AMK-01 Solved Assignment 2021

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AMK-01 Solved Assignment 2021

Title Name

AMK-01 English Solved Assignment 2021

Subject Name

Marketing

No.of Pages in Solution

29

Course

MA(English) MEG

Language

ENGLISH

Semester

2020-2021 Course: Elective Course in Commerce 

Session

2020-21

Submission Date

31st March 2021(if enrolled in the July 2020 Session) and  30th Sept 2021 (if enrolled in the January 2021 session)

 

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AMK-01 Solved Assignment 2021

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AMK-01 Solved Assignment 2021

Submission: 31st March 2021(if enrolled in the July 2020 Session) and 30th Sept, 2021 (if enrolled in the January 2021 session).

Marketing

  1. What is marketing mix? Explain the components of marketing mix with examples.

Answer:

As part of a comprehensive marketing plan, a marketing mix covers several aspects. The term frequently refers to a common category that started with the four Ps: product, price, placement and promotion.

The following are the four main ingredients of the marketing mix:

Component #1 Product: Any product that the consumer wants is any good or service. It is a package of tools or a cluster of tangible and intangible traits. The marketing mix product component includes the planning, development and production of the correct type of products and services. It addresses product line dimensions, durability and other qualities. A company’s product policy also addresses correct branding, good packaging, suitable colour and other product attributes. The overall product should actually meet the needs of the target market.

In summary, product mix requires decisions on:

(i) product size and weight;

(ii) product quality;

(iii) product design;

(iv) production volume;

(v) brand name;

(vi) product range;

(vii) product test;

(viii) warranty and service aftersale, etc.

Component #2. Price:

Price is a key component that affects a company’s performance. Pricing decisions and policies affect sales volumes and corporate earnings directly. Consequently, price is a significant aspect in the marketing mix. It is quite difficult in practise to set the proper pricing. Pricing research and test marketing helps establish the right price.

A lot of practise and ingenuity is needed to decide the pricing that will enable the company to successfully sell its items. Demand, costs, competition, government regulation, etc. are the key considerations to be taken into account while pricing. The mix of prices includes basic pricing, discounts, allowances, freight payment, credit, etc.

Component #3. Promotion: The promotional part of the marketing mix is to bring products to customer knowledge and persuade them to buy. It is the function of providing customers with information and influence. The promotion mix includes decisions on advertising, personal sales and promotion. All of these strategies serve to enhance product sales and combat competition on the market.

Advertising is an important instrument used by newspapers, magazines, radio, TV and others to transmit a message (called a copy of advertising). The promotion mix’s advertising component needs a range of judgments on the subject of advertising, to use the medium, advertising budget, etc. Large companies use advertising agencies and specialists to conduct advertising campaigns and develop individual ads.

Component #4. Place (Distribution):

This component of the marketing mix includes the choosing of locations to exhibit the products and make them available to customers. The decision concerns wholesale and retail shops or distribution methods. The aim of selecting and maintaining business channels is to ensure that items are continuously delivered to the correct client at the right time and place. When determining where and by whom to sell, management should consider the customer’s availability of the items.

A manufacturer may distribute the items by its own outlets or use wholesalers and retailers to do so. Regardless of the channel chosen, management should regularly assess channel performance and make changes when performance falls short of intended objectives. Management must also establish a physical distribution system for processing and transportation of products via the chosen channels.

When determining a distribution mix or marketing logist, a firm must decide on the way in which goods are being shipped to intermediaries, the way company carriers or carriers are to be shipped, the kind of warehouses in which goods are to be housed, etc.

 

AMK-01 Assignment Question Paper

1. What is marketing mix? Explain the components of marketing mix with examples.
2. What is market segmentation? Examine the different basis for segmenting market, particularly industrial market
3. Write short notes on the following:
a) Product innovation
b) Product life cycle
c) Factors influencing price of products and services
d) Publicity 
4. Differentiate between the following:
a) Marketing concept and Societal concept
b) Consumer markets and Organisational markets.
c) Product line and Product mix
d) Direct channel and Indirect channel of distribution
5. Comment briefly on the following statement:
a) The MRTP Act intends to control concentration of economic power.
b) Consumer behaviour is influenced by social factors such as reference group, family, social roles, social status and opinion leaders.
c) A seller adopts product diversification by adding a new product to the existing product line or product mix.
d) Every product introduced in the market may not succeed.
 
 
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AMK-01 Solved Assignment 2021

AMK-01 Solved Assignment 2021

65.0080.00

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