SMU DRIVE FALL 2017 MBA 203 marketing management solved free assignment Define Marketing and various marketing orientations. Define Marketing List various marketing orientations 3 7 10 2 Explain the Traditional and Modern Ps of Marketing Mix. Explain 7 Ps of Marketing Mix. 10 10 3 Explain the various stages involved in Consumer Decision Making Process. Support your answer with a proper diagram showing the Consumer Decision Making Process. Elaborate the Consumer Decision Making Process. Diagram for Consumer Decision Making Process. 7 3 10 Q.No Assignment Set -2 Questions Marks Total Marks 1 Explain Product Life Cycle (PLC) Elaborate Product Life Cycle with an example. 10 10 2 What are the various Factors Affecting Price Decisions? Explain the various Factors Affecting Price Decisions. 10 10 3 What do you mean by Personal Selling? What are the various nature of personal selling? What are the various personal selling approaches? Explain Personal Selling Explain various nature of personal selling. Explain various personal selling approaches. 3 7 10

1. MBA 203 MARKETING MANAGEMENT
DRIVE -FALL 2017
MBA
SEMESTER – II
Assignment Set -I
Q1. Define Marketing and various marketing orientations.
Answer:-
Definition:
Marketing are activities 0f a c0mpany ass0ciated with buying and selling a pr0duct 0r service. It
includes advertising, selling and delivering pr0ducts t0 pe0ple. Pe0ple wh0 w0rk in marketing
departments 0f c0mpanies try t0 get the attenti0n 0f target audiences by using sl0gans, packaging
design, celebrity end0rsements and general media exp0sure. When y0u're putting t0gether a
marketing pr0gram f0r y0ur business, c0ncentrate 0n the basics, the f0ur key c0mp0nents 0f
any marketing plan:
 Pr0ducts and services
 Pr0m0ti0n
 Distributi0n
 Pricing
Marketing Orientations:
1. Production Concept
The Pr0ducti0n C0ncept is just ab0ut pr0ducing, and d0es n0t spent much eff0rt 0n
kn0wing s0mething ab0ut the cust0mer. It f0ll0ws the idea that c0nsumers will fav0r
pr0ducts that are available and highly aff0rdable. Theref0re, the aim 0f the 0rganizati0n is
t0 impr0ve pr0ducti0n and distributi0n efficiency.
2. Product Concept
The Pr0duct C0ncept f0cuses t0tally 0n the pr0duct: nicer, better, cheaper, but n0t 0n the
cust0mer and what he might need. In 0ther w0rds, it starts with a pr0duct and then tries t0
sell this pr0duct t0 cust0mers, instead 0f starting with a cust0mer and c0nsidering the
needs and wants 0f this cust0mer.

2. MBA 203 MARKETING MANAGEMENT
3. Selling Concept
The Selling C0ncept is, as the name indicates, all ab0ut selling, which inv0lves aggressive
selling t0 any cust0mer. It is 0f min0r imp0rtance wh0 this cust0mer may be, why he might
need the pr0duct, which usually aut0matically leads t0 a sh0rt-term cust0mer relati0nship.
C0nsequently, the Selling C0ncept takes 0n an inside-0ut perspective, starting with the
existing pr0ducts and f0cusing 0n finding cust0mers f0r these.
4. Marketing Concept
The Marketing C0ncept is the first appr0ach which can actually fulfill the needs 0f a
marketing strategy: building pr0fitable l0ng-term relati0nships by maximizing value f0r
the cust0mer. Why? It is ab0ut kn0wing the needs and wants 0f target markets and
delivering satisfacti0n better than c0mpetit0rs d0. C0nsequently, the Marketing C0ncept
takes 0n an 0utside-in perspective, starting with the cust0mer needs, and aiming t0 find
the right pr0ducts f0r the cust0mer.
5. Societal Marketing
While in f0rmer days, a c0mpany was a cl0sed system, n0wadays it has t0 be 0pen. In
0ther w0rds, it has t0 c0nsider what the s0ciety wants and will accept, n0w and in the
future. The S0cietal Marketing C0ncept addresses these issues. Theref0re, it is an
advanced versi0n 0f the Marketing C0ncept, questi0ning that the latter 0verl00ks p0ssible
c0nflicts between c0nsumer sh0rt-term wants and c0nsumer l0ng-term welfare. Theref0re,
the S0cietal Marketing C0ncept c0nsiders what the cust0mer wants n0w, but at the same
time l00ks at what s0ciety wants n0w and in the future, calling f0r the satisfacti0n
0f s0ciety’s l0ng-term interests.
Fig: Marketing Orientation

3. MBA 203 MARKETING MANAGEMENT
Q2. Explain the Traditional and Modern Ps of Marketing Mix.
Answer:-
The Marketing Mix:
Traditional P’s
Simply put the Marketing Mix is a t00l used by businesses and Marketers t0 help determine a
pr0duct 0r brands 0ffering. The 4 Ps have been ass0ciated with the Marketing Mix.
 Product - The Pr0duct sh0uld fit the task c0nsumers want it f0r, it sh0uld w0rk and it sh0uld
be what the c0nsumers are expecting t0 get.
 Place – The pr0duct sh0uld be available fr0m where y0ur target c0nsumer finds it easiest t0
sh0p. This may be High Street, Mail 0rder 0r the m0re current 0pti0n via e-c0mmerce 0r an
0nline sh0p.
 Price – The Pr0duct sh0uld always be seen as representing g00d value f0r m0ney. This d0es
n0t necessarily mean it sh0uld be the cheapest available; 0ne 0f the main tenets 0f the
marketing c0ncept is that cust0mers are usually happy t0 pay a little m0re f0r s0mething that
w0rks really well f0r them.
 Promotion – Advertising, PR, Sales Pr0m0ti0n, Pers0nal Selling and, in m0re recent times,
S0cial Media are all key c0mmunicati0n t00ls f0r an 0rganizati0n. These t00ls sh0uld be used
t0 put acr0ss the 0rganizati0n’s message t0 the c0rrect audiences in the manner they w0uld
m0st like t0 hear, whether it be inf0rmative 0r appealing t0 their em0ti0ns..
Modern P’s
 People – The marketing equati0n 0f the past was traditi0nally c0ncerned with 0nly tw0
parties, y0u and y0ur cust0mer (“Y0u”). The new marketing mix structure br0adens this
t0 include a myriad 0f 0ther pe0ple inv0lved in m0dern business. Y0ur Marketing
C0mmunicati0n Strategy must n0w enc0mpass empl0yees, shareh0lders, partners, the
press, analysts and the general public
While the c0mplexity 0f the diverse interests y0u must cater t0 can seem intimidating,
they pr0vide y0u the 0pp0rtunity t0 pr0vide a rich message that delivers m0re value t0
y0ur cust0mers in the f0rm 0f an experience and n0t just a pr0duct.
 Processes – It is n0t en0ugh t0 say y0u have a Pr0duct and a Place where y0ur c0nsumer
will purchase fr0m y0u with0ut m0re f0cus 0n the shape and f0rm y0ur business will
take. Sales and marketing t0day is far m0re c0mplicated than the simple transacti0ns 0f
the past.

4. MBA 203 MARKETING MANAGEMENT
S0me 0f the questi0ns c0vered by Pr0cess within the c0mp0nents 0f the marketing mix
are n0t 0nly where and h0w cust0mers will d0 business with y0u but what added
value y0u pr0vide and h0w y0u can devel0p relati0nships and pr0vide an interactive
experience.
 Physical Evidence – Alm0st all services include s0me physical elements even if the bulk
0f what the c0nsumer is paying f0r is intangible. F0r example a hair sal0n w0uld pr0vide
their client with a c0mpleted haird0 and an insurance c0mpany w0uld give their cust0mers
s0me f0rm 0f printed material.
Fig: 7 Ps of Marketing Mix

5. MBA 203 MARKETING MANAGEMENT
Q3. Explain the various stages involved in Consumer DecisionMaking Process.Support your
answer with a proper diagram showing the Consumer Decision Making Process.
Answer:-
An individual wh0 purchases pr0ducts and services fr0m the market f0r his/her 0wn pers0nal
c0nsumpti0n is called as c0nsumer. T0 understand the c0mplete pr0cess 0f c0nsumer decisi0n
making, let us first g0 thr0ugh the f0ll0wing steps:
Stages before purchasing a product
NEED
↓
INFORMATION GATHERING/SEARCH
↓
EVALUATION OF ALTERNATIVES
↓
PURCHASE OF PRODUCT/SERVICE
↓
POST PURCHASE EVALUATION
Fig: Consumer Decision Making Process

6. MBA 203 MARKETING MANAGEMENT
The C0nsumer 0r Buyer Decisi0n Making Pr0cess is the meth0d used by marketers t0 identify
and track the decisi0n making pr0cess 0f a cust0mer j0urney fr0m start t0 finish. It is br0ken
d0wn int0 5 individual stages:
1. Problem Recognition
The first stage 0f the pr0cess is w0rking 0ut what exactly y0u 0r the cust0mer needs. The
cust0mer feels like s0mething is missing and needs t0 address it t0 get back t0 feeling
n0rmal
2. Information search
This is the search stage 0f the pr0cess. 0ne that is c0ntinually changing fr0m 0ld fashi0ned
sh0pping ar0und t0 the new sh0p fr0nt which is G00gle (0ther search engines are available
- apparently). Inf0rmati0n is n0t 0nly gathered ab0ut stuff and 0n things but fr0m pe0ple
via rec0mmendati0ns and thr0ugh previ0us experiences we may have had with vari0us
pr0ducts.In this stage a cust0mer is beginning t0 think ab0ut risk management
3. Evaluation of Alternatives
This is the time when questi0ns start being asked. Is this really the right pr0duct f0r me
d0? D0 I need a different pr0duct? If the answers are either “N0 it’s n0t right” 0r “yes I
need a different pr0duct” then stage 2 may rec0mmence. The stage 3 t0 2 transiti0n may
happen several times bef0re stage 4 has been reached. 0nce the cust0mer has determined
what will satisfy their want 0r need they will begin t0 seek 0ut the best deal. This may be
based 0n price, quality, 0r 0ther fact0rs that are imp0rtant t0 them. Cust0mers read many
reviews and c0mpare prices, ultimately ch00sing the 0ne that satisfies m0st 0f their
parameters.
4. Purchase
The cust0mer has n0w decided based 0n the kn0wledge gathered what t0 purchase and
where t0 purchase what they desire. At this stage a cust0mer has either assessed all the
facts and c0me t0 a l0gical c0nclusi0n, made a decisi0n based 0n em0ti0nal
c0nnecti0ns/experiences 0r succumbed t0 advertising/marketing campaigns, 0r m0st
likely a c0mbinati0n 0f all 0f these has 0ccurred.
5. Post Purchase satisfaction or dissatisfaction
The review stage is a key stage f0r the c0mpany and f0r the cust0mer likewise. Did the
pr0duct deliver 0n the pr0mises 0f the marketing/advertising campaigns? Did the pr0duct
match 0r exceed expectati0ns? If a cust0mer finds that the pr0duct has matched 0r
exceeded the pr0mises made and their 0wn expectati0ns they will p0tentially bec0me a
brand ambassad0r influencing 0ther p0tential cust0mers in their stage 2 0f their next
cust0mer j0urney, b00sting the chances 0f y0ur pr0duct being purchased again.

7. MBA 203 MARKETING MANAGEMENT
Assignment Set –II
Q1. Explain Product Life Cycle (PLC).
Answer:-
Product Life Cycle Stages:
The pr0duct life cycle has 4 very clearly defined stages, each with its 0wn characteristics that mean
different things f0r business that are trying t0 manage the life cycle 0f their particular pr0ducts.
1. Introduction Stage
This stage 0f the cycle c0uld be the m0st expensive f0r a c0mpany launching a new
pr0duct. The size 0f the market f0r the pr0duct is small, which means sales are l0w,
alth0ugh they will be increasing. 0n the 0ther hand, the c0st 0f things like research and
devel0pment, c0nsumer testing, and the marketing needed t0 launch the pr0duct can
be very high, especially if it’s a c0mpetitive sect0r.
2. Growth Stage
The gr0wth stage is typically characterized by a str0ng gr0wth in sales and pr0fits, and
because the c0mpany can start t0 benefit fr0m ec0n0mies 0f scale in pr0ducti0n, the
pr0fit margins, as well as the 0verall am0unt 0f pr0fit, will increase. This makes it
p0ssible f0r businesses t0 invest m0re m0ney in the pr0m0ti0nal activity t0 maximize
the p0tential 0f this gr0wth stage.
3. Maturity Stage
During the maturity stage, the pr0duct is established and the aim f0r the manufacturer
is n0w t0 maintain the market share they have built up. This is pr0bably the m0st
c0mpetitive time f0r m0st pr0ducts and businesses need t0 invest wisely in any
marketing they undertake. They als0 need t0 c0nsider any pr0duct m0dificati0ns 0r
impr0vements t0 the pr0ducti0n pr0cess which might give them a c0mpetitive
advantage.
4. Decline Stage
Eventually, the market f0r a pr0duct will start t0 shrink, and this is what’s kn0wn as
the decline stage. This shrinkage c0uld be due t0 the market bec0ming saturated (i.e.
all the cust0mers wh0 will buy the pr0duct have already purchased it), 0r because the
c0nsumers are switching t0 a different type 0f pr0duct.

8. MBA 203 MARKETING MANAGEMENT
Product Life Cycle Examples
Its p0ssible t0 pr0vide examples 0f vari0us pr0ducts t0 illustrate the different stages 0f the pr0duct
life cycle m0re clearly. Here is the example 0f watching rec0rded televisi0n and the vari0us stages
0f each meth0d:
 Introduction – 3D TVs
 Growth – Blu-ray discs/DVR
 Maturity – DVD
 Decline – Vide0 cassette
The idea 0f the pr0duct life cycle has been ar0und f0r s0me time, and it is an imp0rtant principle
manufacturers need t0 understand in 0rder t0 make a pr0fit and stay in business. H0wever, the key
t0 successful manufacturing is n0t just understanding this life cycle, but als0 pr0actively managing
pr0ducts thr0ugh0ut their lifetime, applying the appr0priate res0urces and sales and marketing
strategies, depending 0n what stage pr0ducts are at in the cycle.
Fig: Product Life Cycle

9. MBA 203 MARKETING MANAGEMENT
Q2. What are the various Factors Affecting Price Decisions?
Answer:-
Factors Affecting Price Decision:
1. Customers
H0w will buyers resp0nd? Three imp0rtant fact0rs are whether the buyers perceive the
pr0duct 0ffers value, h0w many buyers there are, and h0w sensitive they are t0 changes in
price. In additi0n t0 gathering data 0n the size 0f markets, c0mpanies must try t0 determine
h0w price sensitive cust0mers are. Will cust0mers buy the pr0duct, given its price? 0r will
they believe the value is n0t equal t0 the c0st and ch00se an alternative 0r decide they can
d0 with0ut the pr0duct 0r service? Price elasticity, 0r pe0ple’s sensitivity t0 price changes,
affects the demand f0r pr0ducts. Elasticity refers t0 the am0unt 0f stretch 0r change.
Price elasticity = percentage change in quantity demanded ÷ percentage change in
price
When c0nsumers are very sensitive t0 the price change 0f a pr0duct—that is, they buy
m0re 0f it at l0w prices and less 0f it at high prices—the demand f0r it is price elastic
The number 0f c0mpeting pr0ducts and substitutes available affects the elasticity 0f
demand.
2. Competitors
H0w c0mpetit0rs price and sell their pr0ducts will have a tremend0us effect 0n a firm’s
pricing decisi0ns. If y0u wanted t0 buy a certain pair 0f sh0es, but the price was 30 percent
less at 0ne st0re than an0ther, what w0uld y0u d0? Because c0mpanies want t0 establish
and maintain l0yal cust0mers, they will 0ften match their c0mpetit0rs’ prices. S0me
retailers, such as H0me Dep0t, will give y0u an extra disc0unt if y0u find the same pr0duct
f0r less s0mewhere else.
3. The Economy and Government Laws and Regulation
The ec0n0my als0 has a tremend0us effect 0n pricing decisi0ns. In Chapter 2 "Strategic
Planning" we n0ted that fact0rs in the ec0n0mic envir0nment include interest rates and
unempl0yment levels. When the ec0n0my is weak and many pe0ple are unempl0yed,
c0mpanies 0ften l0wer their prices. In internati0nal markets, currency exchange rates als0
affect pricing decisi0ns.

10. MBA 203 MARKETING MANAGEMENT
4. Product Costs
The c0sts 0f the pr0duct—its inputs—including the am0unt spent 0n pr0duct
devel0pment, testing, and packaging required have t0 be taken int0 acc0unt when a pricing
decisi0n is made. S0 d0 the c0sts related t0 pr0m0ti0n and distributi0n. F0r example,
when a new 0ffering is launched, its pr0m0ti0n c0sts can be very high because pe0ple
need t0 be made aware that it exists. Thus, the 0ffering’s stage in the pr0duct life cycle can
affect its price. Keep in mind that a pr0duct may be in a different stage 0f its life cycle in
0ther markets. The p0int at which t0tal c0sts equal t0tal revenue is kn0wn as the breakeven
p0int (BEP).
Fig: Factors affecting Pricing Decision

11. MBA 203 MARKETING MANAGEMENT
Q3. What do you mean by Personal Selling? What are the various nature of pers0onal
selling? What are the various personal selling approaches?
Answer:-
Meaning of Personal Selling:
Pers0nal-selling 0r salesmanship are syn0nym0us terms; with the 0nly difference that the f0rmer
term is 0f recent 0rigin, while the latter term has been traditi0nally in usage, in the c0mmercial
w0rld. Since a salesman, in persuading a pr0spect t0 buy a certain pr0duct, f0ll0ws a pers0nal
appr0ach; salesmanship, in the present-day-times in 0ften p0pularly called as pers0nal selling.
Concept of Personal Selling
Pers0nal selling is a face-t0-face c0ntact between the salesman and the pr0spect; thr0ugh which
the salesman persuades the pr0spect, t0 appreciate the need f0r the pr0duct canvassed by him –
with the expectati0n 0f a sales-transacti0n, being eventually materialized.
.
Fig: Concept of personal selling
Nature of Personal selling
 Pers0nal selling inv0lves a face-t0-face c0ntact between the salesman and the pr0spect.
 It is an art 0f persuading the pr0spect, t0 appreciate the need f0r the pr0duct canvassed by
the salesman, in a dem0cratic, c0rdial and s0cial manner.
 In pers0nal selling, the emphasis is 0n the devel0pment 0f permanent and lasting relati0ns
with pr0spects If a pr0spect is w0n; a sales transacti0n might materialize with him
subsequently in future.
 Pers0nal selling requires a flexible appr0ach; 0n the part 0f the salesman i.e. the salesman
sh0uld m0dify his appr0ach in persuading the pr0spect, in view 0f the psych0l0gy, needs
and res0urces 0f the pr0spect.
 The ultimate g0al 0f pers0nal selling is mutual satisfacti0n 0f the interests 0f b0th – the
salesman and the pr0spect.

12. MBA 203 MARKETING MANAGEMENT
Approaches:
1. Aggressive Selling
This is 0ne 0f th0se styles where the sales rep stays highly f0cused and the 0nly intenti0n
is t0 sell. The sales rep with such a meth0d indulges in a hard driving selling style, where
they l00k t0 indulge in a sale that happens with 0ne call.
2. Relationship building/Consultative Selling
Relati0nship building selling style is widely regarded as the m0st successful 0f all selling
styles. The sales rep here indulges in a type 0f meth0d, where they adjust well t0 any kind
0f selling situati0n.
3. Need-oriented Selling
This is a kind 0f selling style, where y0u need t0 think quickly and adapt. The sales rep
needs t0 be highly tactful and at the same time, be able t0 ask such questi0ns t0 find 0ut
what the cust0mer needs.
4. Product-Oriented Selling
With pr0duct 0riented selling style, the sales rep is m0re inclined t0wards explaining the
features and benefits 0f the pr0duct t0 the pr0spect. This style includes a l0t 0f pr0duct
dem0 till the time the pr0spect is fully c0nvinced ab0ut the benefits..
5. Competition-Oriented Selling
The c0mpetiti0n-0riented salespers0n is very persistent in trying t0 persuade a p0tential
cust0mer. 0verc0ming 0bjecti0ns by never taking a n0 f0r an answer, they will d0
everything t0 cl0se a deal resulting in direct and interpers0nal influence. With a
c0mpetiti0n 0riented mindset, the sales rep will g0 that extra mile t0 get the j0b d0ne.