Scribd
Upload
207 views15 pages

Assignment For Mid-Term: Course Name: Principle of Marketing Course Code: MKT2123/101 Section: 01

This document contains a student's assignment responses for their Principles of Marketing course. It includes 3 questions about key marketing concepts. The questions cover: 1) definitions of marketing and marketing management, 2) an explanation of the BCG growth-share matrix tool used to analyze business portfolios, and 3) the 5 steps in a buyer's decision making process. Examples are provided for each marketing concept or tool.

Uploaded by

mehedi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
207 views15 pages

Assignment For Mid-Term: Course Name: Principle of Marketing Course Code: MKT2123/101 Section: 01

This document contains a student's assignment responses for their Principles of Marketing course. It includes 3 questions about key marketing concepts. The questions cover: 1) definitions of marketing and marketing management, 2) an explanation of the BCG growth-share matrix tool used to analyze business portfolios, and 3) the 5 steps in a buyer's decision making process. Examples are provided for each marketing concept or tool.

Uploaded by

mehedi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 15

Assignment For mid-term

Course Name: Principle of Marketing


Course Code: MKT2123/101
Section: 01

Submitted to
=======================
MD. Abrar Fahad Khan
Lecturer
Southeast Business School
Southeast University

Submitted By
======================
Name: Razia Sultana
ID: 2018010000166
Phone number: 01999314808
Mail: [email protected]
Answer to the question no. – 01
====================================
What is marketing?
 The process by which companies engage customers, build strong
customer relationships, and create customer value in order to capture
value from customers in return.
What is marketing management?
 Marketing management is defined as the art and science of choosing
targets markets and getting, keeping and growing through creating,
delivering and communicating superior customer value.

For Example- A company produces on a large scale that reduces the


per-unit cost that will help in sales, and another company focuses on
the quality product which leads to sales of that product.
Marketing management concepts :
There are five marketing management concepts these are

1. The production concept :


Production concept is the oldest marketing concept. It happened
before 19th century. So back at that time the core concept was
produced & produced more. Those companies who produced more to
sell to the customer & they earn more money. This concept says that
make your products readily available & highly affordable that's within
the price range of the customers. So, that's the production concept.

For Example- In Bangladesh BTCL (Laptop DOEL), WASA, PDB,


DESA etc. organizations follow this concept.

2. The product concept :


The product concept holds that consumers favoure those products
that offer highest quality performance or innovative features. These
manager's focus on making superior products with high quality & with
reasonable price. However a new or improve product will not be
successful unless the product is praised distributing advertised & sold
properly. This assumed that buyer's admire well maid products &
appease quality at performance.

For Example- Apple, CPU and Digital camera.

3. The Selling concept :


Selling concept holds that consumers & business , if left alone will
ordinarily not buy the products. Selling concept assumes that the
consumers will not normally buy a product unless their approached at
convinced through intensive sell promotion, advertising &
salesmanship efforts. Even the best product can't be assured to be
sold outing the market until or unless sales promotion are made or
aggressive salesmanship are done. This concept says that the day
good side not purchased but their sold to the customers with the help
of salesmanship, advertising & publicity.

For Example- Insurance, blood donations and funeral services.


4. The marketing concept :
Marketing concept focuses on need , wants of target market &
delivering well new better than competitor's. This concept believes in
pull strategy & says that you need to make your brand so strong that
competitor's themselves prefer your brand over every other
competitor's.

For Example-  Mercedes- Benz, Toyota Motors, Burger King and


Pepsi.

5. The societal marketing concept :


Societal marketing is all about behavioural change getting people to
individual behavioural. This concept holds that the organization's
stars to determine the need, want & interest of target market & to
deliver the desires satisfaction more effectively & efficiently than that
of competitor's.
This concept additionally holds that this almost be done in a way that
preserves or enhance the consumers & the societies well being.
Societal marketing is a better way to bring about a better world to
better people.

For Example- Coca-Cola, Samsung and Nestle.

Answer to the question no.- 02


==================================
What is BCG growth-share matrix?
 BCG MATRIX : To analysis the business portfolio we have a tool that
called BCG growth share matrix. We use this matrix to compare the
market growth rate against the relative market share.

The BCG matrix contains the following four components:


1. Cash cows
2. Stars
3. Question marks
4. Dogs
1. Cash Cows :
It has low-growth rate but relatively high market share. So cash cows
are those SBUs which makes a lot of money for the companies. This
SBUs they don't any more investment because they have low- growth
rate. They have already grown as much as possible. They need to be
managed for continued profit, so that they continue to generate the
strong cash flows that the company needs for it's stars.

For Example- “Lux" is a SBUs from Unilever, “Limca” is a SBUs from


Coca-Cola and “Ruchi chanachur” SBUs from Square.

2. Stars :
Stars are those SBUs which has a relatively high market share but at
the same time they have a high market growth rate. They are likely to
be profitable. Often Stars need heavy investments to sustain growth.

For Example- "Vaseline” is a SBUs from Unilever, LED lamp from


Philips and iphone from Apple.
3. Question Marks:
Question mark has a low-market share but high-growth potential. It
can take more share in the future if you spend money. So, if you are
successful question marks will become Stars or if failed than
automatically your question marks some day become the Dogs.
Management have to think hard about "Question marks" - which ones
should they investing & which ones should they allow to fail.

For Example- “Fanta” is a SBUs from Coca-Cola product, Tablet


from Philips and Omo from Unilever.

4. Dogs:
Dogs are simply failure. Dogs refers low-market share & low-growth
market rate. They hold a small market share that's not growing. Dogs
are likely to make a loss or a very low profit. Dogs are usually sold or
closed. They are replaced with new products.
For Example- “Diet coke” is a SBUs from Coca-Cola product,
“Minute Maid Pulpy” is a SBUs from Coca-Cola and “Milkybar” is a
SBUs from Nestle products.

Answer to the Question no. -03


===================================
There are 5 buyer decision making process. These are :
1) Need recognition
2) Information search
3) Evaluation of alternatives
4) Purchase decision
5)Postpurchase behavioural

You might also like