Explain the following: “People do not buy a product. They buy benefits”. 2) Explain the meaning of the expression ‘Product Mix’. State the reasons why companies or organisations generally diversify their range of products. 3) Explain the meaning of Product diversification, particularly distinguishing between related and unrelated diversifications. 4) Selection and development of a new product are very important steps in the Marketing Strategy. Explain briefly the stages through which you would test ides coming up for new products until the final stage of launching the new product.
5) What type of competitive market structure does your company belong? How much discretion do you have in pricing your products? 6) How do the stage of product life-cycle and product positioning affect the pricing decisions regarding the product of your company? 7) Will a lower price always induce people to buy more of your product? Will the consumers not think that the quality and price are lower? How will y6ur competitors bear? 8) As an illustration, take the consumer item ‘after-shave lotion’.
Design your marketing strategy, describing the steps in the marketing process starting with defining the ‘market segment’, then explaining the designing of the ‘Four Ps’ in Marketing and ending with the ultimate objectives of marketing 9) Identify three different products that you think would require. a great deal of pre-purchase search by a consumer. Assume that you are the buyer for these products. Identify the very specific external sources of information you would tap in your search. SUB QUESTIONS
Explain how the marketing mix has to be changed during the different stages of the product life cycle. What are the most important group of individual factors which influence the price of the product? Explain briefly the ‘product life cycle concept’ in marketing management and state why you feel it is useful to understand this concept. Examine the competitive situation prevailing today in the USA market for the following goods and indicate briefly the possible price strategies you would recommend for the maximisation of profits: (a) Laptops (b) Cotton textiles, (c) Cars.
Can you list out some premium priced products? Why are these products able to command high prices? What are their producers able to charge higher prices? Can you find out some cases where factors other than cost have to be considered for fixing prices? What are the cases where marginal costing could usually be employed? What are its limitations? A consumer is at the evaluation stage of the buyer decision process when considering the choice of retail outlet for buying a refrigerator.
What factors do you think most consumers would rank as ‘most important’ in their choice of outlet? Can you list some companies who have been able to capture a good market share on the basis of a low price?
Kotler,Philip (2002),Marketing Management. ,11th Edition, Prentice-Hall,NewYork Hamel, G, (2001) Marketing Strategy, Harvard Business review. David,R. Fred. (1999). Strategic Planning: Formulation of Marketing Strategy, Macmillan Limited. Johnson, Gerrry & Scholes, Kevan. (2001). Exploring Marketing Strategy. Prentice-Hall, New York.
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