Fundamental of Marketing
1. The length of the product life cycle is governed by the rate of technological change, the rate of market acceptance and the case of competitive entry Discuss.
2. The marketing concept is a customer orientation backed by integrated marketing aimed at generating customer satisfaction as the key to satisfying organisational goals. Comment.
3. What are major reasons for market segmentation and what are its advantages?
4. Briefly explain the steps involved in new product development.
1. Explain any two pricing policies with their relative advantages and disadvantages.
2. As Marketing Director of Kellogg’s evolve a market driven distribution system for the market.
3. Which type of sales promotion vehicles will you use to promote the sale of a premium brand of toilet soap?
CASE STUDY
M.K.B. products was an industrial company, undertaking the manufacture of chewing tobacco products. For the packing of these products, tin containers were required in huge quantities. The company was buying these containers from Shaz Metals, who were supplying the empty containers to M.K.B. products @ Rs. 1.60 per tin container. This arrangement carries on for more than ten years.
M.K.B. products was later joined by a young M.B.A., who advised the owner of M.K.B products, to go in for backward integration (To make the tin containers themselves, instead of buying them from Shaz Metal Works.
The matter was put under deliberation and it was decided to join for partial backward integration, i.e. to start the manufacture of their own tin containers, as well as, keep buying from the supplier(Shaz Metal) in a lesser quantity, till such time that the company
M.K.B. products could become self sufficient.
In the pursuit of backward integration, another semiautomatic tin container manufacturing plant was set up by the company, and it started its production and initially faced a lot of teething troubles. They however, overcame them and started functioning smoothly.
A number of suppliers were interested in supplying tin sheets for M.K.B. products. After buying randomly from a number of suppliers, the company came to the terms with one
Mr. Wali, who undertook all the raw material supplies of the tin sheets to the company at reason able rates. He would make deliveries as and when necessary, and developed a good relationship with the company. This arrangement lasted for a decade. Later, Mr.
Wali, the tin supplier told the company that they would be charging an additional two percent on the prices quoted by them and delivery time would have to be rescheduled and the company would have to pick up, or order for the entire material consumed by the quarterly, instead of monthly arrangements.
This sets the company thinking whether to agree to Mr. Wali terms or to look for another supplier. After a little research, they came across a supplier in tin industries, who was happy to supply the goods at same terms and conditions.
When the deal was about to finalised with the scrap tin industries, Mr. Wali sent a telegram that the increase in rated was cancelled, and they were willing to renew their contract, or continue with the suppliers at the earlier rate for the next 12 months.
This again set the company thinking, because they had good relations with Mr.Wali for a long period of time and also the fact that in industrial buying, market price plays a secondary role but the quality, timely and regular suppliers are the dominant factors.
QUESTIONS:
1. What should the company do in this situation and why?
2. Should the company try scrap industries who are an unlisted supplier and what precautions should the company take for the future?
1. All of the following would be ways to segment within the category of psychographic segmentation EXCEPT:
a. social class.
b. occupation.
c. lifestyle.
d. personality.
2. The orange juice manufacturers know that orange juice is most often consumed in the mornings. However, they would like to change this and make the drink acceptable during other time periods during the day. Which form of segmentation would they need to work with and establish strategy reflective of their desires?
a. gender segmentation
b. benefit segmentation
c. occasion segmentation
d. age and life-cycle segmentation
3. Using a successful brand name to introduce additional items in a given product category under the same brand name (such as new flavors, forms, colors, added ingredients, or package sizes) is called a(n):
a. line extension.
b. brand extension.
c. multibranding.
d. new brands.
4. If a company's objective were to reach masses of buyers that were geographically dispersed at a low cost per exposure, the company would likely choose which of the following promotion forms?
a. Advertising
b. Personal selling
c. Public relations
d. Sales promotion
5. Successful service companies focus their attention on both their customers and their employees. They understand ___________________, which links service firm profits with employee and customer satisfaction.
a. internal marketing
b. service-profit chains
c. interactive marketing
d. service differentiation
6. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a(n):
a. idea.
b. demand.
c. product.
d. service.
7. ______________ is the general term for a buying and selling process that is supported by electronic means.
a. Internet commerce
b. Web commerce
c. Computer commerce
d. Electronic commerce
8. ________________ consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics, or behaviour who might require separate products or marketing mixes.
a. Product differentiation
b. Market segmentation
c. Market targeting
d. Market positioning
9. __________________ is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
a. Mass marketing
b. Market segmentation
c. Market targeting
d. Market positioning
10. The fact that services are sold, produced, and consumed at the same time refers to which of the following service characteristics?
a. Intangibility
b. Inseparability
c. Variability
d. Perishability
11. _______________ factors are the most popular bases for segmenting customer groups.
a. Geographic
b. Demographic
c. Psychographic
d. Behavioral
12. The stage is the product life cycle that focuses on expanding market and creating product awareness and trial is the:
a. decline stage.
b. introduction stage.
c. growth stage.
d. maturity stage.
13. A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user is called a(n):
a. retailer.
b. wholesaler.
c. distribution channel.
d. logistics.
14. In evaluating messages for advertising, telling how the product is better than the competing brands aims at making the ad:
a. meaningful.
b. distinctive.
c. believable.
d. remembered.
15.___________________ is the practice of adopting policies and developing strategies that both sustain the environment and produce profits for the company.
a. Environmentalism
b. Environmental sustainability
c. Consumerism
d. Consumer accountability
16. Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called:
a. custom products.
b. specialty products.
c. convenience products.
d. shopping products.
17. A price reduction to buyers who buy in large volumes is called a(n):
a. quantity discount.
b. cash discount.
c. seasonal discount.
d. trade discount.
18. R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process?
a. Concept development and testing
b. Marketing strategy
c. Business analysis
d. Product development
19. The primary reason that many companies work to become the "low-cost producers" in their industry is because:
a. they can generate more advertising.
b. they can please top management.
c. they can gain tax advantages.
d. they can set lower prices that result in greater sales and profits.
20. Conflicts between different levels of the same channel of distribution are referred to as:
a. horizontal conflicts.
b. vertical conflicts.
c. layer-based conflicts.
d. parallel conflicts.
21. ________________ is a philosophy holding that a company's marketing should support the best long-run performance of the marketing system.
a. Enlightened marketing
b. Myopic marketing
c. Fundamental marketing
d. Conceptual marketing
22. A company is practicing ________________ if it focuses on sub segments with distinctive traits that may seek a special combination of benefits.
a. micromarketing
b. niche marketing
c. mass marketing
d. segment marketing
23. When a company reviews sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives, they are in which of the following new process development stages?
a. Concept development and testing.
b. Commercialization.
c. Business analysis.
d. Marketing strategy development.
24. _______________ is a strategy of using a successful brand name to launch a new or modified product in a new category.
a. Duobranding
b. Line extension
c. Brand extension
d. Multibranding
25. The fact that service cannot be stored for later use or sale is evidence of their:
a. intangibility.
b. inseparability.
c. variability.
d. perishability.
26._________________ is the concept under which a company carefully integrates and coordinates its many communications channels to deliver a clear, consistent, and compelling message about the organization and its products.
a. The promotion mix
b. Integrated international affairs
c. Integrated marketing communications
d. Integrated demand characteristics
27. The course of a product's sales and profits over its lifetime is called:
a. the sales chart.
b. the dynamic growth curve.
c. the adoption cycle.
d. the product life cycle.
28. The type of trade-promotion discount in which manufacturers agree to reduce the price to the retailer in exchange for the retailer's agreement to feature the manufacturer's products in some way is called a(n):
a. discount.
b. allowance.
c. premium.
d. rebate.
29. When producers, wholesalers, and retailers act as a unified system, they comprise a:
a. conventional marketing system.
b. power-based marketing system.
c. horizontal marketing system.
d. vertical marketing system.
30. ______________ is a person's distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.
a. Psychographics
b. Personality
c. Demographics
d. Lifestyle
31. ________________ has the advantage of being high in selectivity; low cost; immediacy; and interactive capabilities.
a. Direct Mail
b. Outdoor
c. Online
d. Radio
32. If an advertiser wants flexibility, timeliness, good local market coverage, broad acceptability, and high believability, the advertiser will probably choose which of the following mass media types?
a. Newspapers
b. Television
c. Direct Mail
d. Radio
33. A(n) _______________ is a name, term, sign, symbol, or design, or a combination of these that identifies the maker or seller of a product or service.
a. product feature
b. sponsorship
c. brand
d. logo
34. All of the following factors can affect the attractiveness of a market segment
EXCEPT:
a. the presence of many strong and aggressive competitors.
b. the likelihood of government monitoring.
c. actual or potential substitute products.
d. the power of buyers in the segment.
35. A _______________ is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything.
a. demand
b. basic staple
c. product
d. service
36. The _______________ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency).
a. product concept
b. production concept
c. production cost expansion concept
d. marketing concept
37. A company is in the ______________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product.
a. product development
b. commercialization
c. marketing strategy
d. business analysis
38. The practice of going after a large share of a smaller market or subsets of a few markets is called:
a. undifferentiated marketing.
b. differentiated marketing.
c. concentrated marketing.
d. turbo marketing.
39. ________________ is screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
a. Idea generation
b. Concept development and testing
c. Idea screening
d. Brainstorming
40. Technological advances, shifts in consumer tastes, and increased competition, all of which reduce demand for a product are typical of which stage in the PLC?
a. decline stage
b. introduction stage
c. growth stage
d. maturity stage
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University: AMITY Year: 2015