Balaji Institute Of International Business

(BIIB)
Name: Bhavesh Kumar Nayak Reg. No. 24-1010

Stream: Marketing

Class 1
Marketing Management
Syllabus
❖ Introduction to Marketing.
❖ Marketing Environment.
❖ Consumer Behavior.
❖ Identifying Marketing Segment, Targeting and Positioning.
❖ Branding.
❖ Competition & Growth.
❖ Marketing Mix Variables.
➢ Product Strategy.
➢ Pricing Decision.
➢ Designing Distribution Channel.
➢ Advertising, sales Promotion & Public Relation.
❖ Consumer value Satisfaction & Loyalty.
❖ Introduction to Services Marketing.
❖ Developing Marketing strategies & plans.

Aim Of this Course

The course aims at helping the students in:
❖ Appreciating the role of Marketing Function in Organization.
❖ Understanding and appreciating the concept of marketing in theory and
practice.
❖ Analyzing set of marketing problem through cast study.
❖ Finding Opportunities to relate these concepts to real life situation Through
group project and assignment.
 Questions and Answers:
Question 1. What is the definition of Marketing?

Marketing
Definition -
“Marketing management is the art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering, and
communicating superior customer value”.
- Kotler and Keller
Meaning–
A social and managerial process where individual and group obtaining what they
need & want through creating, communicating, delivering, and exchanging offerings
that have value for customers or clients.

Question 2. Explain Needs, Wants and Demand with proper examples. Your answer
must contain

1. Various kind of needs

2. Difference between Wants and Demand

Core Marketing Concept:

Need, Wants,
Demand

Product &
Marketing
Core
Services

Marketing
concept

Exchange
Transection Value
Relationship Satisfaction
Quality
 Need, Want, Demands:

Need

A need is something that is necessary for an organism to live a healthy life.

Types of needs:

o Basic: Food, Clothing, Shelter, Warmth & Safety

o Social: Belonging Affection
o Individual: Knowledge, Self-Expression

Wants

The term want refers to a wish or desire to own goods and services that give
satisfaction. The form taken by human need as shaped by culture and individual
personality.

Examples

o American Need Food: Want Hamburger

o Mauritian Need Food: Want Mango, Rice, Lentils & Bean.

Demand

Demand is the quantity of a that consumers are willing and able to purchase at
various prices during a given period of time.

Question 3. “Demands are backed by buying power” justify the statement with
proper examples

Demand

Demand is an economic principle referring to a consumer's desire to purchase goods

and services and willingness to pay a price for a specific good or service.

• Demand refers to consumers' desire to purchase goods and services at given

prices.
• Demand can mean either market demand for a specific good or aggregate
demand for the total of all goods in an economy.
• Demand, along with supply, determines the actual prices of goods and the
volume of goods that changes hands in a market.
When human “wants” are backed by buying power.

Example:

India will never demand for 1000 Rolls Royce car. Because the people of India don’t
have buying back power to purchase that much unit of cars.

Question 4. What is the definition of Product? Suggest suitable examples for

Attention, Acquisition and Use or Consumption.

Product

Anything that can be offered to market for Attention, Acquisition, Use or

Consumption to satisfy a wand or need is known as product.

Its Includes

- Physical Object (Food, Furniture etc.)

- Services (Blue dart, Zomato, Swiggi)
- Persons (Celebrity’s)
- Organization and Ideas (Software)

Question 5. Explain Service, Person and Idea as a product with examples

Services

A service is a transaction in which no physical goods are transferred from the

seller to the buyer. The benefits of such a service are held to be demonstrated by the
buyer's willingness to make the exchange.

Example:

Person: If some celebrity charges him/her self for performing dance. Then it will come
under service. They promote themselves as a product in the market.

Idea: If a software developer develops a software which is used by some institution

then that idea will also know as service.
 Question 6. Explain Service with special attention to Intangible and Ownership
properties.

Services

Any intangible activity or benefit that one party can offer which doesn’t
result ownership of anything is known as services. Services are intangible,
tasteless, older-less, colourless.

Example: Hair-cut, Massage, education, transport etc.

Question 7. Explain Customer Value with suitable examples

- Consumer Value

Consumer value is used to describe a consumer's strong relative preference for

certain subjectively evaluated product or service attribute. These values include
efficiency, excellence, status, esteem, play, aesthetics, ethics and spirituality.

Examples

- Apple iPhone – The Experience IS the Product

- Uber – The Smartest Way to Get Around

Question 8. Define Customer Satisfaction. Your answer must include Dissatisfied,

Satisfied and Delighted customers?

Consumer Satisfaction

Customer satisfaction is a kind of measure of how products or services provided by a

company meet customer expectations. Customer satisfaction is one of the most
important indicators of consumer purchase intentions and loyalty.

The extended to which a product’s perceived preformation match a buyer’s

expectations.

- Dissatisfied: Performance falling short of expectation.

- Satisfied: When it matches expectation.
- Delighted: When it exceeds expectation.
Question 9. How is ‘Quality’ related to ‘Customer Satisfaction’? Explain with
examples

Quality

It defined as the totality of features and characteristics of a product or services that

bears on its ability to satisfy, consumer needs.

The fundamental aim of total quantity has become; total consumer satisfaction.

Example

If a Xyz Ltd. Manufactures a product and he doesn’t maintain it quality up to the

mark. Then it will not satisfy the consumer. And due to this consumer shift into
different product.

Question 10. What is Exchange?

A marketing exchange is what happens any time two or more people trade goods or
services. In marketing theory, every exchange is supposed to produce "utility," which
means the value of what you trade is less than the value of what you receive from the
trade. The art of obtaining a desired object from someone by offering something in
return.

Question 11. Explain Transaction with reference to an Invoice?

A financial transaction is an agreement, or communication, carried out between a

buyer and a seller to exchange an asset for payment. It involves a change in the status
of the finances of two or more businesses or individuals.

An invoice is a time-stamped commercial document that itemizes and records

a transaction between a buyer and a seller. If goods or services were purchased on
credit, the invoice usually specifies the terms of the deal and provides information on
the available methods of payment.

Question 12. Explain Relationship Marketing with examples?

Relationship Marketing

The process of creating maintaining and enhancing strong, value laden relationships
with customers and other stakeholders.
Examples:

American Airlines – The airline maintains a comprehensive frequent flyer program that rewards
customer loyalty with the promise of free flights, upgrades, and discounts.

Dell – Dell computers created a special online store for high volume corporate customers. By
tailoring the ordering process to the specific customer's needs, Dell was able to expedite many of
the hassle’s corporate technology buyers face. Providing a higher level of service leads to increased
loyalty.

Question 13. What is Market? How do we determine the Size of the Market?

Market
A market is one of a composition of systems, institutions, procedures, social relations
or infrastructures whereby parties engage in exchange. While parties may exchange
goods and services by barter, most markets rely on sellers offering their goods or
services in exchange for money from buyers.
The Size of market is determined by the number of buyers and sellers in the market.

Question 14. What is Demarketing? Provide Example of Demarketing. “Demarketing

has to be used carefully” Justify this statement

Demarketing

Efforts aimed at discouraging (not destroying) the demand for a product which a firm
cannot supply in large-enough quantities, or does not want to supply in a certain
region where the high costs of distribution or promotion allow only a too little profit
margin. Common demarketing strategies include higher prices, scaled-down
advertising, and product redesign. Marketing to reduce demand temporarily or
permanently with the aim not to destroy demand but only reduce or shift the same.

Question 15. “Selling and Marketing concepts contrasted” Elaborate this statement
with appropriate examples

Selling Concept:

The Selling Concept proposes that customers, be individual or organizations will not
buy enough of the organization's products unless they are persuaded to do so
through selling effort. So, organizations should undertake selling and promotion of
their products for marketing success.

Example: Selling Encyclopaedia, Door to door Marketing, Selling Insurance, Online

shopping.

Marketing Concept:

The marketing concept is the philosophy that firms should analyse the needs of
their customers and then make decisions to satisfy those needs, better than the
competition. Today most firms have adopted the marketing concept, but this has not
always been the case.

Example: Automobile industries, Designer cloth, Laptop Companies.

Question 16. “Societal Marketing must improve the Consumer’s and Society’s well-
being” Justify this statement with appropriate examples.

Social marketing Concept:

Societal marketing is a marketing concept that holds that a company should make
marketing decisions not only by considering consumers' wants, the company's
requirements, but also society's long-term interests.

Example

Govt. promotes for Pulse polio vacation campaign.

Lifebuoy’s Swatch Chetna.
A five-year health and Hygiene education program by Hindustan Unilever
(HUL).

Question 17. Which is the Jerome McCarthy’s 4P’s of Marketing?

Marketing Mix

The term 'marketing mix' is a foundation model for businesses. The marketing mix
has been defined as the "set of marketing tools that the firm uses to pursue its
marketing objectives in the target market".
The four P’s of Marketing Mix are:

1) Product
It refers to an item that satisfies the consumer's needs or wants. Products may
be tangible (goods) or intangible (services, ideas or experiences).

2) Price
Price refers to the amount a customer pays for a product. Price may also refer
to the sacrifice consumers are prepared to make to acquire a product (e.g. time
or effort).

3) Place
Refers to providing customer access Considers providing convenience for
consumer.

4) Promotion
Promotion refers to marketing communications may comprise elements such
as: advertising, direct marketing and sales promotion.

Question 18. What are the relevance of the new P’s- People, Process and Physical
Evidence? Site proper examples for each one of them.

As marketing industry evolved 3 new P’s have become important company of

marketing a product too;

1) People
Human factors who participate in service delivery. Service personnel who
represent the company's values to customers. Interactions between customers.
Interactions between employees and customers.

2) Process
The procedures, mechanisms and flow of activities by which service is delivered.

3) Physical Evidence
The environment in which service occurs. The space where customers and
service personnel interact. Tangible commodities (e.g. equipment, furniture)
that facilitate service performance. Artifacts that remind customers of a service
performance.
Question 19. Explain 4C’s with suitable examples?

In 1990 Robert Lauterbur proposed at alternative to the 4 P’s pf marketing mix.

In response to environmental and technological changes in marketing, as well as

criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing
mix model.

The 4 C’s of modern marketing are:

Consumer (or Client)

The consumer refers to the person or group that will acquire the product. This aspect
of the model focuses on fulfilling the wants or needs of the consumer.

Cost
Cost refers to what is exchanged in return for the product. Cost mainly consists of the
monetary value of the product. Cost also refers to anything else the consumer must
sacrifice to attain the product, such as time or money spent on transportation to
acquire the product.

Convenience
Like "Place" in the 4Ps model, convenience refers to where the product will be sold.
This, however, not only refers to physical stores but also whether the product is
available in person or online. The convenience aspect emphasizes making it as easy as
possible for the consumer to attain the product, thus making them more likely to do
so.
Communication
Like "Promotion" in the 4Ps model, communication refers to how consumers find out
about a product. Unlike, promotion, communication not only refers to the one-way
communication of advertising, but also the two-way communication available
through social media.
Question 20. Explain 4A’s with special reference to Rural Marketing?

1. Acceptability. Your products and/or services meet or exceed customer’s needs

and expectations.

2. Affordability. Your customers can afford your products/services and are willing to
pay (perceived value).

3. Accessibility. Customers can easily buy and use your products/services.

4. Awareness. Customers have enough information about your product/service’s

features and benefits to try them…or continue buying them.

Question 21. Explain the concept ‘Marketing Myopia’ with relevant Examples?
Marketing Myopia suggests that businesses will do better in the end if they
concentrate on meeting customer’s needs rather than on selling products.
- It deals in long term benefits Vs. Short term gains in market.
- Risks your company runs if you don’t pay closer attention to your
consumer.
Examples
Famous Camera company name Kodak Losses his Share to Sony Digital Camera.
Nokia Share losses its market shares to Android and iPhone.
Hollywood didn’t even top of the television market due to TV serials.
Ambassador Car losses its customers to Maruti.
HMT watch losses its customer to Titan watch.