Basic of Marketing Session – I (Assignment)

Student Name : KUNAL SHROFF

Reg. No : 13-1244

Institute Name : BIIB

Specialization : MARKETING

1. What is the definition of Marketing?

Marketing refers to activities a company undertakes to  promote the buying or
selling of a product or service. Marketing includes advertising, selling, and delivering products to
consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

Professionals who work in a corporation's marketing and promotion departments

seek to get the attention of key potential audiences through advertising. Promotions are targeted to
certain audiences and may involve celebrity endorsements, catchy phrases or slogans, memorable
packaging or graphic designs and overall media exposure.

2. Explain Needs, Wants and Demand with proper examples. Your answer
must contain Various kind of needs, Difference between Wants and
Demand

Needs: Human needs are the basic requirements and include food, clothing and shelter. Without these
humans cannot survive. An extended part of needs today has become education and healthcare. Generally,
the products which fall under the needs category of products do not require a push.
Wants: Wants are a step ahead of needs and are largely dependent on the needs of humans
themselves. For example, you need to take a bath. But i am sure you take baths with the best soaps.
Thus, Wants are not mandatory part of life. You DONT need a good smelling soap. But you will
definitely use it because it is you want.

Demands: When an individual wants something which is premium, but he also has the ability to
buy it, then these wants are converted to demands. The basic difference between wants and demands
is desire. A customer may desire something but he may not be able to fulfil his desire.

Various kind of needs

1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS system.)
5. Secret needs (The customer wants friends to see him or her as a savvy consumer.)

Difference between Wants and Demand

Sr.No Wants
Demand
.
The Form Taken by a human need as shaped Demands are wants for specific products
1
by Cultural & Individuals Personality backed by an ability to pay.
U.S. consumer needs food but may want a
Many people want a Mercedes; only a few can
2 Chicago-style “deep-dish” pizza and a craft
buy one
beer

3. “Demands are backed by buying power” justify the statement with

proper examples

People want to choose products that provide the most value &
satisfaction for their money. And when people have sufficient money to afford those wants,
that would be their demand. E.g., Maybe the want is a smartphone for personal use, I can go
and buy a simple smartphone but when I have enough money then I will go and buy an i-
phone. That i-phone becomes my demand only because I have enough money to buy.
Another Example for this The car Buying Capability There is a demand of Mercedes But
only few can buy it because everyone can’t Have Buying Capability So here Mercedes is a
demand for the Public Who can’t able to Buy it So this is how demand Get Backed By
Buying Power.

4. What is the definition of Product? Suggest suitable examples for

Attention, Acquisition and Use or Consumption

A product is something that is manufactured for sale in the market.

Customer needs are met by the usage of products. Product is one of the main components of
marketing, all marketing activities revolve around the product. Products can be tangible or
intangible. Tangible products are known as goods while intangible products are called services.

For attention Many People Use Costly Watches, Costly Cars So in This the Product
is Watches, Cars And etc This product is use for attention Purpose for Acquisition Many people
invest In Real Estate Business Where The acquire the Right to own the Property. Again, Here
Product is Land. For Use People Prepare Food for the Livelihood, Many People Buy Cloth to Style
Themselves So in this Way a product can be used for attention, Acquisition, Use or Consumption

5. Explain Service, Person and Idea as a product with examples

Service as a Product: When a Company Sells is Service in the Market or to make a profit from the
Service, They Provide its Became a Service as a product Ex: Haircut, Car Serving

Person as a Product- When Company Appoint a person as a brand ambassortor for their Product
then it’s become a Person as a Product

Person as a Product when an idea becomes your product then it’s called as an idea as product Ex.
Ola, Uber

6. Explain Customer Value with suitable examples

Customer value is the perception of what a product or service is worth to
a customer versus the possible alternatives. Worth means whether the customer feels that he or she received
benefits and services over what was paid. Value for one customer may not be the same as another.

7. Define Customer Satisfaction. Your answer must include Dissatisfied,

Satisfied and Delighted customers
 The extent to which a product perceived performance matches a buyer’s behaviour.
 Dissatisfied- The product’s performance falls short of expectations.
 Satisfied- The product’s performance matches the expectations.
 Delighted- The product performance exceeds the expectations.
8. How is ‘Quality’ related to ‘Customer Satisfaction’? Explain with
examples

Quality is the totality of features of a product or service having the ability to satisfy
customer needs. Higher levels of quality result in greater customer satisfaction.

9. What is Exchange ?

The act of obtaining a desired object from someone by offering something in return.E.g.,
Exchanging old products with new. Exchanging one item for other, Batar system in which they
exchange work

10. Explain Transaction with reference to an Invoice?

Trade between 2 parties that involve at least 2 things of value, agreed upon conditions, a
place of time, and a time of agreement. Invoice- An invoice is a time-stamped commercial
document that itemizes and records a transaction between a buyer and a seller. If goods or services
were purchased on credit, the invoice usually specifies the terms of the deal and provides
information on the available methods of payment. Types of invoices may include a paper receipt, a
bill of sale, debit note, sales invoice, or online electronic record.

11. Explain Relationship Marketing with examples ?

Increasingly, a key goal of marketing is to develop deep, enduring relationships with
people and organizations that directly or indirectly affect the success of the firm’s marketing activities.
Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in
order to earn and retain their business. Four key constituents for relationship marketing are customers,
employees, marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the
financial community (shareholders, investors, analysts). Marketers must create prosperity among all these
constituents and balance the returns to all key stakeholders. To develop strong relationships with them
requires understanding their capabilities and resources, needs, goals, and desires.

12. What is Market ? How do we determine the Size of the Market ?

Market is a physical place where buyers and sellers gathered to buy and sell goods. Economists
describe a market as a collection of buyers and sellers who transact over a particular product or product class
(such as the housing market or the grain market).
 To calculate your market size, you'll either be looking for data on the number of potential
customers, or number of transactions each year. For example; if you are selling toothbrushes, virtually
everyone can be counted in your big whole market figure.

13. What is Demarketing? Provide examples to Demarketing.

Efforts aimed at discouraging (not destroying) the demand for a product which a firm cannot
supply in large-enough quantities, or does not want to supply in a certain region where the high costs of
distribution or promotion allow only a too little profit margin. Common demarketing strategies include
higher prices, scaled-down advertising, and product redesign
Another example of demarketing would be the efforts made by the TATA group to discourage
consumers from buying Tata Nano. Since the demand for Tata Nano far outweighed the supply, Tata Group
completely stopped the promotion of Tata Nano and rather started promoting other products by the Tata
group.

14. “Selling and Marketing concepts contrasted” Elaborate this statement

with appropriate examples
The selling concept holds that consumers and businesses, if left alone, won’t buy
enough of the organization’s products. It is practiced most aggressively with unsought goods—goods buyers
don’t normally think of buying such as insurance and cemetery plots—and when firms with overcapacity
aim to sell what they make, rather than make what the market wants. Marketing based on hard selling is
risky. It assumes customers coaxed into buying a product not only won’t return or bad-mouth it or complain
to consumer organizations but might even buy it again.
The marketing concept emerged in the mid-1950s as a customer-cantered, sense-and-
respond philosophy. The job is to find not the right customers for your products, but the right products for
your customers. Dell doesn’t prepare a PC or laptop for its target market. Rather, it provides product
platforms on which each person customizes the features he or she desires in the machine. The marketing
concept holds that the key to achieving organizational goals is being more effective than competitors in
creating, delivering, and communicating superior customer value to your target markets.

Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with
the seller’s need o convert his product into cash; marketing with the idea of satisfying the needs of the
customer by means of the product and the whole cluster of things associated with creating, delivering, and
finally consuming it

15. “Societal Marketing must improve the Consumer’s and Society’s

wellbeing” Justify this statement with appropriate examples
 Societal Marketing Must Improve the Consumers and Society Wellbeing The societal
marketing concept holds that a company should make good marketing decisions by considering consumer’s
wants, the company’s requirements, and society’s long-term interests.

A very good example of an organization following societal marketing concept is the Body Shop: Body
Shop is a cosmetic company founded by Anita Roddick in 1976. The company uses only natural, vegetable-
based materials as ingredients for its products. It is totally against animal testing, advocates community
trade, as well as complete protection of planet. Thus, it totally engrosses the concept of Societal Marketing.
Another example is Ariel. It is a detergent produced by Procter and Gamble. Ariel runs special fund-raising
campaigns for less privilege classes of the world, mainly the developing countries. It also contributes a share
of its profits from every bag sold for the societal development.

16. Which are the Jerome McCarthy’s 4P’s of Marketing ?

Product
The product is what the company is trying to sell to consumers. The first step is to determine
what product does the company want to sell that consumers will want to purchase. The product should be
unique and different from what the competition is offering. The company must come up with different
features to help make this product innovative. Determining the quality and how the product will be made
will help determine what type of market the product will be in. The product is the center part of the
marketing mix because without the product, there would be no reason to use marketing.

Price
The  price is how much the company should charge for the product. There are many variables
that come into play when deciding on the price of an item. The price depends on how much it costs to make
the item as well as advertising costs, distribution costs, overhead costs, competitor pricing, etc. Price is not
something that will be set in stone, because costs of goods may change or competitor pricing may change. It
is vital to have a set price but be prepared to change the strategy if there is a fluctuation in the market.

Promotion
It aims to serve two objectives. One, it informs the potential customers about your product and
secondly, it persuades them to buy your product. The promotion mix will thus include the various means
that you can use to communicate with the target audience. An effective promotion mix will ensure good
sales and a marketer must strive to create a conducive environment

Place
 Place or physical distribution deals  with the transfer of ownership of the product from the
manufacturer to the customer. The margin of your profit depends on how quickly you can turn over the
goods. The more swiftly the products reach the point of sale, the more likely are the chances of satisfying
the customers and increase brand loyalty. Hence the Place factor is crucial in ensuring your product’s
competitiveness in the market.

17. What are the relevance of the new P’s- People, Process and Physical
Evidence? Site proper examples for each one of them.
People reflects, in part, internal marketing and the fact that employees are critical to
marketing success. Marketing will only be as good as the people inside the organization. It also reflects the
fact that marketers must view consumers as people to understand their lives more broadly, and not just as
shoppers who consume products and services. It is important to hire and train the right people to deliver
superior service to the clients, whether they run a support desk, customer service, copywriters,
programmers…etc. When a business finds people who genuinely believe in the products or services that the
particular business creates, it's is highly likely that the employees will perform the best they can.

Processes reflects all the creativity, discipline, and structure brought to marketing
management. Marketers must avoid ad hoc planning and decision making and ensure that state of- the-art
marketing ideas and concepts play an appropriate role in all they do, including creating mutually beneficial
long-term relationships and imaginatively generating insights and breakthrough products, services, and
marketing activities. It could be your entire sales funnel, a pay system, distribution system and other
systematic procedures and steps to ensure a working business that is running effectively.

Physical Evidence In the service industries, there should be physical evidence that
the service was delivered. Additionally, physical evidence pertains also to how a business and it's products
are perceived in the marketplace. for example; when you think of fast food you think of McDonalds. When
you think of sports, the names Nike and Adidas come to mind.

19. Explain 4C’s with suitable examples?

1. Customer

The first “C” stands for “customer,” or more specifically, the wants and
needs of the consumer/customer. Rather than focusing on the product you are selling, this “C”
reminds you to focus on solving a problem or filling a void experienced by your ideal customer.
It is absolutely essential that businesses understand the customers to whom they are marketing.
The more you understand your customer, the better you will be able to make products that are
useful and beneficial to them, and the more you will understand how to reach out to them in
your marketing endeavours.

2. Cost

The Second C in this marketing mix is cost. Don’t confuse the cost of
your product with its price. Price is only a small segment of the overall cost of buying a product
to a customer. It is important to determine of overall cost – not price – of your product to the
customer. Cost not only includes price of the item, but also may include things such as the time
it takes for the customer to get to your location in order to buy your product, or the cost of gas
that it takes to get them there. Cost can also include the product’s benefit, or lack-there-of, to the
customer.

3. Convenience

The Third C within this marketing mix is convenience.Convenience is a

much more customer-oriented approach to this marketing strategy.Once you have analyzed your
customer’s habits, you should be able to know whether they shop online or in stores as well as
what they are willing to do to buy your product. The overall cost of the product will determine
in part its convenience to your target audience. The goal is to make the product cost effective
and simple enough for the customer to attain the product without having to jump through hoops.

4. Communication

The fourth and final C in this marketing mix is communication. Communication is

always key to business marketing; without it, the 4 C’s would not be effective. Communication is (again) a
customer-oriented approach to the task of selling products. Communication requires interaction between the
buyer and seller. This marketing strategy can very easily be implemented through the use of social media.
Marketing a product on your social media sites, or even including links to your social media profiles can be
very beneficial to your customers. This allows them to interact with your brand on a personal level and will
eventually lead to greater brand loyalty among

20. Explain 4A’s with special reference to Rural Marketing?

The 4As also has to be considered and keep in mind while formulating the plan to enter the
rural market because these are also critically important.

1. Availability
 The first challenge in rural marketing is to ensure availability of the product or service.
Given the poor infrastructure, it is a greater challenge to regularly reach products to the far-flung villages.
Marketer should plan accordingly and strive to reach these markets on a regular basis. Marketers must trade
off the distribution cost with incremental market penetration.  India's largest MNC, Hindustan Lever has
built a strong distribution system which helps its brands reach the interiors of the rural market.

2. Affordability

The second major challenge is to ensure affordability of the product or service. With
low disposable incomes, products need to be affordable to the rural consumer, most of who are on daily
wages. A solution to this has been introduction of unit packs by some companies. Most of the shampoos are
available in smaller packs. Fair and lovely was launched in a smaller pack .Godrej recently introduced three
brands of Cinthol, Fair Glow and Godrej in 50- gm packs. Hindustan Lever has launched a variant of its
largest selling soap brand, Lifebuoy. Coca-Cola has addressed the affordability issue by introducing the
smaller bottle priced at Rs 5. The initiative has paid off: Eighty per cent of new drinkers now come from the
rural markets.

3. Acceptability

The next challenge is to gain acceptability for the product or service. Therefore, there is a need
to offer products that suit the rural market. LG Electronics have developed a customized TV for the rural
market named Sampoorna. It was a runway hit selling 100,000 sets in the very first year. Coca-Cola
provided low-cost ice boxes in the rural areas due to the lack of electricity and refrigerators. It also provided
a tin box for new outlets and thermocol box for seasonal outlets.

4. Awareness

Building awareness is another challenge in rural marketing. A large part of rural India
is inaccessible to conventional advertising media. It has been seen that, two out of five Indians are
unreached by any media - TV, Press, Radio and Cinema put together. Hats, melas are
opportunities. Hindustan Lever has its own company-organized media. These are promotional events
organized by stockiest. Godrej Consumer Products, which is trying to push its soap brands into the interior
areas, uses radio to reach the local people in their language. Coca-Cola uses a combination of TV, cinema
and radio to reach the rural households. It has also used banners, posters and tapped all the local forms of
entertainment. Since price is a key issue in the rural areas, Coca-Cola advertising stressed its `magical' price
point of Rs 5 per bottle in all media.  LG Electronics uses vans and road shows to reach rural customers. The
company uses local language advertising. Philips India uses wall writing and radio advertising to drive its
growth in rural areas. 
21. Explain the concept ‘Marketing Myopia’ with relevant Examples?

Marketing Myopia is a situation when a company has a narrow-minded marketing

approach and it focuses mainly on only one aspect out of many possible marketing attributes. For
example, focusing just on quality and not on the actual demand of the customer is a sign of
marketing myopia. Marketing myopia strikes in when the short-term marketing goals are given
more importance than the long-term goals. Its Occurs When Company Starts More focus on selling
rather than building relationships with the customers, predicting growth without conducting proper
research, Mass production without knowing the demand, giving importance to just one aspect of the
marketing attributes without focusing on what customer actually wants, Not changing with the
dynamic consumer environment

Examples of Marketing Myopia

Here are some companies that are suffering from or have suffered from marketing myopia

 Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak
didn’t plan for it.
 Nokia losing its marketing share to android and IOS.
 Hollywood didn’t even tap the television market as it was focused just on movies.
 Yahoo (worth $100 billion dollars in 2000) lost to Google and was bought by Verizon at
approx. $5 billion (2016).