Marketing Management: Core Concepts and Strategic Planning

Q1) Solve any 5 of the following: [10]

a) Define the term 'price'.

The term "price" generally refers to the amount of money or value that must be given up in order to acquire a good or service. It is the numerical representation of the exchange value of a product or service in a market transaction. Prices are determined by various factors such as supply and demand, production costs, competition, and market conditions. They play a crucial role in allocating resources efficiently within an economy and influencing consumer behavior.

b) Recall the definition of a retailer.

A retailer is a business or individual that sells goods or services directly to consumers. Retailers typically purchase products from wholesalers or manufacturers and then sell them to the end-users at a markup. They operate through various channels such as physical stores, online platforms, or a combination of both. Retailers play a significant role in the distribution chain, bridging the gap between producers and consumers, and they often provide additional services such as customer support, product demonstrations, and after-sales assistance.

c) Enlist different levels of the product.

In marketing, the concept of the "product" encompasses several levels, each representing a different aspect of what a customer is purchasing. The levels of a product are commonly described as follows:

• Core Product: This is the fundamental benefit or service that the customer is seeking. It addresses the primary need or want that the product fulfills. For example, the core product of a smartphone is communication and connectivity.
• Actual Product: This level includes the tangible features and attributes of the product. It encompasses the physical product itself, along with its design, quality, brand name, packaging, and any additional features. For a smartphone, the actual product includes its design, screen size, camera quality, processing power, operating system, etc.
• Augmented Product: This level includes the additional services or benefits that accompany the actual product. These extras enhance the overall customer experience and satisfaction. Examples of augmented product offerings for a smartphone might include warranty services, customer support, software updates, and accessories.
• Potential Product: This level represents future enhancements or developments that could be made to the product over time. It includes potential improvements, innovations, or expansions that could add value and meet evolving customer needs.

d) The pricing strategy used to set prices of products used with a main product is called:

iv) Captive product pricing.

e) All of the following are famous grocery brands in India EXCEPT:

iv) Vijay Sales.

f) State the '5M' of advertising.

The "5M" framework in advertising refers to 5 key elements that are essential for creating effective advertising campaigns:

1. Message: The content of the campaign.
2. Market: Identifying the target audience.
3. Medium: The channels used to deliver the message.
4. Money: The budget allocated for the campaign.
5. Measurement: Evaluating the effectiveness of the campaign.

g) State the concept of 'Brand'.

A brand represents the overall perception or image of a company, product, or service in the minds of consumers. It is a collection of intangible attributes, associations, emotions, and experiences that people connect with a particular entity.

h) Recall the definition of 'Marketing Audit'.

A marketing audit is a comprehensive examination and evaluation of a company's marketing efforts, strategies, objectives, and performance. It involves analyzing various aspects of the marketing function to identify strengths, weaknesses, opportunities, and threats (SWOT analysis) within the organization's marketing activities.

Q2) Solve any 2 of the following: [10]

a) Compare and contrast 'Advertisement vs. Sales Promotion'.

Advertising aims to build brand equity and awareness over the long term, whereas sales promotion focuses on stimulating immediate sales and encouraging customers to take action through short-term incentives.

b) Compare and contrast 'Brand vs. Product'.

A product is a tangible or intangible item that satisfies a need, while a brand is the set of associations, perceptions, and values that consumers connect with that product.

c) Summarise the stages involved in New Product Development (NPD).

1. Idea Generation
2. Idea Screening
3. Concept Development & Testing
4. Business Analysis
5. Prototype Development
6. Test Marketing
7. Commercialization
8. Launch & Post-Launch Evaluation

Q3) a) Design suitable channels of distribution for a 'Nutrition drink'.

A multi-channel distribution strategy is recommended, including:

• Retail Stores: Supermarkets, hypermarkets, and convenience stores.
• Online Retail: Company website and e-commerce platforms.
• Pharmacies: Positioning as a health supplement.
• Fitness Centers: Targeting gym-goers for post-workout recovery.

Q4) a) Develop an Integrated Marketing Communication (IMC) plan for 'Premier Badminton League'.

The IMC plan should focus on increasing viewership and fan engagement through a mix of television commercials, digital marketing campaigns on social media, public relations, and on-ground matchday experiences.

Q5) a) Design a marketing plan for a company launching an 'Online Real Estate Portal'.

The plan should focus on SEO, PPC advertising, content marketing, and strategic partnerships with real estate agents and property developers to build credibility and drive traffic to the platform.