of proper segmentation by the marketer. Justify by taking two examples of your choice.

(b) What is Marketing Research (MR)? Discuss its role and Importance in the marketing decision in a competitive environment. Comment on the application of MR and their benefits.

3. (a) Why it is essential for a marketer to have a sound knowledge of Consumer Behavior in the Promotion/ Marketing of a firms product. Discuss

(b) What do you understand by the terms branding and packaging of products? How does these enhance the consumer acceptance and adoption. Illustrate with suitable example.

4. (a) What make pricing of product an important product decision? Justify its significance in the light of the growth and profitability of the business.

(b) Marketing is conducted outside the four walls of the company. Discuss the importance of distribution function in the light of the above statement in the following (i) Dairy Product (ii) Banking Services (iii) Essential commodity.

1. (a). What do you understand by the term market planning and its role in marketing of goods and services?

Answer:

Marketing is the process of developing and implementing a plan to identify, anticipate and satisfy consumer demand, in such a way to make profit in that business. The two main elements of marketing plan are market research to identify and anticipate customer requirements and the planning of an appropriate marketing mix to meet these requirements. Market research involves gathering and recording of information about consumers, market, product and the competition in an organised way. The information is then analysed and used to inform marketing decisions.

There’s an old adage that says “if you fail to plan, you plan to fail”! A marketing plan is a business document written for the purpose of describing the current market position of a business and its marketing strategy for the period covered by the marketing plan. Marketing plans usually have a life of one to five years.

Market planning can be used:

• To assess how well the organisation is doing in its markets. • To identify current strengths and weaknesses in these markets. • To establish marketing objectives to be achieved in these markets. • To establish a marketing mix for each market designed to achieve organisational objectives.

To accomplish these, the marketing plan should include strategies typical of any market planning. The plan should especially include what marketers dub as the four P's of Marketing:

• Product
• Price
• Place
• Promotion

The role of market planning has become increasingly important over the past century. According to Bournemouth University, “goods produced during the industrial revolution typically sold out without the need for excessive marketing due to scarcity and high demand, but as markets became more saturated, competition among companies put greater emphasis on market planning by the 1960s”.

Marketing plans or analyses are a common component of business plans, which are documents that lay out the basic concept of a business and often used to pitch new businesses to potential investors or lenders. A poor marketing plan can make it difficult to attract investors....
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