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DRIVE-SPRING
2014
PROGRAM-MBADS/
MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SEMESTER-2
SUBJECT
CODE & NAME-MB0046- Marketing Management
BK
ID-B1629
CREDIT
& MARKS-4 Credits, 60 marks
Q1.
Explain the steps in Business Buying process.
(Characteristics
of Organisational Buyer, Steps in business buying process)2,8
Answer.
Characteristics
of Organisational Buyer
Organisations buy buildings,
plants, office equipment, furniture, and provide services as insurance,
financing, consulting and transportation. Most of these organisational
purchases are indirectly linked to the economy’s purchases of satisfying
consumer demand. Organisational buyers purchase a larger volume of products and
services than individual consumers as their demand is influenced by final
consumer demand. For this reason, demands for industrial products are called derived
demand. There are multiple transactions involved in the buying process between
the organisational buyer and the set of suppliers.
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.
(Definition
of Brand, Advantages of Brand, Explanation of different branding strategies
adopted by companies)2,2,6
Answer.
Definition
of Brand
Brand is name linked to one or
more items in the product line that is employed to recognise the source or
character of item(s).
Q3.
Explain the classification of market based on nature of Competition and area.
(Definition
of market, Classification of market based on nature of Competition and area) 2,
8
Answer.
Definition
of market
Market may be defined as a set of
consumers, potential consumers, past consumers, sellers, resellers, and
intermediaries
who are involved in either the
process of exchange or the process of getting involved in an exchange process.
Markets can differ in size, range, geographic scale, location, types, variety of
human communities, and the types of goods and services traded. Some examples
include local farmers' markets held in town squares or grounds, shopping
centres and shopping malls, international currency and commodity markets, etc.
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.
(Definition
of Personal Selling, Explanation of steps in the Personal selling process) 2, 8
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.
Q5. Describe the stages in consumer decision
making process.
(Explanation
of the stages in consumer decision making process) 10
Answer.
Stages
in consumer decision making process
Consumer buying decision process
is explained through a number of stages and is influenced by one’s
psychological framework comprising the individual’s personality, learning
process, levels of motivation, perception towards products and brands, and
formation of positive attitude towards the brand. Figure below depicts the
process of consumer decision-making
Q6.
Do you think the argument of some theorists that the traditional Ps are not
enough for services marketing? Give suitable examples to prove your point.
(Define
Service Marketing, Explanation of 4p’s, Explanation of Additional 3 p’s) 2, 4,
4
Answer.
Define
Service Marketing
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