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Marketing Management

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Marketing Management

Postby Talon » Sat Jan 09, 2016 7:36 am

Dear Sir Thanks a lot for helping students by giving valuable information by internet.

I am student of E.M.B.A. please help me by giving answers for the following questions :-

1. Describe the market change strategies.

2. Discuss the product life cycle.

3. Write a short note on brand decision

4.explain the three additional Ps. 5.what is multi channel system.

6. How to managing the integrated marketing communication process.

7. Discuss the public relation

8.what is the principles of personal selling

9.write a short note on marketing organization. You’re this noble work will help me to learn and understand my study books.

Your's truly,
Talon
 
Posts: 36
Joined: Wed Mar 26, 2014 10:14 am

Marketing Management

Postby Branson » Mon Jan 11, 2016 12:11 am

AKHILESH,

here  is  some  useful  material.

4  answers  are here.Other   answers

held up due space constraint on  this  site.

please send me your email  ID

to [email protected],

so  the  balance  can be sent  quickly.

regards

LEO LINGHAM

==============================

5. Describe the market change strategies.

AS  THE  MARKET  CHANGES,  THE  MARKETERS

CHANGE  THE STRATEGIES.

*CHANGING  PRICES   STRATEGY

-develop  a  pricing  strategy  which  will allow  the  organization  to  lower  prices

to  gain market monoploy  and / or prevent competition from entering.

===========================================================

*IMPROVING  PRODUCT  DIFFERENTIATION  STRATEGY

-improve  the  product  features/ benefits  to gain significant  advantage in the  market.

-----------------------------------------------------------------------------

-develop  and  implement  innovations  in  the  manufacturing  process  to gain

advantage  for  the  product  cost/ distribution.

-----------------------------------------------------------------------------

-develop  a  brand  consciousness  in the  market  to  reduce  substitution  from  

entering  the  market.

=============================================

*CREATIVELY  USING  CHANNELS  OF  DISTRIBUTION   STRATEGY

-using  vertical  integration, to  acquire  a  channel  and dominate.

---------------------------------------------------------------------------------------

-developing   a   new / unique distribution channel  which  is  a  novel

to  the  industry.

--------------------------------------------------------------------

*EXPLOITING  RELATIONSHIP  WITH  SUPPLIERS  STRATEGY

-developing  /  setting   E-COMMERCE   with suppliers.

------------------------------------------------------------------------

-developing/ extending  TQM [total  quality management]  and JIT [just in time]

with  suppliers to  meet  the demands  of  product specifications / price.

==================================================

*COST  LEADERSHIP

-develop  the  manufacturing  to  achieve  a  gross  margin, which

could  be  used  to cut price  to  gain  market  share, if/when required.

--------------------------------------------------------------------------------------------

-develop  the  product  sourcing  from   anywhere,   to  achieve  a  gross  margin, which

could  be  used  to cut price  to  gain  market  share, if/when required.

-----------------------------------------------------------------------------------------

-develop  a   trade  rebate system  for  large  quantity  buyers

which  could  block  competitors  entry.

==============================================

*PRODUCT  DIFFERENTIATION  STRATEGY

-develop  unique  patented  or  proprietary  product  know-how

which  is hard  to copy/ compete.

---------------------------------------------------------------------

-develop   an   unique  customer loyalty program

which will  make  brand  switching   difficult.

------------------------------------------------------------------------

-develop   a  incentive  strategy  for  major buyers, so  that

they  would  always  use  your  brand.

============================================

*FOCUS   STRATEGY

-within  your  organization, develop  your  core competences

which  are  unique  for  your  product  /  market.

----------------------------------------------------------------

-develop  a  strategy  to  lift  the  profile/ image  of  

your  organization.

===================================

################################################ 6.   Discuss the product life cycle.

) Product Life Cycle

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 information in the early stages to product promotion in the later stages should allow the marketing manager to improve planning.

=======================================

PRODUCT LIFE CYCLE   BENEFITS

Here is a brief description of what is expected to take place in the stages of the life cycle:

1.   Initiation starts with the initial conception or discovery of the product idea and runs until it has been evaluated, has become specific, and has been approved for development.

2.   Development covers the various activities that transform an abstract product idea into a concrete prototype model of the product(if it is a tangible good) that can be manufactured.

3.   Market plans and tests is our term for the final gestation phase, in which the product would pass its last tests and everything be ready for commercialising it.

4.   Introduction starts when the offering is made available to buyers, probably on a limited scale, and continues as it is tried by innovators and experiences show slow sales growth.

5.   Growth begins when numerous tryers like the product, word of its virtues spread, and the product sales "take off". Since the product is not established until this takes place, we include it in this chapter of "evolving products6.   Maturity comes eventually, for the halcyon days of sharply rising demand vanish when most potential buyers have become actual customers. This may be a very long period during which demand decelerates and then reaches a plateau.

7.   Decline sets in persistently when the product eventually becomes obsolete. When it actually starts to toboggan, it is time to give the product a merciful death and burial.

The marketing strategist should never assume that the PLC operates inexorably, but should rather examine a brand's or product's actual position carefully. Further a serious effort should be made to find a winning strategy can revive a slumping demand, rather than summarily abandoning the possibility. In that context, the PLC does pose a hypothesis of product or brand behaviour that is useful for sales forecasting. It also enables us to clarify strategies in terms of their timeliness.

==============================================

WHY YOU  SHOULD USE THL CURVE    FOR ANALYSIS

The product life cycle curve can be extremely important in generating strategist, and it should be monitored and controlled by the marketing manager. This is necessary due primarily to five reasons:

1 . Rapid Maturity of Products

2. Life Cycle Product Mix

3. Strategic Implications

4. Product Planning

5. Changing the Life Cycle Curve

=============================================

THE PRODUCT LIFE CYCLE

Successful products progress through four basic stages: Introduction. Growth. Maturity and Decline. This progression is known as the Product Life Cycle.

1.INTRODUCTION

The company's objective in the early stages of the product life cycle is to stimulate demand for the new market entry. Since the product is not known to the public, promotional campaigns stress information about its features and benefits. They also may be directed toward marketing intermediaries in the channel to induce them to carry the product.

In this phase, the public becomes acquainted with the merits of the product and begins to accept it.

Losses are common during the introductory stage due to heavy promotion and extensive research and development expenditures.

However, the ground is being laid for future profits. Companies expect.to recover the costs and to begin earning profits when the new product moves into the second phase of its life cycle ? the growth stage.

2.GROWTH

Sales volumes rise rapidly during the growth stage as new customers make initial purchases and early buyers re?purchase the product. 'Word?of?mouthl and advertising induce hesitant buyers to make trial purchases.

As the company begins to realise substantial profits from its investment during the growth stage, the product attracts competitors.

Success breads imitation and other companies rush into the market with competitive products. The majority of firms in a particular market enter during the growth stage.

3.MATURITY

Industry sales continue to grow during the early part of the maturity stage, but eventually they reach a plateau as the backlog of potential customers is exhausted. By this time, a large number of competitors have entered the market, and profits decline as competition intensifies.

In the maturity stage, differences among competing products diminish as competitors discover the product and promotional characteristics most desired by the market. Heavy promotional outlays emphasise subtle differences among competing products, and brand competition intensifies.

In this stage, often available products exceed industry demand. Companies attempting to increase their sales and market share must do so at the expense of competitors.

As competition intensifies, the competitors tend to cut prices in an attempt to attract new buyers. Even though a price reduction may be the easiest method of inducing additional purchases, it is also one of the simplest moves for, competitors to duplicate.

Reduced prices result in decreased revenues for all firms in the industry unless the price cuts produce enough increased purchases to offset the loss in revenue on each item sold.      

4.DECLINE

In the final stage of the product's life, innovations or customer preferences bring about an absolute decline in industry sales.

Sales and profits decline and companies begin to leave the industry in search of more profitable products.

========================================================

=======================================

#################################################################

7.Write short note on brand decision

BRAND   ADVERTISING   

MEANS   CREATING  A  BRAND  IDENTITY

FOR   THE  PRODUCT  THROUGH

-symbol / logo / fonts/ color/ sound.

-product features/ benefits/ quality/ certainty/ reliability/delivery/ packaging/design.

WITH   WHICH     CREATE  

-a  perception  through

-a  visual/ communication/ behavior

WHICH   RESULTS  IN   A   BRAND  PERSONALITY

WHICH   CONSISTS  OF -BRAND  PERMEATION

-BRAND  DISTINCTIVENESS

-BRAND  VALUES

-BRAND  IMAGE

WHICH  HELPS  TO  DEVELOP   

1. BRAND  PLATFORM, WHICH  INCLUDES

-vision

-mission

-value

-personality

-positioning  

-strategy

2.BRAND  ARCHITECTURE,  WHICH  INCLUDES

-association

-commitment

-earnings

-essence

-identity

-extension

-harmonization

-image

-licensing

WHICH   CREATES   FOR  THE    PRODUCT

-sales

-market  share

-consumer  preference

-builds  loyalty

-raises  relative  price

WHICH  RAISES  THE    PRODUCT BRAND  EQUITY

-distinctiveness

-perceived  quality

-value

-permeation

-personality

-competitive  innoculation

-potential

==============================

WHY   BRANDING  IS  IMPORTANT FOR   A    PRODUCT  TO  BE  SUCCESSFUL,  IT  MUST

-bring continuous  sales

-gain market share, -win consumer  preference

-build  loyalty

-raises  the  relative  price.

WHICH   RAISES  THE   EQUITY/   BRAND  EQUITY  OF  THE   PRODUCT

THAT  IS  WHY  BRANDING  IS  SO  IMPORTANT.

=======================================================

THIS  EQUITY  VALUE  IS  VERY  IMPORTANT

TO  THE  COMPANY ---- WHY

the  figures  below  indicate  why?????

BRAND EQUITY  VALUE  OF [US DOLLARS]

1.Coca-Cola 65.3 BILL.

2.Microsoft 58.7 BILL.

3.IB M 57.1 BILL.

4.GE 51.5 BILL.

5.Nokia 33.7BILL.

6.Toyota 32.1 BILL.

7.Intel 30.9 BILL

8.McDonald’s 29.4 BILL.

9.Disney 29.2 BILL.

10.Mercedes-Benz 23.6 BILL.

=============================================

PRODUCT  BRANDING

BRANDING   IS  VERY  IMPORTANT  TODAY, FROM BOTH

SIDES  OF  THE  MARKETING  EQUATION.

FACTOR   ONE --MARKETERS' SIDE

THE  MARKETERS  CREATE  A  PLATFORM  FOR  THEIR  PRODUCT'S BRAND

THROUGH

-symbol / logo / fonts/ color/ sound.

-product features/ benefits/ quality/ certainty/ reliability/delivery/ packaging/design.

Favorable brand attitudes are the determinants of brand loyalty - consumers must like the product in order to develop loyalty to it. In order to convert occasional purchasers into brand loyalists, habits must be reinforced. Consumers must be reminded of the value of their purchase and encouraged to continue purchasing the product in the future. To encourage repeat purchases, advertisement before and after the sale is critical. In addition to creating awareness and promoting initial purchases, advertising shapes and reinforces consumer attitudes so these attitudes mature into beliefs, which need to be reinforced until they develop into loyalty.  Ads reinforce consumer's  perception and behavior. Remember, it is easier to reinforce behaviors than to change them and the sale is just the beginning of an opportunity to turn the purchaser into a loyalist.

THE  MARKETERS   ADOPT  THE  FOLLOWING  TO  DEVELOP  BRAND  LOYALISTS.

Develop an unbeatable product - if you want to keep customers, make sure they can get what they want from your product. Give customers an incentive to repeat-purchase - chance to win a prize, gift with a certain number of proofs of purchase, in-pack discount coupon, etc. Stand behind your product - if customers don’t trust the product, they won’t purchase it again. Know your trophy customers and treat them best of all .

Make it easier to buy your brand than competing brands - availability and simplicity are keys in today’s high-speed world. Customers appreciate convenience more than ever. Go to your customers - bring the product to customers when possible. Become a customer service champion - seek to serve the customer and they will repeat-purchase…again and again! ========================================================================

FACTOR   SECOND-----BUYERS'  SIDE

ON   THE  OTHER  SIDE  OF   THE  MARKETING  EQUATION.

Brand loyalty is a consumer’s preference to buy a particular brand in a product category. It occurs because consumers perceive that the brand offers the right product features, images, or level of quality at the right price. This perception becomes the foundation for a new buying habit. Basically, consumers initially will make a trial purchase of the brand and, after satisfaction, tend to form habits and continue purchasing the same brand because the product is safe and familiar.

CORE  BRAND  LOYALISTS  seek  distinct advantages: products  are perceived as effectively differentiated from their competitors. products  satisfy consumer needs on both intellectual and emotional levels. products  consistently deliver on their brand promise, thus they consistently deliver value. When brands resonate with customers at this level, there is a powerful emotional relationship in place. This is the key element that leads to loyalty. THE  PRODUCT  OFFERS,  EXACTLY,   WHAT  THE BRAND  LOYALISTS SEEK:

-product  distinctiveness

-product  perceived  quality

-product value  for money.

-product  permeation

-product  personality

-product  competitive  innoculation

-product's   perceived  potential

=========================================

####################################################   8.   Explain the three additional Ps. 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.

USING   THE  CAR  MARKETING  AS  AN  EXAMPLE.

4  REGULAR  Ps

P 1  ---  Product

Product

Marketing is about identifying,

anticipating and satisfying customer

needs. You need to be sure that your

products and services continue to meet

your customers. needs.

1. Carry out simple research by

asking your customers .

_ What they think of each

product/service

_ How satisfied are they

with the quality

_ How satisfied are they

with any support services

you may provide

_ How effective it is in

meeting their needs

_ How they see their needs

changing in the short and

long term future

2. Carry out step 1 for each product

or service you offer

3. Have a system for collecting and

analysing feedback from your

customers so that ideas are fed into

a new product development process

that is ongoing.

4. Ask yourself what stage of the

product life cycle your products or

services have reached. The .product

life cycle. is one way of looking at

how the marketing mix links

together. Products are said to go

through stages . an introductory

stage, a growth stage, a mature

stage and a decline stage. At each

stage a slightly different mix is

appropriate . see the .What you

need to know. section of this

material for more information.

5. Analyse the profitability of each

product/service you offer. For more

information on calculating this, take

a look at the 10-minute 80/20 Rule.

Which products/services make the

biggest contribution or provide the

highest profitability? What support

services do you offer with each

product? Could it be improved,

adding value with little cost?

Historically, the thinking was: a good product will sell itself. However there are no bad products anymore in today's highly competitive markets. Plus there are many laws giving customers the right to send back products that he perceives as bad. Therefore the question on product has become: does the organization create what its intended customers want? Define the characteristics of your product or service that meets the needs of your customers. Functionality; Quality; Appearance; Packaging; Brand; Service; Support; Warranty.

---------------------------------------------------------------------------------------------------------------

P 2  ---  Price

Price

Price generates profit so is an

important element of the mix. You

need to consider -

1. What your target group of

customers will be prepared to pay

for your product or service. It is

important not to set the price too

low as customers may think there is

something wrong with the product.

Equally, if you set the price too

high, customers may think that it

is too expensive for the benefits

offered. Think about how you have

.positioned. your product in terms

of quality. This will help you to

assess how to price it.

1. What it costs you to produce it.

This will show you what you need

to charge and not what you could

or should charge. However, if you

do not calculate what it costs you

to produce your product correctly,

the more you sell, the more you

will lose. Don.t forget to make an

allocation for costs such as selling

which are usually treated as fixed.

(See item 1 for more information.)

3. What your competitors charge.

Look at your competitors. web sites,

or simply phone them and ask for

a price list or quotation. How much are the intended customers willing to pay? Here we decide on a pricing strategy - do not let it just happen! Even if you decide not to ask(enough) money for a product or service, you must realize that this is a conscious decision and forms part of the pricing strategy. Although competing on price is as old as mankind, the consumer is often still sensitive for price discounts and special offers. Price has also an irrational side: something that is expensive must be good. Permanently competing on price is for many companies not a very sensible approach. List Price; Discounts; Financing; Leasing Options; Allowances.

-----------------------------------------------------------------------------------------------------------------------------

P 3  ---  Place Place

.Place. is the means of distribution

you select depending on the type of

product or service you are marketing.

Your choice will impact on your pricing

and your promotion decisions.

1. Are the customers for your

products and services consumers or

businesses? If they are consumers

you will have three main options .

_ Selling to wholesalers who will

sell to retail outlets who will sell

on to the consumer

_ Selling direct to retail outlets

_ Selling direct to the customer

If your customers are businesses you

will probably sell to them direct

through your own sales force.

2. If you sell through wholesalers and

retailers, remember when you price

your products that they will each

want their own mark-up to cover

their overheads. You will also need

to promote your products and

services to all members of the

channel. Wholesalers and retailers

will have to be persuaded to stock

your product and end customers

to buy them.

3. If you are selling to businesses you

will have to cover the cost of a sales

force. This can be an expensive

overhead and will again impact

on your pricing.

Available at the right place, at the right time, in the right quantities? Some of the recent major changes in business have come about by changing Place. Think of the Internet and mobile telephones. Locations; Logistics; Channel members; Channel Motivation; Market Coverage; Service Levels; Internet; Mobile.

------------------------------------------------------------------------------------------------------------------------------------------

P 4  ---  Promotion Promotion

The promotional mix is made up

of 5 elements:

_ advertising

_ sales promotion

_ public relations

_ direct marketing

_ personal selling

The combination of tools you use

depends on the budget you make

available, the message you wish

to communicate and the group of

customers you are targeting

(How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Direct Marketing, Public Relations, etc. While the other three P's have lost much of their meanings in today's markets, Promotion has become the most important P to focus on. Advertising; Public Relations; Message; Direct Sales; Sales; Media; Budget.

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THREE  ADDITIONAL   Ps

P 5  ---  People

People

The people employed in your

organisation will determine the quality

of service your customers receive. This

is truer for services, but also impacts on

businesses making tangible products.

Happy, skilled and motivated staff make

happy customers. They are more likely

to think about the customer and deliver

good customer service if they are well

trained and are recruited for their

positive attitude to customers.

You can achieve a competitive

advantage over your competitors

through offering a high level of

pre-sales and after-sales support and

advice. Again, this can impact on the

price you set, as customers are likely to

be prepared to pay more for the service

they receive but there may be a higher

cost for you to take into account.

Identify those staff who come into

contact with customers, either face-toface

or by phone.

1. Carry out a task analysis of what

they do in terms of customer

contact.

2. Involve your staff in setting

standards for customer service.

For more information on customer

service, look at the 10-minute

Customer Service Programme.

3. Prioritise training needs

for these staff and provide

appropriate training

An essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organisation wants to obtain a form of competitive advantage. Consumers make judgements and deliver perceptions of the service based on the employees they interact with. Staff should have the appropriate interpersonal skills, aptititude, and service knowledge to provide the service that consumers are paying for. Many British organisations aim to apply for the Investors In People accreditation, which tells consumers that staff are taken care off by the company and they are trained to certain standards.

-----------------------------------------------------------------------------------------------------------

P 6  ---  Process

Process

The processes involved in delivering

your products and services to the

customer have an impact on the way in

which your customers perceive you.

1. Look at all the processes involved in

getting your products to the

customer. Start with the

identification of prospects and work

through to after-sales support. Does

any stage cause a delay? How can

you improve this?

2. Are your customers kept informed

about what is happening?

3. Do your staff keep their promises to

customers?

4. How effectively are you handling

customer complaints?

Refers to the systems used to assist the organisation in delivering the service. Imagine you walk into Burger King and you order a Whopper Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customers old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company.

------------------------------------------------------------------------------------------------------------

P7  ---  Physical Evidence

Physical Evidence

Physical evidence is a term used to

describe the type of image that your

business portrays through its physical

presence, namely its premises, the

appearance of its staff, its vehicles, etc.

When customers do not have anything

that they can touch, see or try before

they buy, they are more likely to assess

you by the image you put across. It is

therefore particularly important if you

offer services rather than tangible

products.

1. How tangible is the product you

market? If it is heavily dependent on

the service element(for example, a

restaurant, or hotel, or window

cleaning service, or hairdressing)

then you should pay particular

attention to this element of the mix.

Even if you are a manufacturer, this

element is important if customers

visit your premises.

2. Ensure that the image portrayed by

your organisation is consistent with

the type of product or service you

offer.

3. Look at your reception area, your

car park(are there spaces for

visitors near to the entrance), the

appearance of your delivery staff or

customer service staff, that

condition of your vehicles, etc.

Where can you make

improvements?

Where is the service being delivered? Physical Evidence is the element of the service mix which allows the consumer again to make judgements on the organisation. If you walk into a restaurant your expectations are of a clean, friendly environment. On an aircraft if you travel first class you expect enough room to be able to lay down! Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service.

==========================================================

##############################################  
Branson
 
Posts: 34
Joined: Mon Mar 31, 2014 11:10 pm


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