Course Code: AMK-01
Course Title: Marketing
Assignment Code: AMK-01/TMA/2014-15
Coverage: All Blocks
Maximum Marks: 100
Attempt all the questions.
Q.No.1: Discuss various branding strategies available to marketers. Also
discuss their relative merits and limitations.
Solution: Branding: Branding is a process of creating a unique
name and image for a product in the mind of consumer, mainly through advertising
campaigns. A brand is a name, term, symbol, design or combination of these
elements, used to identify a product, a family of products, or all products of
an organisation.
According to American Marketing Association - Brand is “A
name, term, design, symbol, or any other feature that identifies one seller’s
good or service as distinct from those of other sellers. The legal term for
brand is trademark. A brand may identify one item, a family of items, or all
items of that seller. If used for the firm as a whole, the preferred term is
trade name.”
According to Philip Kotler - “Brand is a name, term, sign, symbol, design, or a
combination of them, intended to identify the goods or services of one seller
or group of sellers and to differentiate them from those of competitors”
Branding Strategies: Branding is
an important component of product planning process and an important and
powerful tool for marketing and selling products. There are various branding strategies
on which marketing organisations rely to meet sales and marketing objectives.
Some of these strategies are as following:
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Q.No.2: (a) State the task of physical distribution system and explain
them in detail.
Solution: Physical
distribution:
Physical distribution is
the group of activities associated with the supply of finished product from the
production line to the consumers. The physical distribution considers many
sales distribution channels, such as wholesale and retail, and includes critical
decision areas like customer service, inventory, materials, packaging, order
processing, and transportation and logistics. You often will hear these
processes be referred to as
distribution, which is used to describe the marketing and movement of
products.
Accounting for nearly half of the entire marketing
budget of products, the physical distribution process typically garnishes a lot
of attention from business managers and owners. As a result, these activities
are often the focus of process improvement and cost-saving initiatives in many
companies.
Importance
and Functions of Physical Distribution
The importance of physical distribution to
a company can vary and is typically associated with the type of product and the
necessity it has to customer satisfaction. Strategically staging products in
locations to support order shipments and coming up with a rapid and consistent
manner to move the product enables companies to be successful in dynamic
markets.
Physical
distribution is managed with a systems
approach and considers key interrelated functions to provide
efficient movement of products. The functions are interrelated because any time
a decision is made in one area it has an effect on the others. For example, a
business that is providing custom handbags would consider shipping finished
products via air freight versus rail or truck in order to expedite shipment
time. The importance of this decision would offset the cost of inventory
control, which could be much more costly. Managing physical distribution from a
systems approach can provide benefit in controlling costs and meeting customer
service demands.
Functions of Physical Distribution
The key functions within the physical
distribution system are:
1.
Customer service
2.
Order processing
3.
Inventory control
4.
Transportation and logistics
5.
Packaging and materials
Some
of them are explained below.
The customer service function is a strategically
designed standard for consumer satisfaction that the business intends to
provide to its customers. As an example, a customer satisfaction approach for
the handbag business mentioned above may be that 75% of all custom handbags are
delivered to the customer within 72 hours of ordering. An additional approach
might include that 95% of custom handbags be delivered to the customer within
96 hours of purchase. Once these customer service standards are set, the
physical distribution system is then designed to attain these goals.
Order
processing is designed to take the customer orders and execute
the specifics the customer has purchased. The business is concerned with this
function because it directly relates to how the customer is serviced and
attaining the customer service goals. If the order processing system is
efficient, then the business can avoid other costs in other functions, such as
transportation or inventory control. For example, if the handbag business has
an error in the processing of a customer order, the business has to turn to
premium transportation modes, such as next day air or overnight, to meet the
customer service standard set out, which will increase the transportation cost.
Inventory
control is a major role player in the distribution system of
a business. Costs include investment into current inventory, loss of demand for
products, and depreciation. There are different types of inventory control
systems that can be implemented, such as first in-first out (or FIFO) and flow
through, which are methods for businesses to handle products. First in-first out, or FIFO, is a method in which the new
products coming into the warehouse replace existing products of the same SKU so
that merchandise is cycled and does not expire or become old as more recent
production is available. Flow
through, on the other hand, is product that does not get processed in
the warehouse. It is offloaded from an inbound trailer, pushed across the
warehouse and onto outbound trailers for departure without being stored in the
warehouse.
Q.No.2 (b). What is sales promotion? Describe various
tools of sales promotion at consumer’s level.
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Q.No.3: Describe promotion mix with suitable examples. Also explain the
elements of promotion mix with their advantages and disadvantages.
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FOR DETAILS CONTACT:
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CONTACT NO. 9577097967
Q.No.4: Differentiate between the following: (5×4)
(a) Sales promotion and personal selling.
SOLUTION: Sales promotion- It
refers to short-term use of incentives like discounts, free samples, displays, and
exchange offers, free gifts, and exhibitions, road shows to attract the
potential customers and to achieve more sales value. Sales promotion is one of
the seven aspects of the promotional mix. The other six parts of the
promotional mix are advertising, personal selling, direct marketing,
publicity/public relations, corporate image and exhibitions. Media and
non-media marketing communication are employed for a pre-determined, limited
time to increase consumer demand, stimulate market demand or improve product
availability. Examples include contests, coupons, freebies, loss leaders, point
of purchase displays, premiums, prizes, product samples, and rebates
Sales promotions
can be directed at either the customer, sales staff, or distribution channel
members such as retailers. Sales promotions targeted at the consumer are called
consumer sales promotions. Sales promotions targeted at retailers and wholesale
are called trade sales promotions. Some sale promotions, particularly ones with
unusual methods, are considered gimmicks by many.
Whereas personal
selling is performing the task of selling through individual or representative
by face to face interaction with customer. It is also known as salesman-ship. Personal
selling is oral communication with potential buyers of a product with the
intention of making a sale. The personal selling may focus initially on
developing a relationship with the potential buyer, but will always ultimately
end with an attempt to "close the sale" Personal selling is one of
the oldest forms of promotion. It involves the use of a sales force to support
a push strategy encouraging intermediaries to buy the product or a pull
strategy where the role of the sales force may be limited to supporting
retailers and providing after-sales service.
(b) Product mix
and product line.
SOLUTION: - Product mix refers
to the total number of product lines that a company offers to its customers.
For example, a small company may sell multiple lines of products. Sometimes,
these product lines are fairly similar, such as dish washing liquid and bar
soap, which are used for cleaning and use similar technologies. Other times,
the product lines are vastly different, such as diapers and razors. The four
dimensions to a company's product mix include width, length, depth and consistency.
Small companies usually start out with a product mix limited in width, depth
and length; and have a high level of consistency. However, over time, the
company may want to differentiate products or acquire new ones to enter new
markets. A company can also sell the existing products to new markets by coming
up with new uses for their product.
On the other
hand, product line is a group of related products manufactured by a single
company. For example, a cosmetic company's makeup product line might include
foundation, concealer, powder, blush, eyeliner, eye shadow, mascara and
lipstick products that are all closely related. The same company might also
offer more than one product line. The cosmetic company might have a special
product line geared toward teenagers and another line geared toward women older
than 60, in addition to its regular product line that can be used by women of
any age.
(c) Departmental
stores and super markets.
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(d) Quantity discount and cash discount.
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Q.No.5. Write short notes on the following:
(a) Product life cycle.
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(b) Price discriminations.
SOLUTION: Price
discrimination is a pricing strategy under which different prices
are charged to different customers for the same product or service. In pure
price discrimination, the seller will charge each customer the maximum price that
he or she is willing to pay. In more common forms of price discrimination, the
seller places customers in groups based on certain attributes and charges each
group a different price. The purpose of price discrimination is to capture the
market's consumer surplus and generate the most revenue possible for a good.
Price discrimination can be
of three types.
1. First Degree Price
Discrimination: This involves charging consumers
the maximum price that they are willing to pay. There will be no consumer surplus.
2. Second Degree Price
Discrimination: This involves charging different
prices depending upon the quantity consumed. E.g. after 10 minutes phone calls
become cheaper.
3. Third Degree Price
Discrimination: This involves charging different
prices to different groups of people. E.g. students, OAPs and peak travelers etc.
(c) Intensity of distribution.
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(d) Micro
environment of marketing.
SOLUTION: Marketing environments are the
forces that affect the development, strategy, effectiveness and distribution of
marketing messages. Marketing environments are typically categorized as either
macro or micro. While the marketing macro environment consists of overarching
external conditions like the national economy or taxation, the microenvironment
is made up of smaller, more localized factors like customers. The micro
marketing environment consists of certain forces that are part of an
organisations marketing process, but remain external to the organisation. This
micro marketing environment that surrounds organisations can be complex by nature;
however the company has an element of control over how it operates within this
environment.
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