1. Define the concept of Product.

A product is anything created or offered to meet a need or want. It can be a physical

item, like a smartphone, or a service, like online streaming. Products are designed to
solve problems, provide benefits, or add value to customers' lives. For example, a
refrigerator keeps food fresh, and a haircut service enhances appearance.

Products are typically developed by businesses and are marketed to specific

audiences. They come with features, quality levels, and prices tailored to customers'
preferences. Successful products satisfy users' needs effectively and are easy to use.
In short, a product is the result of effort and creativity aimed at fulfilling people's
needs or improving their lives.

A good product meets the expectations of its target audience, addressing their
specific requirements effectively. In essence, a product is the outcome of effort and
creativity aimed at delivering solutions or experiences to consumers.

2. Marketing and sales

Aspect Marketing Sales
Converting leads into
Attracting and engaging
Focus customers by closing
potential customers.
deals.
Building awareness, interest,
Achieving revenue by
Objective and demand for products or
meeting sales targets.
services.
Long-term strategy for brand Short-term focus on
Time Frame positioning and customer immediate results and
relationships. transactions.
Direct, involving one-on-
Indirect, using campaigns,
Approach one communication with
content, and promotions.
buyers.
Advertising, social media, CRM systems, pitches,
Tools Used email, SEO, and market presentations, and
research. negotiations.
Broad, targeting potential Narrow, targeting
Audience leads and a larger market specific prospects or
segment. qualified leads.
Based on metrics like brand Based on sales revenue,
Measureme
awareness, website traffic, deal closures, and
nt
and lead generation. quotas met.
Creating campaigns, Conducting client
Key
analyzing market trends, and meetings, demos, and
Activities
building brand equity. follow-ups.
Persuasion, relationship
Skills Creativity, analytical thinking,
building, and
Required and communication.
negotiation.
 Aspect Marketing Sales
Dependenc Works to generate leads for Relies on marketing to
y the sales team to convert. provide qualified leads.

3. 4P of Marketing.
The 4Ps of Marketing, also known as the Marketing Mix, are four key elements
used to develop effective marketing strategies. They are

Product:
Refers to what is being offered to meet customer needs. It includes the product's
features, quality, design, packaging, and branding. For example, a smartphone's
camera quality, battery life, and brand name are part of the product

Price:
This is the cost customers pay for the product. Pricing strategies, such as discounts,
payment plans, or premium pricing, influence demand and profitability.

Place:
Refers to how and where the product is distributed and made available to customers.
This includes physical stores, online platforms, or direct delivery.

Promotion:
Involves the methods used to communicate with the target audience, such as
advertising, social media, public relations, and sales promotions, to raise awareness
and encourage purchases.

4. 7P of Marketing.

· Product: The goods or services offered to meet customer needs. It includes

features, design, quality, and innovation.

· · Price: The amount customers pay for the product or service. It includes pricing
strategies, discounts, and payment terms.

· · Place: Where and how the product is delivered to customers, such as physical
stores, online platforms, or distribution channels.

· · Promotion: The methods used to communicate with the audience, including

advertising, public relations, and digital marketing.

· · People: The staff, customer service teams, and everyone involved in delivering
the product or service. Their skills, attitudes, and behaviors impact customer
satisfaction.

· · Process: The steps or workflows involved in delivering the product or service. It

ensures efficiency, consistency, and quality in customer interactions.
· · Physical Evidence: The tangible or visible elements that support the product or
service, such as packaging, branding, or the appearance of a store or website.

5.Diff between customer and Consumer

Aspect Customer Consumer

A person who uses or
A person or entity that
Definition consumes the goods or
buys goods or services.
services.
Acts as the buyer in a Acts as the end user of the
Role
transaction. product or service.
Concerned with Focused on using or
Focus
purchasing decisions. experiencing the product.
A parent buying a toy for The child playing with the
Examples
their child. toy.
Relationshi Engages in transactions Engages with the product
p with businesses. post-purchase.
Influenced by usability,
Decision- Influenced by factors like
satisfaction, and
Making price, quality, and brand.
experience.
A customer can also be A consumer may not
Overlap
the consumer. always be the customer.
Targeted through sales
Marketing Targeted through product
strategies and
Target design and experience.
promotions.

6.Concept of STP.

STP stands for Segmentation, Targeting, and Positioning—a three-step marketing

process used to identify and reach the right audience with the right message. Here’s a
breakdown of each step:

Segmentation:
This involves dividing the broad market into smaller, more manageable groups based
on shared characteristics like demographics (age, gender), psychographics (lifestyle,
interests), geographic location, or behavioral traits (purchasing habits). The goal is to
understand the different needs of various customer segments.

Targeting:
After identifying the different segments, businesses choose which segment(s) to focus
on. Targeting involves selecting the most promising market segments based on factors
like profitability, size, and accessibility.

Positioning:
Positioning is about how a product or brand is perceived by the target audience. It
involves crafting a clear, distinctive image or message that appeals to the targeted
segment, differentiating it from competitors and highlighting its unique value.

7 Concept of Product Management.

Product Management is the process of guiding a product through its entire lifecycle,
from idea to development, launch, and beyond. It involves overseeing all aspects of
the product to ensure it meets customer needs, achieves business goals, and delivers
value. Product management focuses on creating a product strategy, managing
resources, and coordinating teams to bring the product to market. Here's a breakdown
of key aspects:

Product Strategy: Setting clear goals and defining the vision for the product based
on market research, customer feedback, and business objectives.

Product Development: Overseeing the design and development of the product,

ensuring it meets requirements, is feasible to produce, and aligns with the strategy.

Cross-functional Collaboration: Product managers work closely with teams like

marketing, engineering, sales, and customer support to ensure smooth product
creation, launch, and ongoing improvements.

Market Research: Continuously gathering data about customer needs, market trends,
and competitor products to inform product decisions.

Product Lifecycle: Managing the product through its entire lifecycle—planning,

development, launch, growth, maturity, and eventually discontinuation.

8. Concept of PLC also diagram.

The Product Life Cycle (PLC) is a model that describes the stages a product goes
through from introduction to decline. Understanding this cycle helps businesses make
informed decisions about their product strategies.

Stages of the Product Life Cycle

Introduction:

1. Product is launched into the market.

2. Sales are low, and profits are negative or minimal.
3. Marketing focuses on creating awareness and building brand recognition.

Growth:

1. Product gains market acceptance and sales increase rapidly.

2. Profits start to grow.
 3. Marketing efforts focus on expanding distribution and encouraging repeat
purchases.

Maturity:

1. Sales growth slows down and stabilizes.

2. Profits peak and then start to decline.
3. Marketing strategies shift towards maintaining market share and defending against
competition.

Decline:

1. Sales and profits decline.

2. The product may become obsolete or face intense competition.
3. Marketing efforts may be reduced or discontinued.

9.Concept of NPD.

New Product Development (NPD) refers to the process of creating, designing, and
launching new products into the market. This process involves several stages aimed at
transforming an idea into a commercially viable product that meets customer needs
and drives business growth.

Key Stages of NPD:

Idea Generation:
This is the initial stage where new product ideas are generated. Ideas can come from
various sources, such as customers, competitors, employees, or market trends.

Idea Screening:
After generating ideas, the next step is to evaluate them to ensure they are feasible,
align with the company’s goals, and meet market demand. Unviable ideas are
discarded.

Concept Development and Testing:

Once an idea is chosen, it is turned into a product concept, and its potential is tested
through focus groups or market research. Feedback helps refine the product.

Business Analysis:
In this stage, the product’s profitability, market potential, production costs, and
overall feasibility are analyzed. A business case is made for moving forward.

Product Development:
The actual design and development of the product take place. Prototypes are created,
and the product undergoes engineering and refinement to meet quality standards.

Market Testing:
The product is tested in a small market segment to evaluate consumer responses and
assess its performance before a full-scale launch.

Commercialization:
The product is introduced to the broader market. This includes launching the product,
mass production, distribution, and large-scale marketing efforts.

Post-launch Evaluation:
After the product is launched, ongoing evaluation is crucial to monitor its
performance, customer satisfaction, and any necessary adjustments or improvements.

10. diff between idea generation and idea Screening.

Aspect Idea Generation Idea Screening
The process of coming The process of evaluating and
Definition up with new product filtering ideas to identify viable
ideas. ones.
First stage of the New Follows idea generation,
Stage in
Product Development before moving forward with
NPD
(NPD) process. development.
Creative thinking and Assessing the feasibility and
Focus
brainstorming. potential of ideas.
To generate a wide To select ideas that align with
Objective range of innovative and business goals and market
diverse ideas. needs.
 Aspect Idea Generation Idea Screening
Open and broad,
Analytical and focused on
Approach encouraging creativity
eliminating impractical ideas.
and free thinking.
A list of possible product A filtered list of ideas that are
Outcome
ideas. worth developing further.
Based on brainstorming, Based on criteria like market
Decision-
feedback, and potential, costs, and alignment
Making
inspiration. with business objectives.
Brainstorming sessions,
Tools SWOT analysis, feasibility
idea workshops,
Used studies, market research.
research.

11.Concept of product line.

A product line refers to a group of related products offered by a company that share
similar characteristics, functions, or target markets. These products are sold under the
same brand and fall within the same category, but they may differ in terms of features,
sizes, or price points. A product line allows a company to target a broader range of
customers by offering various options within the same category.

Key Features of a Product Line:

1. Product Variety: Different products that cater to different customer needs within the same
category.
2. Related Products: Items in a product line are designed to serve similar functions or solve
similar problems.
3. Brand Consistency: All products in the line typically carry the same brand name, ensuring
consistency.
4. Price Range: The products may vary in price, providing options for different customer
segments.

Examples of Product Lines:

 Apple: iPhone models (e.g., iPhone 13, iPhone 13 Pro, iPhone 13 Mini) make up a product
line within the smartphone category.
 Coca-Cola: The Coca-Cola product line includes regular Coca-Cola, Diet Coke, Coca-Cola Zero,
and flavored variants.

11.Three reasons for adding in the company portfolio.

· Market Expansion:
Adding new products allows a company to enter new markets or target different
customer segments, broadening its reach and increasing its market share. This helps
the company tap into fresh revenue opportunities.

· · Risk Reduction:
A diversified product portfolio reduces the company's dependence on a single product
or market. By offering a variety of products, the company can minimize the impact of
market downturns or changes in consumer preferences on its overall business.

· · Competitive Advantage:
Introducing new products helps a company stay competitive by responding to
customer needs, innovating, and differentiating itself from competitors. It enables the
company to stay ahead in the market and attract loyal customers.

12.Three reason which can contribute toward the failure a

new product.
· Lack of Market Research:
If a company fails to properly understand customer needs, preferences, or market
trends, the product may not meet the expectations of the target audience. Inadequate
market research can lead to a product that doesn't solve a real problem or isn't
appealing to consumers.

· · Poor Product Quality:

A product that fails to meet quality standards or has design flaws can result in
customer dissatisfaction and negative reviews. If the product doesn't perform as
expected or has issues, it can lead to a lack of trust and poor sales.

· · Inadequate Marketing and Promotion:

Even a great product can fail if it isn’t marketed effectively. Without proper
promotion, advertising, and awareness campaigns, customers may not know about the
product, leading to low demand and poor market penetration.

13.Significant of Product development state in NPD.

The Product Development stage in New Product Development (NPD) is crucial
because it is where the idea or concept is transformed into an actual product. This
phase focuses on refining the product, ensuring it meets customer needs, and making
it ready for market introduction. The significance of this stage includes:

Turning Ideas into Reality:

This is where concepts and prototypes are developed, tested, and finalized. It moves
the product from a theoretical idea into a tangible, market-ready item.

Ensuring Feasibility:
The product development stage allows the company to assess the technical feasibility,
cost-effectiveness, and scalability of manufacturing the product. It's a key step in
ensuring that the product can be produced at the right quality and price.

Design and Quality Refinement:

During this stage, product design is optimized for functionality, user experience, and
visual appeal. It ensures the product meets quality standards and delivers on its
promises to customers.
Risk Mitigation:
By developing and testing prototypes before mass production, companies can identify
and address potential problems, reducing the risks of failure in later stages.

Cross-functional Collaboration:
Product development involves collaboration among various departments, including
marketing, engineering, design, and manufacturing. This ensures the product aligns
with business goals and customer expectations.

14.A significant of state Test marketing Step in NPD

The Test Marketing step in New Product Development (NPD) is significant because
it allows companies to evaluate the product's performance in a real-world
environment before a full-scale launch. Here are the key reasons why this stage is
critical:

Customer Feedback:
Test marketing provides valuable insights into how customers perceive the product,
including its features, benefits, and overall appeal. This feedback helps identify any
issues or improvements needed before the product is introduced on a larger scale.

Market Response:
It helps gauge the demand for the product in different markets and understand
customer preferences, enabling companies to adjust pricing, distribution strategies,
and promotional efforts accordingly.

Risk Reduction:
By testing the product in a small segment of the market, companies can identify
potential problems, such as flaws in the product or issues with marketing, before
committing to a nationwide or global launch. This minimizes the financial and
reputational risks of a failed product.

Refining Marketing Strategy:

Test marketing allows businesses to refine their advertising, positioning, and
distribution strategies based on real consumer reactions. This ensures that the product
is effectively marketed to the target audience when it is fully launched.

Forecasting Success:
It provides a preview of how the product may perform in the larger market, allowing
the company to make more accurate sales projections and adjust production plans.

15.A significant of state idea screening in NPD

The Idea Screening step in New Product Development (NPD) is a
critical stage because it helps narrow down a large number of
potential ideas to the most viable and promising ones. This stage
ensures that only the ideas with the greatest chance of success
move forward in the development process. Here are the key
significance s of idea screening:

Eliminating Poor Ideas:

Idea screening helps filter out ideas that are impractical, unfeasible,
or not aligned with the company’s goals. This prevents wasted
resources and time on ideas that are unlikely to succeed in the
market.

Focusing Resources on Promising Ideas:

By narrowing the focus to the most viable ideas, the company can
allocate resources (time, money, and effort) efficiently, ensuring
that only the best ideas move forward in the development process.

Aligning with Business Goals:

Idea screening ensures that the selected ideas align with the
company’s strategic goals, target market, and overall vision. This
makes it more likely that the product will meet customer needs and
fit within the company's brand.

Reducing Risk:
Screening helps reduce the risk of product failure by identifying
potential issues early. It allows the company to evaluate ideas
based on criteria like market demand, technical feasibility, and
profitability.

Cost and Time Efficiency:

Screening helps eliminate ideas that would require high investments
in development and marketing but are unlikely to succeed. This
saves costs and accelerates the overall product development
process.

Improving Product Quality:

The screening process encourages the company to focus on ideas
that are innovative, meet market needs, and offer a competitive
edge, improving the quality of the products developed.

16.A significant of state Concept texting in NPD

The Concept Testing step in New Product Development (NPD) is crucial because it
allows a company to evaluate how a product concept resonates with the target
audience before moving into the development or launch stages. Here's why this step is
significant:

Customer Feedback:
Concept testing gathers valuable insights from potential customers about the product's
appeal, features, and overall desirability. This helps the company understand if the
concept aligns with customer needs and expectations.

Risk Reduction:
By testing the product concept with real consumers before investing in full
development, companies can identify potential issues or flaws early. This reduces the
risk of product failure or costly mistakes later in the NPD process.

Refining the Product Concept:

Feedback from concept testing can reveal areas for improvement or adjustments in
design, features, or functionality. This allows the company to refine the product
concept and make it more attractive to consumers.

Market Fit:
Concept testing helps ensure that the product concept will fit within the target market.
It provides insights into how well the concept matches consumer desires, helping
companies avoid launching products that don't meet market demand.

Evaluating Demand and Pricing:

Through concept testing, businesses can gauge how much interest or demand exists
for the product and even test different pricing strategies. This allows for better
forecasting and strategy development.

Informed Decision-Making:
The insights gathered during concept testing support more informed decision-making
about whether to move forward with product development or make modifications.
This helps prioritize investments in the most promising product ideas.

17.Concept of brand Management

Brand Management refers to the process of creating, developing, and maintaining a
brand to ensure that it remains strong, relevant, and resonates with consumers. It
involves managing the brand’s image, reputation, and overall identity in the market to
build customer loyalty, differentiate the product from competitors, and drive long-
term success.

Key Elements of Brand Management:

Brand Identity:
This is the unique combination of elements such as the brand name, logo, tagline,
colors, and overall design that distinguish the brand from others. It's the visual and
emotional representation of the brand.

Brand Positioning:
This defines how the brand is perceived in the market and the mind of consumers
relative to competitors. Effective positioning highlights the brand’s unique value
proposition and why it is the preferred choice for the target audience.
Brand Equity:
Brand equity refers to the value a brand adds to a product or service, based on
consumer perception, loyalty, and awareness. Strong brand equity increases customer
trust and the brand’s ability to command higher prices.

Brand Communication:
This involves the messaging and communication strategies used to convey the brand’s
values, benefits, and personality to the target audience. It includes advertising, public
relations, social media, and other forms of marketing.

Brand Loyalty:
Building brand loyalty is crucial in brand management. This is achieved by
consistently meeting or exceeding customer expectations, which leads to repeat
purchases and long-term customer relationships.

Brand Monitoring and Adjustment:

Brand managers continuously track the brand’s performance, consumer perceptions,
and market trends. This helps make adjustments in the brand strategy to stay relevant
and competitive.

Importance of Brand Management:

 Differentiation: It helps the brand stand out in a crowded market.
 Customer Trust: Effective brand management builds trust, encouraging customers to choose
the brand over competitors.
 Long-Term Success: Strong brands have long-term customer loyalty, higher market share,
and greater profitability.
 Premium Pricing: Brands with high equity can command higher prices due to the perceived
added value.

18.Concept of swot Analysis.

SWOT Analysis is a strategic planning tool used by businesses to assess their internal
and external environments. It helps identify the strengths, weaknesses, opportunities,
and threats related to a business or project. By understanding these four key areas,
companies can develop strategies that leverage their advantages, address challenges,
and make informed decisions.

Components of SWOT Analysis:

Strengths (Internal):
These are the positive attributes or resources a company possesses that give it a
competitive advantage. Strengths can include factors like a strong brand, skilled
workforce, exclusive technology, high customer loyalty, or efficient processes.

Examples:

1. Strong brand reputation

2. Unique product features
3. Skilled and experienced team
Weaknesses (Internal):
Weaknesses are areas where the company is at a disadvantage compared to
competitors or where improvements are needed. This might include gaps in
capabilities, resource limitations, or poor customer service.

Examples:

1. Limited market presence

2. Inefficient supply chain
3. Lack of innovation or outdated technology

Opportunities (External):
Opportunities refer to favorable external conditions that the company can exploit to its
advantage. These may come from market trends, new technologies, regulatory
changes, or shifts in consumer behavior.

Examples:

1. Expanding into new markets

2. Emerging technology or industry trends
3. Changes in consumer preferences or demands

Threats (External):
Threats are external challenges or obstacles that could negatively impact the business.
This could include factors like intense competition, economic downturns, regulatory
changes, or changing customer behavior.

Examples:

1. Increased competition
2. Economic recessions
3. Changing regulations or laws

18. Concept of Ansoff growth Matrix.

The Ansoff Growth Matrix is a tool that helps businesses decide how to grow. It
shows four ways a company can expand, based on whether they want to sell new or
existing products in new or existing markets. Here's a simple breakdown:

The Four Growth Strategies:

Market Penetration (Sell More of Existing Products in Existing Markets):

1. What it is: Trying to sell more of what you already have to your current customers.
2. Example: A store offering discounts to increase sales of their current products.

Product Development (Create New Products for Existing Markets):

1. What it is: Developing new products to sell to the same customers.

 2. Example: A smartphone company launching a new model of their phone for their
current customers.

Market Development (Sell Existing Products in New Markets):

1. What it is: Taking your current products and selling them in new markets or to
different groups of people.
2. Example: A local restaurant opening new branches in other cities.

Diversification (Create New Products for New Markets):

1. What it is: Creating new products and selling them to new customer groups. This is
the riskiest option.
2. Example: A clothing brand starting to sell cosmetics.

Why It's Useful:

 It helps companies figure out how they can grow.
 It shows the risks involved in each strategy.
 It helps businesses decide where to put their efforts and resources for expansion.

20.Concept of PESTEL Analysis.

PESTEL Analysis is a tool used to understand the big-picture factors outside a
business that can affect how it operates. It looks at six key areas:

Political:
How government actions and policies affect the business, like taxes, regulations, or
trade laws.

Example: A change in government tax laws that affects company profits.

Economic:
Factors like inflation, interest rates, and the overall economy that influence how much
money people spend and how businesses operate.

Example: If inflation rises, people might spend less, affecting sales.

Social:
Changes in society, such as customer preferences, cultural trends, and demographic
shifts.

Example: A growing trend for healthy eating could increase demand for organic
food.

Technological:
New technologies or innovations that could change how businesses work or how
products are made and delivered.
Example: The rise of smartphones changed how businesses reach customers through
apps and websites.

Environmental:
Issues related to the environment, like climate change or sustainability, that could
impact business operations.

Example: A company might need to adopt more sustainable practices to meet

environmental regulations.

Legal:
Laws and regulations that a business must follow, such as health and safety laws or
labor laws.

Example: Changes in minimum wage laws can affect how much a company pays
employees.

Why it's Useful:

PESTEL helps businesses spot potential opportunities and threats in their external
environment so they can plan better and avoid surprises. It’s like keeping an eye on
the bigger world around the business to stay ahead of any changes.

:-MARK 05:-

1.diff between goods and Services.

Aspect Goods Services
Intangible activities or
Tangible products that
Definition benefits provided to
can be touched or stored.
customers.
Physical and can be seen Intangible and cannot be
Tangibility
or touched. touched or stored.
Produced and consumed
Production Produced, then sold.
simultaneously.
No ownership transfer;
Ownership of goods is
Ownership customers only experience
transferred to the buyer.
or use the service.
Services are usually
Goods are often durable
Durability perishable (cannot be stored
or long-lasting.
or saved for later).
Goods are usually Services can vary in quality
Consistency consistent in quality and depending on who provides
specifications. them and when.
Examples Smartphones, clothes, Haircuts, legal advice,
 Aspect Goods Services
education, medical
food, cars.
treatment.
Goods can generally be
Returnabili Services cannot be returned
returned if they are
ty once they are provided.
faulty.

2.Five roles of a Product a Product Manager.

Setting the Product Strategy:

The Product Manager decides what the product should be, who it’s for, and what it
should do. They create a plan for the product's growth and direction.

Understanding Customer Needs:

They make sure the product meets the needs of customers. They listen to feedback,
research the market, and ensure the product solves real problems for users.

Working with Different Teams:

Product Managers work with teams like design, engineering, marketing, and sales to
bring the product to life and ensure everyone is on the same page.

Deciding What to Build Next:

They decide which features and updates should be built next based on customer
feedback, business goals, and available resources.

Managing the Product Over Time:

After the product is launched, the Product Manager keeps an eye on how it’s doing,
collects feedback, and makes improvements to keep it successful.

In short, a Product Manager makes sure the product is useful, builds the right
features, works with all teams, and keeps the product improving over time.

3.Step in the marketing process.

Dak tui aita

4.Concept of branding.
Branding is the process of creating a unique identity for a product, company, or
service in the minds of consumers. It involves using names, logos, designs, and
messaging to differentiate your product or service from competitors and build trust
and recognition.

Key Elements of Branding:

Brand Name:
The name you choose for your product or company, which helps people recognize and
remember it.

Logo and Design:

Visual symbols (like a logo) and design elements that represent your brand and make
it stand out.

Brand Voice and Messaging:

The tone and language you use in your marketing materials to communicate with your
audience. It helps to reflect the personality of your brand.

Brand Values:
The core beliefs and principles your brand stands for, which resonate with your target
audience.

Customer Experience:
The overall experience customers have with your product or service, from the first
interaction to post-purchase support.

Why Branding is Important:

 Recognition: Strong branding makes your product or company easy to identify in a crowded
market.
 Trust and Loyalty: Consistent and positive branding helps build trust, leading to customer
loyalty.
 Differentiation: Effective branding sets your product apart from competitors, making it
unique and memorable.
 Emotional Connection: A well-developed brand can create an emotional connection with
customers, influencing their buying decisions.

5.Concept of Top down approach.

The Top-Down Approach is a management and decision-making style where
decisions are made at the higher levels of an organization and then passed down to
lower levels for implementation. In this approach, senior leaders or executives set the
direction, goals, and strategies, and then guide the actions of lower-level managers
and employees.

Key Points of the Top-Down Approach:

1. Centralized Decision-Making: Senior management holds the authority to

make major decisions.
2. Clear Hierarchical Structure: The organization is structured with clear levels
of authority. Instructions and goals flow from the top down to all levels.
 3. Efficiency in Execution: Because decisions are made by top executives, the
process can be faster in terms of setting direction and goals.
4. Control and Consistency: The top-down approach helps maintain control
over the overall vision and ensures that all parts of the organization are
aligned with the main objectives.

Examples:

 Corporate Strategy: The CEO or senior management defines the company’s

strategy, which is then implemented by managers and employees at lower
levels.
 Military: Orders are given from higher ranks and passed down to lower ranks
for execution.

Pros and Cons:

 Pros: Clear direction, consistency in decision-making, easier to manage large

organizations.
 Cons: Can be inflexible, may stifle creativity or input from lower levels, and
can create a gap between leaders and employees.

6.Concept of bottom up approach.

The Bottom-Up Approach is a management and decision-making style where
decisions are made starting from the lower levels of an organization and move
upward. In this approach, employees and lower-level managers provide input,
feedback, and ideas, which are then considered by higher-level management when
making decisions.

Key Points of the Bottom-Up Approach:

1. Decentralized Decision-Making: Employees at all levels, especially

those closest to the work, are encouraged to contribute ideas and
feedback.
2. Employee Empowerment: It gives employees more control and
involvement in the decision-making process, which can boost
morale and engagement.
3. Creativity and Innovation: By involving employees who are
directly working with customers or products, it fosters creativity
and new ideas.
4. Collaboration and Communication: Promotes better
communication between different levels of the organization as
ideas flow freely upward.
Examples:

 Product Development: In a bottom-up approach, team members

may suggest features for a new product, and senior management
considers these ideas before finalizing the product design.
 Problem-Solving: Employees at lower levels may identify issues
within the organization and present solutions to upper
management.

Pros and Cons:

 Pros: Encourages innovation, boosts employee morale, leads to better-

informed decisions because of input from various levels.
 Cons: Can take more time for decisions to be made, may lead to confusion or
inconsistency if not managed well.

7. Concept of Marketing Mix.

The Marketing Mix refers to the key elements that businesses use to promote and sell
their products or services. It’s often called the 4Ps of Marketing, as it consists of four
main components:

Product:

1. What it is: The actual good or service being offered to customers. This
includes features, quality, design, brand, and how it solves customer
needs.
2. Example: A smartphone with a high-quality camera and long battery
life.

Price:

1. What it is: The amount of money customers must pay to acquire the
product or service. Pricing strategies may vary depending on market
demand, competition, and perceived value.
2. Example: A luxury brand might set a high price to create exclusivity,
while a budget brand might offer lower prices to attract cost-conscious
customers.

Place (Distribution):

1. What it is: The locations or channels where the product is made

available to customers. This includes physical stores, online platforms,
and distribution networks.
 2. Example: A brand selling its products both in retail stores and through
its website.

Promotion:

1. What it is: The methods used to communicate with and persuade

customers to buy the product. This includes advertising, public
relations, social media marketing, and sales promotions.
2. Example: A company running a special discount campaign to
encourage people to buy during a holiday season.

Why the Marketing Mix is Important:

 It helps businesses balance the right combination of these elements to

effectively meet customer needs and achieve business goals.
 It ensures consistent messaging across all areas of marketing.
 It allows businesses to differentiate themselves from competitors by offering
unique products, pricing strategies, or promotional methods.

8.Advantages and Disadvantages of branding.

advantages of Branding:

1. Recognition: A strong brand helps customers easily recognize your product or

company in the market.
2. Customer Loyalty: Good branding creates trust, encouraging repeat business
and customer loyalty.
3. Differentiation: Branding helps you stand out from competitors, making your
product unique.
4. Premium Pricing: Well-established brands can often charge higher prices due
to their reputation.
5. Consistency: Strong branding provides consistent messaging, which
strengthens the company’s identity over time.
6. Emotional Connection: Good branding can create an emotional bond with
customers, making them feel connected to your product or company.

Disadvantages of Branding:

1. High Costs: Developing and maintaining a strong brand can be expensive,

including advertising and marketing efforts.
2. Risk of Brand Damage: If a brand experiences negative publicity, it can be
hard to repair the damage.
3. Limited Appeal: Strong branding may limit your product’s appeal to new
markets or customers who don't resonate with the brand’s image.
 4. Over-dependence on Brand: Relying too much on branding might
overshadow the actual product quality or innovation.
5. Takes Time: Building a strong brand takes a long time, and the results are not
immediate.
6. Competition: As competitors build their brands, standing out can become
more difficult and expensive.

9.Concept of branded house.

A Branded House is a branding strategy where a company uses its main brand
name for all its products and services, creating a unified and consistent identity across
the entire product line. In this approach, all products or services are closely associated
with the parent brand, making it easier to build recognition, trust, and loyalty with
customers.

Key Features of a Branded House:

1. Unified Brand Identity: The company uses the same name and logo for all its
products or services.
2. Consistency: The branding across all products is consistent, making it easier
for customers to recognize and trust the brand.
3. Shared Reputation: The reputation of the parent brand is carried by all its
products, so if one product does well, it can help boost the others.

Example:

 Apple is a great example of a branded house. Whether you’re buying an

iPhone, iPad, Mac-book, or Apple Watch, all products carry the Apple name
and logo, and share the same branding and values of innovation and quality.

Advantages of a Branded House:

 Cost-effective: It’s easier and less expensive to market and promote all
products under a single brand.
 Customer Trust: Customers are more likely to trust new products from a
brand they already know and like.
 Stronger Brand Presence: The company can build a stronger, more
recognizable brand in the market.

10.Concept of House of Brand.

A House of Brands is a branding strategy where a company owns and manages
multiple brands, each with its own unique identity, name, and logo. Unlike a Branded
House (where all products share the same brand name), in a House of Brands, each
product or service is marketed under its own distinct brand, separate from the parent
company.
Key Features of a House of Brands:

1. Multiple Distinct Brands: The parent company owns various brands, each
with its own identity.
2. Separate Marketing Strategies: Each brand has its own marketing,
positioning, and target audience, allowing for more tailored approaches.
3. No Visible Connection to Parent Brand: The consumer often doesn't know
that the brands are owned by the same parent company.

Example:

 Procter & Gamble (P&G) is a classic example of a House of Brands. P&G owns
several well-known brands like Tide, Gillette, Pampers, and Olay, each with
its own brand identity, logo, and marketing strategies. The P&G name isn't
prominently featured on these products.

Advantages of a House of Brands:

1. Targeting Different Markets: Each brand can be tailored to meet the specific
needs of different customer segments.
2. Risk Diversification: If one brand faces trouble, it doesn’t affect the other
brands owned by the company.
3. Brand Flexibility: Each brand can operate independently, allowing the
company to experiment with different positioning and strategies.

11.five levels of the Product.

Five Levels of a Product refer to the different layers of a product that contribute to
its overall value and appeal to customers. These levels help businesses understand
what they are really offering to customers and how to meet their needs effectively.

Here are the five levels:

Core Product:

1. What it is: The basic, fundamental need or benefit the customer seeks
from the product. It answers the question, "What is the customer
really buying?"
2. Example: For a smartphone, the core product is communication (calls,
messages, internet access).

Basic Product:

1. What it is: The basic version of the product that meets the essential
needs of the customer.
2. Example: A smartphone with basic features like calling, texting, and
internet browsing.
Expected Product:

1. What it is: The set of attributes or features that customers expect in

the product. These are the standard features most customers would
look for.
2. Example: For a smartphone, this could include a decent camera,
touch screen, long battery life, and app support.

Augmented Product:

1. What it is: Additional features, services, or benefits that go beyond

customer expectations and provide extra value.
2. Example: For a smartphone, this might include a high-quality camera,
fast charging, exclusive apps, or extended warranty.

Potential Product:

1. What it is: The future features or improvements that could be added

to the product, to keep it competitive and meet changing customer
needs.
2. Example: Future enhancements in a smartphone could include
foldable screens, advanced AI features, or longer battery life.

Summary:
 Core Product: The basic need or benefit.
 Basic Product: The basic version of the product.
 Expected Product: The features customers expect.
 Augmented Product: Additional features that exceed expectations.
 Potential Product: Future enhancements or innovations.

12.Marketing strategies that a company Can follow when

there product in the first (2nd/3rd / 4rd0 stage of PLC.

---) SAME AS MARK 3 QUESTION 8

13.Stages of NPD.
---)SAME AS MARK 3 QUESTION 9

14.Internal Source of new product Idea

· Research and Development (R&D):

· R&D teams focus on innovation, technological advancements, and scientific research to create
new products or improve existing ones.
· Employees:

· Employees across all levels can contribute valuable ideas based on their experiences,
knowledge, and interactions with customers.

· Sales and Marketing Teams:

· These teams gather insights from customer feedback, market trends, and competitor analysis,
which can lead to new product ideas.

· Top Management:

· Senior executives can provide strategic direction and insights based on industry trends,
competitive analysis, and company goals.

· Customer Service Feedback:

· Customer service teams often hear directly from customers about problems or unmet needs,
offering valuable input for new product development.

· Internal Brainstorming Sessions:

· Regular meetings or idea generation workshops encourage collaboration among employees to

brainstorm creative and innovative product ideas.

15.External Source of new product Idea.

External sources of new product ideas come from outside the company. These
sources provide insights from customers, competitors, and the market. Here are six
common external sources:

Customers: Customers are a key source of product ideas. Feedback, complaints, and
suggestions can help companies improve existing products or develop new ones.

Competitors: Observing competitors' products can inspire new ideas. Companies can
learn from competitors’ successes or identify gaps in the market.

Suppliers: Suppliers may suggest new materials, technologies, or innovations that

could be used to create better products.

Distributors and Retailers: These stakeholders interact directly with customers and
can provide valuable insights into what products are in demand.

Market Research: Research studies, surveys, and focus groups help companies
understand customer preferences, trends, and needs.

External Innovators: Outside experts, universities, and consultants can bring fresh,
innovative ideas that a company might not have considered.
16. Concept of Convenience goods.

Convenience goods are products that are bought frequently, easily, and with minimal
effort. These items are typically low-cost, widely available, and require little thought
or planning before purchase. Customers often buy them out of habit or need, without
spending much time on decision-making.

Key Characteristics of Convenience Goods:

1. Frequent Purchase: Customers buy these products regularly and in high

volumes.
2. Low Price: These items are generally inexpensive.
3. Wide Availability: Convenience goods are found in many locations, such as
grocery stores, convenience stores, and vending machines.
4. Low Effort: Purchasing decisions are quick and effortless, often based on
brand familiarity or routine.
5. Impulse Buying: Customers tend to buy these products on impulse rather
than after careful consideration.

Examples of Convenience Goods:

 Snacks, soft drinks, toothpaste, shampoo, and newspapers.

17. concept of shopping good.

A shopping good refers to a type of product that consumers purchase only after
comparing it with other alternatives in terms of price, quality, style, or features.
Shopping goods require a significant investment of time and effort during the
decision-making process. These goods fall into the middle range of consumer
products, between convenience goods (which are bought frequently with minimal
effort) and specialty goods (which are highly desired and purchased with little
comparison).

Characteristics of Shopping Goods:

Comparative Shopping:

1. Consumers compare various options on factors like price, quality, and

features.
2. Examples include clothing, furniture, electronics, and appliances.

Less Frequent Purchase:

1. These goods are not bought regularly and often involve deliberate
planning.

Higher Price Range:

 1. Shopping goods are generally more expensive than convenience
goods but less exclusive than specialty goods.

Extensive Decision-Making:

1. Buying these goods involves a higher level of customer involvement,

with research and evaluation of alternatives.

Brand and Store Preference:

1. Consumers may choose based on brand reputation or store offerings,

but they are not as loyal as they might be with specialty goods.

Examples of Shopping Goods:

 Home appliances like washing machines and refrigerators

 Electronics such as smartphones and laptops
 Furniture and home decor
 Apparel and footwear

18.Amazon,Tesla, bbk electronics, zudio, licious, Walmart,

Ikea, home depot,costco,Kroger,Tesco,Aldi,7 eleven-SWOT
and Pestle
1. Amazon

SWOT:

 Strengths: Global market presence, advanced logistics, strong brand, innovation in e-

commerce and AWS.
 Weaknesses: Regulatory scrutiny, dependency on logistics infrastructure, labor-related
controversies.
 Opportunities: Expansion into emerging markets, AI and automation, new product
categories.
 Threats: Regulatory challenges, intense competition, cybersecurity risks.

PESTLE:

 Political: Trade policies, labor regulations.

 Economic: Exchange rates, global inflation.
 Social: Customer expectations for fast delivery.
 Technological: Advancements in cloud and AI.
 Legal: Antitrust investigations, tax laws.
 Environmental: Carbon neutrality goals.

2. Tesla
SWOT:

 Strengths: Technological innovation, strong brand, first-mover advantage in EVs.

 Weaknesses: High costs, limited production capacity.
 Opportunities: Autonomous vehicles, expanding energy solutions.
 Threats: Competition, battery supply chain issues.

PESTLE:

 Political: EV subsidies, environmental regulations.

 Economic: Rising raw material costs.
 Social: Shift toward sustainable energy.
 Technological: Advancements in battery technology.
 Legal: Intellectual property concerns, self-driving regulations.
 Environmental: Emphasis on sustainable transportation.

3. BBK Electronics (Brands: Oppo, Vivo, OnePlus,

Realme)

SWOT:

 Strengths: Brand diversification, strong presence in emerging markets.

 Weaknesses: Over dependence on certain regions.
 Opportunities: 5G technology, expansion in developed markets.
 Threats: Intense competition, regulatory issues.

PESTLE:

 Political: Trade tensions (e.g., US-China relations).

 Economic: Cost sensitivity in target markets.
 Social: Changing consumer preferences.
 Technological: 5G and AI integration.
 Legal: Patent disputes.
 Environmental: E-waste management.

4. Zudio

SWOT:

 Strengths: Affordable pricing, strong parent company (Trent - Tata Group).

 Weaknesses: Limited geographic footprint.
 Opportunities: Expansion in Tier 2 and Tier 3 cities.
 Threats: Competition from other value fashion retailers.

PESTLE:

 Political: Local regulations.

 Economic: Rising disposable incomes.
  Social: Increasing demand for fast fashion.
 Technological: E-commerce integration.
 Legal: Labor laws.
 Environmental: Sustainable fashion practices.

5. Licious

SWOT:

 Strengths: High-quality standards, direct-to-consumer model.

 Weaknesses: Limited reach outside India.
 Opportunities: Expansion into ready-to-cook segments.
 Threats: Regulatory issues, competition from local suppliers.

PESTLE:

 Political: Food safety regulations.

 Economic: Rising costs of meat production.
 Social: Growing protein demand.
 Technological: Cold chain advancements.
 Legal: Compliance with food safety standards.
 Environmental: Focus on sustainable sourcing.

6. Walmart

SWOT:

 Strengths: Global reach, economies of scale, omni channel presence.

 Weaknesses: Low margins.
 Opportunities: Expansion in e-commerce.
 Threats: Intense competition, regulatory issues.

PESTLE:

 Political: Trade policies, tax regulations.

 Economic: Cost inflation.
 Social: Diverse consumer base.
 Technological: AI-driven supply chain.
 Legal: Antitrust scrutiny.
 Environmental: Sustainability initiatives.

7. IKEA
SWOT:

 Strengths: Strong brand, affordable design.

 Weaknesses: Assembly complaints.
 Opportunities: Growth in emerging markets.
 Threats: Rising material costs.

PESTLE:

 Political: Import/export policies.

 Economic: Currency fluctuations.
 Social: Rising demand for sustainable products.
 Technological: Innovations in modular furniture.
 Legal: Consumer protection laws.
 Environmental: Renewable materials usage.

8. Home Depot

SWOT:

 Strengths: Leader in home improvement.

 Weaknesses: Dependence on the North American market.
 Opportunities: Smart home solutions.
 Threats: Rising labor costs.

PESTLE:

 Political: Trade tariffs.

 Economic: Housing market trends.
 Social: DIY culture growth.
 Technological: E-commerce.
 Legal: OSHA compliance.
 Environmental: Sustainable products.

9. Costco

SWOT:

 Strengths: Membership model.

 Weaknesses: Limited product range.
 Opportunities: Global expansion.
 Threats: Competitor pricing.

PESTLE:

 Political: Tax policies.

  Economic: Inflation.
 Social: Demand for bulk shopping.
 Technological: Supply chain innovations.
 Legal: Employment laws.
 Environmental: Reducing plastic use.

10. Kroger

SWOT:

 Strengths: Private label success.

 Weaknesses: High competition.
 Opportunities: Online grocery market.
 Threats: Price wars.

PESTLE:

 Political: Food safety regulations.

 Economic: Consumer spending trends.
 Social: Health-conscious buyers.
 Technological: Automated delivery.
 Legal: Labor disputes.
 Environmental: Sustainable sourcing.

11. Tesco

SWOT:

 Strengths: Market leader in the UK.

 Weaknesses: Challenges in international markets.
 Opportunities: Expansion in digital services.
 Threats: Brexit-related challenges.

PESTLE:

 Political: Brexit impact.

 Economic: Exchange rates.
 Social: Shift toward organic food.
 Technological: Innovations in online grocery.
 Legal: Compliance with competition laws.
 Environmental: Focus on food waste.

12. Aldi

SWOT:
  Strengths: Cost leadership.
 Weaknesses: Limited product range.
 Opportunities: Expansion in new markets.
 Threats: Competitor pricing.

PESTLE:

 Political: Trade tariffs.

 Economic: Inflation impact.
 Social: Frugal consumer trends.
 Technological: Inventory management.
 Legal: Packaging regulations.
 Environmental: Eco-friendly packaging.

13. 7-Eleven

SWOT:

 Strengths: Ubiquitous presence.

 Weaknesses: High operating costs.
 Opportunities: Expansion in convenience services.
 Threats: Competition from local stores.

PESTLE:

 Political: Urban zoning regulations.

 Economic: Fuel price volatility.
 Social: Demand for convenience.
 Technological: Self-checkout systems.
 Legal: Food safety laws.
 Environmental: Energy-efficient stores.

19.stage involved in margin of the band

The margin of the band refers to the range or acceptable limits for a parameter, such
as profit, performance, or tolerance. Here are six simplified stages:

1.Define Objectives: Identify the target range or acceptable limits (e.g., profit margin,
product quality).

2.Analyze Costs/Parameters: Understand factors affecting the margin, like

production costs or operational efficiency.

3.Set the Band: Establish the lower and upper limits of the range based on analysis,
market needs, or business goals.

4.Implement Controls: Develop processes, tools, or strategies to ensure operations

stay within the defined range.
5.Monitor Performance: Continuously track results against the set band using
metrics or analytic s tools.

6.Adjust as Needed: Review and refine the band based on feedback, market changes,
or performance outcomes.

20.difference between product development and market

development
Aspect Product Development Market Development
Developing new or
Expanding existing
Definition improved products for
products into new markets.
existing markets.
Geographic expansion or
Product innovation and
Focus Area targeting new customer
enhancement.
segments.
Meet changing customer Increase customer base
Goal needs or gain competitive and revenue through
advantage. market reach.
Target Existing customers New customers or
Audience familiar with the brand. untapped demographics.
High risk from
Moderate risk due to
Risk Level unfamiliarity with new
potential product failures.
markets.
High R&D and product Marketing, distribution,
Investment
development costs. and infrastructure costs.
Launching a new
Example Selling current products in
smartphone model for
Strategies a new country or region.
loyal users.
Can be relatively long due
Time to Can be faster, depending
to product development
Execute on market readiness.
cycles.
Ensuring product aligns Understanding cultural,
Key
with customer needs and legal, and competitive
Challenge
trends. dynamics.
Increased market share
Success New product sales and
and revenue from new
Measure customer retention.
segments.