Marketing Management

Answer 1

The full range of goods and/or services that a company provides is called its product mix,
commonly known as its product range or product portfolio. Product lines, which are
connected items that customers often use or view as related goods or services, make up a
product mix. Understanding a company's product mix is important because it has a significant
influence on the company's brand image. A company's product risk is diversified and its
reliance on a single product or product line is minimized by maintaining a high product
breadth and depth. As such, a brand's reputation can suffer from unnecessary or value-adding
product differentiation. Price adjustments, sometimes known as price protection, are a sales
practice used in the United States where customers can get a portion of their money back if
they can prove that they bought something less over a specified period of time. The
foundation of your monetization strategy is pricing. Price changes can improve all elements
of your business, and when those elements change, so does pricing. A product mix strategy is
a marketing plan that evaluates a company's current product offerings before allocating
resources and efforts to different product lines and particular products to best suit them. to
commercialize it to a particular market or audience and thus increase the expansion and target
segment of the company.

A business offers all clients a consultation about the price of their goods. In the urban market,
M/s Herbal Life distributes various FMCG items, including toothpaste, multivitamin
ayurvedic pills, chia seeds, tulsi tea, herbal soap, shampoo, etc. Several forms of Product Mix
Pricing and Price Adjustment Strategies are listed below to help businesses make pricing
decisions. The following are the four main product mix strategies:

Expansion: When a business adds more product lines, some of them may be different from
the current business line. This is usually done when a business believes that the current
portfolio is not sufficient to compete in the market.

Contraction: When a business stops some product lines or certain items that are not profitable
enough, or simplifies the remaining products. In this situation, a business chooses to
concentrate only on the most profitable models or lines rather than discontinuing or
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eliminating one or more product lines or product items. Here, thick product lines are thinned.
Some models or types that did not succeed were dropped.

Modification of existing products: When a business improves the features, quality, or

effectiveness of existing products as opposed to creating new ones. Compared to starting a
new business, this approach is less risky.

Product differentiation: When a business starts marketing a product as a better option than
competitors without changing its features, attributes, or cost. In this scenario, a business uses
persuasive marketing skills, effective marketing initiatives, and deft promotional strategies to
convince the target market that their product delivers superior functionality or higher quality.

There are seven types of price adjustment strategies, and they are as follows:

Discount and Allowance Pricing: Most businesses change their base price to give discounts to
consumers who pay their bills on time, buy in bulk, or shop outside of peak hours. Pricing
with discounts and allowances can take different forms: A reduced price can be offered to
customers who pay their invoices on time in cash.

Segmented pricing: The term "segmented pricing" refers to the practice of offering a product
at two or more price points depending on cost differences. It takes many forms. Different
clients pay different prices for the same good or service with customer segment pricing.
Different versions of the product are priced differently under product form pricing, but the
difference is not brought about by price differences. In location-based pricing, a company
sets different prices for different areas while charging the same cost to supply each location.

Psychological pricing: Pricing is said to be influenced by the psychology of the price buyers
are willing to pay. This is not a reasonable price. It mainly serves to comment on the product.
Many consumers base their opinions on the quality of a product on how much it costs. When
buying any perfume, cheap items are thought to be of poor quality. Some consumers think the
price is expensive because it means unique.

Promotional pricing: To increase immediate sales, promotional pricing involves temporarily

selling items below list price and sometimes below cost. Companies work to create a sense of
urgency and excitement in purchases. Discounts from regular prices can be used as
promotional prices to increase sales and reduce inventory. In addition, to attract more clients
at particular times, special event pricing can be applied. Promotional pricing may also include
low-interest credit, extended warranties, or free maintenance.

Geographical pricing: Geographical pricing is the technique by which producers establish

their prices for clients based around the world. Pricing must be properly calculated for clients
living in different regions of the world. Five different geographic pricing models will now be
featured.

Dynamic pricing: Dynamic pricing is the practice of continuously changing prices to

accommodate the specific characteristics and demands of different clients and circumstances.
If you think back to the past, pricing was always negotiated between buyers and sellers. As a
result, the price is modified to suit the individual client or situation. Dynamic pricing kicks in
at exactly that point. Instead of setting a price, prices are changed daily or even hourly, taking
into account various factors such as current demand, stock, and costs.
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International pricing: International pricing is the last key price adjustment strategy.
Companies that sell their products around the world must choose the price to pay in the
different markets in which they do business. The cost that a business must pay in a country
can vary depending on many variables, including the economy, market competition, rules and
regulations, and the evolution of the sales and marketing system. In addition, customer views
and tastes may vary from country to country, necessitating price adjustments. In addition, the
business may have different marketing objectives in different areas, which calls for changes
in the pricing method.

So, from the above strategies we can say that these strategies help the FMCG organization to
quote the best price of the products for the target audience. The company will be successful if
careful consideration should be done before choosing a strategy for their products for the
growth and sales of the company.

Answers 2

Promotion is a marketing technique used to interact with sellers and buyers. The entrepreneur
uses it to try to influence and persuade customers to buy their goods or services. It helps to
get information about the product, service, or organization. Promotional activities help a
company communicate its offer and attributes to customers and create their motivation for
intended behavior. Different actions can be considered as promotion. While some companies
sell their products to customers naturally, others use sponsored media or paid communication.
The promotion mix consists of all these actions. To accomplish a particular marketing
objective, a promotion mix is a combination of marketing strategies such as advertising,
sales, public relations, and direct marketing. Often, the promotional mix is just one
component of the larger marketing mix. It involves combining several promotional tactics
that businesses use to build, maintain, and expand demand for goods and services. The fourth
part of the 4 P's of the Marketing Mix is promotion, which focuses on raising awareness and
encouraging customers to buy. Promotion Mix refers to the many methods that help a
company's promotional goals. Advertising, personal selling, sales promotion, public relations,
and direct marketing are all part of the Promotion Mix. To achieve a balanced combination of
different promotional methods, marketers should think about the following issues. The main
purpose of the promotional mix strategies is to change herbal lifestyle products to household
products such as Patanjali or Dabur .

Promotion is any type of brand communication that is used to enlighten the intended audience
about the relative qualities of an item, service, brand, or problem, and is usually aimed at
persuading them. The fourth of the four Ps of the marketing mix, promotion, focuses on
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delivering the brand and product to target consumers and influencing their purchasing
decisions. The promotion mix is the collection of all promotional factors used by a company
to develop, maintain, and increase demand for its brands or products. A promotional mix is
considered effective if you are able to present a clear, attractive message while using the most
effective advertising strategy. The promotional mix usually includes 5 elements and they are
as follows:

Personal selling: Personal selling is a part of the promotional mix that involves one-on-one
connections between buyers and customers (either potential or existing customers). Because
it is one-to-one communication, it promotes direct interaction with prospects and consumers.
It consists of tailored dialogues and salesman promotion demonstrations made after studying
the demands and wants of the target client they are advertising to. Personal selling, as
opposed to advertising, develops a personal relationship between the digital marketing
manager and the client while incurring a higher cost per person contacted.

Advertising: Advertising is an important part of the promotional mix that adds to brand
building and how the market perceives the organization . Considering the huge reach of
advertising and the message you can give to your current and future clients, it is always a key
element of the promotional mix. This promotional mix component uses paid media channels
such as television, radio, newspapers, billboards, and sometimes even digital advertising
channels such as social media platforms and search engines. Good advertising can help a
company build a strong brand. On the other hand, bad advertising with the wrong message
can lead to the failure of a brand or product.

Direct marketing: Direct marketing is a promotional method in which the brand directly
contacts target customers rather than through an intermediary such as a store or wholesaler. It
is an excellent method of promotion that enables the business to interact directly with
potential customers through channels such as door-to-door promotion, marketing phone calls,
SMS, email, offers instant messaging advertising, targeted ads, and more. However, direct
marketing is not the same as personal selling. Despite the fact that it includes direct
interaction between the brand and the client, it does not always include a truly customized
sales presentation. Companies use direct marketing to communicate with their consumers in
one way or another about product launches, special deals, purchase confirmations, and
customer inquiries.

Sales promotions: Sales promotions are one of the most widespread types of company
promotions. Their main purpose is to increase buying and selling. While it has the ability to
increase sales, it is also useful for alerting prospects about new items on the market or simply
recovering former or lost clients. It is the promotion of something by using attractive short-
term incentives to create demand and improve sales. Short-term incentives are often used to
encourage new items in the market, promote remaining stock, attract more customers, and
temporarily increase sales.

Public relations: Public relations involves connecting and persuading the target audience
through earned media channels such as news, word of mouth, government statements, etc. In
simple words , public relations is a planned process of disseminating data related to the
organization to the general population through reliable channels such as news in order to
preserve the positive reputation of the brand. Reliable sources, brand mission-oriented
communication messaging, and two-way communication are part of public relations, while
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the brand publishes the communication and waits for the public's response before
strategically releasing another set of communication.

As a result, we can know that Herbal Life should take advantage of the promotion mix
aspects to plan, create, and implement efficient marketing campaigns. In addition, it enables
businesses to leverage their strengths while avoiding unnecessary costs, as well as showing
the target audience of Herbal Life products the benefits, features, and values of the items. or
service you provide. This differentiates you from competitors like Patanjali and Dabur and
drives sales.

Answer 3a

The consumer choice process, also known as the buyer decision process, helps marketers
determine how customers progress from learning about a product to making a purchase
decision. Understanding the buyer's buying process is critical to marketing and sales. The
process of selecting the customer or buyer will allow them to create a marketing plan that will
persuade them to purchase the product or service to solve the problem of the buyer or
consumer. The customer's decision-making process includes problem identification, search,
evaluation, and purchase selection. Post-purchase behavior is the effect of pleasure or
dissatisfaction given by consumption. When a consumer identifies a need or problem, or
when a need exists, the buying process begins. It can be triggered by internal or external
events. Mr. Raj has to go through various steps to make a decision to buy a new phone with
the latest features.

The customer's decision-making process includes problem identification, search, evaluation,

and purchase selection. Post-purchase behavior is the effect of pleasure or dissatisfaction
given by consumption. When a consumer identifies a need or problem, or when a need exists,
the buying process begins. It can be triggered by internal or external events. It is important to
understand that the buyer journey, buying cycle, buyer funnel, and consumer purchase
decision process are all terms for the consumer decision making process. All these terms,
however, basically refer to the same thing: the route a buyer takes while completing a
purchase. The consumer decision-making process is a five-step process that analyzes
customer behavior prior to purchase:
Need Identification: The buying process begins with the identification of a need. Identifying
the needs of customers requires identifying their internal and external sources of needs.
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Internal factors include hunger, thirst, and housing, while external factors include human
influence, advertising, and exhibitions. A sales executive should investigate and analyze these
sources at this stage of the buying process to determine their needs and challenges. No one
can be willing to buy products or services without first identifying a need. As a result, the
buying process begins with the identification of an unsatisfied need or problem.

Information Search: The search for information is the second stage of the buying process.
When the need is identified, the customer is motivated to find more information and enters
the information search stage. The customer may be paying close attention or making an
active search for information. A customer's search volume is determined by his motivation,
the amount of data he starts with, the ease with which he can access additional information,
the importance he places on additional information, and the happiness he experiences. can be
obtained from the view. Buyers and customers obtain knowledge about goods from a variety
of sources, including personal sources, commercial sources, public sources, and experimental
sources.

Alternative Evaluation: The third stage of the buying process is the evaluation of alternatives.
Different pieces of information gathered from different sources are used to evaluate the
desirability of different alternatives. Different customers use different criteria when
evaluating goods and services. To make the right choice, buyers often analyze alternatives
based on product qualities, importance level, brand trust, satisfaction, etc. They evaluate the
options by concentrating on their level of satisfaction and importance. The basis of consumer
income, skills, knowledge, intuition, availability of information, capacity to analyze data ,
etc. all affect the alternative assessment.

Purchase Decision: Today's consumer determines what to buy and where to buy it based on
the information obtained. At this point, a consumer examines all the information and reaches
a rational conclusion, makes a choice based on psychological connection, or surrenders to
advertising/marketing efforts, or a combination of all. above.

Post-Purchase Behavior : Consumers reflect on their most recent purchase at this step in the
purchase selection process. They consider how consumers feel about it, whether it is a smart
investment, and, most importantly, whether or not they will return to the brand for future
orders and recommend it to family and acquaintances.

So, we can conclude that Mr. Raj goes through the various steps mentioned above in his
decision making process to make a buying decision to buy a new phone. By organizing
relevant data and identifying alternatives, the process aids your ability to make more careful,
considered judgments. This process increases the likelihood that the buyer will choose the
most pleasing option available.

Answer 3b

Online marketing is sometimes called digital marketing or Internet marketing. Online

advertising refers to any marketing message that appears on the Internet. Therefore, it can be
seen in internet browsers, search engines, social networking sites, smart phones, and even in
email. For a variety of reasons, including the fact that it is very affordable, attracts a large
audience, can be monitored to determine success (or failure), and can be tailored to a
particular demographic, intelligent marketers especially which uses this area to contact
customers. As more opportunities open up for marketers, internet advertising is actually
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expanding in scope (think of ads delivered via text message or branding messages delivered
to users in a specific region, known as which is geo-targeting). Global Stock, which is an
online app for buying international stocks from the international Market should use the
following methods mentioned below.

Online advertising is a type of marketing that uses the Internet as a tool to drive visitors to
websites and target and communicate with potential consumers. Online advertising aims to
define markets through specialized and practical use. There are different ways in which the
app can be promoted online, these are as follows:

Social Media Advertising: Social media networks, such as Facebook, Twitter, and YouTube,
are flooded with marketing messages. Because audiences spend so much time going through
our newsfeed, responding, liking, and promoting, social media is an excellent platform for
marketers to connect with their audience. This includes Facebook ads, sponsored tweets, and
ads that appear between YouTube videos.

Content Marketing: Another great strategy to reach the right audience is content marketing.
Its main purpose is to improve organic website traffic through SEO; however, once a plan
and content is available, it can expand the content's reach and engagement by purchasing it
appearing on relevant websites. In other words, without publicity, production costs can often
exceed potential returns. Paid advertising helps to increase the ROI of content marketing.

Email Marketing: Because email advertising is such a common type of web marketing, many
customers don't even consider these ads. Opening the email will likely reveal adverts for new
cable services, discounts on children's clothing at Macy's, or the latest Samsung or Apple
smartphone technology. Email advertisements can sometimes take the form of newsletters or
discounts.

Search Engine Advertising: Search Engine Marketing aims to make a website more visible on
search engine results pages (SERP) by paying to be seen on search engines like Google. This
should not be confused with SEO (search engine optimization), which is the practice of
climbing the search results as much as you can without spending money to do so. SEM is
sometimes called PPC (pay per click), and it applies to Microsoft Bing Ads or Google
Adwords , for example. CPC (cost per click) or CPI is usually used to measure how profitable
an investment (cost per impression) is.

Display Advertising: Display advertisements, perhaps the most traditional type of internet
advertising, can take the form of anything from banners of all sizes and shapes to text ads
related to page content. This form of advertising involves placing your ad, often consisting of
branded images, videos, graphics, or multimedia content, on other websites so that when
someone clicks on it, it returns they own website.
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Mobile Advertising: An important part of the day, it seems that businesses are turning to
mobile advertising to connect with consumers. However, it should be used with caution
because this method of marketing goods and services is highly restricted. Advertising using
mobile applications, push notifications, SMS/text messaging, and MMS are just a few
examples of mobile-specific marketing strategies.

Therefore, we can conclude that Global Stock can use the above methods and methods that
can be used to promote the app online. Online promotion gives them the ability to send the
brand message to a large audience that needs the services while focusing on a specialized
vertical or specialty.