Marketing

PRINCIPLES OF MARKETING-106 BBA (MGT)-RU

THE ANIRBAN ACHETAN AUGNI E-mail: [email protected] 1 -



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Probable Questions of “106-Principles of Marketing”1. (a) Distinguish between market and marketing. 5

(b) Discuss the role of marketing in a developing economy like Bangladesh. 10[Questions Common Year: 2002, 2004, 2006, 2007, 2008]

2. (a) What do you mean by consumer goods? 3(b) Discuss in brief the characteristics and marketing considerations of various classes ofconsumer goods. 12[Questions Common Year: 2002, 2004, 2006, 2008]

3. (a) What is meant by promotion? 3(b) Discuss the important promotional methods. 6(c) “Advertisement increases demand” – Discuss. 6[Questions Common Year: 2004, 2006, 2008]

4. (a) What are the objectives of price determination? 5(b) Discuss the different methods of pricing products generally followed by the manufacturers. 10[Questions Common Year: 2004, 2006, 2008]

5. (a) What is marketing environment? 3(b) What are the major forces in the company’s macro environment? 8(c) Why company’s need to pay more attention on internal environment? 4[Questions Common Year: 2008]

6. (a) Define a product. 3(b) Discuss the classification of products. 7(c) Describe different stages in the new product development process. 5[Questions Common Year: 2003, 2005, 2008]

7. (a) What is the modern concept of marketing? 4(b) “Consumer is the king of the marketing” Do you agree? Why? 6[Questions Common Year: 2002, 2004, 2006]

8. (a) What do you mean by pricing in marketing? 3(b) When “skim the cream pricing” and “penetration pricing” is profitable to the business? 7[Questions Common Year: 2002, 2004, 2006, 2009]

9. (a) What is product life cycle? 3(b) Discuss the marketing and environmental characteristics of each stage of a product lifecycle. 12[Questions Common Year: 2003, 2007, 2009]

10. (a) What do you mean by market segmentation? 4(b) Why is it done? 5(c) State the stages involved in the market segmentation. 6[Questions Common Year: 2005, 2007]

11. Short Notes: 5x3=15(a) Marketing(b) Marketing Concept(c) Marketing Cost(d) Consumer Goods

(e) Pricing in Marketing(f) Promotion(g) Advertisement(h) Marketing Function

(i) Product Differentiation(j) Discounts(k) Consumer Association(l) Product Life



ANSWERS TO THE QUESTIONS

1. Distinguish between market and marketing.

Subject-matterof difference Market Marketing

1. Definition Market is the collection of buyers andsellers.

Marketing is total system ofinteracting business activities designedto plan/fix-up the price, distribution ofwant satisfying product to the presentand potential customers.

2. Objectives Market objects to exchange goods andservices by buying and selling.

Marketing objects to create utility oftime, place, possession andinformation of product for developingstandard of living.

3. Formation Market is formed with buyers andsellers.

Marketing is formed with executionprocess of conception, pricing,promotion and distribution of goodsand services.

4. RelationMarket is related with conductingtransactions between buyers andsellers.

Marketing is related withorganizational functions that serve themarket effectively, efficiently andprofitably.

5. Utility It consumes various utilities ofproducts created by marketing.

It creates utility of time, place,possession and information of product.

6. Centre Goods and services is the centre of themarket.

Customer’s satisfaction is the centreconception of marketing.

7. FunctionsThe main function of market is toexchange goods and services atmonetary value.

The main function of marketing isphysical supply with facilitatingactivities.

8. Party Market consists of two parties: buyersand sellers.

Marketing consists of many partieslike producers, distributors, middle-man and ultimate consumers.

That’s all the basic difference between market and marketing.



2. Discuss the role of marketing in a developing economy likeBangladesh.

Bangladesh is developing country where Marketing plays a vital role by developing standards forproducts, services, reliability and precognition to business as well as standard of living gradually. Theroles of marketing are discussed below –

A. Economic Roles:

1. Production Of Goods And Services:

2. Creation Of Economic Infrastructure:

3. Equilibrium In Supply And Demand:

4. Large Scale Production:

5. Utility Creation:

6. Survival Of Business:

7. Enhancing National Income:

8. Development Of Foreign Trade:

9. Expansion Of Business:

10. Economic Development:

B. Social Roles:

1. Employment:

2. Improving Standard Of Living:

3. Agricultural Production Enhancement:

4. Industrialization:

5. Adjusting Agriculture And Industrialization:

6. Increasing Per Capita Income:

7. Competitive Advantage:

8. Social Marketing:

9. Improving Image Of Nation:

10. Social Development:



3. What do you mean by consumer goods?

Products that are purchased for consumption by the average consumer. Alternatively called finalgoods, consumer goods are the end result of production and manufacturing and are what a consumer willsee on the store shelf. Clothing, food, automobiles and jewelry are all examples of consumer goods.

Consumer goods are final goods specifically intended for the mass market. For instance,consumer goods do not include investment assets, like precious antiques, even though these antiques arefinal goods.

Some recognized definitions are given below-

Ü W. J. Stanton Stated,“Consumer products are intended for personal consumption by

households.”

Ü Philip Kotler defined,“Consumer products are product bought by final consumers for personal

consumption.”

Features of consumer goods:

· Objectives to purchase· Frequency of purchase· Regular demand· Processing· Channel of distribution· Promotional tool· Price per unit

From the above discussion, we can say consumer goods are-

· bought by ultimate consumer· purchased for household consumption· frequently purchased· needed daily life· the final goods at all.

To sum up, we may define the consumer goods refer to any tangible commodity purchased byhouseholds to satisfy their wants and needs. The measurement of consumer goods sales is important inthe assessment of gross domestic product and in determining the health of the overall economy. Demandfor consumer goods indicates whether consumers are willing to part with cash. Items are only counted asconsumer goods once - if they are resold, they will not be included in economic calculations and not beconsidered as consumer goods.



E. Industrial Products:

Ø After sales serviceØ LeasingØ Contractual purchaseØ Price competitionØ Goodwill

B. Shopping Goods:

Ø Product assortmentØ Experienced salesmanØ Additional serviceØ GoodwillØ Influence of fashion

F. Raw Materials:

Ø Contractual PurchaseØ StandardizationØ WarehousingØ Transportation cost

C. Specialty Goods:

Ø Product storageØ Product assortmentØ AdvertisingØ Frequency of purchaseØ Demand flexibility

G. Installations:

Ø Brand nameØ After sales serviceØ Contractual purchaseØ GoodwillØ Price Competition

D. Unsought Goods:

Ø Creating demandØ Sales effort

H. Accessory Equipments:

Ø Brand nameØ Sales serviceØ Goodwill

4. Discuss in brief the characteristics and marketingconsiderations of various classes of consumer goods.

The marketing policy of various products is critically different to one another. For various classes’consumer goods is also distributed under various marketing considerations. The variety of marketingconsiderations according to products’ class are described below-

A. Convenience Goods:

Ø Location of stores [*]Ø Channel of distribution [*]Ø Regular supply [*]Ø Buyer’s income [*]Ø Promotional tool [*]Ø Nature of demandØ Buying behaviorØ Product ComparisonØ After sales serviceØ Brand and Packaging [*]

That’s all the characteristics and marketing considerations of various classes of consumer goods.



5. What is meant by promotion?

Promotion is one of the four elements of marketing mix (product, price, promotion, distribution).It is the communication link between sellers and buyers for the purpose of influencing, informing, orpersuading a potential buyer's purchasing decision.

Some recognized definition are given below-

Ü W. J. Stanton Defined,“aaaaaaaaaaaaaaaaaaaaa”

Ü Steven J. Skinner Stated,“Promotion refers to any communication activity used to inform, persuadeand remind the target market about an organization, its products and itsactivities.”

From above discussion, we can infer that the marketing promotion is-

· A tool of marketing mix· Applied for influencing buyer to buy· Serving method of product information

To sum up, we can say that the Marketing promotion is a business tool that is designed to pull customersto buy the products of a company. Generally, marketing promotion is carried out by companies to launchtheir products or attract more potential customers. Before devising any strategy for promotionalmarketing, firms must ensure that they allocate a budget to the marketing promotion and set a target thatgives them maximum return on the invested money.

6. Discuss the important promotional methods.

Marketing promotion is a business tool that is designed to pull customers to buy the products of acompany. Generally, marketing promotion is carried out by companies to launch their products or attractmore potential customers.

There are five basic promotional methods in marketing. They are discussed below-



Advertising:Advertising is an expensive method of promotional marketing, wherein, the products are

made to reach a large number of people. For example, by using electronic media, TV, radio, press andoutdoor hoardings, advertisers target the audience and try to create an impact on customers. Read moreon promotional advertising.

Features:

· Pervasiveness· Amplified Expressiveness· Impersonality

Personal Selling:One of the oldest ways of direct marketing promotion is to sell the products by direct

interaction between the seller and buyer. It is believed to be the most difficult form of marketing, as itrequires skills of persuasion and excellent communication skills. Read more on sales negotiation training.

Features:

· Personal Interaction· Relation· Response

Sales Promotion:One of the effective, popular and most preferred forms of promotional methods is to

arrange certain contests for the customers. We all will agree to the fact that winning surprise prizes in ashopping mall or fashion store is simply exciting. One of the most attractive marketing strategies,organizing contests among the customers is a brilliant way to promote the products. Read more onmarketing tips.

Features:

· Communication· Contest Reward· Incentive

Public Relation:In the quest to attract more customers, companies distribute coupons and pamphlets about

the products. The customers are either given basic information about the newly launched products or theyare provided with discounted coupons on the purchase of some accessories/apparels. Coupons make foran effective marketing plan for small business units. Read more develop a marketing plan.

Features:

· High Creditability· Catching buyer’s off guard· Dramatization· Distribution of coupons and pamphlets



Direct Marketing:The idea of freely distributing products sounds weird and crazy for any company,

however, there is a certain element of truth in the fact that marketing firms have gained substantialpromotion through the idea of free samples. While, it is not logical to just distribute your products, youcan devise a strategy, so that, the idea of free samples doesn't incur losses for your firm.

Features:

· Specific Person· Rapid Communication· Customization· Interactive

Besides above, Following promotional methods are growing in the modern marketing.

ü Internet Marketingü Relationship Marketingü Marketing Tools

To sum up, It is inferred from above discussion, while evaluating different methods of promotion inmarketing, one should realize these strategies are not set formulas or recipes for the successful launch andeventually high sales of the product. No doubt, these strategies are effective, but there are various marketforces that can affect the sales prospects of firms. These were some of the marketing promotion methodsthat firms adopt to increase their sales. At the end, however, it is the customer who is the king and youhave to leave it all to them.

7. “Advertisement increases demand” – Discuss.

Advertisement persuades people to buy that product by informing them about it through variousmedia. Advertising increases awareness, which in turn increases demand, which then makes the productmore desirable/harder to get, which then increases the amount that the provider can charge for theproduct, thus increasing the price that they ask for it.

Some basic reasons for increasing demand by advertisement are discussed briefly below-

a. Providing Informationb. To persuadec. Informing Advantaged. Establishing Communicatione. Brand Acceptancef. Creating Demandg. Changing Attitudeh. Increasing Purchase Poweri. Informing Using Procedurej. Making aware of Product

Above described reasons play a significant role to make public awareness and remembrance ofadvertising product subconsciously, that’s why advertisement increases demand.



8. What are the objectives of price determination?

Pricing is the process of determining what a company will receive in exchange for its products.Pricing factors are manufacturing cost, market place, competition, market condition, and quality ofproduct. Pricing is also a key variable in microeconomic price allocation theory. Interaction of the freemarket forces of demand and supply to establish the general level of price for a good or service.

Objectives of Price Determination illustrated below-

Ø SurvivalØ Profit MaximizationØ Market Share LeadershipØ Product Quality LeadershipØ Meet CompetitionØ Increasing DemandØ Government InterventionØ Increasing Sale VolumeØ Achieve a target returnØ Stabilize Price

That’s all the objectives of Price determination.

9. Discuss the different methods of pricing products generallyfollowed by the manufacturers.

Price determination is the key of marketing process followed by manufacturers strictly which canbe preceded in various ways and methods. The major pricing methods are described with illustrationbelow-Cost-Plus Pricing:

The simplest pricing method is the cost-plus pricing. It is calculated by adding a standardmarkup to the cost of the product.

To illustrate, suppose a toaster manufacturer had the following cost and expected sale volume:

Variable Cost : Tk.10.00Fixed Cost : Tk.300, 000.00Expected Sale Volume: 50, 000.00

Then the cost per unit as follows-Fixed Cost

Per Unit Cost = Variable Cost +Sales Unit

Now, If the markup is 20%, then the market price will be as follows-Per Unit Cost

Markup Price = =1 – Desired Return on Sales

That’s all the cost-plus pricing method. Although it is Easy to apply, but it ignores marketdemand.

=50000

30000010 + = Tk.16

20.2.01

16 Tk=-



Pricing Through the Channel:Pricing of any product through distribution channel is a traditional method of pricing. It

Determines prices under steps to the ultimate consumers. Price is calculated here by adding markuppercentage with purchase cost in each step of channel.

To illustrate, Suppose production cost including profit of a product is Tk.72.00. Manufacturerssells to the wholesaler at Tk.72.00. Wholesaler sells it at Tk.90.00 taking 20% profit to the retailer whosells again to the ultimate consumer at Tk.150.00 taking his profit on the way.

The diagram shows the pricing process through the distribution channel.

Figure: Pricing Through Channel

Value based pricing:Although, Pricing process through channel of distribution is the most traditional way to pricing,

This process is very followed by manufacturers.Value based pricing, or Value optimized pricing is a business strategy. It sets selling prices on the

perceived value to the customer, rather than on the actual cost of the product, the market price,competitor’s prices, or the historical price.

Value-based pricing is dependent upon an understanding of how customers measure value,through careful evaluation of customer operations. Survey methods are sometimes used to determine thevalue, and therefore the willingness to pay, a customer attributes to a product or a service. Frameworksfor value-based pricing include Economic Value Estimation are Relative Attribute Positioning, VanWestendorp Price Sensitively Meter, and Conjoint Analysis.

Another value pricing method uses Customer Value Research, which is Bernstein & Macias'method for gaining the customer's perception of value through the use of both qualitative and quantitativeresearch methods.

It Follows a flow which is shown with a flow chart below-

Figure: Value Based Pricing

Cost andprofit = 100% = Tk.72

MANUFACTURER

Manu-facturer’ssellingprice= 100%= Tk.72

Cost = 80% = Tk.72

WHOLESALER

Whole-saler’ssellingprice= 100%= Tk.90

Mark-up = 20% = Tk.18

RETAILER

Re-tailer’ssellingprice= 100%= Tk.150

Mark-up = 40% = Tk.60

Cost = 60% = Tk.90

Cost toconsumer = Tk.150

CONSUMER

Customer Value Price Cost Product



Break-Even Analysis:Break-even analysis refers to a calculation of the approximate sales volume required to just cover

costs, below which production would be unprofitable and above which it would be profitable. Break-evenanalysis focuses on the relationship between fixed cost, variable cost, and profit.

Here are the variables needed to compute a break-even sales analysis:· Gross profit margin· Operating expenses (less depreciation)· Annual debt service (total monthly debt payments for the year)

Figure: Break-Even Analysis

Competition Based Pricing:Marketing approach whereby products are differentiated according to how much they cost, and

companies seek to attract customers solely on the basis of product price. In price competition, marketersseek to influence customer demand primarily through changing the prices of their products.

The pricing procedure under war of competition is shown below by a diagram-

Figure: Pricing Under Competition



10. What is marketing environment?

The market environment is a marketing term and refers to all of the forces outside of marketingthat affect marketing management’s ability to build and maintain successful relationships with targetcustomers. The market environment consists of both the macro-environment and the micro-environment.The marketing environment surrounds and impacts upon the organization.

Figure: Marketing Environment

11. What are the major forces in the company’s macroenvironment?

The actors and forces outside marketing that affect marketing management’s ability to build andmaintain successful relationships with target customers. There are some actors and forces of macroenvironment. Those are described below-

Demographic Forces: The study of human populations in terms of size, density, location, age,gender, race, occupation and other statistics are surrounds the demographic environment.

Natural Forces: It involves the natural resources that are needed as inputs by marketers or thatare affected by marketing activities. Trends of the natural environment are-

· Shortages of raw materials· Increased pollution· Increased government intervention

Technological Forces: The most dramatic force shaping our destiny. Rapidly changingforces which creates many new marketing opportunities and turns many existing products extinction.



Political Forces: Consists of laws, government agencies and pressure groups that influence orlimit various organizations and individuals in a given society. The effects of political environment are-

· Legislation affecting businesses worldwide has increased· Laws protect companies, consumers and the interests of society· Increased emphasis on socially responsible actions

Cultural Forces: Made up of institutions and other forces that affects a society’s basicvalues, perceptions, preferences and behaviors.

Economic Forces: The factors of economics that forces the marketing environment are theelements of economic environment. It is shaped with investment, return, production, supply, demand andincome etc.

That’s all the forces of macro environment of company.

12. Why company’s need to pay more attention on macroenvironment?

Company should pay more attention on macro environment because of some major forces ofmacro environment. The forces and it’s effect compel the company to make attentive on macroenvironment. The description and analysis is as follows-

The threat of entry:Ø Economies of scale e.g. the benefits associated with bulk purchasing.Ø The high or low cost of entry e.g. how much will it cost for the latest technology?Ø Ease of access to distribution channels e.g. Do our competitors have the distribution channels

sewn up?Ø Cost advantages not related to the size of the company e.g. personal contacts or knowledge that

larger companies do not own or learning curve effects.Ø Will competitors retaliate?Ø Government action e.g. will new laws be introduced that will weaken our competitive position?Ø How important is differentiation? e.g. The Champagne brand cannot be copied. This desensitises

the influence of the environment.

The power of buyers:Ø This is high where there a few, large players in a market e.g. the large grocery chains.Ø If there are a large number of undifferentiated, small suppliers e.g. small farming businesses

supplying the large grocery chains.Ø The cost of switching between suppliers is low e.g. from one fleet supplier of trucks to another.



The power of suppliers:Ø The power of suppliers tends to be a reversal of the power of buyers.Ø Where the switching costs are high e.g. Switching from one software supplier to another.Ø Power is high where the brand is powerful e.g. Cadillac, Pizza Hut, Microsoft.Ø There is a possibility of the supplier integrating forward e.g. Brewers buying bars.Ø Customers are fragmented (not in clusters) so that they have little bargaining power e.g.

Gas/Petrol stations in remote places.

The threat of substitutes:Ø Where there is product-for-product substitution e.g. email for fax Where there is substitution of

need e.g. better toothpaste reduces the need for dentists.Ø Where there is generic substitution (competing for the currency in your pocket) e.g. Video

suppliers compete with travel companies.Ø We could always do without e.g. cigarettes.

Competitive Rivalry:Ø This is most likely to be high where entry is likely; there is the threat of substitute products, and

suppliers and buyers in the market attempt to control. This is why it is always seen in the center ofthe diagram.

13. Why company’s need to pay more attention on internalenvironment?

The Internal Analysis of strengths and weaknesses focuses on internal factors that give anorganization certain advantages and disadvantages in meeting the needs of its target market. Strengthsrefer to core competencies that give the firm an advantage in meeting the needs of its target markets.

Factors of internal environment of a company are extremely affected by the internal marketingmanagement and information system. The success is dependent on concern system. The elementarycauses for which company’s need to pay more attention on internal environment.

Figure: Internal Environment



Goals & Objectives:

Strategic Direction:

Execution:

Strategic:

Monitoring:

13. Define a product

Generally product refers to goods, idea, method, information, object, service, etc., that is the endresult of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangibleattributes (benefits, features, functions, uses) that a seller offers to a buyer for purchase. In the marketingmix product is defined as goods or service that most closely meets the requirements of a particular marketor segment and yield enough profit to justify its continued existence.

According to Philip Kotler & Gray Armstrong,“Product is anything that can be offered to a market

for attention, use or consumption and that might satisfy a want or need.”

According to

Product definition is a critical starting point in the development of any new product. Yet for itsimportance, there are a number of common shortcomings to the process of product definition in manycompanies:

· No defined product strategy or product plan· Lack of formal requirements as a basis for initiating product development· Product requirements developed without true customer input· A marketing requirement specification (MRS) that is completed late - after development is

underway· Engineering having little or no involvement in development of MRS, thereby lacking a true

understanding of requirements· An incomplete, ambiguous, or overly ambitious MRS· Creeping elegance or a constantly evolving specification that requires increasing development

scope and redesign iteration

A company doesn't blindly respond to customer needs and opportunities. A business strategy whichdefines customers and markets to be served, competitors, and competitive strengths provides a frameworkfrom which to evaluate potential opportunities. The result of this evaluation of opportunities is expressedin a product.



14. Discuss the classification of products.A. Convenience Product:B. Shopping Product:C. Specialty Product:E. Industrial Products:F. Raw Materials:G. Installations:H. Accessory Equipments:D. Unsought Product:

15. Describe different stages in the new product developmentprocess.

Improving and updating product lines is crucial for the success for any organisation. Failure for anorganisation to change could result in a decline in sales and with competitors racing ahead. The processof NPD is crucial within an organisation. Products go through the stages of their lifecycle and willeventually have to be replaced There are eight stages of new product development. These stages will bediscussed briefly below:

1. Idea Generation is often called the "fuzzy front end" of the NPD processo Ideas for new products can be obtained from basic research using a SWOT analysis

(Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends,company's R&D department, competitors, focus groups, employees, salespeople, corporatespies, trade shows, or Ethnographic discovery methods (searching for user patterns andhabits) may also be used to get an insight into new product lines or product features.

o Idea Generation or Brainstorming of new product, service, or store concepts - ideageneration techniques can begin when you have done your OPPORTUNITY ANALYSISto support your ideas in the Idea Screening Phase (shown in the next development step).

2. Idea Screeningo The object is to eliminate unsound concepts prior to devoting resources to them.o The screeners should ask several questions:

§ Will the customer in the target market benefit from the product?§ What is the size and growth forecasts of the market segment/target market?§ What is the current or expected competitive pressure for the product idea?§ What are the industry sales and market trends the product idea is based on?§ Is it technically feasible to manufacture the product?§ Will the product be profitable when manufactured and delivered to the customer at

the target price?3. Concept Development and Testing

o Develop the marketing and engineering details§ Investigate intellectual property issues and search patent data bases§ Who is the target market and who is the decision maker in the purchasing process?§ What product features must the product incorporate?§ What benefits will the product provide?§ How will consumers react to the product?§ How will the product be produced most cost effectively?§ Prove feasibility through virtual computer aided rendering, and rapid prototyping§ What will it cost to produce it?

o Testing the Concept by asking a sample of prospective customers what they think of theidea. Usually via Choice Modelling.

http://en.wikipedia.org/wiki/SWOT_analysis

http://en.wikipedia.org/wiki/R%26D

http://en.wikipedia.org/wiki/Target_market

http://en.wikipedia.org/wiki/Intellectual_property

http://en.wikipedia.org/wiki/Patent

http://en.wikipedia.org/wiki/Concept_testing

http://en.wikipedia.org/wiki/Choice_Modelling



4. Business Analysiso Estimate likely selling price based upon competition and customer feedbacko Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock

equationo Estimate profitability and break-even point

5. Beta Testing and Market Testingo Produce a physical prototype or mock-upo Test the product (and its packaging) in typical usage situationso Conduct focus group customer interviews or introduce at trade showo Make adjustments where necessaryo Produce an initial run of the product and sell it in a test market area to determine customer

acceptance6. Technical Implementation

o New program initiationo Finalize Quality management systemo Resource estimationo Requirement publicationo Publish technical communications such as data sheetso Engineering operations planningo Department schedulingo Supplier collaborationo Logistics plano Resource plan publicationo Program review and monitoringo Contingencies - what-if planning

7. Commercialization (often considered post-NPD)o Launch the producto Produce and place advertisements and other promotionso Fill the distribution pipeline with producto Critical path analysis is most useful at this stage

8. New Product Pricingo Impact of new product on the entire product portfolioo Value Analysis (internal & external)o Competition and alternative competitive technologieso Differing value segments (price, value, and need)o Product Costs (fixed & variable)o Forecast of unit volumes, revenue, and profit

These steps may be iterated as needed. Some steps may be eliminated. To reduce the time that theNPD process takes, many companies are completing several steps at the same time (referred to asconcurrent engineering or time to market). Most industry leaders see new product development as aproactive process where resources are allocated to identify market changes and seize upon new productopportunities before they occur (in contrast to a reactive strategy in which nothing is done until problemsoccur or the competitor introduces an innovation). Many industry leaders see new product developmentas an ongoing process (referred to as continuous development) in which the entire organization is alwayslooking for opportunities.

http://en.wikipedia.org/wiki/Fourt-Woodlock_equation

http://en.wikipedia.org/wiki/Fourt-Woodlock_equation

http://en.wikipedia.org/wiki/Packaging

http://en.wikipedia.org/wiki/Quality_management_system

http://en.wikipedia.org/wiki/Factors_of_production

http://en.wikipedia.org/wiki/Technical_communication

http://en.wikipedia.org/wiki/Data_sheet

http://en.wikipedia.org/wiki/Engineering

http://en.wikipedia.org/wiki/Logistics

http://en.wikipedia.org/wiki/Advertising

http://en.wikipedia.org/wiki/Promotion_%28marketing%29

http://en.wikipedia.org/wiki/Distribution_%28business%29

http://en.wikipedia.org/wiki/Critical_path_analysis

http://en.wikipedia.org/wiki/Concurrent_engineering

http://en.wikipedia.org/wiki/Time_to_market



16. What is the modern concept of marketing?

17. “Consumer is the king of the marketing” Do you agree?Why?

Yes, I agree that the consumer is the king of the marketing.There are three basic aspect that affect consumer choice and purchase motive. Because of these

aspects consumer can select a product properly from the competitive market; as a result, market is treatedas consumer oriented and consumer becomes the king of the market.

The aspects are following-

Ü Consumer’s Buying BehaviorØ Psychological Influences

· Perception· Motivation· Learning· Beliefs And Attitudes· Personality and Self Concept.

Ø Cultural and Social Influences· Social Class· Household Types· Reference Groups· Roles And Status.

Ü Consumer’s SatisfactionØ Department-wise capability of the supplier.Ø Technological and engineering or re-engineering aspects of products and services.Ø Type and quality of response provided by the supplier.Ø Supplier’s capability to commit on deadlines and how efficiently they are met.Ø Customer service provided by the supplier.Ø Complaint management.Ø Cost, quality, performance and efficiency of the product.Ø Supplier’s personal facets like etiquettes and friendliness.Ø Supplier’s ability to manage whole customer life cycle.Ø Compatible and hassle free functions and operations.

It is implied from the discussion that the consumer is the king of marketing.

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