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CUSTOMER_CODE SMUDE DIVISION_CODE SMUDE EVENT_CODE JAN2016 ASSESSMENT_CODE MB0046_JAN2016 QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 73192 QUESTION_TEXT Briefly explain the Henry Assael model of consumer’s buying decision behavior SCHEME OF EVALUATION Henry Assael has come up with an explanation to analyze why consumers buy the goods they buy. He explained the relationship between the level of involvement by the consumers in the purchase of goods and services and the level at which diverse goods or services differ from one another. He therefore came up with for different buying behaviors as explained in figure Figure: refer page no-122 1. Complex buying behavior: consumers are highly involved in a purchase and aware of significant differences among brands. This is usually the case when the product is expensive, bought in frequently, risky, and highly self expressive. Typically the consumers do not know much about the product category and have more to learn. 2. Dissonance reducing: some times, the consumer is highly involved in purchase but sees little differences in the brands. The high involvement is based on the fact that the purchase is expensive in frequent, risky. 3. Habitual buying behavior: Many products are bought under conditions flow consumers involvement and the absence of significant brand differences. Considering salt, consumers have little involvement in this product category. They go the store and reach for a brand. If they keep reaching for the same brand, it is out of habit and not strong brand loyalty. 4. Variety seeking buying: Some buying situations are characterized by law consumer involvement but significant brand differences. Here consumers often do lot of brand switching. Consumer do the brand switching for the sake of variety rather than dissatisfaction. QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 73193 QUESTION_TEXT Explain the various characteristics that affect the consumer buying behavior? SCHEME OF EVALUATION Influence of cultural factors Culture Subculture Social class Influence of social factors Reference group Family Role and status Influence of personal factors Psychological factors Motivation Perception Selective attention Selective distortion Selective retention Learning Attitude QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 73195 QUESTION_TEXT Discuss the factors that influence price decisions Internal factors SCHEME OF EVALUATION External factors 5 Mark each with explanation QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 126174 QUESTION_TEXT What are the benefits and components of MIS? The benefits of MIS are as follows: SCHEME OF EVALUATION MIS is concerned with planning and control. It allows marketing managers to carry out the analysis, planning, implementation, and control responsibilities more effectively. MIS includes all the ingredients that are employed in providing information support to managers in making planning and control decisions. The output of MIS is information that sub serves managerial functions. MIS deals with information that is systematically and routinely collected in accordance with a well-defined set of rules. This implies that a MIS is a part of the formal information network in an organisation. It provides marketing intelligence to the firm and helps in early spotting of changing trends. MIS assesses the information needs of different managers and develops the required information on time from the supplied data regarding competition, prices, advertising expenditures, sales, distribution and market intelligence, etc. It helps the firm to adapt its products and services to the needs and tastes of the customers. MIS provides inputs from marketing environmental factors like target markets, marketing channels, competitors, consumers, and other forces for creating, changing, and modifying marketing decisions in the formulation of relevant and competitive marketing strategies. It ensures effective tapping of marketing opportunities and enables the company to develop effective safeguard against emerging marketing threats. Components of MIS The overall objective of any MIS is to provide inputs from marketing environmental factors like target markets, marketing channels, competitors, consumers, and other forces for creating, changing, and modifying marketing decisions in the formulation of relevant and competitive marketing strategies. Internal record systems – Internal record systems are available within the company across various departments and provide relevant, routine information for making marketing decisions. The most evident internal record system is the purchase and payment cycle systems. It records the timing and size of orders placed by consumers, the payment cycles followed by consumers, and the time taken to fulfil the orders in the shortest possible time. Marketing intelligence system – A marketing intelligence system is the system of collecting and collating data. This system tries to capture relevant data from the external environment. It collects and manages data from the external environment about the competitors’ moves, government regulations, and other relevant information having a direct impact on the marketing environment of the firm. Analytical marketing systems – Analytical marketing systems are also known as Marketing Decision Support Systems (MDSS). A MDSS is a coordinated collection of data, systems, tools, and techniques with supporting software and hardware. Using this collection, an organisation gathers and interprets relevant information from business and environment and turns it into a basis for marketing action. It involves problem-solving technology consisting of people, knowledge, software, and hardware integrated through the information technology platform into the sales management process of the organisation. Marketing research systems – Marketing research systems are based on systems and processes that help marketing managers to design, collect, analyse, and report data and findings relevant to a specific marketing situation facing the company. It also involves analysis of information, which includes a coordinated collection of data, systems, tools, and techniques with supporting software, and hardware by which an organisation gathers and interprets the relevant data and turns it into a basis for marketing action and tactics. QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 126180 QUESTION_TEXT What are advantages of Print media advertising Newspaper: 1. These are published in different language 2. Published in regional languages 3. Cheaper SCHEME OF EVALUATION 4. 5. Space on need and cost Short life Magazines: 1. Published weekly, fortnightly, monthly etc 2. Needs of different readers 3. Language life 4. Comparatively cheaper 5. Lack of flexibility QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 126181 QUESTION_TEXT What is buying center? What roles do people play in buying center? A major task of an industrial marketer is to identify those individuals who are in anyway involved in purchasing decision process. These decision making units are called buying centers. Buying centers can be an individual, a dept., or a group of individuals from different departments in the organizations. SCHEME OF EVALUATION Buying centers play seven roles: 1. Initiators: these are the people who request for something to be purchased. They may be users or others in the organization. 2. Users: The use the products and thus initiate the purchase process. They report on the product’s performance 3. Influencers: Individuals in the organization influence the decision making process by providing information on the criteria for buying. 4. Deciders: Organizational members with decision making power who decide about purchase 5. Gatekeepers: People in the organization who have the power to prevent sellers or information from reaching the members of buying centers. 6. Approvers: People in the organization who authorize the proposed actions of deciders or buyers 7. Buyers: People who have formal authority to select the suppliers and arrange the purchase terms. Buyers help in product specification, selection of suppliers, and negotiating purchases and include senior people in the purchase department.