CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
OCTOBER15
ASSESSMENT_CODE MB0046_OCTOBER15
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
9790
QUESTION_TEXT
Write a short note on product mix pricing strategies
1.Product line pricing (2 Marks)
2.Optional features pricing (2 Marks)
3.Captive- product pricing (2 Marks)
SCHEME OF EVALUATION
4.Two- part pricing (2 Marks)
5.By-product pricing (1 Mark)
6.Product bundling pricing (1 Mark)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73197
QUESTION_TEXT
Briefly explain the tools and techniques of sales and
promotion.
SCHEME OF
EVALUATION
Sales promotions directed at consumers
3.5M
Sales promotions directed at trade partners 3.5M
Sales promotions directed at sales force 3M
with explanation
QUESTION_T
DESCRIPTIVE_QUESTION
YPE
QUESTION_ID 126172
QUESTION_T
Differentiate between selling and marketing concepts.
EXT
SCHEME OF
Differences Between Selling and Marketing Concepts
EVALUATION
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126177
Explain the stages in the new product development.
QUESTION_TEXT
SCHEME OF
EVALUATION
1. Concept generation and market structure identification
Idea
generation
The first stage of new product’s evolution begins with an idea for the
product. Hence this stage is also termed as ‘idea generation’. Ideas may
originate from the following sources:
Sales personnel
Marketing personnel
Research and development department
Top management executives
Production department
Customer service decisions
Employee suggestion system
Customers
Competitive products
Foreign products
Market
structure analysis
The next step in the process of new product development process is to
implement a market structure. This process delineates the consumer’s
perception of market by building a map outlining the critical consumer
dimensions, positioning existing brands on the perceptual map, and
indicating favourable new product opportunities.
Sales
potential
In this step, the potential of a new product entry into the market
structure is estimated. The purpose of developing such a model helps in
establishing a rough estimate of the size of the business potential. It
also helps in establishing a base case for using this model for continuous
monitoring of the sales forecast and its advances throughout the new
product development process.
Concept screening
At this stage, the ideas collected are scrutinised to eliminate those
inconsistent with the product policies and objectives of the firm. The
main intention of this phase is only to eliminate unsuitable ideas as
quickly as possible.
2. Advertising development
This stage of new product development involves the development of
advertising and formulation of the product. All the advertising and
technical developments of the product concept have a greater focus
due to the results from the earlier stages. This stage typically involves
two activities, viz. development of advertising strategy and product
formulation.
The main objective of advertising is to create advertising copy, which
can reflect the product’s points of difference to the consumer. Asking
the client servicing and creative team to observe the focus group
discussion helps in initiating advertising strategy development process.
Both the teams get a chance to look at the real consumers and listen to
their opinion about the product category and product proposition.
3. Product formulation and testing
The product formulation happens in the laboratory. During this stage,
the ‘idea-on-the-paper’ is turned into a ‘product-on-hand’. In other
words, the idea is converted into a product that can be produced and
demonstrated. This stage is also termed as technical development. It is
during this period that all developments of the product, from idea to
final physical form, take place.
The final decision whether a product should be developed on a
commercial scale or not is decided at this stage because the time-lag
required to attain this stage is long and it is possible that some adverse
developments might have taken place during this period.
4. Testing the product
In this stage of product testing, the new product manager can check the
feasibility and accuracy of product performance. Thus, commercial
experiments are necessary to verify earlier business judgments. The
objective of this stage is to assess whether the product meets the
technical and commercial specifications developed at various levels of
concept development for ascertaining product acceptability.
5. Commercialisation and final launch
In this stage, the product is submitted to the market and thus
commences its lifecycle. Commercialisation is also the phase where
marketing is most active in connection with the new product. This stage
is considered to be a critical one for any new product and should
therefore be handled carefully.
For instance, it should be checked whether advertising and personal
selling have been done effectively and whether proper outlets have
been arranged for the distribution. Despite the care with which the
previous development stages have been planned, unforeseen events
can impair commercialisation seriously. The following activities are
usually undertaken during this stage:
Completing final plans for production and marketing
Initiating coordinated production and selling programs
Checking results at regular intervals
All the stages explained above stress the fact that the development of a
new product must pass through certain logical stages. Innovation is
necessarily an orderly and predictable process and can be performed
only in a sequence. For example, commercialisation cannot precede the
development stage of a product.
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126184
QUESTION_TEXT
SCHEME OF
EVALUATION
What is retailing? Briefly explain the most important types of retailing?
Retailing is the final connection in the marketing channel that brings goods
from manufacturers to consumers. In other words, retailing is the
combination of activities involved in selling or renting consumer goods and
services directly to ultimate consumers for their personal or household use.
Types
Mom
and pop stores and kirana stores
Department stores
Discount
stores
Category
killers
Specialty
stores
Superstores and
hyper markets
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126185
QUESTION_TEXT
What are the differences between Macro and Micro Environment?
Macro
Last in size
Macro environment cannot
be controlled
It is very unpredictable &
SCHEME OF EVALUATION highly uncertain
Very complex in nature
It includes political, social,
cultural, technological,
demographic, economic, and
natural environment
Micro
Small in size
Can be controlled
Not very unpredictable &
low in uncertainty
It simpler
It includes customer, publics,
competitions, suppliers and
intermediaries