INTERNAL ASSESSMENT
NAME SHARAVATHI B S
ROLL NUMBER 251410503172
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER 1st
COURSE NAME Marketing management
CODE DMBA119
SESSION JAN-FEB 2025
SET-1
1. Define marketing. Discuss in detail the scope of marketing?
Ans:
Definition of Marketing:
The process of determining, foreseeing, and meeting consumer requirements and desires
through value creation, promotion, and delivery is known as marketing. It includes actions
that assist companies in drawing in and keeping clients by clearly articulating the advantages
of their goods and services.
The Scope of Marketing:
• Pricing:
Choosing the correct price is essential. Pricing strategies are influenced by a number of
variables, including demand, customer perception, rivals prices, and production costs.
Marketing makes ensure that the price plan maintains the company's customer appeal while
meeting revenue targets and strengthening and improving the brand image.
• Distribution:
Distribution is the process of ensuring that the product is accessible to the customer at the
right time and location. Choosing distribution channels, logistics, inventory control, and retail
management are all part of it. Product accessibility and customer convenience are guaranteed
by efficient distribution.
• Market research:
It is the reason for the success of the Marketing. Information about consumer demands,
preferences, habits, and market trends must be gathered and analyzed. Business would use
market research for better understanding of their surroundings.
• Customer Relationship Management
A major focus of Modern marketing is establishing enduring connections with clients. In
order to increase consumer loyalty, CRM helps in meeting client demands, providing
individualized services, and sustaining post-purchase interaction.
• Promotion:
All activities that convey to the targeted audience the advantages and worth of the product are
considered forms of promotion. Public relations, direct marketing, digital marketing, sales
promotions, and advertising are all included in this. The objective is to remind, educate, and
convince consumers about the product or brand.
• Emerging Trends in Marketing
Additionally, digital marketing, ecological marketing, and multinational marketing are all
included in modern marketing. Marketing is now more data-driven and customer-centric
thanks to digital technologies and platforms that have completely changed how companies
engage with their customers
• Product/Service Planning and Development:
In order to design goods or services that satisfy customer wants, marketing is essential. It
includes Product design, packaging, branding, testing. A product must offer value to the
customer.
Conclusion:
To sum up, marketing is an all-encompassing activity that goes beyond simply selling goods.
Understanding client needs, developing worthwhile products, and establishing enduring
connections are all part of it. Marketing is an integral part of any organization, encompassing
everything from market research to post-purchase support. Marketing is becoming more and
more important as markets and technology change, and it is essential to the success of any
organization.
2. Discuss in detail the 7 P’s of Marketing?
Ans:
Introduction
Businesses utilize the seven Ps of marketing, commonly referred to as the marketing mix, as
a collection of essential components to properly position their goods and services in the
marketplace.
7 P’s of Marketing
1. Product
The product is a company's main offering. Either a material product or an intangible service
can be used. Here, meeting client needs and offering value are the main priorities. Aspects
like design, features, quality, branding, and warranties are all considered while making
selections about a product. To stay in line with consumer tastes and market developments, a
successful
2. Price
The cost that consumers pay for a good or service is referred to as the price. Demand,
profitability, and competitive positioning are all directly impacted. Value-based pricing
(pricing based on perceived value), skimming (high charges for early adopters), and
penetration pricing (low prices to win market share) are some examples of pricing methods.
3. Place
Place refers to how the product or service is delivered to customers through the distribution
channels. Ensuring customers have efficient and convenient access to the product is the aim.
This covers both online platforms and hybrid models as well as physical spaces like
storefronts.
4. Promotion
Any activity that conveys the value of the product and encourages consumers to purchase it is
considered promotion. Public relations, internet marketing, sales promotions, direct
marketing, and advertising are all included. The target market, the kind of product, and the
budget all influence the advertising strategies chosen. A successful marketing plan guarantees
that the appropriate message reaches the appropriate audience at the appropriate moment.
5. People
Both in product marketing and in service-based companies, people are essential. This
component includes all parties that are either directly or indirectly involved in providing a
good or service, such as sales teams and customer support representatives.
6. Process
Processes are the methods and frameworks that are employed to provide a good or service.
Effective procedures lower expenses, increase customer happiness, and improve service
performance. Order fulfillment, customer service procedures, automation, and complaint
management systems may all be involved.
7. Physical Evidence
The visible indicators that reassure clients of a service's existence and quality are referred to
as physical evidence. This could be branding or packaging for tangible goods. The
atmosphere of a place, an internet presence, brochures, or client endorsements can all be
considered aspects of services. These components aid in building trust and credibility.
Conclusion
To sum up, the seven Ps of marketing provide a thorough framework for developing and
assessing marketing plans. To provide value, satisfy client expectations, and gain a
competitive edge in the market, every component needs to be precisely aligned.
3. Define segmentation. List the benefits of segmentation?
Ans:
Definition
The technique of breaking down a large consumer or company market into smaller consumer
groups according to shared traits is known as market segmentation. These groups could be
created using psychographics, behavior, geography, demography, or other criteria.
Benefits of Segmentation
Improved Customer Understanding
Businesses can better understand their clients by using segmentation. Marketers can
determine what various groups desire and anticipate from a product or service by examining
the traits and actions of their customers. The creation of more pertinent offerings is made
possible by this information.
Targeted Marketing
Businesses can target particular client segments with targeted marketing strategies thanks to
segmentation. Because they are more pertinent to the needs, values, and interests of the
audience, marketing communications become more effective. Engagement and conversion
rates are typically higher as a result.
Efficient Resource Allocation
Businesses can more effectively deploy their marketing budgets and efforts by determining
which market segments are the most lucrative or promising. Instead of investing the same
amount in each sort of consumer, businesses can concentrate their efforts where they are most
likely to yield the highest return on investment (ROI).
Product Development and Innovation
By identifying unmet consumer requirements and preferences, segmentation can direct the
development of new products. For instance, a business can create sustainable alternatives and
gain additional market share by identifying a sector interested in eco-friendly items.
Competitive Advantage
Stronger client relationships and brand loyalty can be developed by companies that are better
at understanding and catering to particular market groups than their rivals. This focused
strategy frequently gives businesses a competitive advantage since it makes customers feel
appreciated and understood.
Enhanced Customer Retention
Customers are happier and more devoted to companies that cater their communications,
goods, and services to certain markets. Personalized customer service promotes recurring
business and increases retention rates.
Clearer Positioning
Businesses can establish a distinct market position by distinguishing their offerings for each
segment thanks to segmentation. Value propositions may be communicated more successfully
and a strong brand identity can be developed thanks to this clarity.
Adaptability to Market Changes
Through ongoing analysis of various market sectors, businesses are able to identify shifts in
consumer preferences or behavior early on. This enables them to keep ahead of market trends
and make proactive strategy adjustments.
Conclusion
Market segmentation, in summary, is a potent marketing tactic that helps companies better
understand their target market, engage with them, and provide goods and services that cater
to certain demands. Better corporate performance, increased customer happiness, and more
effective marketing are the results.
SET-2
4. List the methods of pricing. Give an example for each of them?
Ans:
Businesses use a variety of pricing techniques to decide how much to charge for their goods
and services. Below are the main methods of pricing, along with examples for each:
Cost-Plus Pricing
This approach entails raising the cost of manufacturing a product by a certain percentage or
markup. It guarantees that the business makes a steady profit margin and pays all of its
expenses.
For example, a furniture manufacturer charges $100 for a table that includes labor, materials,
and overhead. The selling price is $100 + (30% of $100) = $130 since they charge a 30%
markup.
Value-Based Pricing
With this approach, prices are determined by the customer’s assessment of the product’s
worth rather than the manufacturing cost.
For example, Apple may have to spend $400 to build an iPhone, but because of its ecosystem,
user experience, and brand value, it sells for $999. Consumers are prepared to spend more for
perceived value.
Competition-Based Pricing
The prices that competitors set for comparable goods are used to calculate pricing. Depending
on their placement, businesses may match, undercut, or price marginally higher than their
rivals.
For example: Since Netflix and Hulu price between $8 and $10 a month, a new streaming
service charges $7.99. In order to draw subscribers, it might provide introductory discounts.
Penetration Pricing
This is employed when a business wishes to introduce a new product or enter a new market.
In order to draw clients and swiftly increase market share, the price is initially set cheap.
For example, a new telecom provider aims to draw clients by entering the market with cell
plans that are 50% less expensive than those of its top rivals.
Skimming Pricing
When a new or innovative product is introduced, prices are initially set high and then
progressively reduced as demand declines or competition grows.
For example, a brand-new game console might retail at $500 when it launches. A year later,
when newer models or substitutes are available, the price reduces to $350.
Psychological Pricing
This tactic entails determining prices that affect customers’ perceptions. Items that are priced
slightly below a full number are frequently included.
For example: Even though the difference is little, a product priced at $9.99 rather than $10.00
looks cheaper and encourages greater sales.
Bundle pricing
It encourages greater purchases by selling products together at a discounted price compared
to buying them separately.
For example, a fast-food restaurant sells a burger, fries, and drink for $6.99, even though each
item would cost $9 if purchased separately.
Conclusion
Every price strategy serves a distinct strategic objective, such as increasing consumer
perception, breaking into a new market, or optimizing profitability. Pricing strategies are
frequently chosen or combined by businesses based on their target market, competitors, and
overarching goals.
5. Define advertising. List the types of advertising with examples?
Ans:
Definition of Advertising
Businesses, organizations, or individuals use advertising as a communication tool to market
their goods, services, or concepts to a specific audience. Convincing potential consumers to
take a certain actions, such as purchasing a product, utilizing a service, or contributing to a
cause is the primary objective of advertising
Types of Advertising
Print Advertising
This includes using printed materials like flyers, brochures, magazines, and newspapers for
advertising.
Example: To publicize new flats for sale, a real estate business runs a full-page ad in the local
newspaper.
Broadcast Advertising
This includes commercials that are broadcast on radio and television. It works well for
building brand awareness and reaching big audiences.
For instance, during the Super Bowl, Coca-Cola airs a 30-second commercial that features
the beverage in a joyous family environment.
Outdoor Advertising
Billboards, posters, digital displays in public areas, and transportation advertisements (buses,
trains) are examples of this sort.
For instance, McDonald's posts a big billboard with directions to the
Digital Advertising
This covers every online ad that appears on websites, search engines, applications, and social
media sites. It provides quantifiable and focused outcomes.
For instance, an online clothes retailer advertises a seasonal deal to fashion-forward
customers on Facebook and Instagram.
Social Media Advertising
Putting sponsored content on social networking sites like Facebook, Instagram, Twitter (X),
LinkedIn, and TikTok is a subset of digital advertising.
Example: To promote a product launch, a new skincare company works with influencers and
runs Instagram advertisements.
Mobile Advertising
These are advertisements that show up on mobile devices through mobile websites, SMS, or
apps.
For instance, a push notification from a meal delivery app offers a 20% discount on the s
Guerrilla Advertising
This is a low-budget, non-traditional marketing approach meant to maximize awareness
through placement or surprise.
For instance, to attract attention, a film studio paints 3D scenes from a horror movie on city
streets.
Native Advertising
These advertisements seem less obtrusive and more natural because they fit in with the
platform's regular content.
Example: A financial services company subtly advertises their services in a sponsored piece
that offers investing advice on a news website.
Public Service Advertising
These are non-profit advertisements meant to educate or inform the public on environmental,
social, or health issues.
For instance, a government organization develops a television commercial campaign to raise
teen awareness of the dangers of smoking.
Conclusion
Because it raises sales, influences consumer behavior, and increases brand awareness,
advertising is essential to modern business. The target demographic, marketing budget, and
communication goals all influence the type of advertising that is chosen.
6. Write a note on ethics in marketing?
Ans:
Note on Ethics in Marketing
The standards and guidelines that govern appropriate behavior when advertising goods or
services are referred to as marketing ethics. It guarantees that marketing strategies respect
consumer rights and society values and are truthful and equitable. Legal compliance is only
one aspect of ethical marketing; another is a company's dedication to doing morally even
when it is not mandated by law.
Key Principles of Ethical Marketing :
Honesty and Transparency:
Misleading promises on a product's quality, features, or cost should be avoided by marketers.
Clear disclosure regarding terms of use, warranties, and limitations is part of this. Long-term
consumer trust is increased through transparency.
Respect for Customer Privacy:
As digital marketing has grown, it is now essential to protect user data. Ethical marketing
entails getting consent before gathering personal data, protecting that data, and only utilizing
it for objectives that have been declared.
Social Responsibility:
Campaigns' wider effects on society are taken into account by ethical marketers. Avoiding
messaging that abuse delicate subjects for profit or propagate negative stereotypes or
unrealistic body images is part of this. Social and cultural di
Fair Competition:
Businesses should promote their goods without unjustly disparaging rivals. False or too
dramatic comparisons must be avoided in comparative advertising; instead, it must be
courteous and accurate.
Sustainability and Environmental Claims:
Marketers must make sure that statements about "green" or "eco-friendly" items are true and
supported by data. It is unethical and damages consumer trust to deceive customers by
"greenwashing" making a product seem more ecologically friendly than it actually is.
Importance of Ethics in Marketing:
Increases Brand Loyalty: Trust is built by ethical behavior, which strengthens client
connections and encourages repeat business.
Protects Brand Reputation: An organization that upholds moral principles is less likely to
experience boycotts, legal issues, or public outrage.
Draws in Ethical Customers: As consumers grow more socially conscious, they are more
likely to choose brands that share their beliefs.
Encourages Long-Term Success: In order to prioritize long-term growth and credibility,
ethical marketing may forego immediate financial gain.
Challenges in Ethical Marketing:
Marketers may be tempted to make exaggerated promises due to pressure to reach sales
targets.
Global marketing can be complicated by cultural and market-specific ambiguities in ethical
norms.
Platforms for digital advertising may inadvertently allow for intrusive or deceptive targeting.
Conclusion:
In conclusion, ethical marketing is a competitive advantage as well as a moral requirement.
Businesses can add value for customers, society, and themselves by putting honesty,
accountability, and respect first. In this era of openness and responsibility, ethical marketing
is crucial to long-term brand development.
