MCO 06 Free Solved Assignment
MCO 06 Free Solved Assignment Jan 2022
Q. 1. What is marketing research? What steps are involved in conducting a marketing research study?
Ans. Marketing Research : Marketing research is an important component of the marketing information system. Research means investing in a systematic manner to find out relevant information for solving the problems.
Marketing research refers to the process of collecting information required by the marketing managers for decision-making. It has the following characteristics:
• It is a systematic process of collecting data. Market research is a formal process which is planned before starting the research. It is to identify the information required for solving the marketing problem.
•Data is collected from objective and reliable sources without any personal biases or prejudices.
• Research is carried with an aim to solve the marketing problem
Purpose of Marketing Research :
The main purpose of marketing research is right decision-making by the managers, Marketing research can help to clarify the problem by identifying the reason behind the problem and finding out the various alternatives that can be used to solve the marketing problem.
It simplifies the decision making process. Marketing research helps the organization to know consumers’ views on so many issues, like views on products’ prices, packaging, recent advertising campaigns. MCO 06 Free Solved Assignment
No one can guarantee that any new idea relating to products or business will be successful, but appropriate and up-to-date information on the market can help the managers to make adequate decisions, which can help to provide products that consumers want achieve commercial success.
It is very difficult to find out how customers or distributors will behave in future, market research can provide information about the future on the basis of which managers can make decisions.
Marketing Research Process:
Marketing research process is undertaken to facilitate effective decision-making. It is a series of steps which require systematic and planned investigation of a marketing problem.
It consists of the following steps:
1.Defining your problem,
2. Research design,
3. collecting the data and field work,
4. Data Analysis, and
5. Reporting and Presentation.
Defining the Problem :-Any situation that requires investigation is a problem. A marketing manager has to define the problem narrowly.
Research Design:-To gather the needed information marketing managers have to plan the research design efficiently. He finds out data sources, collection methods, specific research instruments and sampling plans.
Data Sources MCO 06 Free Solved Assignment
Primary Data: It is collected from customers, retailers, distributors, manufacturers or other information sources. It is original data which is collected for current research. It can be collected through observation interviews and experimentation.
Secondary Data: It is the data which is maintained by the organizations or collected from books, magazines, government organizations, trade and industry associations and research firms. This type of data is useful for firms operating at international level.
Research Instruments: Data can be collected by observation, questionnaires etc.
Sampling Plan: Marketing manager selects the sources of information.
Collecting the Data and Field Work:-This is the most crucial step as it is prone to error. Collecting information is an expensive task.
Research design has to be implemented here. There are two stages in the field work. They are organizing field work and supervise the data collection work.
Data Analysis:– After collecting the data from various resources, a marketing manager has to process, organize and analyze the data.
It involves four phases for analyzing the data: Data editing, tabulation and graphical representation, data summarization, statistical inference, correlation and additional data analysis.
Report Making and Presentation : Last and final step of research process is to prepare reports and presentation. MCO 06 Free Solved Assignment
Reports are made in a particular format. It includes objectives and methodology, executive summary of conclusions and recommendations, sample design, detailed findings and observations appendices
Q. 2. “Developing an effective advertising campaign requires a stream of interconnected decisions on such matters as objective setting, budget setting, media decisions as wellas decisions on strong creative strategy”. Elaborate.
Ans. Developing an effective advertising campaign requires a stream of interconnected decisions on such matters as objective setting, budget setting, media decisions as-well-as decisions on strong creative strategy.
Following are the decisio, that you should take while designing an advertising programme:
Mission (Objective) Decision: The very first decision in any advertising campaign is to decide the mission. Marketer sets the sales objectives and communication objectives.
Money and Budget Decision: There are many methods for deciding on advertising budget. Objectives have a great influence on the advertising budget.
The methods of deciding advertising budget includes percentage of sales volume, unit of sales method, competition parity method, historical method, affordable method, total group budget, percentage of anticipated turnover,
elasticity method, operational modeling, composite method, objective and task method, establish the market share goal, determine the percentage of the market that should be persuaded to try the brand, determine the number of advertising impressions per one percent of trial rate, MCO 06 Free Solved Assignment
determine the number of gross rating points that would have to be purchased, determine the necessary advertising budget on the basis of average cost of buying a gross rating point.
Message Decision: Generating the ideas for the development of advertising message is a creative process.
Advertisers have to decide what message is to be delivered and how the message will be delivered to the audiences. He has to get answer for two questions:
What to say? and how to say?
What to say: Advertising appeal refers to the central idea. This is to inform the audience about the offering related to product.
How to say: The message should also be presented in a right way to the audiences. Marketers can identify the creative platform including storyline, product use and problem solution, slice of life, demonstration, testimonials and spokeperson, lifr style, still life, association, montage and jingle.
Media Decision: Advertisement can be through various types of media:
Print Media: It is a written communication. Message is conveyed through words, pictures or photographs. Print media are newspapers and magazines.
Newspapers are published daily and are read widely by the literate population. Advertisement via newspaper can be good if the mass coverage is required.
Magazines are published weekly, monthly, quarterly etc. Different type of people read different magazines. MCO 06 Free Solved Assignment
For example Business Today and Outlook are the magazines for businessmen and corporates. So, advertiser can select the target segment and accordingly select the magazine.
Advantages of Print Media
- Quickly grabs the attention.
- Mass coverage.
- Relatively cheaper than other media.
- Repetition is possible.
Disadvantages of Print Media
- Medium is only for literate population
- Useless in case of urgent messages.
- Impact may be slow.
Broadcast Media: It is the audiovisual display of message it can be via radio and television. It can be effective.
Radio is heard by the number of people. Even an illiterate person likes to listen radio. It can be used to cover mass segments. Message can be clearly conveyed.
Television avails audio-visual display of message which is very attractive medium as Television is very popular amongst the segments.
Advertisers just need to select the channel. For example, cartoon network to tap the kids segment and NDTV 1 corporate segments.
Advantages : MCO 06 Free Solved Assignment
• Wide coverage
• Even illiterate people can understand
• Quick repetition is possible
• Can quickly grab the attention
• Expensive medium
• Conveys a limited message
• May not be watched or heard.
Direct Media Is communicating directly to the prospect and not involving any third party. It can be through direct mails or e-mails.
Direct Mails: Posting letters with personalized message to the target consumers.
E-mails: Sending letters or messages via electronic mails using internet.
1. Economical, e-mails are in fact free of cost.
2..Customized messages can be sent.
3. It grabs the attention of the prospect.
Disadvantages : MCO 06 Free Solved Assignment
1. Do not cover mass area.
3. Everybody may not use internet, or some technical problem may occur.
Outdoor Media: People keep travelling from home to office, to markets, cinema, and distant places etc. Outdoor media is used to tap the people when they are travelling.
It can use pamphlets, posters, hoardings for signs and electric display, exhibitions, show-case displays.
Pamphlets carrying information about the product are distributed amongst the consumers. Posters are displayed around the towns at public places.
Hoardings are large size boards that display the message which are fixed at road sides. Electric displays are very attractive and are easily noticeable.
• Covers a particular area.
• Less expensive than other media
• Can be seen repeatedly by the local public.
• May not be able to grab attention
• short-lived MCO 06 Free Solved Assignment
• Effectiveness cannot be measured.
• Rent of certain mediums may be high like electric displays.
• Hoardings may be against traffic rules.
Measurement of Effectiveness Decision: The last decision in the advertising process is about the methods to test ti effectiveness of advertising. This is necessary because there is a huge cost involved in advertising.
If a company launches a campaign and it is not effective then all the money is wasted. Furthermore, there is also an opportunity cost involved in advertising.
A successful campaign would have generated additional sales, which one has to lose because of poor campaign, and it provides a scope for the competing brand to win over the customers in the absence of a good advertising campaign.
Therefore, managers should test the ‘effectiveness of the communication message before launching the campaign.
Q. 3. Write short notes on the following:
(a) Buying Behaviour Situations
Ans. Henry Assael, a consumer behaviour specialist, has given four types of buying behaviour situations. They are;-
Complex Buying Behaviour : MCO 06 Free Solved Assignment
In the complex buying behaviour, buyer wants to buy expensive products which are generally bought irregularly. So buyers are highly involved and undergo research to find out the best alternatives.
Dissonance Buying Behaviour:-
Buyer do not take a lot of time in making a decision but he regrets later when he experiences dissonance from the product or gets to know something favourable about the other brands that he rejected.
Buyers are highly involved in making a purchase decision. Product can be expensive and infrequent purchase.
Variety Seeking Buying Behaviour :-
Buyers are less involved in making the purchase decision. Buyer has variety of purchase option open for him.
Buyers are able to distinguish between the product features of different brands. He can identify significant different brands in the product category.
Habitual Buying Behaviour:-
Buyers purchase same brands because its there habit. Buyers are less involved in the purchase decisions and there are insignificant differences between brands.
It involves purchase decisions of low cost products that are purchased on regular basis.
(b) Mass Marketing
Ans. Mass Marketing: It is also known as shotgun approach. In mass marketing, company produces single product and sells it to the entire market.
The product is distributed and promoted on a large scale. This marketing practice is advantageous as it leads to economies of scale for manufacturers and for consumers, prices are low. MCO 06 Free Solved Assignment
Since the buyers have different needs and buying motives this marketing practice is not much used by the marketers.
(c) Internet Marketing
Ans. Internet marketing refers to the strategies used to market products and services online and through other digital means.
This includes a variety of methods and platforms for communicating with customers. Internet marketing uses customers’ online activity to connect them with a business by reaching them in a variety of places on the internet.
The types of internet marketing a business uses will depend on the business model types of products, target customers, budget, and more.
TYPES OF INTERNET MARKETING
There’s a myriad of internet marketing types that encompass different tactics and strategies, and the types listed below are not exhaustive.
These types of marketing complement one another and are most effective when used together MCO 06 Free Solved Assignment
Search Engine Optimization (SEO): SEO is the process of adjusting a website and digital content to improve its organic or “natural” placement in search rankings.
The higher a webpage ranks, the more likely it is to be viewed by a potential customer. Search engines (specifically Google) use crawler bots (sometimes called spiders) to raw the internet and build an index of the content available online.
When a user searches a keyword, the search engine will provide the most relevant information.
Content Marketing: Content marketing is the creation and distribution of relevant online content in a way that’s strategica designed to attract and convert consumers.
It focuses on communicating with customers rather than selling and is usually best. received. Forms of content marketing include blog posts, infographics, ebooks, podcasts, case studies, and webinars. MCO 06 Free Solved Assignment
Social Media Marketing: Social media marketing is the use of social media platforms to improve customer engagement and promote a brand.
While it doesn’t necessarily drive sales, social media marketing increases engagement, builds links, and expands brand awareness.
Popular social media platforms used for marketing include Facebook, Instagram, and Twitter.
Influencer Marketing: One of the newer types of internet marketing, influencer marketing uses influencers, or someone with a large social following, to promote their product or service for a price.
This can be highly effective if the influencer is in line with a company’s values and resonates with the company’s customers.
E-mail marketing: E-mail marketing is the process of using e-mail to send direct marketing messages to consumers in an attempt to gain new customers and retain existing ones. MCO 06 Free Solved Assignment
It’s one of the most cost effective types of marketing and can be used to reach both a wide network of customers or a very niche one.
(d) Functional Middlemen
Ans. Primary participants can be broadly classified as functional and merchant middlemen. The functional middleman can be categorized as:
(i) Factors: They are middlemen who sell products after the permission of the owner. They have the possession of the goods but can only sell them with the owner’s permission.
Buyer pays to them after the goods are sold along with the commission at a fixed percentage.
(ii) Brokers: Its main idea is to bring the buyer and the seller together. He negotiates and finalizes the contract to commission. They do not acquire the ownership of the products.
If the broker acts on behalf of the buyer, he is called buyil. agent and if he acts on behalf of the seller, he is called selling agent. He gets certain commission for his work from his principal. MCO 06 Free Solved Assignment
(iii) Commission Agents: They perform transactions of buying and selling for a fixed commission. They negotiate the sale of goods and also take the possession of the goods.
He arranges for the transfer of the titles to the goods. He performs various functions like warehousing, packing, grading etc., but does not bear any risk of loss.
(iv) Del credere Agents: When the commission agents agree to bear the risk of loss in case of credit sales, he is known as del credere agent.
(v) Auctioneer: Conduct auctions to sell goods on behalf of the seller/principal. The date and time of auction is told in advance.
(vi) C&F Agents: Manufacturers sometimes employ carrying and forwarding agents who are known as C&F agents. He supplies stock to the wholesalers or the retailers on behalf of the producer.
Q. 4. Differentiate between the following:
(a) Product and Production concept of marketing
Ans. Meaning of Product :A product is a bundle of attributes that can be offered to a consumer in exchange of money to satisfy his needs and wants.
As defined by Philip Kotler product is anything that can be offered to a market for attention, acquisition, use or consumption. It includes physical objects, services, places, organizations, persons and ideas. MCO 06 Free Solved Assignment
Product Concept :
In this concept producers believe that customers will buy the products which have best features and attributes like quality, appearance etc.
The major attention is on improving the product, modifying it and adding innovative features.
So they stress more on improving the product, modifying it and adding innovative features. In this concept producer’s main emphasis is on improving product features.
Major limitation to this concept is that the producer is just concerned about the product and its improvement not about other factors like, price, distribution and promotion, which are equally important for the success of the business.
(b) Micro Environment and Macro Environment
Ans. Micro Environment: It includes internal factors that influence the marketing system of the organization. Factors are somehow under the control of the marketers.
Micro environment is the environment that is in the proximity of the enterprises. It includes factors like organization’s internal environment:
Internal Environment of the Organization: Finance, sales and production, HR etc., play an important role in marketing. MCO 06 Free Solved Assignment
Suppliers: Any individual or organization that provides raw material or input to the organization.
Intermediaries: A product may not be sold by the producer directly to the consumer. It may involve a mediator/intermediary.
Competitors: People or organizations that pose competition in the market affecting the sales.
Customers: one who buys the product.
It constitutes the external environment of the organization. External factors are uncontrollable i.e., marketers have no control over these factors and so the companies have to monitor them and be ready to face the changes in the macro environment.
Macro Environment: it is the external environment that affects all the organizations in the market. It includes factors like.
Physical Environment: It includes climatic conditions, landscapes, renewable and non-renewable resources. MCO 06 Free Solved Assignment
Technical Environment: The pace of technological improvement is so fast that it gives a lot of opportunities for innovation of a product or service.
Political-legal Environment: Government laws and regulations affect the marketing decisions of any enterprise.
Demographic Environment: Marketers have to keep in mind the size of the population, age, gender, birthrate, death rate etc. in the country before taking marketing decisions.
Socio-culture Environment: Core cultural values of the country are the major factors that affect the marketing.
Economic Environment: Country’s per capita income and Gross National Product affect the economic condition which as a result affect the market conditions,
(c) Market Segmentation and Market Targeting.
Ans. Marketers who want to practice target marketing segmentation effectively are required to take three steps. The first step is market segmentation, the second step is market targeting, and the third step is market positioning.
Therefore, target marketing is also known as STP marketing i.e. segmenting, targeting, and positioning MCO 06 Free Solved Assignment
Market Segmentation: As buyers of a product exhibit different needs and wants, and therefore, each group with similar needs may be treated as a separate market.
Customer-oriented companies take these differences into consideration, but they usually cannot afford to tailor-made a different product and marketing mix for every consumer.
Consequently, most marketers operate between the extremes of one marketing mix for all (mass marketing) and a different one for each consumer.
Therefore, companies go for market segmentation. We define market segmentation as the process of dividing the total market for a product or service into several smaller groups, such that the members of each group are similar with respect to the factors that influence demand.
Therefore, companies through market segmentation divide large, heterogeneous markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs
Market Targeting: A target market is defined as a set of buyers sharing common needs or characteristics that the compa decides to serve. MCO 06 Free Solved Assignment
It is very important to select the target market to which the company decides to serve because knowledge about how the consumers decide, what are the criteria of buying products, the characteristics and life-style of the targeted customers can help the marketers to develop a suitable marketing strategy.
Every marketing strategy involves marketing expenditure and the return on market program can only be identified if we are able to know the target market for which the marketing program is targeted.
It is observed from research that a majority of the marketing expenditure is actually wastage of company resources as they are spent on non buyers.
So an understanding of the nature and characteristics of the target market will help the marketer to derive higher returns on a marketing program.
Knowledge on the target market and its growth and changes in attitude will help the marketer to modify and design new marketing programs for the success of the enterprise as a whole.
(d) Captive Product Pricing and Product Bundle Pricing
Ans. Captive Product Pricing: There are certain products, which cannot be used without certain other products. MCO 06 Free Solved Assignment
Examples of such products are safety razor with razor blades and shaving cream, toothpaste with toothbrush, cameras with films, computers with software, fountain pen with ink, etc.
Manufacturers of such complementary products may use captive product pricing strategy where the main produccis priced low while the supplies can be priced relatively, High Companies which are in the business of only the main product will then find themselves priced out from the market.
This is also the strategy being followed by companies in the business of durable consumer goods (such as cars, television sets, refrigerators, etc.)
where the spares, components and servicing are charged relatively high while the relatively low prices of the main products make them competitive.
Product Bundle Pricing: Under this strategy, sellers can combine a number of their products and offer the bundle at attractive price.
For example, it is a common experience during festive seasons, retailers offer durable goods like refrigerator, washing machine, TV as a bundle at a single price which is much lower than the total price you pay for each of them separately.
Tour operators often offer package tours which include air travel, hotel and food, sight-seeing, insurance, visa fee, airport taxes, local travel etc.
The price of the total package has often been found much lower than the sum total of the prices of each item separately. If the product bundle is priced attractively, it will stimulate the sales of all items in the bundle. MCO 06 Free Solved Assignment
Q. 5. Comment briefly on the following statement:
(a) Different phases of development in Indian market are indicators that there is a revolution undergoing in Indian market.
Ans. Marketing Management In Indian Context: Marketing management in India evolved with the growth of Indian market which has three different stages.
First phase-pre-independence period, Second phase-post-independence period and Third phase liberalization, privatization and globalization.
First Phase includes period before the independence. Markets were dominated by sellers. Majority of the people were engaged in agriculture, and so they did not have adequate purchasing power. Britishers own the large enterprises with the major stake.
Second Phase started after the independence when there was no competition, public sector operated the market, per capita income was low and growth was slow.
The large enterprises were handled by government based on the socialistic principles. Sellers dominated the market. MCO 06 Free Solved Assignment
Manufacturers were not concerned about product quality and customer satisfaction. Domestic market was protected from the foreign players; they were banned in Indian markets.
Third Phase started with the liberalization of India in 1991 when Indian economy was open for trade with other countries.
Privatization and globalization took place. Public sector lost its control over private enterprises i.e., large enterprises were dominated by the private sector. Competition increased as the foreign companies entered in Indian markets.
Indian government allowed foreign direct investment. There was improvement in communication and transportation facilities.
Products could be marketed in a better way. And companies concentrated on providing better services. MCO 06 Free Solved Assignment
(b) Marketing research is quite pervasive in nature and can be used by the marketing managersin various marketing decision areas.
Ans. Ascertain the Information Required by the Marketing Managers: The very first thing to be kept in mind while designing an efficient marketing information system is to determine information needs required by marketing managers to make decisions.
It is a very crucial task to ascertain the information need because too much information can be difficult to handle and less information can be insufficient for the marketing managers.
Also, the system should be able to deliver timely and appropiate information required by the marketing managers for efficient decision-making.
It should be able to provide information requi for making strategic and tactical decisions. Decisions which have long-term implications and require large investments are called strategic decisions like decisions relating to enter the new market, to target a market segment and to position the product in the market.
Decisions which have short-term implications and do not require large investments are called tactical decisions relating to change in price, competition in market etc.
(c) Consumers are being influenced by a number of psychological factors in the purchase of various products and services.
Ans. Psychological factors influence the consumer’s decision-making process while purchasing the product or service and so the marketers need to understand these factors.
There are four types of such factors: MCO 06 Free Solved Assignment
Motivation: Consumers buy the product when they feel the need of the product or service and are motivated to buy it. Motivation is a driving force that impels the person to buy the product.
A person is motivated to buy a product when he gets to know about his unfulfilled needs. A motive is an internal force that orients a person’s activities toward satisfying a need or achieving a goal.
Actions are affected by a set of motives. If marketers can identify motives then they can develop an effective marketing mix.
Needs: Needs are the basic requirement of the the consumers for food, shelter, clothing etc. Need is not created.
Motive: Motive is the direction towards achieving the goals. Motives can be created by society or marketers.
Few scientists have developed theories of motivation like Sigmund Freud’s, Abraham Maslow, and Frederick Herzberg. MCO 06 Free Solved Assignment
Perception: How the consumer perceives the product affects the purchase decision. It is the process how individuals interpret, select and decide their views about the product into a meaningful picture.
A person gets motivated on the basis of perception. People may have same level of motivation but it’s not necessary that they will react the same way.
There are different forms of perception: Selective exposure, selective attention, selective distortion, and selective retention.
Attitude: Consumer’s purchase decision is influenced by his attitude towards the product, brand, seller etc.
People learn from their observations and experiences. As people gain knowledge from their experience, their behaviour changes.
These changes influence the buyer’s behaviour. They apply the learning’s while purchasing the product. There are four elements of learning: Drives, Cues, Stimuli, and Reinforcement.
(d) Marketing of services is no different from marketing of products, the strategies of the 4 P’s, however, require some modifications when applied to services.
Ans. Market Strategies for Service Firms: Traditionally it was believed that 4 Ps work well for tangible goods, but three more Ps are added in the service marketing mix. They are physical evidence, process, and people. MCO 06 Free Solved Assignment
Since the services are provided by people so that activities like selection, training and motivation of employees carry huge importance for an organization as they have direct impact on customer satisfaction.
Service quality can be demonstrated through physical evidence. Different processes can be selected by the service firms to deliver their services.
Service marketing involves external marketing, internal marketing and interactive marketing. mco 06 solved assignment 2021-22
External marketing refers to pricing, distributing, and promoting the service. Internal marketing refers to training and motivating employees who will serve the customers.
Interactive marketing refers to communication skills of the employees with the customers.
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