Q1.

Define Marketing management and explain its importance in

business strategy? [5M]
Ans:
Marketing management is the art and science of choosing target
markets and building profitable relationships with them. It involves the
processes of developing, promoting and distributing products and
services to satisfy customer need and achieve organizational goals.
Importance of MM in Business Strategy:
1. Customer Satisfaction :
Central to marketing management is to gain deep understanding of the
target customer’s preference and buying behaviour through market
research and analysis and then meet their needs and desires which leads
to customer satisfaction and loyalty.

2. Competitive Advantage :
In a saturated market, businesses must differentiate themselves from
competitors to gain a competitive edge. Marketing management allows
businesses to develop unique value propositions, positioning strategies,
and effective branding techniques that attracts and retains customers.

3. Profitability :
Aligning of products ad services with customer needs and prefereces
helps in driving sales and increasing profitability.

4. Market Adaptability :
The market landscape is constantly evolving, influenced by factors such
as technological advancements, economic conditions, and shifting
consumer preferences.
Marketing management enables companies to be agile and responsive
to changes in the market environment, including shifts in consumer
behaviour, technological advancements and economic fluctuations.

5. Brand Building :
Strong marketing management helps build and maintain a positive brand
image, which is crucial for long-term business success.
Q2. Explain in detail 4Ps of marketing mix? [5M]
Ans:
The 4 P’s of marketing, first popularized in the 1950s by Neil Borden, are :
1. Product:
A product is a commodity, produced or built to satisfy the need of an
individual or a group. It has a fluctuating life cycle, from the growth
phase to the maturity phase to the sales decline phase.

A. Features - Attributes and functionalities of the product. It includes the

design, quality and quantity of the product. Ex: Iphone’s sleek design,
high resolution camera and user-friendly interface.

B. Brand - Identity and reputation associated with the product. It

includes brand name, logo and image. Ex: Nike’s “Just do it” slogan and
the swoosh logo, symbolizing performance and quality.

C. Packaging - The design and materials used to encase the product. It

protects the product and attracts customers. Ex: Coca-Cola’s distinctive
red and white bottles and cans, enhancing brand recognition.

D. Services - Additional services offered with the product, such as

installation, maintenance, or customer support.

E. Warranties - Guarantees provided to customers about the product's

quality or durability.

2. Price:
The price of the product is basically the amount that a customer pays for
to enjoy it. Price dictates a company’s survival and profit.

A. Pricing Strategies - The approach to setting the price. It include:-

I. Cost-Plus Pricing: Adding a markup to the cost of the product.
II. Competitive Pricing: Setting prices based on competitors
III. Value-Based Pricing: Setting prices based on perceived
products.

B. Discounts -
I. Temporary price reductions to stimulate sales.
II. Types-Seasonal, Volume, Promotional
Ex:Black Friday sales offering significant discounts to attract shoppers.
C. Pricing - The actual amount charged for the product, which needs to
reflect its perceived value, costs, and market demand.

D. Allowance - Incentives given to retailers or distributors, such as

promotional discounts, etc.

E. Payment Terms - The terms and conditions regarding how customers

will pay, including credit terms, installment plans, etc.

3. Promotion:
A. Advertising -
I. Paid form of communication to inform and persuade customers.
II. Media- TV, radio, online ads, billboards.

B. Sales Promotion -
I. Short term incentives to encourage purchases.
II. Types- Coupons, contests, free samples, loyalty programs
Ex: McDonald’s Monopoly game, offering customers a chance to win
prizes with their purchases.

C. Public Relations -
I. Managing public perceptions and building a positive image.
II. Activities- Press releases, sponsorship, community engagement

D. Direct Marketing -
I. Personalized communication targeting specific customers
II. Methods- emails, direct mail, telemarketing, or SMS.

4. Place:
A. Channels -
I. The distribution pathways through which products
reach customers.
II. Types- Direct(manufacture to customer), Indirect(Through
intermediaries like retailers and wholesalers)
Ex: Amazon’s extensive online platform providing direct access to
consumers.

B. Market Coverage -
I. The extent to which a product is available in market
II. Strategies - Intensive, Selective, Exclusive
C. Assortment - The variety of products available at different locations or
through different channels, ensuring the right mix is offered.

D. Location -
I. The physical or digital place where the product is sold.
Ex: retail stores, online marketplaces, or direct-to-consumer sites.

E. Inventory - Managing the stock levels to meet demand without

overstocking or under-stocking.

F. Transport -
I. The logistics of delivering the product from the manufacturer to
the end customer
II. Affects- speed, cost, and reliability.

Q3.Explain the various stages of new product development [5M]

Ans:
Stage 1. IDEA GENERATION
 The process of generating a pool of ideas for new products.
 The brainstorming phase
 Sources: Internal - R&D departments, employees
External - customers, competitors, market trends
Ex: Google’s 20% time policy allows employees to spend 20% of their
time on innovative projects, leading to new product ideas like Gmail,
Google maps, etc

Stage 2. IDEA SCREENING

 Evaluating ideas to select the most promising ones
 Criteria:
I. Feasibility
II. Market potential
III. Alignment with company strategies

Stage 3. CONCEPT DEVELOPMENT AND TESTING

 Developing product concepts and testing them with target
customers
 Process -
I. Create detailed product concepts
II. Present concepts to potential customers for feedback
Ex: Car manufacturers often use focus groups to test new car concepts
Stage 4. BUSINESS ANALYSIS
 Accessing the business viability of the product
 Factors -
I. Market size and growth
II. Cost estimate
III. Profit projections

Stage 5. PRODUCT DEVELOPMENT

 Designing and creating the actual product
 Activities -
I. Engineering and design
II. Prototyping
III. Testing ad refining
Ex: Tech companies create prototype of new devices and rigorously test
them to ensure quality and functionality

Stage 6. MARKET TESTING

 Introducing the product to a limited market to gauge its performance
 Types -
I. Test marketing - Launching in selected locations
II. Simulated test marketing - Controlled experiments in a simulated
environment

Stage 7. COMMERCIALIZATION
 Full- scale launch of the product into the market
 Steps -
I. Finalizing marketing and distribution plans
II. Scaling up productions
III. Launching promotional campaigns
Q4.Explain the product life cycle and its stages in marketing
management. [5M]
Ans:
The product life cycle describes the stages a product goes through from
its introduction to the market until its decline and eventual withdrawal.
Understanding PLC helps businesses develop appropriate marketing
strategies for each stage to maximize product success and profitability
Stages:
1. INTRODUCTION STAGE
 Characteristics -
I. Low sales
II. High costs per customer
III. Negative or low profits
IV. Few competitors
 Marketing Strategies -
I. Product - Focus on product awareness and trail
II. Price - Use penetration pricing to attract customers or skimming
pricing to recover R&D costs
III. Place - Limited distribution; selective channels
IV. Promotion - Heavy promotion to create awareness and encourage
adoption

2. GROWTH STAGE
 Characteristics -
I. Rapidly increasing sales
II. Falling cots per customer
III. Rising profits
IV. Growing number of competitors
 Marketing Strategies -
I. Product - Improve product quality, add new features and offer
additional services
II. Price - Adjust pricing to remain competitive and attract more buyers
III. Place - Expand distribution channels and increase availability
IV. Promotion - Focus on brand preference and differentiation fro
competitors
Ex: Smartphones during their rapid adoption phase

3. MATURITY STAGE
 Characteristics -
I. Peak sales
II. Low costs per customer
III. High profits
IV. Stable or declining number of competitors
 Marketing Strategies -
I. Product - Diversify product lines and introduce modifications to appeal
to different market segments
II. Price - Competitive pricing to defend market share
III. Place - Intensify distribution efforts to maintain availability
IV. Promotion - Emphasize brand loyalty, offer promotions and explore
new market segments

4. DECLINE STAGE
 Characteristics -
I. Declining Sales
II. Low costs per customer
III. Declining profits
 Marketing Strategies -
I. Product - Decide whether to maintain, harvest, or discontinue the
product
II. Price - Lower prices to liquidate inventory or maintain prices to
maximize remaining profits
III. Place - Reduce distribution channels to the most profitable ones
IV. Promotion - Cut back on advertising and promotional expenditures
Ex:

Q5.What is advertising and explain different types of advertising? [5M]

Q6. Define Management and explain its importance in achieving
organizational goals. [5M]
Ans:
Q7. List the three levels of management and describe one function for
each level. [5M]
Ans:
Q8. What are the five functions of management? Provide a brief
explanation of any two. [5M]
Q9. What is Co-operative Management? Discuss its relevance in
modern business. [5M]
Q10. Explain how globalization affects the International Business
Environment. [5M]