CRM works to achieve excellent customer service. The objective is to ensure that the pricing structure supports the value equation as well as captures the full value of any advantages in cost, quality, or service. There are seven levels of product hierarchy. MIS or Management Information Systems and DSS or Decision Support systems can be concluded as examples of other sources of sales planning. Marketing research is used to find out suitable avenues and place for the new products. This function is performed by group of creative people including writers, designers, artists, etc. For example, the small hard mints “Tic Tac” manufactured by the Italian confectioner Ferraro is packaged in small transparent plastic boxes with small rectangular open-close seal that lets out one tic-tac at a time when shaken lightly on the palm of one’s hand. Woodland, Liberty, Bata, Surya etc. 24 x 7 Expert Live Chat Support! (Ask Questions Online Free for Any Subjects & Topic) and Find the best Solution or Solved Answered for College/ University Assignments, Essay, Case Study Q&A etc. Ans. Get over with your struggling assignment sessions with Assignmenttask.com. The benefits of suitable relationship with physical distribution are significant. Marketing Management MCQs - 101+ Multiple Choice Question and Answers on Marketing Management. iii. The marketing research is not without its share of limitations: 1. Seller is forced to maintain the quality and standard of the branded products otherwise buyers will switch to other brands. Today most of the relationship marketing research is being done in services marketing. Marketing Management Multiple Choice Questions and Answers. i. Spectacular marketers are the ones who are always asking the right marketing questions. To remind the consumer about their need and availability of the product to satisfy their need. (ii) CRM includes all business processes like sales, marketing and service that serve the customer in everyday business activities. ... We Provide Marketing Management Assignment Help, Marketing Management Assignment Answers & Assignment Help in UAE from Masters and PhD Expert at affordable price? (iv) It usually has a centralised purchasing and distribution system. Seller gets a competitive advantage over other rival products. It enables them to understand the way they should be approaching a project. This post covers marketing multiple choice questions with answers and explanation. Allowing flexibility in communication by maintaining a direct contact with customers, b. Tailoring a message about die product or service in an apt manner, c. Taking immediate and direct feedback from customers, d. Targeting specific and general markets and customers. The effective communication occurs when a sender (source) sends a message and receiver responds to the message which satisfies the sender. Marketing research helps in identifying the competitors’ strength, estimating potential buying power, firm’s position in the market and accordingly provides suitable information for appropriate decisions. 7. Modern markets can include products/services which are daily necessities along with durable items like plates, knives, fans, etc. In the Selling Process tutorial we will see how salespeople accomplish this when we offer detailed coverage of the selling process used to gain customer orders. 2. 4. but then with the development of holistic management information systems in companies the performance of the above functions have shifted from the accounts department. There are six steps of sales management planning process: a. Analysis- The step basically involves examination of what happened in the past, look at the present situation and spot the trend. Get free marketing assignment samples from My Assignment Services. Sales promotion refers to a traditional element of marketing communication. 5. Question3: How is the marketing managers related to product development? 2. Like a selection of life partner, selection of agency should be done with much ex­ploration and through investigation so that both will not repent at leisure. Revenue generation – It attempts to create sales and revenues in the short-run for retailers especially for complementary products. A product is closely associated with the need and level of satisfaction of the customers. To increase the sales and encourage repeat purchase of the goods. A faulty decision could cost the firm its leadership because other members of the industry would then stop following in its footsteps. 100% Plagiarism Free. c. Products require different marketing, financing, manufacturing, pur­chasing, and human resource strategies in each life cycle stage. What market research showed was a definite need for a premium chocolate. Thus, salesmanship is the skill of handling people and persuading them to buy a certain product or service. The leadership strategy is designed to stave off price wars and ‘predatory’ competition that tend to force down prices and hurt all parties. Under this form of coordination, marketing executives coordinate the operations of departments under them. To help students understand the wide variety of assistance with Marketing questions we have successfully delivered in the past, we are showcasing a small sample of University Assessments related to Marketing assignments. It helps in solving the problems of the buyers and satisfying their needs. 5 Common Brand Management interview questions and answers . These papers are intended to be used for reference and research purposes only. One level channel involves one intermediary such that one channel member in between the manufacturer and customer. It is a systematic method of explor­ing, analysing and conceptualising various facts re­lated to particular subject matter. Involves huge costs to reach a large number of audiences. Members are allowed purchase bonus on the basis of their purchases from the society. The augmented products drive the concept of extended sales mechanism for marketing expansion and product diversification. CRM basically helps in gaining the trust of customers through more efficient customer service. Dear Readers, Welcome to Marketing Interview questions with answers and explanation. (iv) Personal Selling Aims at Mutual Benefit: Salesmanship is a two- way process. To stabilize a fluctuating sales trend. Marketing organizations provide their sales staff with large amounts of sales support including brochures, research reports, computer programs and many other forms of informational material. Installation and starting up (in the case of machinery). (iii) Customer services are practically absent. The core products play an important role in product planning while the tangible products initiate the sales management process. Distribution channel strategy is derived from corporate as well as marketing strategy. The sales executives share a crucial relationship with the executives of the purchasing department and they have been found to cooperate each other in three distinct ways. Some requirements and symbols exist to communicate aspects of consumer use and safety. Each must know the idea, the philosophy, the beliefs and the principles of other. 5. BUMKT5902 Understanding of Marketing Theory Writing assignment on Marketing Management is not an easy task, that’s why students from Australia, UK, USA and across the world take Assignment Writing Service from us. Rate charged – Rate charged by the agency from its client for its services also determines the choice of agency. Public relation is consulted on various moves taken by the sales department that may have public relations repercussions. Includes a problem of delivering consistent and uniform messages to customers due to variability in sales representatives and their selling styles. No pressure selling is possible. According to W.J. Product sales pass through distinct stages, each posing different chal­lenges, opportunities, and problems to the seller. “Demographically speaking, we are targeting the 25-40 year-old, SEC A male and female in the top 10 cities of India,” says the company management. Ans. The binomial option-pricing model was first proposed by Cox, Ross and Rubinstein in a paper published in 1979. A good brand name helps in introducing a new product in the market. Sales estimates are required for efficient planning of production schedules and the market knowledge possessed by the sales department are crucial for production executives for making effective utilization of plant resources. The ones who use human insights to make sure their messaging hits the mark. Prices should neither be too high nor too low. Ans. 2. Ans. First appropriate data is collected objectively, further the collected data is suitably analysed and finally interpretations are drawn which provides comprehensive picture of the situation and related solutions. For example, Maggi brand is associated with instant noodles. The company may have low price and high consumer loyalty and also more trade leverage. In an attempt to conceptualize this, taxonomy of brand linkages is proposed. Project Management Assignment Scenario Answers Need Help with Project Management Assignment Questions and Answers? Latest Marketing Management assignment questions answered by industry experts. Prohibited Content 3. The ‘People’ factor at the store should be equally well presented along with the merchandise so that the customers entering the store perceive an integration among the two. The price leadership strategy is a static concept. Effective communication is equal to- receipt of the message plus understanding plus acceptance plus action, which means decision to purchase. Ans. It only provides a base for predicting future events; it cannot guarantee with any certainty their happening. Moreover it is often found that the two departments may work against the interests of each other and this can make coordination difficult. The model then works backwards through each time interval, calculating the value of the option at each step. 3 Analysis of the marketing strategies. The rate charged by the agency should be reasonable to suit the pocket of the clients. 4. This division is made by considering one or more consumers’ features: demographic (sex, age, etc. The actual product must be built around the core product. In the market a strong brand will be considered to have high brand equity. External environment includes political and social environment, competition, technology, cultural, legal, natural environment etc. This is the reason why universities all over the world are putting special emphasis on marketing assignments. There are basically two types of coordination viz. It is the only element that generates revenue for the firm. Ans. Ans. are unavailable in chain stores. for any assignment or question with DETAILED EXPLANATIONS! How important are these issues to your organization (or an organization with which you are familiar)? This deterioration of brand equity has obvious implications for the brand in the long run, but it may even influence profitability in the short run”. The creative function of advertising agency starts when the planning function is over. Personal selling helps marketers to receive immediate feedback from customers. While indirectly it facilitates exchanges by communicating information about the various activities of the company to current and potential customers and society in general. Growth and survival, prosperity and profitability, brand image and firm’s image is influenced to a great extent by pricing decisions. Amongst the major elements of marketing mix, pricing holds a key place. (Ask Questions Online Free for Any Subjects & Topic) and Find the best Solution or Solved Answered for College/ University Assignments, Essay, Case Study Q&A etc. g. Highlighting poor operational processes. However, they can use personal contacts and other informal methods for collecting required information about markets. This level of products largely draws ‘company-customer’ oriented relationship in the market. Adequate and up-to-date information about changing market conditions is necessary for successful marketing of products. It is efficient for the marketing of goods that have a repetitive purchasing process and that allow consumer’s loyalty. Ans. In order to collect marketing information, LSI conduct market research. (iv) Unsought goods are those goods that the consumer does not know about or does not normally think of buying, for example, Encyclopedias, smoke detectors etc. Marketing Management - 16 Select The Blank Question _____ is an important tool for planning and controlling the firm'a activities Correct Answer Sales Forecast Multiple Choice Single Answer Question These items are directly bought by industrial buyers from producers rather than the middlemen Correct Answer Expensive Multiple Choice Single Answer 3 Marketing strategies of the company. 4. Research further revealed two sets of chocolate consumers in India: those who are exposed to international chocolates and are active consumers of the same, and those who would love to have the ‘Differentiated Chocolate Taste’ but find international chocolate prices prohibitive. – formal and informal. Differentiation – Sales promotion is conducted when producers have a new product to launch which is different from the existing products. This is fundamental of CRM implementation. The application of marketing in the real-world is huge. The ones who are constantly looking for new and exciting ways to create great experiences for their customers. Keeping all other inputs constant, you can put the current market price of an option into any theoretical option price calculator and it will calculate the volatility implied by that option price. If your organization does not have marketing objectives, try writing somewhat would help fulfill some of the corporate objectives. The one-person units can be responsible for developing new products by coordinating with the R&D, production and sales. According to Prof. J. E. Littlefield and Prof. C.A. While the selling is concerned with the transfer of title of goods from seller to purchaser, promotion, on the other hand includes all those activities which stimulate the demand of the customers such as advertising, personal selling, publicity and sales promotion. In the case of informal coordination, departmental heads are found to solve interdepartmental problem informally while it still is being thrashed out through formal mechanisms. Other elements like product, place and promotion are cost element. You can get a glimpse of how our marketing assignment experts deliver customised marketing assignment. As you can see the target market of Tata Nano, This advertisement is mainly focus on the vision of launching... Maruti Suzuki Alto 800. iv. Gone are the days when production started only after orders were solicited. In cases where service is important in sales strategy, provisions for formal coordination are built into the structure of the organization. ... MARKETING MANAGEMENT ASSIGNMENT answers, MARKETING MANAGEMENT ASSIGNMENT QUESTION, MBA 01 Post navigation. MBA01–Marketing Management Assignment Questions and Answers TATA NANO. Marketing Research cannot provide complete answer to the problems because there are many intervening variables which are difficult to control. Importance of Relationship Marketing can be summarized as follows: (i) Customer relationships are the lifeblood of every good company. If you’re ready to make a real impact with your marketing efforts, ask these 78 marketing questions—and then test them. Ans. Various marketing problems are studied in a systematic manner. According to Philip Kotler, “Promotion encompasses all the tools in the marketing mix whose major role is persuasive communication.”. Many companies have been found to prefer informal coordination methods and solutions so developed may or may not be formally adopted later by a coordinating body. (iii) Personal Selling Involves Providing Information: Salesmanship is an educative process. Key performance indicators actually indicate the effectiveness of a distribution channel. They are created to fulfill a need. We at AssignmentHelpLive provide best solutions and consultancy services for all universities across the country. Ans. They can produce digital catalogues for much less costs than cost of printing and maintaining paper catalogues. Competitive landscape, which includes the pricing supply curve, relative cost structure, and market discipline (leaders and followers). Surf, Wheel and Washing Powder. Features of the diversification strategy: i. Total Questions: 63. Finally, it helps organizations to make customers loyal towards their products or services. Some marketing problems do not lend themselves to valid research conclusions due to limitations of tools and techniques involved. ii. By far, the most important objective of personal selling is to convince customers to make a purchase. When new data is gathered specifically for a project in hand, it is primary data. Explain the various approaches used in segmenting markets and also describe how the marketing mix is used to position your products in a market. A CRM system is not only used to deal with the existing customers but is also useful in acquiring new customers. 1. There can be no marketing without pricing. Customer Relationship Management strategies have given a new outlook to all the suppliers and customers to keep the business going under an estimable relationship by fulfilling mutual needs of buying and selling. It enables a company to manage its business activities in a more efficient manner around customer behaviour. Answer to Question #165589 in Management for Dela 2021-02-21T17:17:10-0500. Marketing Management, Questions & Answers, Questions & Answers on Marketing Management. These forces include both controllable and uncontrollable forces. When a firm is able to fulfill a need better than its rivals, it gains mo­mentum and speed. There is no real limit on the advertising space. ii. Modern markets are not different from traditional markets except the market need not only be a physical place. This concept may be defined as the incremental value of a business above the value of its physical assets due to the market positioning achieved by its brand and the extension potential of the brand. Goal setting- The phase involves providing a direction, guidance to the sales force. Answer to Question #168756 in Marketing for william 2021-03-03T16:00:59-0500. It would be difficult to measure the brand equity of various brands in the market as the parameter are very subjective and the whole exercise may turn out to be arbitrary. introduction of new product, exploring new markets, analysing competitors’ position, evaluation of consumer preference, evaluating buyer behaviour, selection of channels, choice of selling techniques, formulating advertising strategy, sales promotion measures, etc. Here the promotional expenditure is high as different brands have to be promoted individually e.g. Easy to pronounce words can be easily remembered e.g. Promotion can serve to the organization directly as well as indirectly. 3. Management. The fact that the enterprise is exposed to the different selected markets ups and downs makes it more fragile. To combat or neutralise competitor’s advertising. The main categories which are retailed are food, groceries, small utensils, cosmetics, stationery items, gift items, for example, Reliance fresh, More, Food Bazaar etc. How important are product services at the augmented product level to the overall ‘offer’? Customer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. Ans. Marketing Management multiple choice questions and answers on Marketing Management MCQ questions quiz on Marketing Management questions. In fact, salespeople serve a major role at industry trades shows. It needs to be understood that the concerns of the sales and production team are quite different. Brand reality is defined as “…organizing branding so that employees are uniquely proud of the company’s brand leadership and [are] passionately aligned to branding this through activities they work on individually, and in teams…”. Ultimately, the leader will be forced to withdraw the increase in price. Formal coordination among departments is achieved by one or more of three methods. The survival of the firm depends to a large extent on marketing research. 5. Solved examples with detailed answer description, explanation are given and it would be easy to understand (v) Repairing a broken relationship is more efficient than trying to build one from scratch. The importance of pricing can be seen from the following points: i. To help in establishing the new product in existing and new market. It also suggests suitable solutions to the problems. What are the brand attributes and reputation of that would resonate with specific consumer segments This is often considered the most ineffective method of coordination. The second way can be through new product managers. In fact, creating interest goes hand-in-hand with building product awareness as sales professionals can often accomplish both objectives during the first encounter with a potential customer. It is useful for the products that need a direct or indirect company’s strong control and participation in the different stages of the marketing process (through pre and post­-marketing services). Traders may have a fair value on an option to get an indication of whether the current market price is higher or lower than fair value, as part of the process of making a judgment about the market value of the option. e.g. It is used to increase the sales of a product by offering incentives, gifts, and schemes provided to customers at the time of purchase. For instance, there are around 360 recognised advertising agencies currently operating in India. The product has as many as four characteristics: All these attributes combined together carefully deliver the core benefit(s) of the product. BUMKT5902 Understanding of Marketing Theory . 6. 2. vi. For most traders these two models will give accurate results. If so, what are they? One way can be through the new product department route that has the responsibility of developing new products through coordination of R&D, production and sales and marketing personnel. e. Implementation- Plans are actually executed at this stage. Price affects the profitability position of a firm. For this purpose the advertising agency gathers and analyses actual information about the product, market, competitor’s strategy and buyers’ habit, etc. The fourth way can be through constitution of product development committee. Ans. Marketing communication is undertaken by marketers through the devices of promotion viz., advertising, publicity, personal selling and sales promotion. It may be defined as an article introduced in the market, that seeks attention, desire for acquisition and image for use to get satisfaction of a want or need of a customer. Marketing will be effective and successful only when the business tries to meet the needs of the market based on a value system followed by the entire organisation. Previous Track Record – The agency should have successful performance record. v. Packaging plays an important role as a medium in the marketing mix, in promotion campaigns, as a pricing criterion, in defining the character of new products, as a setter of trends and as an instrument to create brand identity and shelf impact in all product groups. Ans. When the company looks for differentiation, it develops a series of activities competitor-oriented and this differentiation may be, for example, at tangible attribute level or at service or intangible attributes that have product value level. This controllable variable interaction with the rest of the international marketing mix variables (communication, price and distribution) makes any modification in one of them affect directly or indirectly the others. Importance of CRM can be summarized as follows: (i) CRM is basically a methodology and software that helps an enterprise to manage customer relationships in an efficient way. (iv) Effective CRM delivers this personalized service that customer expect with its quick response what comes from an efficient customer database system. Marketing research provides valuable guidelines for managerial decisions. What do you mean by the term marketing research? (iii) Sizing Audiences – Marketers can know how many people visited their online sites and how many stopped at what particular steps on the site. At the point where a dividend is paid (or other capital adjustment made) the model takes this into account. Identify and target a set of customers that form a target market which a marketer believes could be addressed by a business.