EMBA-SEM I Question And Answers Marketing Management Q. 4. Explain the procedure in Marketing Planning. Ans. : Market-oriented strategic planning is the managerial process of developing and maintaining a feasible balance between the organization’s objectives, skills, and resources and its changing market opportunities. Strategic planning aims at shaping the company’s business and products to yield target profit and growth. The Marketing Manager plays a vital role in strategic planning process. He defines the business mission, analyses the environmental, competitive, and business situation, and finally develops objectives, goals and strategies. The planning procedures that happen at various levels are as below: Corporate strategic planning: These are plans made by the corporate head quarters to guide the entire enterprise. Division planning : It covers the making of decisions on the amount of resources to be allocated to each division. Business unit s...
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EMBA-SEM I Question And Answers Marketing Management Q.3 Explain the importance of consumer behavior for marketers. Ans. : CONSUMER BEHAVIOUR AND MARKETING The consumer is continually exposed to new experiences and different influences and as the circumstances change, new needs and wants are invoked in the customers. It is the essence of marketing centres to identify and satisfy these needs and wants. They also need to recognize what influences these needs and how consumers go about satisfying them. Consumer behaviour can be formally defined as the acts of individuals directly involved in obtaining and using economic goods and services, including the decision processes that precede and determine these acts. The consumer behaviour is very complex and for the marketing to be successful, it is not sufficient just to recognize what customers require. It is equally important to recognize why it is required. Some of the questions that relate to consumer buyer behaviour are...
EMBA-SEM I Question And Answers Marketing Management Q.1 Explain pricing policy. Ans. : Pricing policy Product cost, demand for the product and competition are the three major factors affecting pricing decision. When data about these factors are collected, before fixing up the product price by adopting an appropriate pricing method, the existing pricing policy must be reviewed and updated taking into consideration, the changed business environment, if any. The existing pricing policy is to be periodically reviewed and updated in relation to other policies like selling methods, advertising policy and production policy and programme. For example, it may be necessary to reduce the product price to enable fuller utilization of plant capacity, more quickly. One of the reasons for not utilizing the installed capacity fully may be the existing imbalance in the installed production facilities. Such an imbalance may be due to the reason that the capacity of different equipment of ...