FALL-2015
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Master of Business Administration -
MBA Semester 2
MB0046-Marketing Management-4 Credits
(Book ID: B1629)
Assignment
(60 Marks)
Note:
Answer all questions within 400 words each. Each Question carries 10 marks 6 X
10=60
Q1. Suppose you are the marketing manager of a banking firm. Your
bank has opened its first branch overseas. What factor do you think will affect
the choice of marketing the most and why?
Answer. Define environment scanning:
Environmental scanning is one of the essential components of the global
environmental analysis. Environmental monitoring, environmental forecasting and
environmental assessment complete the global environmental analysis. The global
environment refers to the macro environment which comprises industries,
markets, companies, clients and competitors. Consequently, there exist
corresponding analyses on the micro-level. Suppliers, customers and competitors
representing the micro environment of a company are analyzed within the industry
analysis.
Q2. A brand is a composite set of
beliefs and associations in the mind of consumers. In brand development, as a
part of branding strategy decision, the brand manager can decide to create new
brand elements for the new products, apply some of the existing brand elements
to the new product, or use a combination of existing and new brand elements to
the existing and new products. Explain the different branding strategies used
by the companies for their range of products.
Answer.
Definition of Brand
Unique design, sign, symbol, words, or
a combination of these, employed in creating an image that identifies a product
and differentiates it from its competitors. Over time, this image becomes
associated with a level of credibility, quality, and satisfaction in the
consumer's mind (see positioning). Thus brands help harried consumers in
crowded and complex marketplace, by standing for certain benefits and value.
Legal name for a brand is trademark and, when it identifies or represents a
firm, it is called a brand name. See also corporate identity.
Q3.
Describe the international market entry strategies in brief.
Answer.
International Market Entry Strategies
There are a variety of ways in which a
company can enter a foreign market. No one market entry strategy works for all
international markets. Direct exporting may be the most appropriate strategy in
one market while in another you may need to set up a joint venture and in
another you may well license your manufacturing. There will be a number of
factors that will influence your choice of strategy, including, but not limited
to, tariff rates, the degree of adaptation of your product required, marketing
and transportation costs. While these factors may well increase your costs it
is expected the increase in sales will offset these costs. The following
Q4.
Personal selling focuses in on ‘personal’ or ‘one to one’ selling. It involves
an individual salesman or a sales team establishing and building a profitable
relationship with customers over a period of time through a series of steps.
Explain the steps in the personal selling process which helps in the successful
sales.
Answer.
Definition of Personal Selling:
Personal selling is an activity which
involves a face-to-face interaction with the customers wherein there is a quick
response and personal confrontation. This allows for more specific adjustment
of the message. Here, the communication message can be adjusted as per the
customer’s specific needs or wants. It offers you the opportunity to develop
long-term familiarity and relationship.
Process
or steps in personal selling include the following:
1. Prospecting – This is the beginning
of sales process, which covers searching for customers with potential demand.
2. Targeting – This is the process of
deciding
Q5. Describe the stages in consumer decision making process.
Answer. Awareness
The process
begins when a company identifies a need for a purchase. It may want to replace
an existing item, replenish stocks or buy a new product that is just available
on the market. You can also stimulate a need that the company may not be aware
of by advising them of issues and challenges that other companies in their
industry face. The buying team next works with the requesting department to
firm up on the requirement.
Specification
When the buying
team has agreed requirements, it prepares a detailed specification that sets
out quantities, performance and technical requirements for a product. Your
sales team can support this stage by advising the buying team on best practice
or collaborating with the buying team to develop the specification. Buying teams
then use
Q6.
Describe some of the strategies for effective marketing and advertising in
rural market. Also explain the innovative use of media in rural market.
Answer:
The rural markets are estimated to be growing fatly
compared to the urban markets. The potentiality of rural markets is said to be
like a 'woken up sleeping giant'. These facts are substantiated in a study of
market growth conducted by various researches. In recent years, rural markets
have acquired significance in country like India. On account of the green
revolution in India, the rural areas are consuming a large quantity of
industrial and urban manufactured products
Rural marketing is a function that
manages all activities involved in assessing, stimulating and converting the
purchasing power of rural consumers into an effective demand for specific
products and services to the people in rural areas to create
FALL-2015
Get solved
assignments at nominal price of Rs.125 each.
Any issues
mail us at: subjects4u@gmail.com or contact at
09882243490
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