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DRIVE-SUMMER
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. 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).
Example: prudential
help in recognising the source or character of an item of a product line.
Advantages of Brand
Q2.
Describe the international market entry strategies in brief. (Joint ventures, Strategic
alliances, Direct investment, Contract manufacturing, Franchising) 2, 2, 2, 2,
2
Answer:
International
Market Entry Strategies
There are
two methods to entry into foreign markets. They are indirect exporting and
direct exporting. In the first method, the manufacturers take the
help of merchant exporters to get products exported to foreign markets.
In direct
exporting, the manufacturers decide to export themselves. Thus, the
manufacturers have to decide, whether they will go directly for exports or take
the help of merchant exporters who are very often recognised as export houses,
trading houses, etc. Some government trading organisations like State
Trading Corporation, MMTC, and National Small Industries Corporations also act
as trading houses.
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.
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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.
Discuss about competition based pricing and product mix pricing strategies with
examples. (Define pricing, Explanation of product mix pricing strategies with
examples) 2, 8
Answer:
Definition
A pricing method in which a seller uses prices of
competing products as a benchmark instead of considering own costs or the
customer demand.
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
Service sector is one
of the key contributing factors for the growth of our economy and civilisation.
Though marketing literature is dominated by manufacturing and product-centric business
practices, service marketing constitutes a strategic area, which has propelled
growth and success for many organisations. Pure services and products are
hypothetical
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