B.Com 5th Sem: Principles of Marketing Solved Papers' 2017 | Dibrugarh University

1. (a) Write True or False:                                                            1x4=4

(b) Fill in the blanks:                                                                                        1x4=4

2. Write short notes on:                                                               4x4=16

a) Marketing mix: Marketing mix refers to one of the major concept in modern marketing. According to Philip kotler “marketing mix is a set of controllable marketing variables that the firm blends to produce the response it wants in the target market”. It is the combination of four controllable variables which constitutes the company’s marketing system .the four controllable variables are:

These elements are inter related and inter dependent since decisions in one area usually actions in other area.

Features of marketing mix:

1) Combination of four controllable variables: Marketing mix is the combination of four variables inputs namely product, price, promotion and place that constitute the core of organizations marketing system

2) Inter relation of variables: The four P’s of marketing mix are interrelated and independent as the decision of one area automatically depends upon the other.

3) Managerial activity: Marketing mix is a managerial activity i.e. it is the responsibility of the marketing manager to combine the four ingredients in the right proportion as to achieve optimum results.

4) Dynamic concept: Marketing mix is a dynamic concept as there is need of continuous changes as per the changes taking place in the marketing environment.

5) Consumer orientation: All marketing activities are directed towards consumer satisfaction therefore marketing mix variables need to be flexible to adopt the needs expectation, purchasing power and buying behavior of the consumer.

b) Market segmentation: A market consists of large number of individual customers who differ in terms of their needs, preferences and buying capacity. Therefore, it becomes necessary to divide the total market into different segments or homogeneous customer groups. Such division is called market segmentation. They may have uniformity in employment patterns, educational qualifications, economic status, preferences, etc. Market segmentation enables the entrepreneur to match his marketing efforts to the requirements of the target market. Instead of wasting his efforts in trying to sell to all types of customers, a small scale unit can focus its efforts on the segment most appropriate to its market. It is defined as “The strategy of dividing the market in order to consume them”.

According to Philip Kotler, “It is the subdividing of market into homogenous subsets of consumers where any subset may be selected as a market target to be reached with distinct Marketing Mix”

According to Philip Kotler, market segmentation means "the act of dividing a market into distinct groups of buyers who might require separate products and/or marketing mixes."

According to William J. Stanton, "Market segmentation in the process of dividing the total heterogeneous market for a good or service into several segments. Each of which tends to be homogeneous in all significant aspects."

c) After sale service: Customers are the assets of every business. Sales professionals must try their level best to satisfy customers for them to come back again to their organization. After sales service refers to various processes which make sure customers are satisfied with the products and services of the organization. The needs and demands of the customers must be fulfilled for them to spread a positive word of mouth. In the current scenario, positive word of mouth plays an important role in promoting brands and products.

After sales service makes sure that products and services meet or surpass the expectations of the customers. After sales service includes various activities to find out whether the customer is happy with the products or not? After sales service is a crucial aspect of sales management and must not be ignored.

Importance of after sale service

After sales service plays an important role in customer satisfaction and customer retention. It generates loyal customers. Customers start believing in the brand and get associated with the organization for a longer duration. They speak well about the organization and its products. A satisfied and happy customer brings more individuals and eventually more revenues for the organization. After sales service plays a pivotal role in strengthening the bond between the organization and customers.

d) Warehouse: It is a place for the storage and preservation of goods in proper condition. It is an establishment for the accumulation of goods for future use. It implies holding or preservation of goods from time of their production or purchase until their consumption or sale. The warehousing service plays an important role in supply and distribution of goods after their manufacture.

Need and importance of warehouses:

a)      To store excess production in anticipation of demand 

b)      To store goods those are produced seasonally 

c)       To store goods those have seasonal demand

d)      Stability in prices

e)      Storage of raw materials 

f)       Basis of Trade 

g)      Processing, curing and packaging of goods.

Types of warehouses: (1) Government warehouses (2) Private warehouses  (3) Public warehouses  (4) Cooperative warehouse  (5) Bonded warehouse (6) Excise Bonded warehouse  (7) Custom Bonded warehouse

3. (a) Compare Marketing with Selling. Discuss the objectives of marketing.    7+7=14

Ans: Difference between selling & marketing concept

Objectives of Marketing

The major objectives of marketing are as follows:

OR

(b) What is marketing environment? Discuss about the controllable forces of business environment. 4+10=14

Ans: MARKETING ENVIRONMENT

A variety of environmental forces influence a company’s marketing system. Some of them are controllable while some others are uncontrollable. It is the responsibility of the marketing manager to change the company’s policies along with the changing environment.

According to Philip Kotler, “A company’s marketing environment consists of the internal factors and forces, which affect the company’s ability to develop and maintain successful transactions and relationships with the company’s target customers”.

The Environmental Factors may be classified as:

1.       Internal Factor

2.       External Factor

External Factors may be further classified into:

1. Internal Environmental Factors: A Company’s marketing system is influenced by its capabilities regarding production, financial and other factors. Hence, the marketing management/manager must take into consideration these departments before finalizing marketing decisions. The Research and Development Department, the Personnel Department, the Accounting Department also has an impact on the Marketing Department. It is the responsibility of a manager to company-ordinate all department by setting up unified objectives.

2. (a) External Micro Factors: Some of the important external micro factors are:

1.       Suppliers: They are the people who provide necessary resources needed to produce goods and services. Policies of the suppliers have a significant influence over the marketing manager’s decisions because, it is laborers, etc. A company must build cordial and long-term relationship with suppliers.

2.       Marketing Intermediaries: They are the people who assist the flow of products from the producers to the consumers; they include wholesalers, retailers, agents, etc. These people create place and time utility. A company must select an effective chain of middlemen, so as to make the goods reach the market in time. The middlemen give necessary information to the manufacturers about the market. If a company does not satisfy the middlemen, they neglect its products and may push the competitor’s product.

3.       Consumers: The main aim of production is to meet the demands of the consumers. Hence, the consumers are the center point of all marketing activities. If they are not taken into consideration, before taking the decisions, the company is bound to fail in achieving its objectives. A company’s marketing strategy is influenced by its target consumer. E.g. If a manufacturer wants to sell to the wholesaler, he may directly sell to them, if he wants to sell to another manufacturer, he may sell through his agent or if he wants to sell to ultimate consumer he may sell through wholesalers or retailers. Hence each type of consumer has a unique feature, which influences a company’s marketing decision.

4.       Competitors: A prudent marketing manager has to be in constant touch regarding the information relating to the competitor’s strategies. He has to identify his competitor’s strategies, build his plans to overtake them in the market to attract competitor’s consumers towards his products. Any company faces three types of competition:

a)      Brand Competition: It is a competition between various companies producing similar products. E.g.: The competition between BPL and Videocon companies.

b)      The Product Form Competition: It is a competition between companies manufacturing products, which are substitutes to each other E.g.: Competition between coffee and Tea.

c)       The Desire Competition: It is the competition with all other companies to attract consumers towards the company. E.g.: The competition between the manufacturers of TV sets and all other companies manufacturing various products like automobiles, washing machines, etc.

Hence, to understand the competitive situation, a company must understand the nature of market and the nature of customers. Nature of the market may be as follows:

                    I.            Perfect Market

                  II.            Oligopoly

                III.            Monopoly

                IV.            Monopolistic Market

                  V.            Duopoly

5.       Public: A Company’s obligation is not only to meet the requirements of its customers, but also to satisfy the various groups. A public is defined as “any group that has an actual or potential ability to achieve its objectives”. The significance of the influence of the public on the company can be understood by the fact that almost all companies maintain a public relation department. A positive interaction with the public increases its goodwill irrespective of the nature of the public. A company has to maintain cordial relation with all groups, public may or may not be interested in the company, but the company must be interested in the views of the public.

Public may be various types. They are:

a.       Press: This is one of the most important groups, which may make or break a company. It includes journalists, radio, television, etc. Press people are often referred to as unwelcome public. A marketing manager must always strive to get a positive coverage from the press people.

b.      Financial Public: These are the institutions, which supply money to the company. E.g.: Banks, insurance companies, stock exchange, etc. A company cannot work without the assistance of these institutions. It has to give necessary information to these public whenever demanded to ensure that timely finance is supplied.

c.       Government: Politicians often interfere in the business for the welfare of the society and for other reasons. A prudent manager has to maintain good relation with all politicians irrespective of their party affiliations. If any law is to be passed, which is against the interest of the company, he may get their support to stop that law from being passed in the parliament or legislature.

d.      General Public: This includes organisations such as consumer councils, environmentalists, etc. as the present day concept of marketing deals with social welfare; a company must satisfy these groups to be successful.

4. (a) Discuss the various steps of buying process. Critically analyze psychological determinants of consumer’s behaviours.                7+7=14

Ans: Steps in buying decision process

The marketing scholars have developed a “stage model” of the buying process. The consumer passes through 5 stages. But consumers do not always pass through all five stages in buying a product. They may skip some stages.

(1) Problem Recognition: The buying process starts when the buyer recognizes a problem or need. The need can be triggered by internal or external stimulus. With an internal stimulus, one of the person’s normal needs hunger thirst etc. become a drive or a need can be aroused by external stimuli. Marketers need to identify the circumstances that trigger a particular need by gathering information from a number of consumers.

(2) Information Search: An aroused consumer will be inclined to search for more information. A person at times simply becomes receptive to information about a product or he may enter looking for a reading material, phoning friends, going online etc. Through gathering information, the consumer learns about competing brands and  other features.

(3) Evaluation of Alternatives: The information search and  comprehension (evaluation) stages represent the information processing stage. These 2 stages constitute the cognitive field of the purchase process. Cognition refers to acquisition of knowledge.

Some basic concepts help us in understanding consumer evaluation: first the consumer is trying to satisfy a need, second the consumer is looking for certain benefits and  third the consumer views each product as a bundle of attributes to satisfy this need.

(4) Purchase Decision: The buyer must be convinced that the purchase of the product is the legitimate course of action. This stage stands as a barrier between a favourable attitude towards the product and  actual purchase. Only if the buyer is convinced about the correctness of the purchase decision, will be proceed. At this stage, he may seek further information regarding the product or attempt to assess the information already available.

(5) Post Purchase Behaviour: The purchase leads to specific post purchase behaviour, usually it creates some restlessness in the mind of the individual. He is not sure about the product. He may feel that the other brand would have been better. It can be defined in terms of satisfaction. If the performance of the product falls short of expectations, the consumers is disappointed, if it meets expectations, the consumer is satisfied, it is exceeds expectations, the consumer is delighted. These feelings make a difference in whether the customer buys the product again and  talks favourably or unfavorably about it to others.

Factors that influence  consumer behaviour

The buyer has a selective perception and  is exposed to a variety of products and  information. He may ignore certain piece of information whereas actually seek out some other information whereas actively seek out some other information Therefore, marketers must fully understand both the theory and  reality of consumer behaviour. A consumer’s buying behaviour is influenced by cultural, social and  personal factors and  they are a part of the buyer as an individual.

Pshycological/Social Factors: Consumer’s behaviour is influenced by social factors such as reference groups, family, social roles and  status. The buyer is living in a society, is influenced and  There is a constant interaction between the individual and  the groups to which he belongs. All these interactions affect him in his day to day life.

a. Reference Groups: A person’s reference groups consist of all the groups that have a direct or indirect influence on his attitude. They can be family friends, neighbours, co-worker, religious, professional and  trade union groups. Reference groups expose an individual to new behaviours and  lifestyles and  influence attitude and  self concept. Brands like Levi, Prologue and  Planet M used teenage icon as brand Ambassadors for in store promotions.

b. Family: The family is the most important buying organization in society. From parents a person acquires an orientation toward religion politics and  a sense of personal ambition, self worth and  love. E.g. In traditional joint families, the influence of grandparents on major purchase decisions affect the lifestyles of younger generations. In urban India with the growth of nuclear families and  both husband and wife working the role of women in major family decisions is prominent. Children and  teenagers are being targeted by companies using the internet as an interactive device.

c. Role and  Status: The person’s position in each group can be defined in terms of role and  status. A role consist of all activities that a person is expected to perform. Each role carries a status. A Vice President of marketing has more status than a sales manager and  a sales manager has more status than an office clerk and  people choose those products that reflect and  communicate their role and  desired status in society.

OR

(b) Describe the benefits of market segmentation. What are the factors bring success in market segmentation? 7+7=14

 Ans: Advantages / Importance / Significance of Market Segmentation:

The purpose of segmentation is to determine the differences among the purchases which may affect the choice of the market area and marketing strategies. Following are some of the benefits of marketing segmentation.

Essentials elements for success of Marketing Segmentation:

Market segmentation has its own benefits and costs. The strength of it lies in better understanding of consumers for making intelligent marketing decisions and their implementation. The success of marketing segmentation of depends on the following points:

5. (a) What is a new product? Why the companies produce new products? Explain the different steps involved in new product development.

Ans: New products are those that are new to the company and may include major modifications to the existing products, duplications of competitors' products, product acquisitions or innovative original products. A new product is one that is perceived by the majority of people in a given market as new. Its degree of newness depends on the extent to which it involves changes in established purchase or consumption pattern be it an entirely new as original or modified or duplicate or a combination of these.

Why new products are needed?

A new product is important for every business because of the following reasons:

1. Company growth: Growth and expansion of a company is heavily dependent on new products developments. The importance of new product is increasing day by day in recent years and will reach even greater importance in the future as competition continues to intensify and flooding of new products is likely to shorten the life span of the existing products as we are seeing at present in case of mobile phones.

2. Higher profit margins: A primary economic conclusion, derived from the analysis of life-cycles of good many products, is that sooner or later every product is pre-empted by another or else degenerates into profitless price competition. This inevitable fact makes clear the necessity of careful new product planning to maintain profit margins.

3. Utilisation of excess capacity: Each and every company has some spare capacity which can be utilised for new product development. To use the full capacity of the firm, new product, in whatever form, is to be produced.

4. Recycling of waste product: In mass-production lines, waste, scrap, rejects are in larger quantities though may be representing a nominal percentage of input. These waste products can be further utilised for new product development.

Stages in New Product Development Process

The introduction of new product usually passes through various stages. In each stage, the management must decide whether to move on to next stage with the product idea or not. Practically, in this process some of the ideas will be eliminated at every step. There are six stages involved in the new product development. The stages are given below:

(I) Idea generation: New products are produced on the basis of new ideas. Ideas may be generated from various sources like customers, dealers, distributors, salesman, top executive, consultancy organisation, Research and Development Department etc. The first step is to collect ideas as many as possible so that the company can find out one of the best idea out of those ideas to convert the same in to actual product.

(II) Screening of Ideas: All new ideas cannot be converted into products as it requires heavy capital investments. Those ideas should be screened and all unworkable ideas should be dropped. Only most viable, feasible and promising one should be selected for further processing. The company uses the concept testing method. In this method, consumer response to a description or picture or drawings is measured even before the product is actually produced. The purpose is to find out few best ideas.

(III) Business Analysis: During this stage, an attempt is made to predict the economic consequences of the product for the company. In these stages, the management should perform the following:

(a) Identify product features.

(b) Estimate market demand and product profitability.

(c) Establish a programme to develop the product.

(d) Assign responsibility for further study of the product feasibility.

(IV) Product Development or Prototype testing:  This step consists of the following:

(a) Prototype development giving visual image of the product.

(b) Consumer testing of the model or prototype product.

(c) Branding, packing and labeling of the product.

The marketing people determine an appropriate brand name, package and price and making sure that both tangible and intangible features are considered and included. Focus groups, target market surveys and other market research techniques with the physical product give the marketer additional information.

(V) Market Testing: Test marketing involves placing a full developed new product for sale in one or more selected areas and observing its actual performance under a proposed marketing plan. In the words of P. Kotler- “Test marketing is the stage at which the product and marketing programme are introduced into more realistic market settings”. The basic purpose is to evaluate the product performance and marketing programme in a real setting prior to the commercialization. This step provides the scope of correction and modification of the product as well as marketing programme. Many products fail after commercialization because of lack of test marketing. In this process, the marketers approach the trial purchasers and first repeat purchaser to know their feelings and reaction about the product as well as marketing programme. On the basis of their opinions the marketers make certain required modification in the product as well as marketing programme. After the favourable result usually, products are sent for commercialization.

(VI) Commercialization: After favourable response in test marketing, full scale production and marketing programme are planned and then the product is launched. It may be in phased manner or the product may be introduced simultaneously depending on the company’s plan and resources available. The phased manner introduction helps to avoid short supply of the product due to initial gaps in production and distribution.

OR

(b) What factors make a brand name good one? What are the benefits gain by the manufacturers from branding? 6+8=14

Ans: Brand Name: A brand is define as a name, term, sign, symbol or special design or some combinations of these elements that is intended to identify the goods or services of one seller or a group of sellers. A brand differentiates these products from those of competitors. A brand in short is an identifier of the seller or the maker. A brand name consists of words, letters and / or numbers that can be vocalized. A brand mark is the visual representation of the brand like a symbol, design, distinctive colouring or lettering.

In the opinion of American Marketing Association, Brand is a name, position, symbol or design or their combination by which the products and services of a seller or different sellers are recognized and are differentiated from the products and services of competition.

In the views of Lapland, The 'brand' can be defined as any indication, symbol, letter or letters which indicate the origin or the ownership of any product and differentiate the product from its variety, and don't grant the same right to others for using them for the similar object.

Elements of a Good Brand

It is generally a difficult decision to select any brand, for the producer-firm, for its produced goods. Although no legal restriction is there regarding the selection of a brand, yet the marketing managers are required to keep enough of care and precaution in selecting the brand. While selecting the brand, the following qualities must be essentially borne into consideration:

Importance of Branding

A brand is define as a name, term, sign, symbol or special design or some combinations of these elements that is intended to identify the goods or services of one seller or a group of sellers. A brand differentiates these products from those of competitors. A brand in short is an identifier of the seller or the maker. A brand name consists of words, letters and / or numbers that can be vocalized. A brand mark is the visual representation of the brand like a symbol, design, distinctive colouring or lettering. Some of the importances of good brand name are stated below:

1. Creates customer’s preference: Similar products and services of various companies are available in the market which creates confusion amongst the customer’s mind. Branding helps to attract the customer. It induces customer’s preference towards a product or service.

2. More revenue: Branding helps the companies to increase their market share due to which their revenues also increases. Also, a company with good brand name charges higher price as compare to other competitors.

3. Helps to survive during recession: During recession a company with good brand name can easily survive which is not possible for a new or general company.

4. Increase in employee’s efficiency: When the brand of company is well known, people also want to work with that company. Highly qualified and skillful candidates always prefer to work with the establishment having good brand name.

5. Attracting new distributor: A company with good brand name can easily attract local and global distributor. Every distributor wants to work with good brand because it increases their revenue.

6. (a) Who are large scale retailers? What are the services rendered by retailers in modern marketing?               7+7=14

Ans: Large scale retailers are those who made available single type of goods or a variety of goods to a large number of consumers in a big shop under a single roof or may be made available at the convenience of customers. Large scale retailers include:

1. Departmental Stores: It is a large retail store dealing in a wide variety of goods under a single roof. It is essentially an urban retail outlet designed for mass selling dealing in almost Aspirin to zip

2. Multiple Shops: A multiple shop or a chain store is a system of branch shops operated under a centralised management and dealing in similar lines of goods. It is chain of retail stores dealing in identical and generally restricted range of articles operating in different localities under central ownership and control.

3. Consumer Cooperatives: These are the retailers or stores owned by a group of consumers themselves on cooperative principles. It is an association of consumers to obtain their requirements by purchasing in bulk and selling through the stores to the member and non-member consumers.

4. Mail Order Houses: In this form of business, the seller contacts the buyer through some form of advertising. That is the customers do not visit the sellers' premises nor there is personal inspection of goods before the purchase. The transaction is settled through postal medium mostly through V.P.P. or Registered post.

5. Fair Price Shops: These are the retail outlets started by the manufacturers in different cities and towns to sell at prices which are quite fair.

Services or functions of Retailer

Services to Wholesalers and Manufacturers

Services to Consumers

OR

(b) Explain the structure of physical distribution system. Discuss the components of physical distribution in modern marketing.                          7+7=14

Ans: Physical distribution: Physical distribution is the process of making the movement of the product to the consumers. It encompasses all the activities involved in the physical flow of products from producers to consumers. Physical distribution makes the product available at the right place and at the right time, thereby maximizing the company’s chance to sell the product and strengthen its competitive position. The products have to be carried to places of consumption; they have to be stored; and they have to be distributed. The product has to be marketed over an extensive marketing territory. It has to be transported through long distances, stored for a considerable length of time before being consumed. Physical distribution largely determines the customer service level. Inefficient physical distribution leads to loss of customers and markets. There are some products which are subject to the seasonality factor - either production is continuous but demand is seasonal, or demand is continuous but production is seasonal. In all such cases, physical distribution acquires additional importance.

Decisions/ Components/ Elements of Physical Distribution

1. Material Handling: Material handling stands for the product movement after it gets out from manufacturing plant but before it is loaded on the transport mode to the destination of consumer. Material handling is undertaken at every stage of logistics activity namely, during production – storage – transport and packaging processes. Thus, it represents product handling from plant to warehouse or warehouses, location to another within the warehouse and from warehouse to the place of loading from transport models. Material handling is the sub-system of physical distribution system of a firm and is an agent of cost reduction and improved customers service. In effect, an efficient and effective materials handling system in a unit contributes to the efficiency and effectiveness of the total physical distribution system. It is because, sound management of material handling avoids damage in product handling, prevents unnecessary and irrelevant movement, facilitates order-processing and order picking and enables efficient product movement to match with inventory levels and transportation.

2. Inventory Planning And Control: Inventory refers to the stock of products a firm has on hand and ready for sale to customers. Inventories are kept to meet market demands promptly. Inventory is the link interconnecting the customer’s orders and the company’s production activity. Infact the entire physical distribution management rotates around the inventory management. Inventory management is the heart of the game of physical distribution. Marketing managers undertake an inventory planning to develop adequate assortments of products for the target market and also try to control the costs involved in obtaining and maintaining inventory.

3. Order Processing: Order processing includes the activities of receiving, recording, filling and assembling and orders for shipment. Each customer aspects that the order placed by him should be implemented without inordinate delay on one hand and that the goods dispatched match perfectly to his order specification. This implies quality control that ensures the upright execution of orders. That is why, marketers and distribution managers are very much concerned about the order cycle time and every effort is made to keep it rigged.

An order cycle is the period between the time of the placement of an order by the customer to the time of the arrival of the goods at his destination. This cycle is made up of the transmission of the order, document processing in the department and shipment of the goods. Here, document processing is a routine activity which is standardized. Since, order processing involves series of logical steps from receiving order to the dispatch, there should be a standard procedure for receiving the orders, handling the orders, granting of credit, invoicing, dispatching, collecting the bills and post dispatch adjustments. The order processing procedures followed in a firm have dual impact on consumer service level namely, it affects:

4. Communications: It is a process of passing information and understanding from one person to another. This includes the information system which should link producers, intermediaries, and customers. Computers, memory systems, display equipment and other communication technology facilitate the flow of information among other members in the channel. A manager to be successful must develop an effective system of communication. So that he may issue instructions, receive the reactions of the subordinates, and guide and motivate them.

5. Organisational Structure: The person in charge of the physical distribution should co-ordinate all Activities into an effective system to provide the desired customer service in the most efficient manner. Examples of organizational consideration are: (i) How can the five elements of physical distribution best be co­ordinated so that a team effort results? How can compartmentalization thinking be avoided? (ii) If a central head is established to direct all physical distribution activities, to whom should he report—The Head of the Marketing or The Chief Executive Officer?

6. Transportation: Transportation as the last component of distribution system is to do with the movement of products from warehouse to the customer destinations. Transportation involves loading and unloading of products and transshipment between the place of dispatch and places of arrival. The major contribution of transportation management is cost reduction because, cost of transportation is 35 per cent of total distribution costs and 15 to 20 per cent of the total price paid by the users. The point lies in cost reduction and creation of maximum of time utility. Every marketer takes sufficient interest in company transportation and transportation decisions because, it is the correct choice of transport mode of modes that will help in gaining the effects as it affects pricing of products, regular and punctual delivery performance and the conditions of the goods in transit – all affecting finally the consumer satisfaction and sales profitability.

(Old course)

Full marks: 80

Pass marks: 32

1. (a) Write True or False:                                                                                                             1x4=4

(b) Fill in the blanks:                                                                                                        1x4=4

2. Write short notes on:                                                                                                                4x4=16

3. (a) What is marketing concept? Discuss the factors which influence the marketing concept.                    3+8=11

OR

(b) What is product mix? Discuss the important variables of product mix.                              3+8=11

4. (a) Explain the features of buying motives. What are the importance of buying motives in marketing system? 6+5=11

OR

(b) What are the benefits of market segmentation? What are the requisites of a good segmentation?   5+6=11

5. (a) What are the most important objectives of product planning? What are the causes of failure of new product in the market?                                                                                               6+5=11

OR

(b) What is branding? Discuss the merits of branding to middlemen and customers.  3+8=11

6. (a) What is pricing? Explain the appropriate approaches to pricing.                                       11

OR

(b) What is communication? Critically discuss the process of communication.       3+8=11

7. (a) (i) Explain the functions of wholesale traders in brief.                                                          4

(ii) What are the services rendered by wholesalers to manufacturers?   8

OR

(b) (i) Discuss in brief the role of physical distribution in marketing.                          4

(ii) What are the merits and demerits of roadways?                                                         8