MBA 203

Assignment ;- 1

1. i. What is product cycle ?

Ans :- The product lifecycle, in a marketing context, is all the stages of a product's life span that are related to its promotion and sales.

The marketing lifecycle is traditionally broken down into four stages: introduction, growth, maturity and decline.

1. In the introduction stage, the product is released to the market; pricing and branding decisions are

made and marketing begins.

2. In the growth stage, vendors work to increase brand recognition and market share.

3. In the maturity stage, market saturation has been achieved. The attempt is to maintain market

share. Once sales begin to decrease, extension strategies may be employed to try to keep the

product in the maturity stage.

4. Otherwise, the product is in its decline stage and an exit strategy may be set in motion. The marketing lifecycle is less comprehensive than the concept of the product lifecycle in manufacturing, which encompasses all the stages a product goes through from its initial conception (beginning-of-life, or BOL) to its eventual disposal at the end of its useful life

ii) Name two feature of Marketting ?

Answer :- Features of Marketing Research1. It is a systematic process – It has to be carried out in a stepwise and systematic manner and the whole process needs to be planned with a clear objective.2. It should be objective – It is important that the methods employed and interpretations are objective. The research should not be carried out to establish an opinion nor should it be intentionally suited towards predetermined results.3. It is multi-disciplinary – Marketing Research draws concepts from other disciplines such as Statistics for obtaining reliable data and from Economics, Psychology and sociology for better understanding of buyers. iii) What is MIS?

Ans :- A computerized management information system (MIS) in all registered clients, counseling sessions, and all medical visits provided to the clients with respect to hospital management system of any major hospitals. Non-computerized data from previous years only documented the number and location of counseling sessions while the new MIS provides much more specific and detailed data. The impact of computer-based information systems on manager’s work reflects decisions made by managers themselves about how the technology is used. The impact of MIS is not an individually stable and predictable. As a manager at any organization you can use non linear on-going process of change that evolves over time and situations. In an organization you can develop a system, shape it and also react it to any different way.

We cannot limit the impact of MIS to some specific areas. It has wide range of applications and has a unique impact on each system. Now, MIS has become very important fact of all the information systems that we cannot view any system without MIS.

iv) Why is scanning of environment a crucial task ?

Ans :- Environmental scanning is the communication of external information about facts that could influence an organization on its’ strategic decision-making process. It is a method of analyzing relevant gathered information and use to determine strategic and premeditated action on the business environment. The environmental scanning process seek obtain both realistic and subjective information on the business environments where a corporation is functioning or considering entering. It is the possession and use of information concerning events, trends, and interaction in an organization's external environment, the data of which could support management in scheduling the organization's future line of action. 

v) What is marketing audit ?

Marketing audit is an extensive, systematic, independent and regular examination process of a company's marketing activities.

It is an extensive or comprehensive process because it covers all (entire) marketing activities of a company.

It is a systematic or methodical process since it strictly follows all involved steps or procedures properly.

It is an independent or autonomous process conducted by an external person. This person is not from the marketing department of a company.

It is a periodic process because it is conducted continuously after some fixed interval of time.

Q. 2) Explain the various types of promotion techniques used in marketing ?

Ans :- Promotional techniquesA company can employ various promotional techniques in order to communicate with the target market, techniques that form the promotional mix. Depending on the communication means, the promotional techniques can be:

Direct (personal) communication techniques – focused on creating a relationship with each client (personal sales, direct marketing)

Indirect (non- personal) communication techniques – based on mass communication, the message in identical for a high number of potential customers ( advertising, public relations, sales promotion

Following, the main promotional techniques used by companies:1. Advertising 

Is a form of promoting the products, services and image of a company that is addressed to large numbers of consumers, using the mass media. Depending on the financing, there are:

Free advertising – is an informative communication that doesn't have a sponsor. Focuses on reporting news or information concerning a company, using mass media (press conferences, press releases)

Advertising – is paid by a sponsor, that is usually the company producing the promoted goods. Its main characteristics are:

It's a paid promotion technique The target market is scattered territorially The message is transmitted using mass media Is a non-personal communication technique The company paying for the advertising is usually identified in the content of

the message.2. Public relations 

Are a deliberate and planned effort of a company to communicate to various public categories that might have an interest in the company's activities (customers, investors, employees). The purpose of this in creating a favorable image and a trust climate based on convenient mutual relations. Public relations use various communication channels, from personal channels to mass media. The differences between public relations and advertising are:

Public relations use informative messages (company achievements, annual reports, balance sheets)

Advertising calls to immediate action while public relations try to build trust Public relations actions are unique, while advertising can be repeated Public relations can be achieved also through public dialogue.

3. Sales promotion Uses a wide variety of instruments meant to lead the customer to an immediate action regarding the purchase of a good or service. The main characteristics of sales promotions are:

Offer an immediate advantage – a price discount, a higher quantity at the same price, a free service, a contest.

Are exceptional – the advantage is not permanent, is available for only a period of time

Call to immediate action – the fact that the offer is limited is highlited Cause regrets – if the customer doesn't purchase the product. 

All these are communicated in the message that joins the campaign.The main sale promotion techniques are:

Price discounts Offering a larger amount of the product at the same price Group sales Gifts Loyalty gifts Samples Games, contests, raffles. he can purchase in that place. Lightboxes Banners Posters Product display shelves Specific lighting Point-of-sale atmosphere Audio-video messages Promotional gifts (pens, lighters, bags, products printed with the company

brand)5. Direct marketing 

Is an interactive communication system with each consumer, using a distance communication mean: catalogs, personal letters, electronic catalogs. The interactivity consists in the option the receiver has to order the product from the catalog, and have it delivered at home.

6. Personal sales Involve the direct contact between a salesperson and a customer, usually at the customer's residence or in public places. The selling process is joined by promotional messages focused on the advantages offered by the product.

7. Promotional gifts Are small presents printed with the company logo or product name, offered to the customer in order to remind him of the product. For example: pens, lighters, ashtrays, agendas.

8. Internet promotion Consists in communication using web sites that will create the virtual company image, present the products, include press releases. The most used Internet advertising means are: banners, pop-ups, newsletters, link to the company website.

 

3. Explain the role challenges of using internet in marketing?

Ans :- Internet marketing can have some disadvantages to the way a business operates. Below shows some examples of challenges that businesses may face;

-   Converting leads to salesFor a business to convert leads into sales they need to attract customers and make sure that they buy something from them. ASOS can measure how many people have visited their website but cannot find out how many people have actually purchased from them. To gain more sales ASOS should make their website different from competition and offer wider ranges of products which encourages people to buy from them. ASOS also need to carry out market research to find out what people want, this would help them with their sales as they will have this information and will know what people like and dislike.

-   Managing an online market system

It is important for a business to manage their online market system. This can be very difficult for a business as they regularly have to keep up to date with customer feedback and also regularly update their website to keep customers interested. It is important that they keep their website regularly updated so they can retain their customers and also this may help to attract new ones as more people will become aware of the business. It is also important to reply to customers questions and join in with customer discussions over the website. This provides a good customer service which also helps to retain their customers. This could be a disadvantage for a business as they would need to employ people who are specialists to keep their websites maintained regularly; this could be very costly for them. ASOS have specialists who keep their website up to date and also try to make it stand out from their competition. They also send out regular emails to their customers informing them of latest products or any changes in the business.

-   Prioritizing time, energy and money for best results

It is important that a business has time, energy and money to produce the best results for their business. A disadvantage for a business is that they may put all of the above into the business

and end up making a loss as their sales may not be high enough which means they may not be able to cover the costs.

-   Creating content

It is important that a business knows what target audience they are aiming their products at. Once they know this they need to decide what content they should have on their website to keep their target audience attracted. It is important that they provide products which are different from their competitors so they keep ahead of their competition. A disadvantage for having an online business is that you have to be patient as it takes longer for the business to become well known and also for customers to become aware of the website. When setting up an online business a business needs to think about making their website well presented and easy to access, the costs of advertising, securing the website from hackers and viruses and finding ways to keep ahead of the competition.

 

Other challenges when setting up an online business include;

-   Technical and Design skills – It is important to have technical skills when setting up an online business, this is because online businesses websites regularly need updating and need a lot of attention so it is important that the person maintaining the website has good ICT skills and also good designing skills to attract customers.

 

-   Making the website easy to use for customers – it is important that the website is easy and simple to use for customers. If customers find it easier to navigate around the site there is more of a chance for the customer purchasing from them again as they are familiar with the website. Adding additional features such as; being able to zoom in and out and seeing a 3D image of the product also helps to gain customers and is also providing a better customer service.

 

-   Making sure the website is secure for customers – There is always a chance for a businesses website to be hacked or have a virus on it. It is important that a business has security measures to prevent these things from happening. They also need to make sure that all customer details are secure and no one has access to them.

 

-   Carrying out research – a business needs to make sure that they carry out market research before they start an online business. By doing this they can find out exactly what their target customers want.

 

-   Updating website regularly – for an online business it is important that they update their websites regularly with all their latest prices and products. This will keep customers interested and purchasing from them in future.

 

-   Keeping ahead of competition – operating an online business has become more popular over the years. A business needs find ways to keep ahead of their competition. They could do this by offering cheaper prices and wider ranges of products.

-   Advertising – another challenge faced by businesses is advertising and the costs of it. Businesses need to consider if they want to advertise and how much they are willing to pay to make their website well known.

Assignment NO- 2Q 1.

i) What are the type of communication system

Ans :-

ii) What do you understand channel of distribution?

Ans :- A distribution channel is the chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. A distribution channel can include wholesalers, retailers, distributors and even the internet. Channels are broken into direct and indirect forms, with a "direct" channel allowing the consumer to buy the good from the manufacturer and an "indirect" channel allowing the consumer to buy the good from a wholesaler. Direct channels are considered "shorter" than "indirect" ones