AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
| AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL |
SUBJECT : MARKETING MANAGEMENT
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COURSE : MBA 4th Semester Total Marks : 80
- 1. Describe what is meant by a business being ‘consumer led’.
Answer:-consumer-led is responding to the needs of consumers in the market. Example: NIVEA is a consumer-led business which made it one of the largest skin care brands in the world. In a broad sense it’s a guiding philosophy, whereby a ‘known customer’ is placed at the heart of every decision a company takes. The principle of a known customer is crucial, as Chris Lindsay, general manager Broadband, VoIP and Software Services Propositions, BT Business, explains: ‘By this we mean a type of customer you regard as valued. The key
- 2 What are the key parts of the marketing mix? Explain how each works with the others.
Answer:-Marketing Mix:-
Description The Marketing Mix model (also known as the 4 P’s) can be used by marketers as a tool to assist in implementing the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the Marketing Mix principles are controllable variables. The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.
- Explain why the balance of the marketing mix is as important as any single element. marketing objective and marketing mix vary across the PRODUCT TYPE and Product Life Cycle
Answer : PRODUCT LIFE CYCLE:- Products pass through a series of stages. Successful products progress through four basic stages: (1) Introduction; (2) Growth; (3) Maturity; and (4) Decline.
The product life cycle concept provides important insights about developments at the various stages of the product’s life. Knowledge that profits assume a predictable pattern through the stages and that promotional emphasis should shift from product
- Analyse the marketing mix for NIVEA VISAGE Young. What are its strongest points? Explain why you think this is so
Answer : Product
The first stage in building an effective mix is to understand the market. NIVEA uses market research to target key market segments which identifies groups of people with the same characteristics such as age/gender/attitude/lifestyle. The knowledge and understanding from the research helps in the development of new products. NIVEA carries out its market research with consumers in a number of different ways. These include:
Case Study -2
SWOT Analysis in action at SKODA
- What was the key weakness that Skoda was able to identify?
Answer : The SWOT analysis was used by Skoda to identify its weaknesses. One of the greatest weakness identified, which affect the success of the company is its small market share. Skoda only holds 1.7 percent market share. Because of this, Skoda remains a small player in the car manufacturing market. Through the SWOT analysis, management was able to identify this weakness and also the causes of this weakness. Skoda’s small market share, is
What strength did Skoda use to turn its brand weakness into an opportunity?
Answer : The strengths of Skoda were identified and assessed by conducting a SWOT analysis. The company conducted a research involving consumers in order to find out the strengths of its products and brand. Surveys were also used. The strength of the company and its products lie in its focus on experience rather than on sales. Meaning, the company makes sure that there is “human touch” in the production and manufacture of its cars and make sure that the consumers feel it. Because of this strength, Skoda was listed as one of
- How has Skoda strategically addressed external threats?
Answer : Through the SWOT analysis, the company was able to identify the external threats that may affect the company’s standing in the market and success. One of the biggest threats to Skoda is intense competition in the European car
- What in your view are the important benefits of using aSWOT analysis?
Answer : It is clear from the case study, the SWOT analysis have been helpful in creating and formulating strategies for the company. The company relied on SWOT analysis in getting a clear picture of where the company is now and where
Case-3 : Marketing strategy for growth
Answer the following questions
- What is the difference between primary and secondary research? Identify one example of primary and research carried out by Wilkinson.
Answer : Market research is vital for collecting data on which to base the strategy. Market research takes one of two main forms primary research and secondary
- Explain why Wilkinson needed a marketing strategy to help them to grow.
Answer : To grow, a business needs to give consumers what they want, at a price they are satisfied with, when they want it and make a profit for the company. Wilkinson commissioned market research which identified key potential for growth in the student sector. It had to develop a strategy for growth that not only covered the specific requirements of this target group, but also linked closely with the company’s overall aims and objectives.
- Evaluate the benefits of the marketing campaign to Wilkinson.
Answer : The campaign showed that:
- awareness of Wilkinson brand had significantly risen from 77% to 95% of those interviewed. This brought it in line with Morrison supermarkets, a key competitor.
- 17% of students who received a goody bag at freshers” fairs used the 15% discount voucher. A further 58% intended to use the voucher. The campaign had either got students to enter the Wilkinson stores or increase their intention to visit the store.
- Analyse how effective the marketing campaign was in helping
Answer : The campaign showed significant increase in students’ levels of awareness about Wilkinson and its products.
Case-4 : Extending the product life cycle
Answer the following questions:
- Using current products familiar to you, draw and label a product life cycle diagram, showing which stage each product is at.
Answer : A B C
PRODUCT A—SRIL SEDAN HATCHBACK—CHEVROLET
THIS VEHICLE IS AT THE INTRODUCTORY STAGE.
- Suggest appropriate aims and objectives for a small, medium and large business.
Answer : Aims and objectives for a small business.
Aim for a small business can ”
OBJECTIVE –IS TO MAKE 15% RETURN ON INVESTMENT,
Aims and objectives for a medium business.
Aim for a medium sized business would be to maximize their profits and growth to expand their current business operations and increase market share.
- Consider the decision taken by Kellogg to opt for product development. Suggest a way in which itcould have diversified instead. Justify your answer.
Answer : THE STRENGTH OF
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