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Thursday, July 31, 2014

Dibrugarh University - Principles of Marketing (Nov' 2013)

2013 (November)
Commerce (General/Speciality)
Course: 504
Total Marks: 80
Time: 3 Hours

1. (a) Write true or false:
(i)      Creating customers means exploring and identifying the needs and requirements of customers.
(ii)    Product differentiation and market segmentation are same.
(iii)   Test marketing is normally the last step in the development process before a new product is launched either at regional or at national level.
(iv)  Order processing is the component of physical distribution mix.
(v)    The modern concept of salesmanship is based on the ideas of profits.

(b) Fill in the blanks with appropriate words :
(i)      Packaging facilitates product _____.
(ii)    A brand is a/an ___ that act as a means of communication.
(iii)   Label helps in avoiding the ___ confusion.

2. (a) What are the difference between marketing and selling? Discuss the importance of marketing in modern business.

Friday, July 11, 2014

Product Life Cycle - Stages and Strategies

Product Life Cycle
A product is like a human being. It is born, grows up fast, matures and then finally passes away. Product life cycle is the stages through which a product or its category bypass. From its introduction to the marketing, growth, maturity to its decline or reduce in demand in the market.  Not all products reach this final stage, some continue to grow and some rise and fall. Inshort, The PLC discusses the stages which a product has to go through since the day of its birth to the day it is taken away from the market.

However, the basic difference in case of human beings and products is that a product has to be killed by someone. Either the company (to bring better products) or by competition (too much external competition). There are several products in the market which have lived on since ages (Light Bulbs, Tubelights), whereas there are others which were immediately taken off the shelf (HD DVD).

Marketing Mix - Elements, Features and Criticism

Marketing Mix
Marketing mix prefers to one of the major concept in modern marketing according Philip kotler “marketing mix is a set of controllable marketing variables that the firm blends to produce the response it wants in the target market”. It is the combination of four controllable variables which constitutes the company’s marketing system .the four controllable variables are:

1)      The product
2)      The price structure
3)      The promotional activities
4)      The distribution system
These elements are inter related and inter dependent since decisions in one area usually actions in other area.

Traditional and Modern Marketing Concept

Traditional concept of marketing
According to this concept, marketing consists of those activities which are concerned with the transfer of ownership of goods from producers to consumers. Thus, marketing means selling of goods and services. In other words, it is the process by which goods are made available to ultimate consumers from their place of origin. The traditional concept of marketing corresponds to the general notion of marketing, which means selling goods and services after they have been produced. The emphasis of marketing is on sale of goods and services. Consumer satisfaction is not given adequate emphasis. Viewed in this way, marketing is regarded as production/sales oriented.

Modern concept of marketing
According to the modern concept, marketing is concerned with creation of customers. Creation of customers means identification of consumer needs and organising business to satisfy these needs. Marketing in the modern sense involves decisions regarding the following matters

Marketing - Nature and Scope

Marketing is an ancient art & is everywhere. Formally or informally, people & organizations engage in a vast numbers of activities that could be called marketing. Good marketing has become an increasingly vital ingredient for business success. It is embedded in everything we do- from the clothes we wear, to the web sites we click on, to the ads we see. Marketing deals with identifying & meeting human & social needs or it can be defined as “meeting needs profitably”.
The American Marketing Association has defined marketing as “an organizational function & a set of processes for creating, communicating & delivering value to the customers & for managing customer’s relations in ways that benefit the organization & the stake holders.”
Peter Drucker says it this way that,” the aim of marketing is to know & understand the customer so well that the product or service fits him & sells itself. All that should be needed is to make the product or the service available.”
Nature of marketing
Buyer and seller affect the demand for products in aggregate areas, market includes both the place and region which buyers and sellers are in a free inter course with another.