Master of Business Administration- MBA Semester 2 MB0046 Marketing Management Assignment Set -1

Master of Business Administratot- MBA Semester 2 MB0044 Marketing Management

Assignment Set- 1 Q1. Explain the stages in the new product development process? Ans: Many companies follow different type of new product development system. Standard new product devolpment system is explained in the following section . Concept generation and market structure identification Idea generation : The first stage of new product evolution begin with an idea for the product. Hence this stage is also termed as idea generation. Idea may originate from the following source . sale personal Marketing personal Research and personal devolpment department Top management executive Customer service decision Employee suggestion system Customer Competitive product Foreign product Market structure analysis : The next step in the process of new product devolpment process is to implement a market structure . Sale potential : In this step the potential of new product entry into the market structure is estimated. The purpose of developing such a model help in establish a rough estimate of the size of the business potential . Concept screening : At this stage the ideas collected are scrutinized to eliminate those inconsistence with the product policies and objective of the firm. The main intention of this phase is only to eliminate unsuitable idea as quickly as quickly. Advertising devolpment : This stage of new product devolpment involve the devolpment of advertising and formulation of the product . all the advertising and technical devolpment of the product concept have a great focus duo to the result of the earlier stage. Product formulation and testing : The product formulation happens in the laboratory . During this stage the idea-on-the-paper is turned on the product-on-hand. The final decision whether a product is devoped on a commercial scale or not is decided at this stage. Testing the product : In this stage of product testing , the new product manager can check the feasibility and accuracy of the product performance Commercialization and final launch: in should be checked wheather advertising and personal selling have been done effectively and wheather proper outlet have been arranged for the distribution .

The following activity are usually undertaken during this stage . . Completing final plans for production and marketing . initiating coordinated production and selling program . . checking result at regular interval .

Q2. Explain the steps in Marketing Research Process? Ans- Marketing research is the study of marketing problem , technique and other aspect of marketing related decision making and their implementations. 1. Feature of marketing search Feature of market search as follow a. Systematic process: market research has to be carried out in a sequential and a systematic manner and the entire process need to be planned with a clear object. b. Objective : it is essential that the method used and interpretation of the result is objective in nature . c. Multi disciplinary : marketing research borrow concept from other discipline like stastistic for obtaining reliable data and from economics, psychology, and sociology for better understanding of buyer. 2. Objective of marketing research : The objective of marketing research can be divided into two parts. a. Acadmic objective : These objective can be gain awareness about a phenomena or to achieve new insight into it. b. Utilitarian objective : The primary goal of marketing culture , environment, and decision process and thereby gain a greater measure of marketing control . 3. Marketing research process The process of marketing research involve the following step . a. b. c. d. e. f. Identifying the marketing problem . Devolping market research plan Designing marketing research strategy Collection of data Analysis of collected data Prepration of report

4. Importance of marketing research : With the change from a sellers market to buyer . It was deemed necessary to acquire information on the need, preferences , and evaluation of the customer . The most relevant task requirement was the ensure that the right product reach the right person at the right at the right price .

Q-3 Write a short notes on :A.Marketing Plan B. Marketing Planning process? Ans : Planning is a process of designing the blueprint for the future. Marketing plan for an organization is planning for the organization revenue-earning activities. Marketing manager have to face changes every day in the market place. So a successful marketing management process should be continued and must involved a cycle of planning, implementations, and control. Marketing plan : A marketing plan is a written document that specific that require action to attain one or more marketing objective. A good marketing plan should communicate to every member what is desire of them. So that they have some level of goal clarity, understanding of assumption that lie behind the goals, and the context of each activity and decision . Essentially the Marketing Plan:

forces the marketing personnel to look internally in order to fully understand the results of past marketing decisions. forces the marketing personnel to look externally in order to fully understand the market in which they operate. sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support. is a key component in obtaining funding to pursue new initiatives.

Marketing plan process : The marketing planning process must begin by the setting that corporate objective and should be followed by strategics and plan for each function . Picking out the appropriate methodology- A specific methodology is entailed by the research professional after identifying the specific needs and exploring the case studies. It may include a combination of specific approaches like telephone survey, web or email survey, one-to-one interviews, secondary research etc. This methodology acts as a blueprint of research process and following basic steps: These are the following steps in marketing planning process . 1. The first step in marketing planning process is setting marketing objective and policies . 2. The second step is designing the marketing system. In the marketing system, a company has to design/define each function with its contribution . 3. The third step is devolping separate objective, programs and strategics for each function so that they can asscesssed for the target purpose and the broad objective . 4. The forth step is drawing detailed plans for each function for a shorter period , i.e., a quarter, half a year, or a year. It will help in defining responsibility , timing , and cost needed to achieve the short term objective . 5. The fifth step is merging the marketing plans into organizational plans.

Q-4 Describe the international market entry strategies in brief? Ans: During the past three decade , the concept of marketing has changed dramatically. It has evolved by focusing on the product to make it a better product, where better was based on internal standard and value. The objective was profit and mean to achieve that objective was selling or persuading the potential customer to exchange his/her money for the company product. The strategics concept of marketing : By the 1990 it was clear the new concept of marketing was outdated and the time demand a strategic concept. The strategics concept of marketing a major evolution in the history of marketing thought shift the focus of the marketing from the customer or the product to the customer in the context of the broader external envoirnment. There are two method to entry into the foreign markets. They are indirect exporting and direct exporting There are two specific reason for why a manufacture may resort to direct exporting . 1. Success in foreign market can boost the manufacture image on the domestic market. 2. There are a number of benefits available to exporter Apart from the direct and indirect exporting the other popular method of entering international market are:

Joint Ventures Joint ventures, or JVs, as they are commonly referred to is the most sophisticated of the partnership trio. A JV is the formation of a third independent company owned, but not necessarily, managed by the partners. Strategic Alliances Strategic alliances are simply a business-to-business collaboration. Strategic alliances can be formed for all a range of purposes from joint marketing to joint production to collaborative design or distribution. Direct investment Through foreign direct investment a firm invest and market in facilities to produce a product in a foreign country . Contract manufacturing Contract manufacturing is a process that establish a working agreement between two companies . As part of the agreement , one company will custom produce part or other material on behalf of their client. In most cases the manufacture will also handle the ordering and shipment processes for the client . Franchising

Franchising is basically a specialized form of licensing in which the franchiser not only sell intangible property to the francaise but also insist the francaise to abide by strict rule with respect to how business is done. Franchising is becoming a more popular market entry strategy given the world wide branding of various products as a result of the internet. International franchise agreements are the same as domestic ones with the obvious exception that they must meet the commercial laws of the country you are franchising too.

Q5. Discuss the various Price adjustment options adopted by the companies ? Ans : Companies are required to adjust their base price due to fierce competition and also based on the situation . The various price adjustmeant option adopted by the companies may be listed as follow . . psyological pricing . discount and allowance . Geographic pricing option . Predatory pricing Let us now anaalyse the price adjustment in detail

1. Psychological pricing : the concept of psychological pricing states that certain prices are more appealing than other. The psychology of price is consider instead of simple economies. The price is applied to say something regarding the product. 2. Discount and allowance : for rewarding customer response e.g. paying earlier or promotional product,the discount and allowance pricing has an effect of reducing prices. Everyday low pricing is a recent pricing issue where the retailer charge a constant low price for all times with no short term price discount 3. Geographic pricing option : Geographic price in which the company decides on how to price the distant customer . Geochemical pricing option include various pricing option which are as follow : a. Free on board b. Uniform delivered pricing c. Averaging method d. Zone pricing e. Basing point price f. Freight absorption pricing 4. Predatory pricing : the illegal practice of forcing competitor out of business by setting unreasonable low price is known as predatory pricing Different country are having different laws and regulations that govern pricing . the country currency value is constantly changing resulting in the exchange rate for a product to vary.

Q6. Define Personal selling and also explain the personal selling process? Ans: Personal selling is an activity which is involve a face to face intraction with the customer where in there is a quick response and personal confrontation. This allow for more specific adjustment of the message can be adjusted as per the customer specific need or wants. The personal selling process is a consecutive series of activities conducted by the salesperson, the lead to a prospect taking the desired action of buying a product or service and finish with a follow-up contact to ensure purchase satisfaction. Nature of personal selling The nature of personal selling are: a. Personal confrontation : it involve an alive , immediate , and interactive relationship building between two or more persons. b. Cultivation : It permit plenty of relationship to spring up, ranging from a matter of fact selling relationship to deep personal friendship . Effective sales representive will normally keep their customer best interest at heart if they want to maintain longterm relationship. c. Response : it put the buyer some obligation for having listened to sales talk. Personal selling approaches The approach in personal selling are follow: 1. Stimulus response selling : in stimulus response selling approach salesperson provide the stimulus and expect the response from the buyer. This process will continue till the purchase decision has been made. 2. Need satisfaction selling : In need satisfaction selling approach sale executive identify the need of the product by the customer and confirm it. He provide the various offering for the customer to choose and continued this process till the purchase has been made. 3. Problem solving selling : Problem solving selling approach is used when the customer faces the purchasing problem . In this approach sales executive defines the problem of the customer generate the alternative solution and evaluate them. Then he works with the particular solution till the customer make a purchase .