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692 views23 pagesMMPC-006 2024-25 Kunj Publication
Vdbd djdj didiid
Uploaded by
hacchutCopyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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/ 23
ASSIGNMENT
Course Code MMPC-006
Course Title Marketing Management
Assignment Code MMPC-006/TMA/JULY/2024
Coverage All Blocks
Note: Attempt all the questions and submit this assignment to the Coordinator of your
mn is 31° October, 2024 and
study centre. Last date of submission for July 2024 ses
for January 2025 sessions is 30" April, 2025.
1. (a) Discuss the terms need, want and demand. Why these terms assume significance for
every marketers/business. Discuss
(b) Discuss the various marketing philosophies that you are familiar with, Highlight their
importance and limitations in their evolution process
2.(@) As a Marketing Manager, when and why you would embark analyzing the marketing
environment? Discuss by selecting any product or product category of any FMCG or a
consumer durables of your choice. Explain what combination of micro and macro
environmental analysis that you would consider and why?
(b) Define a Product and discuss the various classifications that you are familiar with,
3.(a) Explain the concept of Product Life Cycle (PLC). Pickup any product/brand of your
choice in the recent past where the marketing mix element have changed during the
different stages of the PLC. List out all the changes that have occurred during its PLC
(b) Discuss the elements of promotion mix. Identify the reasons why companies in the
current business environment are of the opinion that there is a felt need and necessity
of integrating all the elements of marketing communication mix with a strategic intent
to compete and stay relevant at any given point of time.
Explain with a example where all the elements of promotion mix/marketing
communication are integrated. Select and make SWOT analysis and highlight the
importance of integration
4. (a) Bring out the major differences and similarities if any between produet marketing and
services marketing.
With the help of intemet and the secondary data sources prepare an essay on the
reasons for the growth of service sector since 2010-2023. Furnish all the data and
details.
(b) Make a visit to any firm /company in your location or you are familiar with where
digital marketing has been adopted. Talk to the manager or the concerned person who
is in-charge of the digital marketing activities and collect all the prospects and
challenges that are being faced by the firm and the possible solutions for the same. Copyright with Kunj Publication only Not for resale Ph. 8006184581 (Call Us)
Course Code: MMPC-006
Course Title: Marketing Management
Assignment Code: MMPC-006/TMA/JULY/2024
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Note: Attempt all the questions and submit this assignment to the Coordinator of
your study centre. Last date of submission for July 2024 session is 31st October,
2024 and for January 2025 sessions is 30th April, 2025.
1. (a) Discuss the terms need, want and demand. Why these terms assume
significance for every marketers/busiitess®Discuss.
Discuss the terms need, want and demand. Why these terms assume significance
for every marketers/business.
In the realm f marketing and business, understanding the concepts of need, want, and
demands furdariental. These terms are Ofteil used intercharigeably, but they represent
distinct aspects of consumer behavior. Clarifying these distinctions helps marketers
tailor their strategies to effectively meet and exceed consumer expectations, thereby
driving business success.
Need
A need is a basic human, requirement. It represents something essential for survival or
well-beitige Needs’ ean be physiological, such as food, water, and shelter, or
psychological, such as the need for belonging, self-esteem, and self-actualization.
Needs are intrinsic and often universal among all humans. They do not change over
time and are not influenced by external factors like cultural or social trends. For
example, the need for nourishment is a constant, regardless of geographic location or
societal influence.
In marketing, recognizing needs is the first step in understanding consumer behavior.
When a company identifies a need that is not being adequately met by existing products
or services, it has the opportunity to innovate and fill that gap. For instance, the
introduction of gluten-free products caters to the need of individuals with gluten
intolerance, addressing a basic dietary requirement.
Want
A want is a specific manifestation of a need shaped by culture, personality, and
individual preferences. While needs are fundamental, wants are more flexible and can
be influenced by marketing, advertising, and societal trends. For example, while the
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need for food is universal, the want might be a preference for sushi in one culture and a
burger in another, Wants are often perceived as desirable and can vary greatly among
different individuals and societies.
Marketers play a crucial role in shaping and stimulating wants, By understanding
consumer preferences and cultural nuances, businesses can create products that align
with the desires of their target market. Effective marketing strategies can transform a
generic need into a specific want, thereby increasing the appeal of a product. For
example, Apple has successfully turned the basic need for communication into a want
for their stylish and multifunctional iPhones.
Demand
Demand is the willingness and ability of consumers to purchase a product or service at
a given price. It is the convergence of needs and wants with the purchasing power to
fulfill them, Demand is not just about desire but also about the economic capacity to
satisfy that desire. For example, a consumer might want a luxury car, but the demand is
only realized if they have the ‘financial means to buy it.
Understanding demand is vital for businesses as it directly influences production,
pricing, and marketing strategies. Companies conduct market research to gauge the
level of demand for their products, enabling them to make informed decisions about
product development, inventory management, and Sales forecasts, Accurate demand
forecasting helps businesses optimize their resources and avoid overproduction or
stockoutsy
Significance for Marketers and Businesses
1. Market Segmentation and Targeting: Understanding needs, wants, and
demands allows marketers to segment the market effectively. By identifying
specific groups with common needs and wants, businesses can tailor their
marketing strategies to target these segments more precisely. This increases the
likelihood of successfully converting potential customers into actual buyers.
. Product Development: Knowledge of consumer needs and wants drives
innovation and product development. Businesses can create products that better
satisfy consumer requirements, offering features and benefits that resonate with
their target market. For instance, the development of eco-friendly products caters
to the growing consumer need for sustainability.
. Customer Satisfaction and Loyalty: Meeting consumer needs and wants is
crucial for building customer satisfaction and loyalty. When customers feel that
their requirements are understood and addressed, they are more likely to develop
a positive perception of the brand, leading to repeat purchases and long-term
loyalty, Copyright with Kunj Publication only Not for resale Ph, 8006184581 (Call Us
4. Pricing Strategy: Understanding the demand for a product helps businesses set
appropriate prices. If a product has high demand, companies can adopt premium
pricing strategies. Conversely, if demand is low, they might consider competitive
pricing or discounts to stimulate sales.
.. Promotional Activities: Marketing campaigns and promotional activities can be
more effective when they resonate with the target audience’s needs and wants
By crafting messages that highlight how a product meets specific needs or fulfills
particular desires, businesses can attract and retain customers more effectively.
. Resource Allocation: Businesses can allocate resources more efficiently by
understanding demand patterns. This includes inventory management, staffing,
and budget planning. For instance, if a product is in high demand during a
particular season, companies can ramp up production and marketing efforts
accordingly.
. Competitive Advantage: Companies. that accurately identify and meet
consumer needs and-Wants.gain.a competitive edge in the market. They can
differentiate themselves from competitors by offering superior products and
services that better address consumer demands.
.. Long-term, Planning: Insights into consumer_needs and demands. facilitate
long-term strategic planning, Businesses can anticipate market trends and adapt
their strategies to stay relevant and competitive, This includes investing in
research and: developments exploring new markets, and diversifying product
In conclusion, the concepts of need, want, and demand are integral to the success of any
marketing Strategy. By undefstanding and differentiating these terms, businesses can
better align their products and services with consumer expectations, driving satisfaction,
loyalty, and profitability. Marketers who master the art of identifying and fulfilling
needs, wants, and demands are better equipped to navigate the complexities of the
market and achieve sustainable growth.
(b) Discuss the various marketing philosophies that you are familiar with.
Highlight their importance and limitations in their evolution process.
Discuss the Various Marketing Philosophies that You are Familiar with. Highlight
their Importance and Limitations in their Evolution Process.
Marketing philosophies, also known as marketing concepts, have evolved over time,
reflecting changes in societal values, consumer behavior, and technological
advancements. These philosophies guide how businesses approach their marketing
strategies and interact with their target markets. The primary marketing philosophies
include the production concept, the product concept, the selling concept, the marketing
concept, and the societal marketing concept. Each has its importance and limitations in
the context of their evolution.
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1. The Production Concept
Importance: The production concept is one of the oldest marketing philosophies. It
assumes that consumers will favor products that are available and affordable. Therefore,
the focus is on high production efficiency, low costs, and mass distribution. This
philosophy is particularly effective in a market where demand exceeds supply or when
a product's cost is too high for a large part of the population.
Limitations: The production concept often leads to a narrow focus on the company's
operations and production capabilities rather than on the needs and wants of the market.
It can result in marketing myopia, where companies ignore the desires of consumers.
Additionally, it may lead to overproduction and increased inventory costs if the demand
does not match the supply.
2. The Product Concept
Importance: The product concept holds that consumers will favor products that offer
the most quality, performances