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MB0046 Marketing Management

DRIVE: SPRING 2014


MBA (SEM 2)

Q.NO.1.

Explain the steps in Business Buying process.
Characteristics of Organisational Buyer
Steps in business buying process
ANS.

Characteristics of Organisational Buyer

Organisational buyers purchase a larger volume of products and services than individual
consumers as their demand is influenced by final consumer demand. For this reason, demands
for industrial products are called derived demand. There are multiple transactions involved in
the buying process between the organisational buyer and the set of suppliers.

Steps in business buying process























Step 1: Recognising an organisational need:
Organisational purchasing starts with the identification of demand for products and services.
While there are different kinds of needs, most needs arise out of situations related to the
operation of the business.

Recognising an Or ganisational Need
Determining Products Specifications
Identifying Suppliers
Searching for Information and Evaluating Suppliers
Negotiating a P urchase Order
Evaluating performances of the Product and Supplier
Step 2: Determining product specifications:
Subsequent to identification of the responsibility centre, the purchase manager also specifies
exact product and service descriptions for procurement. It is also necessary to estimate the
exact quantity required and the period in which these quantities need to be delivered.


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Q.NO.2.

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







ANS.

Definition of Brand

A traditional definition of brand stands as a name, word, mark, symbol, device, or a combination
thereof, used to identify some product or service of one seller and to differentiate them from
those of the competitors. The definition clearly focuses on the function of a brand, that is, to
identify, irrespective of the specific means employed for the identification. A modern
definition talks about the brand as a vehicle for delivering a certain value to the consumers.
Hence, a brand is a mental patent and set of associations that delivers a set of functional and
emotional value to the consumer in a unique way as compared to others in the business.

Advantages of Brand

The following are the advantages of branding.

(a) A brand promises and delivers a high level of assurance to consumers.

(b) A brand serves as an assurance to the customer about the product performance. A brand
helps customers to identify the product on the shelf and helps in making an informed choice.

(c) A brand as a symbol of status and social significance gives you psychological satisfaction.

(d) The brand speaks about the product's attributes and how they perform, about the brand
name and what it stands for and about the company associated with a brand.

Explanation of different branding strategies adopted by companies

1. Individual branding In this case, the company adopts a separate brand name for each
product it offers. For example, Hindustan Lever markets its range of toothpastes by different
brand names such as Close-up, Pepsodent, Pepsodent-G, and New Pepsodent.

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Q.NO.3.

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

ANS.

Definition of market

A market can be defined as a group of customers who exhibit similar needs and have the
ability to satisfy those needs. Market can also be defined in terms of the benefits sought by the
customer, not in terms of particular products or technical specifications. In this unit, we will
discuss ways in which the marketing strategists can enhance their product or service position in
the mind of the targeted customer.

Classification of market based on nature of Competition and area

This is the simplest form of segmenting the market. Here, the marketer divides the target market
into different geographical units such as nations, states, and regions. He/she may decide to
operate in one or more than one geographical areas. Segmentation of customers based on
geographic factors is as follows:

Region Segmentation by continent/country/state/district/city.

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Q.NO.4.

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

ANS.

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
customers specific needs or wants. It offers you the opportunity to develop long-term
familiarity and relationship.

Explanation of steps in the Personal selling process

Process or steps in personal selling include the following:

1. Prospecting This is the beginning of sales process, which covers searching for customers
with potential demand.

2. Targeting This is the process of deciding how to allocate sales time among prospects and
existing customers.

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Q.NO.5.

Describe the stages in consumer decision making process.

ANS.

Describe the stages in consumer decision making process.




Influence of cultural factors
There is a subtle influence of cultural factors on consumers decision process.
Immediate subculture also influences consumers decision process with which consumer
identifies himself/herself as a member.

Culture
Culture is the complex way of living of individuals. It represents the way consumers live
and grow to acquire cultural values and norms.

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Q.NO.6.

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 4ps

Explanation of Additional 3 ps

ANS.

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 extremes
as every product today is associated with some level of service. Alternatively, physical
evidences are created for augmenting services and reducing customers perception of risk.

Explanation of 4ps

Product
In marketing mix, the product or service is the most important element. Customers acquire
products for a singular reason that they are perceived as the means to satisfy their needs and
wants.

Products have various attributes such as quality, variety, design, brand, packaging, services,
and warranties that can be manipulated depending on what the target market wants.


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