tag:blogger.com,1999:blog-61903013622221344222024-03-05T01:25:55.854-08:00marketing notesRANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-6190301362222134422.post-16602555794816231032023-12-02T01:31:00.000-08:002023-12-02T01:31:03.038-08:00PRODUCTION FUNCTION-EXPLAINED <p><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b>Production Function:: </b></span></u></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Production involves a series of activities that convert the
inputs into outputs that people can use for the fulfillment of their needs.
Production is the transformation of inputs into output. Input is anything that
is utilized in the creation of a commodity and Output is something that gets
produced at the end of the production process. The relationship between inputs
and outputs is defined using Production Function.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">What is Production Function?<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Production Function is the
relationship between physical inputs (land, labour, capital, etc.) and physical
outputs (quantity produced). It is a technical relationship (not an economic
relationship) that studies material inputs on one hand and material outputs on
the other hand. Material inputs include variable and fixed factors of
production.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Algebric or Mathematical Function:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span><span style="font-family: MathJax_Main, "serif"; font-size: 13pt; text-align: justify;">In
a standard equation, the Production function is represented by Q, Labour
(Variable element) is represented by L, and Capital (Fixed element) is
represented by K.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span><b><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Q = f(L,K)</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span><b><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Assumptions of Production Function:</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span><span style="font-family: MathJax_Main, "serif"; font-size: 12pt;"> </span><span style="font-family: MathJax_Main, "serif"; font-size: 12pt;">1)Both inputs and outputs are divisible.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>2)There are only two factors of production,
i.e., land (Variable element) and capital (Fixed <span style="mso-spacerun: yes;"> </span>element).<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>3)Factors of production are imperfect
substitutes.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>4)Technology is constant.<o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "MathJax_Main","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/m2XWC0O8hVE" width="523" youtube-src-id="m2XWC0O8hVE"></iframe></div><br /><br /><p></p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-46884685153490074282023-12-02T01:00:00.000-08:002023-12-02T01:00:20.477-08:00DEMAND FORECASTING METHODS:: BUSINESS ECONOMICS:BBA:MBA<p> <b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Demand
Forecasting Methods/Techniques </span><span style="font-family: "Times New Roman", "serif";">(BUSINESS ECONOMICS)</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">There are two methods in which
demand forecasting can be done i.e (A) Survey Methods and (B) Statistical
Methods.</span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Survey Methods::</span></b></p><ol start="1" type="1">
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level2 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Market Research</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
</ol>
</ol>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In this research technique,
consumer-specific survey forms are sent in tabular format to get insights that
an organization can’t get in general from internal sales. It gives better
information about the type of customers and demographic data which will help to
target future markets. Market Research helps companies to know their customer
base better, intentions to buy products or services, thereby help to estimate
the future demand.<o:p></o:p></span></p>
<ol start="1" type="1">
<ol start="2" type="1">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level2 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Sale Force Opinion</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
</ol>
</ol>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">This method collects data
from sales groups to forecast demand. Salespeople of an organization are close
to their customer bases, can generate valuable information on customer needs,
behaviour, sales and feedback and can also give information about the
competition in markets.<o:p></o:p></span></p>
<ol start="1" type="1">
<ol start="3" type="1">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level2 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Delphi Technique</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
</ol>
</ol>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In Delphi Method, an organization
hires a group of external experts, and generates a forecast based on their
market knowledge. After this process forecasts are shared among the experts
anonymously, hence experts get influenced by each other’s forecasts. Now the
experts are asked again to generate a forecast and this process is repeated
until all experts reach a near consensus scenario. The process is intended to
permit the experts to expand on one another’s information and assessments.</span></p><p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><b style="text-align: left;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Statistical Methods:</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p>1. </o:p></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Trend Projection</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It is the most common demand
forecasting technique used by organizations. Trend Projection uses
past sales data to project future sales. This technique can be used by
organizations with a sufficient amount of past sales data (typically more than
18 to 24 months). The data is arranged in chronological order to form a time
series, time series depicts the past trends based on which future market trends
can be predicted.<o:p></o:p></span></p>
<ol start="2" type="1">
<ol start="2" type="1">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level2 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Barometric Forecasting Technique</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
</ol>
</ol>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-justify: inter-ideograph;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In Barometric Technique, demand is
forecasted based on the basis of past events or the events occurring in the
present. It is done by analyzing economic indicators such as saving,
investment, and income. This method can be implemented even in the absence of
past data. For example, if the government plans for a large housing project,
this indicates that there would be high demand for construction materials in
the future.<o:p></o:p></span></p>
<ol start="2" type="1">
<ol start="3" type="1">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level2 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>Econometric
Forecasting Technique</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
</ol>
</ol>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">This
technique combines past sales data with the factors that influence the demand
to create a mathematical formula to predict future demand. It finds the
relation between the dependent variable and the independent variables. If only
one factor affects the demand it is known as a single variable demand function
or simple regression. Whereas if there are multiple factors affecting the
demand, it is known as multiple variable demand function or multiple
regression.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-left: 1.0in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Regression
Equation : Y = a + bX , Y is the forecasted demand.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Conclusion<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Demand forecasting helps
organizations to make better business decisions. Based on the business
requirements, sales data, market research, and economic factors different
demand forecasting techniques can be used. It is often detailed, and expertise-driven.<o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/F_vCJgggknQ" width="522" youtube-src-id="F_vCJgggknQ"></iframe></div><br /><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span><p></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">CLICK THE LINK ABOVE FOR VIDEO </span></p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-78119114624240998422023-12-02T00:51:00.000-08:002023-12-02T00:51:34.679-08:00ELASTICITY OF DEMAND & ITS TYPES-BUSINESS ECONOMICS/BBA/MBA<p><b>ELASTICITY OF DEMAND:: BUSINESS ECONOMICS </b></p>
<p class="MsoNormal">Elasticity of demand is the responsiveness of the quantity
demanded of a commodity to changes in one of the variables on which demand
depends. In other words, it is the percentage change in quantity demanded
divided by the percentage in one of the variables on which demand depends.”</p>
<p class="MsoNormal">The variables on which demand can depend on are:</p>
<p class="MsoNormal"> Price of the
commodity</p>
<p class="MsoNormal"> Prices of related
commodities</p>
<p class="MsoNormal"> Consumer’s income,
etc.</p>
<p class="MsoNormal">Let’s look at some examples:</p>
<p class="MsoNormal"> The price of an apple
falls from Rs. 50 to Rs. 20 per unit. As a result, the demand increases from 10
to 15 units.</p>
<p class="MsoNormal"><b>Types of Elasticity
of Demand<o:p></o:p></b></p>
<p class="MsoNormal">Based on the variable that affects the demand, the
elasticity of demand is of the following types. </p>
<p class="MsoNormal"><b>Price Elasticity:<o:p></o:p></b></p>
<p class="MsoNormal">The price elasticity of demand is the degree of responsiveness
of the quantity demanded to change in
the price of a commodity. It is assumed that the consumer’s income, tastes, and
prices of all other goods are steady or constant. It is measured as a
percentage change in the quantity demanded divided by the percentage change in
price.</p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;"><i><span style="font-family: "MathJax_Math","serif"; font-size: 12.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">E</span></i><i><span style="font-family: "MathJax_Math","serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">p</span></i><span style="font-family: "MathJax_Main","serif"; font-size: 12.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">= <u>Percentage </u></span><u><span style="font-family: "MathJax_Main","serif"; font-size: 13.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Change
in Quantity demanded<o:p></o:p></span></u></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Percentage change in price<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;"><br /></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><b>Income Elasticity:</b><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;">The income elasticity of demand is the degree of
responsiveness of the quantity demanded to a change in the consumer’s income.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span><i style="text-align: center;"><span style="font-family: "MathJax_Math","serif"; font-size: 12.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">E</span></i><i style="text-align: center;"><span style="font-family: "MathJax_Math","serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">I</span></i><span style="font-family: MathJax_Main, "serif"; font-size: 12.5pt; text-align: center;">= <u>Percentage </u></span><u style="text-align: center;"><span style="font-family: "MathJax_Main","serif"; font-size: 13.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Change
in Quantity demanded</span></u></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Percentage change in Income<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;"><br /></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><b>Cross Elasticity:</b><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;">The cross elasticity of demand of a commodity X for another
commodity Y, is the change in demand of commodity X due to a change in the
price of commodity Y.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span><i style="text-align: center;"><span style="font-family: "MathJax_Math","serif"; font-size: 12.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">E</span></i><i style="text-align: center;"><span style="font-family: "MathJax_Math","serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">C</span></i><span style="font-family: MathJax_Main, "serif"; font-size: 12.5pt; text-align: center;">= <u>Percentage </u></span><u style="text-align: center;"><span style="font-family: "MathJax_Main","serif"; font-size: 13.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Change
in Quantity demanded (X)</span></u></p>
<span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> Percentage change in Price (Y)</span><div><span style="font-family: MathJax_Main, serif;"><span style="font-size: 18.6667px;"><br /></span></span></div><div><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><b><u>TYPES /DEGREES OF ELASTICITY OF DEMAND</u></b><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;"><b>Perfectly Elastic Demand (E=∞):</b></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;">A very small change in price would result in huge or
infinite change in the quantity demanded of the product. Hence the sellers
would not change in price and this case rarely found in practice.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b style="font-family: MathJax_Main, "serif"; font-size: 14pt;">Perfectly Inelastic Demand (E=0):</b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;">Despite an increase or decrease in its prices of a
commodity, there won’t be any change in the quantity demanded. If a price of
product increases by 50%, even then, if there is no change in the quantity
demanded, it is said to be perfectly inelastlic demand.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b style="font-family: MathJax_Main, "serif"; font-size: 14pt;">Unitary Elastic Demand (E=1):</b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Price elasticity of demand is in unity when the change in
demand is proportionate to the change in the price.</span><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><b>Elastic Demand (E>1):</b><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">If the percentage in change in quantity demanded is greater
than the percentage change in price, it said to be Elastic demand.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: MathJax_Main, "serif"; font-size: 14pt;"><b>Inelastic Demand(E<1):</b></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">If the percentage in change in quantity demanded is less
than the percentage change in price, it said to be inelastic demand.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="279" src="https://www.youtube.com/embed/LkAkOVvjCpY" width="482" youtube-src-id="LkAkOVvjCpY"></iframe></div><br /><p></p><div><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span></div><div><span style="font-family: "MathJax_Main","serif"; font-size: 14.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span></div></div>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-38198241205343422752023-12-02T00:43:00.000-08:002023-12-02T00:43:21.353-08:00Determinants of Demand- BUSINESS ECONOMICS(BBA/MBA)<p> </p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;">Determinants of
Demand<o:p></o:p></b></p>
<p class="MsoNormal">There are many determinants of demand, but the top five
determinants of demand are as follows: </p>
<p class="MsoNormal">1) Product cost: Demand of the product changes as per the
change in the price of the commodity. People deciding to buy a product remain
constant only if all the factors related to it remain unchanged.</p>
<p class="MsoNormal">2) Taste and preferences of consumers: The demand for a
commodity/product depends on taste and preferences of consumers. If consumer
develops taste or preference over a commodity, they will buy the product
irrespective of its high price. </p>
<p class="MsoNormal">3) The income of the consumers: When the income increases,
the number of goods demanded also increases. Likewise, if the income decreases,
the demand also decreases.</p>
<p class="MsoNormal">4) Costs of related goods and services: For a complimentary
product, an increase in the cost of one commodity will decrease the demand for
a complimentary product. Example: An increase in the rate of bread will
decrease the demand for butter. <span style="mso-spacerun: yes;"> </span>Similarly,
an increase in the rate of one commodity will generate the demand for a
substitute product to increase. </p>
<p class="MsoNormal"><o:p> </o:p>4) Consumer expectation: High expectation of income or
expectation in the increase/decrease in
price of a good also leads to an increase/decrease in demand.</p>
<p class="MsoNormal">5) Growth of population: Another important factor that
affects the market demand. Increase in the population, naturally demands more
goods.</p>
<p class="MsoNormal">6)<span style="mso-spacerun: yes;"> </span>Tax rate: This
also affects the demand, like high tax rate means low demand for goods and vice
versa</p>
<p class="MsoNormal">7) Weather conditions: The demand for certain products
purely depends on climatic and weather conditions. Eg: High demand for Soft
drinks in summer, high demand for jackets, & woolen clothes in winter.</p>
<p class="MsoNormal">8) Availability of Credit: Availability cheap credit would
increase the demand for durable goods , etc</p>
<p class="MsoNormal">9) Circulation of Money: Expansion and contraction of
quantity of money will affect the demand</p><p class="MsoNormal"><br /></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="241" src="https://www.youtube.com/embed/mpE8LHIPG7Q" width="518" youtube-src-id="mpE8LHIPG7Q"></iframe></div><br /><p class="MsoNormal">CLICK THE ABOVE LINK FOR VIDEO EXPLAINATION-EASY</p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-41981433106994995592023-12-02T00:38:00.000-08:002023-12-02T00:38:20.729-08:00BCG MATRIX-EXPLAINED-BUSINESS STUDIES-BBA-MBA<p>Boston consultancy group growth share Matrix commonly known
as BCG Matrix is a famous portfolio analysis technique developed by Boston
consultancy group and it was developed for managing portfolio of different
business units. The BCG Matrix shows a relationship between products that are
generating cash and products that are eating cash.</p>
<p class="MsoNormal">The BCG Matrix shows various business units on a graph of
market growth v/s market share relative to competitors. Resources are allocated
to business units according to where they are situated on the graph.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;">BCG Matrix<o:p></o:p></b></p>
<p class="MsoNormal">(A) Cash cows – It is a business unit with large market
share in a mature and slow growing industry.</p>
<p class="MsoNormal">Cash cow require little investment and generate cash that
can be used to invest in other business</p>
<p class="MsoNormal">units. These a generally large and mature business units reaping
the benefits of experience and</p>
<p class="MsoNormal">customer loyalty.</p>
<p class="MsoNormal">(B) Star – Stars are business unit that has a large market
share in a fast growing industry. It may generate</p>
<p class="MsoNormal">cash but due to rapid growing market it requires investment
to maintain its needs. It is a high growth –</p>
<p class="MsoNormal">high market share business unit. These business units are
generally in the growth stage of its product</p>
<p class="MsoNormal">life cycle and not self sufficient in terms of its financial
needs.</p>
<p class="MsoNormal"><span style="mso-spacerun: yes;"> </span></p>
<p class="MsoNormal">C) Question mark? – These are also called the problem child.
It is a business unit which has a small market share in a high growth market.
Such a business unit requires huge investment to grow market share but whether
it will be a star or not is unknown.</p>
<p class="MsoNormal">(D) Dogs – These are business units with a small market
share in a mature industry .A dog may not</p>
<p class="MsoNormal">require substantial cash but it ties up capital that could
be invested elsewhere. Such a business unit</p>
<p class="MsoNormal">must be liquidated unless it has some special strategic
purpose or prospects to gain market share in</p>
<p class="MsoNormal">the future.</p>
<p class="MsoNormal">The BCG matrix provides a framework for allocating resources
among different business units and</p>
<p class="MsoNormal">allow one to compare many business units at a glance.</p><p class="MsoNormal"><br /></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/WaW4yUI2SHY" width="515" youtube-src-id="WaW4yUI2SHY"></iframe></div><br /><p class="MsoNormal">CLICK THE ABOVE LINK FOR VIDEO</p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;">Criticism of the BCG
Matirx<o:p></o:p></b></p>
<p class="MsoNormal"><span style="font-family: "Arial","sans-serif";">♦</span> It
is criticised that it does not reflect the true nature of the business. The BCG
Matrix considers only</p>
<p class="MsoNormal">two dimensions High and Low for measurement and while a
business may enjoy a high, medium or</p>
<p class="MsoNormal">low market share/growth rate.</p>
<p class="MsoNormal"><span style="font-family: "Arial","sans-serif";">♦</span> It
assumes that high market share always leads to high profits which is not be
true. High Costs are</p>
<p class="MsoNormal">involved in business units with large market share which may
lead to normal profits.</p>
<p class="MsoNormal"><span style="font-family: "Arial","sans-serif";">♦</span>
There are many parameters to measure profitability other than growth rate and
market share. The</p>
<p class="MsoNormal">BCG Matrix ignores all other indicators of profitability.</p>
<p class="MsoNormal"><span style="font-family: "Arial","sans-serif";">♦</span> The
model does not clearly define the markets.</p>
<p class="MsoNormal"><span style="font-family: "Arial","sans-serif";">♦</span> Long
term profitability of a business depends upon a variety of factors which may
not be related to market share or growth.</p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-88724855494009697522023-12-02T00:33:00.000-08:002023-12-02T00:33:27.496-08:00 Principles of Managerial Economics-BUSINESS STUDIES<p> <b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Principles
of Managerial Economics</span></b></p><p><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span></b></p><p><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/C0YO1z7EZQI" width="320" youtube-src-id="C0YO1z7EZQI"></iframe></b></div><b><br /><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br /></span></b><p></p><p><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">CLICK THE ABOVE LINK FOR VIDEO</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Economic principles that managers
should keep in mind are:<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><b><span style="font-family: "Times New Roman","serif"; font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";">The
incremental principle:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The decision is sound if it <b>increases
revenue more than increases cost</b> or if it <b>reduces cost more than reduces
revenue</b>.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><b><span style="font-family: "Times New Roman","serif"; font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";">The
principle of time perspective:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">A decision should consider both the
short-run and long-run effects on revenue and cost, giving appropriate weight
to the most relevant time period in each decision.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><b><span style="font-family: "Times New Roman","serif"; font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";">The
opportunity cost principle:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Decision-making involves careful
measurement of the sacrifices required by the various alternatives.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Times New Roman","serif"; font-size: 15.0pt; mso-bidi-font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The discounting principle:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">If a decision affects cost and revenue
at future dates, it is necessary to discount these costs and revenue to present
values before a valid comparison of alternatives is possible.<o:p></o:p></span></p><p><br /></p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-35026810337752032872023-12-01T21:22:00.000-08:002023-12-01T21:22:59.721-08:00UGC NET- TOURISM AND ADMINISTRATION- IMPORTANT QUESTIONS <p><u><b> SOME IMPORTANT QUESTIONS FOR UGC NET (TOURISM & ADMINISTRATION)</b></u></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b style="mso-bidi-font-weight: normal;">1. MANAGERIAL GRID OF LEADERSHIP WAS DEVELOPED
BY</b> –</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">It's
also known as the <b style="mso-bidi-font-weight: normal;">Managerial Grid</b>,
or <b style="mso-bidi-font-weight: normal;">Leadership Grid</b>, and was
developed in the early 1960s by management theorists <b style="mso-bidi-font-weight: normal;">ROBERT BLAKE AND JANE MOUTON</b>. (1964)</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">2. <b>Pro-poor tourism (PPT)</b> is defined as
tourism that generates net benefits for the poor. Benefits may be economic, but
they may also be social, environmental or cultural. Pro-poor tourism is not a
specific product or sector of tourism, but an approach to the industry.</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">3. WHAT IS <b>DEMONSTRATION EFFECT</b>-?</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: x-small;">ITS THE <b>ATTITUDE OF COPYING TOURIST BEHAIOUR</b></span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>4. </b>THE<b> </b><span style="font-family: Calibri, "sans-serif"; font-size: 11pt; text-align: left;">Hall
OF Fame award for Contribution to Tourism and Hospitality from IATO in 2017 is
– J K MOHANTY</span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-family: Calibri, "sans-serif"; font-size: 11pt; text-align: left;">5. NATIONAL COUNCIL FOR HOTEL MANAGEMENT AND CATERING TECHNOLOGY (</span>NCHM&CT)_WAS ESTABLISHED IN - <b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1982 (NOIDA UP)</span></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">6. </span></b><span style="line-height: 115%;"><span style="font-size: x-small;"><b>DECCAN ODYSSEY TRAINS- PLACES COVERED ROUTE- </b>MUMBAI, AJANTA, AURANGABAD,
PUNE, GOA, SINDHUDHURG, RATNAGIRI</span></span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="line-height: 115%;"><span style="font-size: x-small;">7. </span></span><b>CORAL REEFS IN INDIA ARE SITUATED IN (FORMED WITH CALCIUM CARBONATE)</b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Ans: </p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Gulf of mannar (TN)</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Andaman
& Nicobar island</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Lakshadeep
Islands</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Related
: Great Barrier reef is located in ---------------------------</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">8. <b>BUTLER’S TOURISM AREA LIFE CYCLE (1980) – SEQUENCE
OF STEPS ARE:</b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Ans:
Exploration, involvement, development, consolidation, Stagnation,
Decline/Rejuvaton</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">9. SOME IATA CODES OF INDIAN CITIES </p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXB-BAGDOGRA</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXC-CHANDIGARH</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXD-ALLAHABAD</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXE-MANGALORE</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXG-BELGAUM</p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">IXI-LILABARI
OR NORTH LAKHIMPUR AIR PORT ASSAM</p>
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(ASSAM) OR (KUMBHIGRAM)</p>
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(ARUNACHAL PRADESH)</p>
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AIRPORT (ARUNACHAL PRADESH)</p>
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BLAIR (VIR SAVARKAR AIRPORT)</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">10. WHEN DID GOVT OF INDIA LAUNCHED E VISA SERVICES?</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">ANS: 2014</p><br /><p></p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-24140566878666324632022-08-29T23:36:00.002-07:002022-08-29T23:36:16.325-07:00DABUR LAUNCHES VEDIC GREEN TEA <p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Dabur
India Ltd recently launched Vedic Tea product range with “Dabur Vedic Green Tea
Detox Kahwa”, for customers on Amazon initially. <span style="mso-spacerun: yes;"> </span>It’s a Green Tea infused with 8 real ayurvedic
herbs and rock salt, that helps in detoxification, weight loss, boosts metabolism
and Improves digestion that has Salty and Spicy flavor on the tongue.</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgupkK78JzqkPAtXW7Nh9erCQa6GoqBS0f0WUxauI7ld2IfdBN-gnEFoGlIkqjBEMGEO5GaME8XBTHSZlaK0_1hvEncq215RBE0UyUAPFLKnqw9X2-kO0XH2oPjEwT9g3HnLrawyFQKq2XfbtWftS8fKWcC5oE0us2NO7Ifef0hlwRaEWJq81l9Hyq5hA/s440/50637-Vedic-Detox-Kahwa.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="263" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgupkK78JzqkPAtXW7Nh9erCQa6GoqBS0f0WUxauI7ld2IfdBN-gnEFoGlIkqjBEMGEO5GaME8XBTHSZlaK0_1hvEncq215RBE0UyUAPFLKnqw9X2-kO0XH2oPjEwT9g3HnLrawyFQKq2XfbtWftS8fKWcC5oE0us2NO7Ifef0hlwRaEWJq81l9Hyq5hA/s320/50637-Vedic-Detox-Kahwa.PNG" width="191" /></a></div><br /> <p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"> </p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">With
growing health awareness and customer preference for products of healthy
lifestyle, encouraged Dabur to bring its ayurvedic expertise into our daily cup
of tea with <em><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-theme-font: minor-latin;">Dabur Vedic Green Tea Detox Kahwa. It is made with
8 whole herbs like Black Pepper, Ginger, Tulsi, Hing, Clove, Cardamom, Cinnamon
and Nutmeg, which brings the goodness of health in every cup of tea.</span></em></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><em><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-hansi-theme-font: minor-latin;">Dabur Vedic Green Tea Detox Kahwa</span></em> priced
at Rs. 275 for 25 Tea Bags, It has been launched on leading e-ommerce platform
Amazon India with 24% off. The product will be rolled out soon in other sales
channels also.</p>
<p></p>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-26334689485434206942015-09-03T01:15:00.004-07:002015-09-03T01:15:52.081-07:00DOPPLEGANGER BRAND IMAGE<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<span style="line-height: 115%;"><span style="font-family: Trebuchet MS, sans-serif;">A doppelgänger brand image or DBI is collection of
disparaging images and stories about a brand that are circulated in popular
culture by a loosely organized network of consumers, anti-brand activists,
bloggers, and opinion leaders.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="line-height: 115%;"><span style="font-family: Trebuchet MS, sans-serif;">The major motivation for creating a Doppelganger Brand Image
is based on the perception that a brand is being inauthentic by claiming to be
something that is not or disguising its true nature.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="line-height: 115%;"><span style="font-family: Trebuchet MS, sans-serif;">Some
of the examples of DBI’s include Pepsi-Colas fat guy and the popular website, PeopleofWalmart.com.
There are incidents where DBI affect familiar brands like Starbucks, Apple, and
McDonald’s. This DBI even ignores the technological innovations of the parent
company. For example, Botox Cosmetic’s, a self enhancement drug helps to remove
unwanted facial wrinkles on the face. But negative stories about the drug are
well circulated among consumers that it is deadly poison, leads to frozen faces
and addiction. Later, the company has come out with a campaign which
neutralized the negative brands meaning and gained wider acceptance among
consumers.</span></span><span style="font-family: "Calibri","sans-serif"; font-size: 15.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></div>
</div>
RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-88610934817160190892015-09-03T01:12:00.000-07:002015-11-06T23:16:11.805-08:00Theory X and Theory Y<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Theory X and Theory Y of motivation was developed by Douglas McGregor at the MIT Sloan School of Management in the 1960s. He avoided descriptive labels and simply called the Theory X and Theory Y. He did not imply that workers would be one type or the other. Rather, he saw the two theories as two extremes - with a whole spectrum of possible behaviors in between.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-family: Trebuchet MS, sans-serif;">Theory X: ('Authoritarian management' style)</span></b></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<i><span style="font-family: Trebuchet MS, sans-serif;">Assumptions of Theory X:</span></i></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Most people dislike work and will avoid it to the extent possible, therefore </span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">They must be continually coerced, controlled, and threatened with punishment to get the work done, and that They have little or no ambition, prefer to avoid responsibility, and choose security above everything else. </span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">The management implications for Theory X workers are that, to achieve organizational objectives, rewards of varying kinds are likely to be the most popular motivator.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-family: Trebuchet MS, sans-serif;">Theory Y: ('Participative management' style)</span></b></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Theory-Y believers create trust based firms with empowered employees.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<i><span style="font-family: Trebuchet MS, sans-serif;">Assumptions of Theory Y:</span></i></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Physical and mental effort are natural and most people find work to be a source of satisfaction </span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">They generally, on their own motivation, exercise self-control, self-direction, creativity, and ingenuity in pursuit of individual and collective goals, They either seek responsibility or learn to accept it willingly, and that Their full potentials not tapped in most organizations. These assumptions serve as powerful behavioral models reflected in the way an organization is structured. </span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">The challenge for management with Theory Y workers is to create a working environment where workers can show and develop their creativity.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-family: Trebuchet MS, sans-serif;">Comparing Theory X and Theory Y</span></b></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Motivation</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Theory X assumes that people dislike work; they want to avoid it and do not want to take responsibility. Theory Y assumes that people are self-motivated, and thrive on responsibility.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Management Style and Control</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">In a Theory X organization, management is authoritarian, and centralized control is retained, whilst in Theory Y, the management style is participative: Management involves employees in decision making, but retains power to implement decisions.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Work Organization</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Theory X employees tend to have specialized and often repetitive work. In Theory Y, the work tends to be organized around wider areas of skill or knowledge; Employees are also encouraged to develop expertise and make suggestions and improvements.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Rewards and Appraisals</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Theory X organizations work on a ‘carrot and stick’ basis, and performance appraisal is part of the overall mechanisms of control and remuneration. In Theory Y organizations, appraisal is also regular and important, but is usually a separate mechanism from organizational controls. Theory Y organizations also give employees frequent opportunities for promotion.</span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Application </span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Trebuchet MS, sans-serif;">Although Theory X management style is widely accepted as inferior to others, it has its place in large scale production operation and unskilled production-line work. Many of the principles of Theory Y are widely adopted by types of organization that value and encourage participation. Theory Y-style management is suited to knowledge work and professional services. Professional service organizations naturally evolve Theory Y-type practices by the nature of their work; Even highly structure knowledge work, such as call center operations, can benefits from Theory Y principles to encourage knowledge sharing and continuous improvement.</span></div>
</div><div data-SDID="519897208" data-identifier="SnapdealAffiliateAds" data-height="250" data-width="300" ></div><script async id="snap_zxcvbnhg" src="http://affiliate-ads.snapdeal.com/affiliate/js/snapdealAffiliate.js"></script>
RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-9427291171528203482014-07-06T21:47:00.003-07:002014-07-06T21:47:50.999-07:00Green Retailing<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: Trebuchet MS, sans-serif;">Green Retailing referred
to designing and implanting green practices in store operations and also from the supply chain side. Recently more
retailers are joining the bandwagon as consumers are increasingly becoming
aware of eco-friendly goods and practices. Moreover, it is increasingly
considered as a strategic tool to differentiate their product/offerings and what is more important is sustainability these practices. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: Trebuchet MS, sans-serif;"><span style="font-family: inherit, serif;">Benefits Of </span><span style="font-family: inherit, serif;">Green Retailing</span><span style="font-family: inherit, serif;"> </span><span style="font-family: inherit, serif;">Practices:<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: inherit, serif;"><span style="font-family: Trebuchet MS, sans-serif;">1.This enables to reuse
of materials thereby reducing the wastage<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: inherit, serif;"><span style="font-family: Trebuchet MS, sans-serif;">2.Retailers would opt
for green construction processes, enabling to reduce wastage of resources like
electricity and water <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: inherit, serif;"><span style="font-family: Trebuchet MS, sans-serif;">3.Helps in reducing
paper transaction through technology, thus saving trees.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph; vertical-align: baseline;">
<span style="font-family: inherit, serif;"><span style="font-family: Trebuchet MS, sans-serif;"> </span></span><span style="font-family: inherit, serif;"> <o:p></o:p></span></div>
</div>
RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-53062275736136443382013-01-23T20:55:00.000-08:002015-11-06T23:13:46.396-08:00UNIT-V MARKETING ORGANIZATION AND CONTROL<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b>Organization</b> is defined as a group
of people working together to achieve common goals<span style="mso-spacerun: yes;"> </span>and objectives of the business. Marketing
organization provides a vehicle for making decisions on products, marketing
channels , physical distributions, promotions and prices. </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Organization: </span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing
organization is the framework for planning and making marketing decision that
are essential to marketing success. It is the vehicle for making decision on
all marketing areas such as product, price, place and promotion. Marketing
organization is a group of marketing persons working together towards the
attainment of certain common objectives. Marketing organization provides a
system of relationships among various marketing functions to be performed by
coordinating among marketing people.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Need for the organization</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">:
to be competitive in the market where consumer is the king we need to satisfy
the consumer. So a good marketing organization is required to satisfy the
customers. Marketing organization is the pillar for success for many
organizations and provides a framework for the following:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Divide and fix authority among the
sub ordinates</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">TO locate responsibility </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">To establish sales routines </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">d.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">To enforce proper supervision of sales force </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">e.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">To avoid repetitive duties </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">f.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">To enable the top executives to
devote more time for planning policy matters</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">FACTORS
AFFECTING MARKETING ORGANIZATION</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Factors influencing marketing org
can be categorized into internal and external factors . </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Internal: </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1. Top Management Philosophy</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">: Organizational planning and its working is greatly
influenced by philosophy which can be good or bad eg: Centralization Vs
Decentralization </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2. Product policy:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
the width of product line of an org determines its size as the product
offerings becomes increasingly diverse. Eg: There could be a need to move away
from straight functional approach to product group approach. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3. People:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
The size of the organization is not an important factor in terms of number of
people but it is important with respect to human values which are critical and
correct decisions regarding people cannot be made unless taking into
consideration </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Number </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Qualifications </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Capabilities </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Personality </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Attitude </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Fear </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Suspicion </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "symbol"; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: Symbol;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Ambition </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Are some of the above intangible
factors which affect the marketing organization?</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">External
Factors: </span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Business Environment: With regards
to business environment three points are important. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The type of environment in which the
firm is operating in terms of operations and size. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Nature of particular requirement
for success in a given business which again determines the size.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The rate of change in industries
being served which again decides on its size and working. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Markets: This is the factor which
again affects the marketing organization i.e. one should note about its </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Size</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Scope </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Nature </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">d.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Location </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Based on the above aspects we need
to design the size of the organization. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Consumer requirements and expectations: Consumers have their
own set of requirements and expectations from the organization. The more varied
and vivid services they expect that the usual requirements. as a marketer we
need to increase the workload depending upon the consumer<span style="mso-spacerun: yes;"> </span>requirements and expectations </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Channels of distribution: It is the type of channel of
distribution which a marketing firm selects based on its size. Egg : Incase the
company opts for indirect channel or channels it depends on outside sales force
and hence the organization gets thinner .When the organization selects direct
channel its size is increased as it has its own sales force. </span><br />
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">TYPES
OF MARKETING ORGANIZATION STRUCTURES</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Types of marketing organization
structures: The marketing organization of a business can be structured on any
of the following basis: </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Line and staff organization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Functional Organization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Product oriented marketing
organization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">d.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Customer oriented marketing
organization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">e.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Geography oriented marketing
organization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">f.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Matrix form / Combined base </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1. Line and Staff Organization:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> In most business forms<span style="mso-spacerun: yes;">
</span>especially medium size the marketing job is structured around few line
functions and few staff functions i.e. Major staff functions is organized into
separate department and the line function is responsible for sales department.
The required coordination between the line and staff function is managed by the
executive at higher level. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Merits:
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1. Provides expert advice from specialists </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2. Relives line executes of routine, specialize functions </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3. Enables young sales executive to acquire expertise </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4. Helps in achieving effective coordination </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">5. Easy to operate </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">6. Less Expensive </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Demerits:
</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Produce confusions arriving from
indeterminate authority relationships</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Curbs the authority of experts </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Too much is expected from executives
</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Decision making is taken by top management </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.
Functional:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> Under the organization the
departments are created on the basis of specified functions to be performed
i.e. The Activities related to marketing, distribution etc </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Merits:
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1. Division of work base on specialization</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2. Relives line executives of routine and specialized
functions </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3. Promotes application of expert knowledge</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4. Helps to increase overall efficiency</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Demerits:
</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Leads to complex relationships </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Makes coordination ineffective</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Promotes centralization </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Lack of proper coordination </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">5.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Delay in taking decisions </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> <b style="mso-bidi-font-weight: normal;">Product Oriented
Marketing Organization:</b> Organizations that produce wide variety of products
often organize marketing, training and promotion with respect to a product. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Merits:
</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The salesmen can render better
customer service as they possess good knowledge of product and may have close
contacts with customers.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It makes individual departments
responsible for the promotion of specific products. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It facilitates effective coordination </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Demerits: </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It increases the employment of a
number of managerial personal </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Many salesmen of same enterprise
attend same customer each representing a separate product which creates
confusion in the minds of the customer. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">There may be duplication of activities </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4.</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> <b style="mso-bidi-font-weight: normal;">Customer Oriented Marketing Organization:</b> When the departmentation
of sales organization is done on customer basis it is called customer oriented
marketing organization. Deparmtnetation by customer may be done in enterprise
engaged in providing specialized services to different classes of customers. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Merits: </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It takes into account needs of each
class of customers.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">IT provides specialization among the enterprise staff </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Demerits: </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It makes coordination difficult</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It may lead to under utilization of
resources in same department </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">There may be duplication of
activities</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">These types of sales organizations are not suitable for
small enterprises. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">5. Geography/Territory:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
In a territory oriented marketing organization , the responsibilities<span style="mso-spacerun: yes;"> </span>for marketing of various products rests
almost entirely with line executives .The territory managers are given varying
nomenclatures like depot manager, district manager, area manager, zonal manager
, divisional manager etc. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-indent: .5in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Merits: </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It leads to economy in terms of
times and money </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It helps in taking knowledge of
local customers </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It helps in effective control </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Demerits: </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";">
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It requires employment of number of
managerial personnel. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: normal; margin-left: 1.25in; mso-add-space: auto; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2.</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">It dilutes control from head quarters </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing
Control:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing control is concerned with
analyzing the performance of marketing decision, identifying the
problem/opportunities and taking actions to take advantage of opportunities and
resolving problems. It is the sequel to marketing planning. All manager need to
exercise control over their decision and marketing operations.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span>Specifically
marketing performance is measured in terms of market share, sales, profits.
Hence most control measures are designed with these parameters in mind. But
today's marketing needs to measure the following.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Market share</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Sales and profits</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing effectiveness</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">d)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Customer satisfaction</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">e)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Customer perception of the firms and its brands</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">There are four types of controls
with different objectives and tools and exist with different levels of
management.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">1)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Annual plan control:<span style="mso-spacerun: yes;">
</span>It is with top or middle level mgmt to evaluate actual performance with
targeted to analyze differences or gaps. The tools used are sales analysis,
market share analysis, sales and expense ratios, and financial analysis.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">2)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Profitability control: It is used by marketing department to
examine profitability by product, territory, customer segment and trade channel.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">3)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Efficiency control: It is used to asses the effectiveness of
money spend on sales force, advertising, sales promotion and distribution. It
is used by both line and staff executives.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">4)</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Strategic control: It is used by the top mgmt to examine
wether the firm and marketing capable to cope with environment or not. The
major tool used here is marketing audit.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Control Process:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Control Process includes
monitoring, evaluating and improving the performance in each activity. There
are six steps in this</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">a)</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Decide the
aspect of marketing operation to be evaluated: </span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The first step in mcp is deciding
about the marketing operation to evaluate.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Eg: effectiveness of media for product advertisement, sales
person performance, or performance of company product </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">b)</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Establish
measurement criterion</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In this stage performance standards
are decided against which actual performance is evaluated.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Eg: control sales person
performance, in this one can measure new accounts obtained, call frequency
ratio and order per call</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">c)</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Establishing
monitoring mechanism</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">After setting the standards, the next step is to develop
monitoring mechanism tools like marketing information system(MIS). MIS is used
to record performance of all marketing areas like monthly sales volume for
products.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">d)</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Compare
actual results with standards of performance</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In this stage, results obtained through monitoring process
are compared with pre established standards of performance. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">e)</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Analyze
performance improvement</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">If the results/performance are not up to the desired
standards, a corrective action is to be taken to enhance the performance
levels. For this performance improvement analysis is to be done. </span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-tab-count: 1;"> </span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 13.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Audit:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Definition</span></i></b><i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">: </span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing audit is systematic review and appraisal of the
basic objectives and policies of marketing function and of the marketing
organization methods, procedures and personal employed to implement those
policies and to achieve those goals. Marketing audit is one of the important
tool to asses the effectiveness of different marketing mix elements. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Types
of Marketing Audit:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Environment Audit<b style="mso-bidi-font-weight: normal;">: </b>It is divided into two groups i.e
macro environment and task environment. Macro environment audit includes
analysis of political, economical, technological and cultural aspects. Task
environment audit covers customers, competitors, markets, dealer/distributors,
suppliers, marketing firms and public.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Strategy Audit: This audit
reviews firms marketing mission, objectives, goals, and strategies and to
appraise their adaptability to present and future environment. </span></div>
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<br /></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Organization Audit: The
audit evaluates the firms capability in implementing necessary strategies for
the future environment. It also reviews formal organization structure and
efficiency.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing Systems Audit: It
evaluates the subsystems of a system such as marketing information system,
marketing planning system, marketing control system and new product development
system. </span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Marketing productivity Audit: This
audit critically examines the profitability of different marketing entities and
cost effectiveness of different heads of marketing expenditure.</span></div>
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<br /></div>
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Marketing Function Audit: It is a functional
audit mainly covering marketing mix components namely product, price, place and
promotion (advertising, sales promotion, sales force and publicity).</span></div>RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-53188886127104755182012-08-30T23:19:00.001-07:002012-09-03T00:13:41.159-07:00UNIT III MARKETING PROGRAMME<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: small;"><b>Product: </b>A product is any thing that can be offered to a market that might satisfy a want or need</span></div>
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<b><span style="font-size: small;">FEATURES OF PRODUCT:</span></b></div>
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<span style="font-size: small;"><b>Tangibility: </b>It should be perceptible by touch, seen, or feeling.</span></div>
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<span style="font-size: small;"><b>Intangible attribute</b>: The product may be intangible in the form of service like banking or insurance services.</span></div>
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<span style="font-size: small;"><b>Associated attribute:</b> Product may have such attributes like brand, package, warranty.</span></div>
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<span style="font-size: small;"><b>Exchange value:</b> It should have exchange value and must be capable of being exchanged between seller and buyer for mutually agreed price.</span></div>
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<span style="font-size: small;"><b>Customer satisfaction:</b> Product should have the ability to offer value satisfaction to the consumer.</span></div>
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<b><span style="font-size: small;">LEVELS OF PRODUCT:</span></b></div>
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<span style="font-size: small;"><b>Core Product: </b>It is the fundamental service or benefit that the customer is buying.</span></div>
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<span style="font-size: small;">Eg: A hotel guest buys "rest and sleep"</span></div>
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<span style="font-size: small;"><b>Basic Product: </b>It is the second level, the marketer turns core benefit into a basic product.</span></div>
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<span style="font-size: small;">Eg: A hotel room includes a bed, bathroom, desk etc.</span></div>
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<span style="font-size: small;"><b>Expected Product: </b>It is the third level, and a buyer normally expects a set of attributes and conditions when purchase product.</span></div>
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<span style="font-size: small;"><b>Augumented Product: </b>The marketer prepares an augmented product that exceeds customer expectations i.e product containing additional features, services and benefits so that customers able to distinguish his product from competitors.</span></div>
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<span style="font-size: small;">Eg: A hotel room may include TV with remote control, fresh flowers, and fine room service.</span></div>
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<span style="font-size: small;"><b>Potential Product: </b>It includes all augmentation and transformation the product might undergo in the future.</span></div>
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<b><span style="font-size: small;"> </span></b></div>
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<b><span style="font-size: small;">PRODUCT LINE</span></b></div>
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<span style="font-size: small;">A group of products that are closely related products, that function in a similar manner and are sold to the same customer groups, are marked through the same types of outlets.</span></div>
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<span style="font-size: small;">For example :- Nike produces several lines of athletic shoes, Motorola produces several lines of telecommunications products and AT&amp;T offers several lines of long distance telephone services.</span></div>
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<span style="font-size: small;">Major product line decision is the product line length (number of items in the product line). Product line length is influenced by company objectives and resources.</span></div>
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<b><span style="font-size: small;">PRODUCT LINE STRATEGIES:</span></b></div>
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<span style="font-size: small;"><b>Product Line Stretching: </b>Product line stretching occurs by two ways i.e upward and downward stretch.</span></div>
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<span style="font-size: small;">Downward Stretch: Company may stretch its product line at lower end by introducing product with low price (or economy) enabling the product accessible to majority of customers.</span></div>
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<span style="font-size: small;">Upward Stretch: A company may stretch its line upward by introducing a premium product in order to increase its growth rate or higher margins.</span></div>
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<span style="font-size: small;">Eg: Nirma initially launched Nirma yellow towards lower end, later launched Nirma super for upper end customers.</span></div>
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<span style="font-size: small;"><b>Product Line Filling:</b> A product line can be filled by adding additional product items. The strategy is followed to make more profits, to satisfy dealers, to use excess capacity etc.</span></div>
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<span style="font-size: small;"><b>Product Line Modernization:</b> In some cases, company modifies or modernizes some of the products in terms of colors, shapes, sizes to make them attractive. </span></div>
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<span style="font-size: small;"><b>Product Line Deletion/Pruning: </b>Some times company's may delete or drop a product or entire product line when these products are not generating minimum sales. Then it decides to delete entire product line.</span></div>
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<span style="font-size: small;">Eg: Gillette dropped its watches product line.</span></div>
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<b><span style="font-size: small;">PRODUCT MIX</span></b></div>
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<span style="font-size: small;">Product mix refers to set of all product lines and items that a particular seller offers for sale.</span></div>
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<span style="font-size: small;">Avon's product mix consists of four major product lines. Cosmetics, Jewelry, fashions and household items. Each products line consists of several sub lines. For example, cosmetics breaks down into lipstick, eyeliner, powder and so on. Each line and sub line has many individual items.</span></div>
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<span style="font-size: small;">Avon's product mix includes 1300 items. Kmart Stocks 15000 items, 3M markets more than 60,000 products and general electric manufactures as many as 2,50,000 items.</span></div>
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<b><span style="font-size: small;">A company product mix has four important dimensions (i) width (ii) length (iii) depth and (iv) consistency.</span></b></div>
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<span style="font-size: small;">(i) Product mix width refers to the no. of different product lines the co. Carries.</span></div>
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<span style="font-size: small;">e.g. Procter &amp; Gamble consisting of may product lines, paper, food, household, cleaning, medicinal, cosmetics and personal care products.</span></div>
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<span style="font-size: small;">(ii) Product mix length refers to the total no. of items the Co. carries within its products lines. Procter &amp; Gamble typically carries many bands with in each lines, for example, it sells eleven laundry detergent, eight hand soap, six shampoo and four dishwashing detergent.</span></div>
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<span style="font-size: small;">(iii) Product mix depth refer to the no. of versions/variants, offered of each product in the line. Thus Procter &amp; gamble's Crest Tooth Paste comes in three size and two formulation (paste &amp; Gel)</span></div>
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<span style="font-size: small;">(iv) Consistency of product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.</span></div>
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<b><span style="font-size: small;"> </span></b><b><span style="font-size: small;"> </span></b></div>
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<b><span style="font-size: small;">PACKAGING</span></b></div>
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<span style="font-size: small;">Packaging is an activity of designing and producing the container or wrapper for a product. The container or wrapper is called the package. The package might include upto three levels of material. i.e primary, secondary and teritiary packaging</span></div>
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<b><i><span style="font-size: small;">Functions of Packaging:</span></i></b></div>
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<span style="font-size: small;">It must protect the contents of the product</span></div>
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<span style="font-size: small;">It must perform the tasks for which it was designed</span></div>
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<span style="font-size: small;">Communicate product information/company</span></div>
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<span style="font-size: small;">Offer convenience to customers</span></div>
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<b><i><span style="font-size: small;">Benefits of packaging:</span></i></b></div>
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<span style="font-size: small;">Helps in identifying the product</span></div>
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<span style="font-size: small;">Works as a Silent sales man</span></div>
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<span style="font-size: small;">Increase sales and profits.</span></div>
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<span style="font-size: small;">Provides information regarding product/company, usage, and instructions to handle.</span></div>
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<b><span style="font-size: small;">BRANDING:</span></b></div>
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<span style="font-size: small;"><i>Definition:</i> Brand is a process of giving name, term, sign, symbol or special design or a combination of these which is used to identify the products/services of a seller/marketer. Branding helps to differentiate its product from the competing product. </span>Branding gives several advantages to the seller. First, seller's brand name and trademark provide legal protection to unique product features, which would otherwise be copied by competitors.</div>
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<span style="font-size: small;">Second, branding gives the seller the opportunity to attract a loyal and profitable set of customers. Brand loyalty given sellers some protection from competition and greater control in planning their marketing mix. </span>Third, good brands help build corporate image. By carrying the company's name, the help advertise the quality and size of the company.</div>
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<b><span style="font-size: small;">Branding Strategies:</span></b></div>
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<span style="font-size: small;"><b><i>Line stretching</i>:</b> it is one of the branding strategies in which an existing brand name is been extended to another product variants in the same product line:</span></div>
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<span style="font-size: small;">Eg: Extending Rexona (75gm) brand name to another variant ie 40gm soap</span></div>
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<span style="font-size: small;"><b><i>Brand Extension</i>:</b> In this strategy, an already existing brand in one product line is extended to another product or new product which may falls into different product category.</span></div>
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<span style="font-size: small;">Eg: Extending Rexona bath soap brand to deodorants</span></div>
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<span style="font-size: small;"><b><i>Multiple Brands/New Brand</i>:</b> In this strategy, marketer gives entirely new brand name to new product which falls into the same product line.</span></div>
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<span style="font-size: small;">Eg: P&amp;G offers 9 different brands of detergent bars.</span></div>
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<b><span style="font-size: small;">NEW PRODUCT DEVELOPMENT PROCESS:</span></b></div>
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<span style="font-size: small;"><b>NEW PRODUCT DEVELOPMENT PROCESS:</b>. New products can be developed through many ie product modifications, product improvements, and entirely new products. The new product development process involves following stages</span></div>
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<span style="font-size: small;"><b>Idea generation:</b> The new product development process starts with searching for innovative ideas. New product ideas can be obtained from customers, competitors, scientists,company sales force, dealers/retailers and top management. Ideas can also be generated from techniques like brainstorming, forced relationship, synectics, attribute listing and problem analysis.</span></div>
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<span style="font-size: small;"><b>Idea screening:</b> involves reducing the number of ideas by screening. In this stage, poor ideas eliminated and only those ideas which are good allowed to move into the next stage of product development. Before this, all good ideas are rated on factors like target market, competion, market size, product price, costs and rate of return.</span></div>
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<span style="font-size: small;"><b>Concept development and selection:</b> A 'product idea' is a possible product/ mere thought, but product concept is an elaborated version of product which can be explained in meaningful consumer terms. That means a product concept answers questions like who is to buy, what benefits it offers, what occasions it has to be taken. A product concept can be translated in to many concepts. Later these concepts are tested with target consumers to select the concept which has got strongest potential and appeal. </span></div>
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<span style="font-size: small;"><b>Business Analysis:</b> The next step after concept development and selection is to evaluate the attractiveness of the new product proposal. Generally evaluation is done based on estimates of sales, costs, profits, and rate of return to determine whether it meets company objectives. </span></div>
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<span style="font-size: small;"><b>Product development &amp; Test marketing:</b> In this stage a physical products or prototype are developed with help of R&amp;D / engineering department. The stage answers the technical and commercial feasibility of the product. Later the product is test marketed to know the consumers reactions about the new product. In this manufacturer selects some potential customers in a location and are agreed to use the product and gives feedback which helps them in modifying the product accordingly.</span></div>
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<span style="font-size: small;"><b>Product Launch/Commercialization:</b> Test marketing gives significant information to top management to take decision on product launch. Product launch has to answer question like when to launch (timing) where to launch (location, region, national), whom (target market) and How to launch (marketing plan)</span></div>
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<b><span style="font-size: small;">PRODUCT LIFE CYCLE (PLC)</span></b></div>
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<span style="font-size: small;">The Product Life Cycle (PLC) is an important concept in marketing that provides insights into a product competitive dynamics.</span></div>
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<span style="font-size: small;">The product life cycle portrays distinct stages in the sales history of a product. PLC portrays four things</span></div>
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<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Product have a limited life.</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Product sales pass through distinct stages, each posing different challenges to the seller.</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Profits rise and fall at different stages of the product life cycle.</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Product requires different marketing, financial, manufacturing, purchasing and personnel strategies in each stage of their product life cycle.</span></li>
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<span style="font-size: small;">A typical PLC follows an S-Shaped curve. This curve is typically divided into four stages, known as introduction, growth, maturity and decline.</span><br />
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<span style="font-size: small;"><b>Introduction</b>:- A period of slow sales growth as the product is introduced in the market. Profits are non-existent in this stage because of heavy expenses of product introduction.</span></div>
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<span style="font-size: small;"><b>Growth</b>:- a period of rapid market acceptance and substantial profit movement.</span></div>
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<span style="font-size: small;"><b>Maturity</b>:- A period of a slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits stabilize or decline because of increased marketing out lays to defend the product against competition.</span></div>
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<span style="font-size: small;"><b>Decline</b>:- The period when sales show a downward drift and profit erode.</span></div>
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<b><span style="font-size: small;">PRICING:</span></b></div>
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<span style="font-size: small;">Price is the only element in the marketing mix that produce revenue; the other elements produce cost. Price is the amount of money that customers have to pay for the product. There are six step procedure for price setting.</span></div>
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<span style="font-size: small;">1.</span> <span style="font-size: small;">Selecting the pricing objectives b) determining demand c) estimating costs d) analyzing competitors price and offers e) selecting a pricing method f) selecting the final price</span></div>
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<span style="font-size: small;">A) Selecting the pricing Objectives: A company can pursue any six major objectives through its pricing</span></div>
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<span style="font-size: small;">i) Survival- Companies pursue survival as their major objective if plagued with overcapacity, intense competition, or consumer wants. To keep the plant going and inventories turning over, they will often cut prices. Profits are less important than cut prices. Profits are less important than survival. However, survival is only a short run objectives.</span></div>
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<span style="font-size: small;">ii) Maximum current Profit- Many companies try to set the price that will maximize current profits. They estimate the cost and demand associated with alternative prices and choose the price that produces maximum current profit, cash flow or rate of return on investment.</span></div>
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<span style="font-size: small;">iii) maximum current Revenue- some companies will set a price to maximize sales revenue. Revenue maximization requires only estimating the demand function.</span></div>
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<span style="font-size: small;">Many managers believe that revenue maximization will lead to long-run profit maximization and market share growth.</span></div>
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<span style="font-size: small;">iv) Maximum Sales Growth: Some companies want to maximize unit sales. They believe that a higher sales volume will lead to lower unit costs and higher long run profit. They set the lowest price, assuming the market is price sensitive. This is called market penetration pricing.</span></div>
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<span style="font-size: small;">v) Maximum Market skimming: Many Companies favour setting high prices to skim to the market. If estimates the highest price it can charge given the comparative benefits of its new product versus the available substitutes. Each time sales slow down, it lowers the price to draw in the next price sensitive layer of customers.</span></div>
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<span style="font-size: small;">vi) Product-Quality Leadership:- A company might aim to be the product-quality leader in the market.</span></div>
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<span style="font-size: small;">vii) Determining Demand: Each price that the company might charge will lead to a different level of demand and will therefore, have a different impact of its marketing objectives. In normal case, demand and price are inversely related , that is, the higher the price, the lower the demand.</span></div>
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<b><span style="font-size: small;">PRICING STRATEGIES:</span></b></div>
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<span style="font-size: small;"><b>Market Penetration Strategy: </b>In this strategy, firm sets lowest price to gain maximum market share, that lead to lower unit cost and higher long run profits.</span></div>
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<span style="font-size: small;"><b>Market Skimming Strategy: </b>In this it sets high prices to maximize skimming. Later over a period of time prices are slowly lowered.</span></div>
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<b><span style="font-size: small;">PRICING METHODS</span></b></div>
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<span style="font-size: small;">A company can select any of the following pricing method:</span></div>
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<span style="font-size: small;"><b>Mark-up Pricing:</b> is an elementary pricing method which adds a standard markup to the product's cost. It works only when it brings expected levels of sales. This pricing is fairer to both buyers and sellers.</span></div>
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<span style="font-size: small;"><b>Target-return Pricing:</b> It is the price that would yield its target rate of return on investment (ROI).</span></div>
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<span style="font-size: small;">Target return rice: Unit cost + <u>desired return+ investment capital</u></span></div>
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<span style="font-size: small;"> unit sales</span></div>
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<span style="font-size: small;"><b>Perceived value pricing:</b> it is the pricing based on the customer perceived value. Perceived value is made up of several elements such as buyers image of product performance, channel deliverables, the warranty, quality, customer support, supplier repuration, trust worthiness and esteem. Firm must deliver the promised, and firm used marketing mix elements to communicate and enhance perceived value in the minds of buyer's .</span></div>
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<span style="font-size: small;"><b>Going rate Pricing:</b> Firms bases its price on the competitors pricing . the firm charges the same, more or less than major competitor.</span></div>
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<span style="font-size: small;">Eg: steel, fertilizer, paper.</span></div>
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<span style="font-size: small;">The pricing is popular when costs are difficult to measure or competitive response is uncertain.</span></div>
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<span style="font-size: small;"><b>Select-bid Pricing:</b> goods are sold in auction. Most of the agri output or produce like spices, coffee, teas, crops, minerals and exotic art materials, and antiques are sold in auction.</span></div>
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<b><span style="font-size: small;">DISTRIBUTION CHANNEL:</span></b></div>
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<span style="font-size: small;">A channel of distribution is a set of independent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user. (Philip kotler)</span></div>
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<b><span style="font-size: small;">Importance of channels</span></b></div>
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<span style="font-size: small;">Distribution channel plays important role in marketing as they move the products from factory to customer in right time, right quantity and at right place. A company with effective and well managed channel gives competitive edge to companies. </span></div>
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<b><span style="font-size: small;">FUNCTIONS OF CHANNELS:</span></b></div>
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<span style="font-size: small;"><b><i>Provide market information</i></b>: about customer likes, dislikes, and their expectations</span></div>
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<span style="font-size: small;"><b><i>Physical distributions</i></b>: transportation, warehousing, processing bills</span></div>
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<span style="font-size: small;"><b><i>Promotion:</i></b> communicate about product/services, window &amp; POP displays, offers</span></div>
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<span style="font-size: small;"><b><i>Breaking bulk: </i></b>purchases in bulk and distribute in small quantities to their customers</span></div>
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<span style="font-size: small;"><b><i>Supply in assortments: </i></b>offers variety of products/assortments eg: not only soaps, other products also</span></div>
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<span style="font-size: small;"><b><i>Price negotiation: </i></b>on behalf of manufacturer, negotiate about price and makes agreements</span></div>
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<span style="font-size: small;"><b><i>Risk taking:</i></b> taking risks such as product failure, low or no sales</span></div>
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<span style="font-size: small;"><b><i>Financing: </i></b>gives credit to their customers for a specific time period. Eg; wholesaler to retailers, retailer to customer</span></div>
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<span style="font-size: small;"><b><i>Selling:</i></b> another task is selling</span></div>
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<span style="font-size: small;"><b><i>Title: </i></b>the actual transfer of ownership from one organization or person to Another.</span></div>
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<b><span style="font-size: small;">I. DISTRIBUTION CHANNELS IN CONSUMER PRODUCTS:</span></b></div>
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<span style="font-size: small;">1.zero level channel or direct selling: Mfr---------------consumer</span></div>
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<span style="font-size: small;">2. One level channel: Mfr----------------- Retailer ----------------- consumer</span></div>
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<span style="font-size: small;">3. Two level channel: Mfr---------- wholesaler--------- Retailer ---------- consumer </span></div>
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<span style="font-size: small;">4. Three level channel: Mfr-------- wholesaler---- Jobber ----- Retailer ------- consumer </span></div>
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<b><span style="font-size: small;">II. DISTRIBUTION CHANNELS IN INDUSTRIAL PRODUCTS:</span></b></div>
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<span style="font-size: small;">1.zero level channel: Mfr----------- Industrial customer</span></div>
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<span style="font-size: small;">2. One level channel: Mfr------------ Industrial distributor ---------- Industrial customer</span></div>
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<span style="font-size: small;">3. Two level channel: Mfr-------- Mfr's sales office-------- Industrial distributor --------- ------- Industrial customer </span></div>
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<b><span style="font-size: small;">Channels Based On Number Of Intermediaries:</span></b></div>
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<span style="font-size: small;"><b><i>Selective distribution</i></b>: It involves appointing few dealers but not many dealers. This type of channel is preferred by appliance manufacturers.</span></div>
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<span style="font-size: small;">Eg: dealers of televisions, washing machines, pressure cookers</span></div>
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<span style="font-size: small;"><b><i>Exclusive distribution</i></b>: limited number of dealers granted exclusive rights of distributions and selling in a territory.</span></div>
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<span style="font-size: small;">Eg: dealers of Hynduai, or Maruthi cars</span></div>
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<span style="font-size: small;"><b><i>Intensive distribution</i></b>: appointing more number of intermediaries or stocking products in as many outlets as possible. This strategy is preferred in convenience goods or FMCG's</span></div>
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<span style="font-size: small;">Eg: toothpaste, soap, shampoos</span></div>
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<b><span style="font-size: small;">CHANNEL DESIGN PROCESS:</span></b></div>
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<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Analysing customer needs</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Establish channel objectives</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Identifying major channel alternatives</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Evaluating the major channel alternatives</span></li>
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<span style="font-size: small;"><b>1. Analysing Customer Needs: </b>Designing channel starts with finding what target customers want from channel like wether they want to buy in single unit or bulk, buy from nearby location or willing to travel different locations, wether they want to buy in person or through internet. Wether they value breadth of product assortment or prefer specialization, or wether they like add on services like delivery, repairs, installation etc. or will they obtain elsewhere. However, providing fastest delivery, great assosrtment, may not be possible or practical. More over providing these higher levels of services result in higher prices for consumer and higher costs for the channel. Hence company must balance consumer desired services against feasibility and cost of meeting these needs but also against customer price preference. </span></div>
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<b><span style="font-size: small;">2. Establish Channel Objectives</span></b></div>
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<span style="font-size: small;"> channel objectives should be stated in terms of desired service level of target consumers. Usually a company can identify several segments wanting different levels of channel service. Then company should decide which segments to sere and the best channels to use in each case. In each segment, the company wants to minimize the total channel's cost by meeting customer service requirements.</span></div>
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<span style="font-size: small;"> The company channel objectives are mainly influenced by the nature of company, type of products offered, marketing intermediaries, competitors and environment. For example the company's size and financial situation determine which marketing functions it can handle itself and which it must give to intermediaries. Companies selling perishable goods require direct marketing to avoid delays and too much handling. In some company want to compete with competitors product. In some cases companies avoid channels preferred by competitors.</span></div>
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<span style="font-size: small;">3. Identifying major channel alternatives:</span></h3>
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<span style="font-size: small;">After a company has defined its target market and desired positioning it should identify its channel by three elements:-</span></div>
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<span style="font-size: small;">1.</span> <span style="font-size: small;">The type of business intermediaries</span></div>
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<span style="font-size: small;">2.</span> <span style="font-size: small;">The number of intermediaries and</span></div>
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<span style="font-size: small;">3.</span> <span style="font-size: small;">Terms and responsibilities of each channel participants.</span></div>
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<span style="font-size: small;">1.</span> <b><u><span style="font-size: small;">Types of intermediaries:-</span></u></b></div>
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<span style="font-size: small;">The firm has following channel alternatives-</span></div>
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<span style="font-size: small;"><b>Company Sales force</b>:- Expend the company's direct sales force. Assign to contact all prospects in the area. Or develop separate sales force for different products.</span></div>
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<span style="font-size: small;"><b>Manufacture's Agency</b>:- Hire agencies in different regions sell the equipment.</span></div>
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<span style="font-size: small;"><b>Industrial Distributors</b>:- Find distributors in the different regions who will buy and carry device. Give them exclusive distribution adequate margins and promotional support.</span></div>
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<span style="font-size: small;">2.</span> <span style="font-size: small;"><b><u>The number of intermediaries</u></b><u>:-</u></span></div>
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<span style="font-size: small;">Company has to decide on the number of middlemen to use at each channel level. Three strategies are available.</span></div>
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<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;"><b><u>Intensive Distribution:- </u></b>Producers of convenience goods etc. typically seek intensive distribution that is stocking their product in numerous outlets. These goods must have place utility.</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;"><b><u>Exclusive Distribution:-</u> </b>Some producers limit the number of intermediaries handling their products. Through exclusive distribution the manufacturer hopes to obtain more aggressive and knowledgeable selling and more control over intermediaries polices on prices, promotion, credit and various activities.</span></li>
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<span style="font-size: small;">3.</span> <span style="font-size: small;"><b><u>Terms and responsibilities of channel members:</u></b>- The producer must determine the conditions and responsibilities of the participating channel members. The main elements in the trade relation mix are price policies, conditions of sale, territorial rights and specific service to be performed by each party.</span></div>
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EVALUATING MAJOR CHANNEL ALTERNATIVES;</span></h3>
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<span style="font-size: small;">Each channel alternative needs to be evaluated against economic, control and adaptive criteria.</span></div>
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<span style="font-size: small;"><b>Economic criteria:- </b>Each channel alternative will produce a different level of sales and cost. Company sales representatives concentrate entirely on the company's products; they are better trained to sell the company's products, they are more aggressive because their future depends on the company's success on the other hand, sales agency could economically sell more than a company sales force. The sales agency has more number of sales representatives and secondly, sales agency has better knowledge of the geographical area in which he is operating</span></div>
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<span style="font-size: small;"><b><u>Control criteria:- </u></b>Channel evolution has to include control issues. Using a sales agency poses a control problem. A sales agency is an independent business firm seeking to maximize its profits. The agents may concentrate on the customers who buy the most, not necessarily of the manufactures goods. Further, the agent might not master the technical details of the company's product or handle its promotion materials effectively.</span></div>
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<span style="font-size: small;"><b><u>Adaptive Criteria:- </u></b>Each channel involves some duration of commitment and loss of flexibility. A manufactures seeking a sales agency might have to offer a five year contact. During this period, other means of selling such as direct mail might become more effective, but the manufactures is not free to drop the sales agency. A channel required a long commitment needs to be greatly superior on economic or control grounds to be considered.</span></div>
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<b><span style="font-size: small;">CHANNEL MANAGEMENT DECISIONS:</span></b></div>
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<span style="font-size: small;">After a company has chosen a channel alternative, individual middlemen must be selected, trained, motivated and evaluated.</span></div>
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<span style="font-size: small;"><b>Selecting channel members:</b> while selecting the channel members, the company must consider their experience in business, product lines carried or handled, growth and profit record, financial strength, their cooperation and business reputation.</span></div>
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<span style="font-size: small;"><b>Training channel members: </b>After selecting the channel members,<b> </b>the company must plan and organize adequate training program for the members i.e distributors or dealers.</span></div>
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<span style="font-size: small;">Company training includes: on the job field training, class room training, special meeting for launch of new product, training on submission and maintaining records.</span></div>
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<span style="font-size: small;"><b>Motivating channel members: </b>channel motivation is done in order to improve their performance and behaviour. Company's elicits cooperation from the channel members through coercive power, rewards, legitimate and referent power.</span></div>
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<span style="font-size: small;"><b>Evaluating channel members: </b>The next step is to evaluate channel members performance against predetermined standards. This is very important related to decisions like retention, training, motivation. Evaluation gives information wether a channel member is to be retained or to drop.</span></div>
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<span style="font-size: small;">The general evaluation criteria includes sales volume and value, profitability, selling and marketing capabilities, quality of service provided to customers, willingness to keep commitments, attitude, and personal capability.</span></div>
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<b><span style="font-size: small;">PROMOTION MIX OR MARKETING COMMUNICATION MIX</span></b></div>
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<ol style="font-family: "Trebuchet MS",sans-serif; margin-top: 0in;" type="1">
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Advertising</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Sales promotion</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Publicity and public relation</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Personal selling</span></li>
<li class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: small;">Direct marketing</span></li>
</ol>
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<span style="font-size: small;"><b>Advertising: </b>Any paid form of nonpersonal presentation and promotion of ideas , goods, or services by an identified sponsor.</span></div>
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<span style="font-size: small;"><b>Sales promotion:</b> A variety of short term incentives offered to encourage trial or purchase of product or service.</span></div>
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<span style="font-size: small;"><b>Publicity and public relation</b>: a variety of programs designed to promote or protect a company's image or its individual product.</span></div>
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<span style="font-size: small;"><b>Personal selling:</b> It involves face to face interaction with one or more prospective purchasers for the purpose of making presentations, answering questions and procuring orders.</span></div>
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<span style="font-size: small;"><b>Direct marketing:</b> Use of mail, telephone, fax, e-mail, or internet to communicate directly with or solicit response or dialogue from specific customers and prospects.</span></div>
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RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-64214823457074851502012-08-21T22:39:00.003-07:002012-08-21T22:43:02.895-07:00Market Segmentation-II<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>MARKET SEGMENTATION </b><br />
<br />
<br />
<i><b>Definition:</b></i>
Market segmentation is the process of dividing a total market into
market groups consisting of people who have relatively similar product
needs, taste, and preferences. The purpose is to design a marketing mix
strategy that more precisely matches the needs of individuals in a
selected market segment(s).<br />
<br />
<br />
<b>Benefits of Market Segmentation:</b><br />
<br />
<br />
1) Helps organization to identify new marketing opportunities, as it better understands customer needs in each segment<br />
<br />
2) Helps to build competency and establishes effective marketing systems<br />
<br />
3) Optimizes return on investment in each segment<br />
<br />
4) The organization fine tunes product and service offerings to the marketing appeals used for each segment.<br />
<br />
5) Helps to gain competitive advantage<br />
<br />
<br />
<b>SEGMENTING CONSUMER MARKETS</b><br />
<br />
<b>Geographic Segmentation:</b>
Market can be divided into different geographical units such as
nations, countries, regions, states, and cities. Companies may decide to
operate in one or more geographical regions, or states. Today, most of
the companies are customizing the products, advertising and promotion
according to needs and wants of peoples.<br />
<br />
<b>Demographic Segmentation:</b>
The Market is divided into groups based on demographic variables such
as age, gender, income, occupation, education, religion, race and
nationality. It is the most popular bases for segmenting consumer
markets, because consumer needs and wants vary with demographic factors.<br />
<br />
<b>Psychographic Segmentation:</b> Market can be divided into different groups based on social class, life style, or personality characteristics.<br />
<br />
Social class:- Lower class, middle class, and upper class<br />
<br />
Life style:– achievers, survivors and strivers etc<br />
<br />
Personality:– ambitious, adventurous<br />
<br />
<b>Behavioral Segmentation:</b>
This divides the market in to buyer groups based their knowledge, uses
and attitudes towards products. Marketer believes that behavioral
segmentation is the best bases for dividing the market into groups of
buyers.<br />
<br />
Usage rate: light, medium, heavy user<br />
<br />
User Status: potential user, first time user, regular user<br />
<br />
Attitude: positive, negative<br />
<br />
Benefits: Quality, service, economy, convenience, speed<br />
<br />
Occasion: Regular, occasional<br />
<br />
<br />
<b>SEGMENTING BUSINESS MARKETS</b><br />
<br />
Business
markets be segmented based on the variables used in consumer markets.
Business markets can be segmented geographically, demographically or by
benefits, user status, usage rate and loyalty status.<br />
<br />
Demographic: Type of industry, Company size; Location<br />
<br />
Based on operating variables: Technology, user/non user status<br />
<br />
Purchasing approaches: centralized or decentralized<br />
<br />
Purchase policies, and purchasing power structure<br />
<br />
Situational factors: urgency, specific application, size of order<br />
<br />
Personal characteristics: attitude towards risk, loyalty, buyer seller similarity</div>
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<b>MARKET TARGETING </b></div>
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After a firm has identified its market segment opportunities, it must decide which ones to target. Market targeting is the selection of a set of buyers sharing
common needs orcharacteristics that the company decides to serve.<br />
<br />
<br />
<br />
<b>CRITERIA FOR EFFECTIVE SEGMENTATION</b><br />
<br />
Measurable:
The segment must be measurable in size and purchasing power of the
members<br />
Accessible:The segment must be effectively served and reached<br />
Actionable: Effective programs can be formulated for attracting and
serving the segments Substantial: The segment should be large and
profitable enough to serve<br />
Differentiable: The segment should be distinguishable.</div>
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<br />
<span style="font-size: 100%;"><b>Approaches to selecting markets :</b><br />
<br />
</span><br />
<br />
<span style="font-size: 100%;"><b>Undifferentiated Marketing Approach (Total Market Approach):</b>
It uses single marketing mix for the entire market. All consumers have
similar needs for a specific kind of product (Homogeneous market). The
company designs a product that appeals to a majority of buyers and
relies on mass distribution and advertising.</span></div>
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<br />
<span style="font-size: 100%;"><b>Differentiated approach(Market segmentation):</b> The firm operates in several market segments and designs different products for each segment.<br />
<br />
2) Single segment concentration; involves concentrating in one market
segment. The firm gains a strong knowledge of the segment’s needs and
achieves a strong market presence. It may also enjoy operating economies
through specializing its production, distribution and promotion. The
disadvantage is that a competitor may invade the segment or customer’s
tastes may change.<br />
<br />
3) Selective specialization; the firm may select a number of attractive
segments which are potentially profitable. Such a strategy has the
advantage of diversifying a firm’s risks.<br />
<br />
4) Product specialization; The firm makes a certain product which it
sells to several segments e.g. a paper manufacturer who sells to
schools, the government and commercial dealers.<br />
<br />
5) Market specialization; the firm concentrates on serving many needs of
a particular customer group e.g. a firm that sells an assortment of
products only to hospitals.<br />
<br />
6) Full market coverage; the firm attempts to serve all customer groups
with the products they might need. A company can do this by covering a
whole market in two broad ways:</span></div>
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<span style="font-size: 100%;"><b>POSITIONING: </b></span></div>
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<span style="font-size: 100%;"><i><b>Definition:</b></i> Positioning is the place the product occupies in the consumers minds relative to competing products.<br />
<br />
Positioning involves implanting the brands unique benefits and
differentiation in the market. Positioning is the way consumer defines a
product on some important attributes. It is the complex set of
perceptions, impressions and feelings that consumers hold for the
product in comparison with competing products. Positioning helps to gain
competitive advantage through differentiation.</span></div>
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<b>POSITIONING METHODS/BASES: </b></span></div>
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Positioning on specific product feature or attribute:<br />
Eg: Tide-as powerful detergent, Nirma-economy bar<br />
<br />
Positioning based on Benefits, problem solution or needs:<br />
Eg: Head &amp; Shoulder shampoo- removes dandruff<br />
<br />
Specific usage occasions or application:<br />
Eg: vicks vaporub- for cold, Burnol-for cut wounds<br />
<br />
User category:<br />
Eg; Johnson &amp; Johnson soaps, shampoos- for children<br />
<br />
Against competition:<br />
eg: pepsi vs coke<br />
<br />
Price/quality:<br />
Eg: Surf excel detergent powder – high price, high quality, Nirma detergent powder – low price, low quality</span></div>
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<span style="font-size: 100%;"><b>Steps In Market Positioning/positioning strategy: </b></span></div>
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<span style="font-size: 100%;">1) Identifying competitive advantages<br />
2) Selecting the right competitive advantage<br />
3) Effectively communicating the chosen position</span></div>
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<span style="font-size: 100%;"><b><i>The steps are explained below; </i></b></span></div>
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</span></div>
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<span style="font-size: 100%;"><b>1) Identifying competitive advantages: </b><br />
A competitive advantage is an advantage over competitors gained by
offering consumers greater value either through lower prices or by
providing more benefits that justify higher prices. This can be achieved
through various forms of differentiation.<br />
<br />
<b>Product differentiation;</b> This is based on dimensions such as; </span></div>
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<span style="font-size: 100%;">Product features not provided by competitors (e.g. safety features and design of Volvo)<br />
Product performance e.g. cleaner, faster etc.<br />
Style; such as the extra-ordinary look of the jaguar car, etc.<br />
Product durability, reliability etc.<br />
<b>Service differentiation;</b> (delivery, installation, repair, etc) i.e. differentiating the services<br />
that accompany a product- gaining competitive advantage through speedy, reliable or careful delivery.<br />
<b>Personnel differentiation;</b> gaining competitive advantage by
hiring and training better people than competitors and by having
customer- contact people who are competent in the following areas;<br />
- possess the required skills &amp; knowledge<br />
-courteous, friendly and considerate<br />
-understand customers, communicate clearly with them and respond quickly to customer<br />
requests and problems.<br />
Image differentiation; even when companies offer the same products and
accompanying services, buyers may perceive a difference based on company
or brand images established through a company’s public relations and
social responsibility activities. This is common in the service
industry.<br />
<br />
<b>2) Selecting the right competitive advantage </b><br />
A company must decide how many differences to promote of its product or
brands. It may aggressively promote only one or a combination of
benefits to the target market. Each of the company’s brands may promote
itself as “number one” on an attribute such as; Best price, best
service, lowest price, best value, e.t.c. A competitive advantage on
which the company bases its differentiation should have the following
characteristics;<br />
<br />
important; the difference should deliver an important benefit to target buyers.<br />
Distinctive; competitors should not be offering the difference.<br />
Superior; the difference should be superior to other alternatives.<br />
Communicable.<br />
Pre-emptive; competitors should not be able to easily copy the difference.<br />
Affordable; buyers should afford to pay the difference.<br />
Profitable.<br />
<br />
<b>3) Communicating and delivering the chosen position </b><br />
The company must deliver and communicate the desired position to target
consumers through the marketing mix. Hence a firm that desires to
position on high quality must produce high quality products, charge a
high price, distribute through high class dealers and advertise in high
quality media<br />
<br />
<br />
</span><br />
<span style="font-size: 100%;"><b>DEMAND MEASUREMENT: </b></span><br />
<br />
<br />
<span style="font-size: 100%;">Demand:
Demand is the consumer willingness to purchase a product backed by
purchasing power. The study of predicting or estimating the demand is
called demand forecasting</span></div>
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<span style="font-size: 100%;"> </span><span style="font-size: 100%;"><b>Market Demand: </b><br />
<br />
•Market Demand for a product is the total volume that would be bought by a<br />
•defined customer group in a<br />
•defined geographical area in a<br />
•defined time period in a<br />
•defined marketing environment under a<br />
•defined marketing program</span></div>
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<span style="font-size: 100%;"><b>Company Demand: </b><br />
<br />
It is the company’s estimated share of market demand (at alternative levels of company marketing effort at a given time period).</span></div>
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<span style="font-size: 100%;"><b>Company Sales Forecast: </b><br />
<br />
It is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment.</span></div>
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<span style="font-size: 100%;"><b>Necessity for Demand Forecasting: </b><br />
<br />
Accurate demand forecasting is essential for a firm to enable it to
produce the required quantities at the right time and arrange well in
advance for the various factors of production, viz., raw materials,
equipment, machine accessories, labor, buildings, etc</span></div>
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<span style="font-size: 100%;"><br />
<br />
</span><span style="font-size: 100%;"><b>Benefits of short-term demand forecasting: </b><br />
<br />
Appropriate production scheduling<br />
Reduces cost of purchasing raw materials<br />
Forecast financial requirements<br />
Determining appropriate price policy<br />
Setting sales targets and establishing controls and incentives<br />
To plan sales force to achieve the sales targets<br />
Evolving a suitable advertising and promotional campaign</span></div>
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<b>Benefits of long term forecasting: </b><br />
<br />
Planning of a new unit or expansion of an existing unit.<br />
Planning long term financial requirements</div>
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<b>ESTIMATING THE CURRENT DEMAND </b></div>
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Current demand can be estimated by the following ways:<br />
1) Total Market Potential<br />
2) Area Market Potential<br />
3) Estimating industry sales market shares<br />
<br />
<b>1)Total Market Potential </b><br />
<br />
The maximum amount of sales that would be available to all the firms in
an industry in a given time period under a given level of industrial
marketing efforts and environmental conditions.<br />
OR<br />
(Estimate the potential number of buyers and then eliminate the groups that will not buy the product)<br />
TMP = Potential Number of buyers * Average Quantity Purchased by a buyer * The Price<br />
<br />
<b>2) Area Market Potential:</b> For estimating area market potential, two methods are used.<br />
<br />
a) Market Build Up Method: Identify all the potential buyers in each market and estimate their potential purchases.<br />
Ex.Pumps<br />
b) Multiple Factor Index Method: Customers for consumer products are
numerous. Hence predicting demand will be a problem. Hence such
companies use existing indices for various products, and estimates are
made.<br />
<br />
<b>3) Estimating industry sales market shares </b><br />
a) identifying competitors b) estimating their sales<br />
<br />
<br />
<b>SALES FORECAST: </b><br />
<span style="font-size: 100%;"><br />
A sales forecast is an estimate of the possible sales of a company’s
brand or product in units or value terms, during a specific period, in a
specific market under specific marketing plan and environment.<br />
<br />
<b><u>SALES FORECASTING METHODS: </u></b></span><br />
</span></div>
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<br />
<span style="font-size: 100%;"><b>Opinion of executives:</b>
it is the traditional method of sales forecast, in which one or more
top executives forecast future sales based on personal knowledge and
market information. But this method lacks validity.<br />
<br />
<b>Survey of Buyer’s Intentions:</b> In this method, customers are
requested to communicate their buying intentions for coming period. The
method suitable for industrial products. Sales forecasts based on the
method will be accurate if customers expectations are accurate.<br />
<br />
<b>Sales force composite method:</b> sales forecasts are based on the
estimates given by salesmen who are having direct contact with customers
and also know future buying intentions about the products/services. The
data given by the sales personnel is consolidated by sales manager.
Some salesmen were too optimistic and too pessimistic about sales
forecasts.<br />
<br />
<b>Sampling:</b> sample results are used to make sales estimates. In
this method, survey is conducted in selected geographic territory, and
the resultant data related to the sample is extended to total
population.<br />
<br />
<b>Time series analysis:</b> This method is based on past sales data. In
this method, sales forecast are made with mathematical formula with the
help of past sales data. An analysis of seasonal, cyclical variations,
sales trends, and irregular variations is to be done in projecting sales
estimates.<br />
<br />
<b>Delphi Technique:</b> This method is mainly used in making futuristic
estimates. In this method, a group of experts are interviewed and their
reactions and opinions are recorded. Final sales estimates were made
based on the data.<br />
<br />
<b>Correlation Analysis: </b>Correlation Analysis is done when there is
close relationship exists between two variables. So this analysis is
useful in making sales estimates of one variable based on the degree of
relationship with other variable.<br />
<br />
Eg: sales of petrol/diesel are related automobile sales.<br />
<br />
<b>Test marketing:</b> A firm markets its product in a limited
geographic area, measures sales, and then projects the company’s sales
over a larger area.<br />
<br />
<b>Market-factor analysis: </b>demand for a product is assumed to be related to the behavior of certain sales activity. </span></div>
</div>
RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0tag:blogger.com,1999:blog-6190301362222134422.post-79838464112624956392012-08-17T23:14:00.000-07:002012-08-17T23:14:35.579-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
<br />
<br />
<b>DEFINITIONS OF MARKETING: </b><br />
<br />
Marketing
is defined as a social and managerial process by which individuals and
groups obtain what they need and want through creating, offering and
exchanging of products of value with others.(kotler)<br />
<br />
The
art and science of choosing target markets and getting, keeping, rowing
customers through creating, delivering and communicating superior
customer value.<br />
<br />
Marketing is an organizational function
and a set of processes for creating, communicating, and delivering
value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.<br />
<br />
<b>Market</b>: Traditionally, market was a physical place where buyers and sellers gather to buy and sell goods.<br />
<br />
According
to economists, market is collection of buyers and sellers who transact
over a particular product or product class ( grain market, fruit market)<br />
<br />
<b>Meta Market</b>:
is a cluster of complementary products and services that are closely
related in the minds of consumer but are spread across a diverse set of
industries.<br />
<br />
Eg: Automobile meta market consists of
automobile manufactures, new and used car dealers, finance companies,
insurance company, mechanics, spare par dealers, service shops, auto
magazines.<br />
<br />
<b><span style="font-size: 130%;">MARKETING MIX</span> </b><br />
<br />
<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYt6-C9786QFsHZ6Dl1I2MvINWH_1-nx4cLcrlScEQDTTVaA3UNQWJj0Mqwhci01RqSKlMAr80fZx8aYYvDR6dMfBVQwGKNNyjEKfEHOW_NO_khcH_Ha17LkJA4lUVVkHbNQUKWJRPmmI/s1600/mmix1.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5532974506839557506" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYt6-C9786QFsHZ6Dl1I2MvINWH_1-nx4cLcrlScEQDTTVaA3UNQWJj0Mqwhci01RqSKlMAr80fZx8aYYvDR6dMfBVQwGKNNyjEKfEHOW_NO_khcH_Ha17LkJA4lUVVkHbNQUKWJRPmmI/s320/mmix1.jpg" style="cursor: pointer; height: 231px; width: 218px;" /></a><br />
<br />
<br /></div>
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
The
Marketing Mix is also known as the 4 P’s, can be used by marketers as a
tool to assist in implementing the Marketing strategy. This method is
used to generate the optimal response in the target market by blending 4
variables in an optimal way. These four P’s controllable variables.
These 4p’s are adjusted on a frequent basis to meet the changing needs
of the target group and the other dynamics of the Marketing environment.<br />
<br />
<b>Product</b>:
A product is customer solutions and firms must define the
characteristics of product or service that meet the needs of customers<br />
<br />
<b>Price</b>:
It is the amount the customers willing to pay for the product. And
firms must be conscious in deciding the price of the product as
customers are very sensible to it.<br />
<br />
<b>Place</b>: Making the product available at right time, right place in right quantities.<br />
<br />
<b>Promotion</b>:
Its all about how chosen target markets are informed about
organizations products and services and includes tools like advertising,
sales promotion, publicity, public relations and direct marketing<br />
<br />
<b>EXPANDED MARKETING MIX </b><br />
<br />
<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Wte5hR_V6BIvHaQntBr7GQBZxZzaYGCafdLe1EbEXB5liIE6NsuF747d0-QpsT5-iK6QvMjIHagB7_HNzl8RyHYE8SNMvSHZDmBppAQLOctGs5ldZu71r2IAhbzn4hp6MjtfdzH0xsA/s1600/expanded+mix.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5532974511671941970" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Wte5hR_V6BIvHaQntBr7GQBZxZzaYGCafdLe1EbEXB5liIE6NsuF747d0-QpsT5-iK6QvMjIHagB7_HNzl8RyHYE8SNMvSHZDmBppAQLOctGs5ldZu71r2IAhbzn4hp6MjtfdzH0xsA/s320/expanded+mix.jpg" style="cursor: pointer; height: 180px; width: 206px;" /></a><br />
<br />
<br />
<br />
The 7-Ps model is more useful for services industries and also for knowledge-intensive environments.<br />
<br />
5.
People: All people directly or indirectly involved in the consumption
of a service are an important part of the extended marketing mix.
Knowledge Workers, Employees, Management and other Consumers often add
significant value to the total product or service offering.<br />
<br />
6.
Process: Procedure, mechanisms and flow of activities by which services
are consumed (customer management processes) are an essential element
of the marketing strategy.<br />
<br />
7. Physical Evidence: The
ability and environment in which the service is delivered, both tangible
goods that help to communicate and perform the service and intangible
experience of existing customers and the ability of the business to
relay that customer satisfaction to potential customers.<br />
<br />
<br />
<b>WHAT IS MARKETED (MARKETING OFFERINGS) </b><br />
<br />
Marketing
offers 10 types of entities that include goods, services, experiences,
events persons, places, properties, organizations, information, and
ideas.<br />
<br />
<b>Goods</b>: All physical goods are marketed by
marketing people like cars, trucks, Tv’s machine tools, machines,
industrial chemicals, watches cosmetics and others.<br />
<br />
<b>Services</b>:
In modern economy, most of the services are marketed that includes
airlines, hotels, car rental firms, barbers and beauticians, maintenance
and repair people, accountants, bankers, lawyers, engineers, doctors
software programmers and management consultants<br />
<br />
<b>Experiences</b>: experiences are also be marketed eg: rides in amusement or water park<br />
<br />
<b>Events</b>: Events like trade shows, artistic performances world cups or Olympics are aggressively promoted by companies.<br />
<br />
<b>Persons</b>:
Celebrity marketing is a major business today. Film stars and sports
personalities are increasingly endorsed with many brands to promote
them.<br />
<br />
<b>Places</b>: Even cities, states, region, and whole nations can attract tourists, factories, companies and new residents.<br />
<br />
<b>Properties</b>: Properties like real estate, stocks and bonds also requires marketing.<br />
<br />
<b>Organizations</b>: Companies, universities, museums performing arts organizations all use marketing to boost their image and compete with others.<br />
<br />
<b>Information</b>: Information can be produced and marketed as a product.<br />
<br />
<b>Ideas</b>: Product or service ideas can also be marketed well in advance.<br />
<br />
<br />
<b>CORE CONCEPTS OF MARKETING (Needs, Wants, And Demands)</b><br />
<br />
<b>Needs </b>are
the basic human requirements. People need food, air, water, clothing,
and shelter to survive. People also have strong needs for creation,
education, and entertainment.<br />
<br />
The above needs become
wants when they are directed to specific objects that might satisfy the
need. An American needs food but may want a hamburger, French fries, and
a soft drink. A person in Mauritius needs food but may want a mango,
rice, lentils, and beans. Wants are shaped by one's society.<br />
<br />
<b>Demands </b>are
wants for specific products backed by an ability to pay. Many people
want a Mercedes; only a few are willing and able to buy one.<br />
<br />
Companies
must measure not only how many people want their product but also how
many would actually be willing and able to buy it.<br />
<br />
Understanding
customer needs and wants is not always simple. Some customers have
needs of which they are not fully conscious, or they cannot articulate
these needs, or they use words that require some interpretation.
Consider the customer who says he wants an "inexpensive car.". The
marketer must probe further. We can distinguish among five types of
needs:<br />
<br />
1. Stated needs (the customer wants an inexpensive car).<br />
<br />
2. Real needs (the customer wants a car who operating cost, not its initial price, is low).<br />
<br />
3. Unstated needs (the customer expects good service from the dealer).<br />
<br />
4. Delight needs (the customer would like the dealer to include an onboard navigation system).<br />
<br />
5. Secret needs (the customer wants to be seen by friends as a savvy consumer).<br />
<br />
<br />
<b>Target Markets, Positioning, And Segmentation</b>:
segmentation means dividing the total market in to groups of consumers
with similar needs, wants, and preferences. Positioning is to place the
company’s products in the minds of target buyers. Target market is the
group of potential customers to whom the marketers offer their products.<br />
<br />
<b>Offering And Brands</b>:
An offering can be a combination of product, services, information and
experiences. Brand is an offering from a known source that carries many
associations in the minds of people (brand image)<br />
<br />
<b>Value And Satisfaction</b>:
Value reflects the perceived tangible and intangible benefits and costs
to customers. Value is a combination of quality, service and price
(customer value triad). Value increases with quality, service and
decreases with price.<br />
<br />
<b>Marketing Channels</b>:
Channels helps to reach target customers. Communication channels deliver
and receive message or feed back from their customers, whereas
distribution channels enables deliver of physical products.<br />
<br />
<b>Competition</b>: Competition includes all actual and potential rival offering and substitutes that a buyer might consider.<br />
<br />
<b>Marketing Environment</b>:
It includes both micro and macro environment factors that influence a
company performance. The Microenvironment consists of the following
factors close to the company that affect its ability to serve its
customers.The company, Suppliers, Marketing intermediaries, Customer,
Competitors, and Public. The macroenvironment factors include political,
cultural, technological and demographical factors.<br />
<br />
<br />
<b>MARKETING MANAGEMENT PHILOSOPHIES:</b><br />
<br />
What
philosophies should guide the marketing efforts. There six alternative
concepts under which organization carryout their marketing strategies.<br />
<br />
<b>Production Concept</b>:
The concept is of the idea that consumers will favor those products
which are widely available and highly affordable. Therefore, management
should focus on production and distribution efficiency.<br />
<br />
<b>Product Concept</b>:
The product concept hold that consumer will favor a product that offers
Most quality, performance and innovative feature. So under this,
marketing strategy focuses on product improvement through design,
packaging and price.<br />
<br />
<b>Selling Concept</b>: The
concepts hold that consumers will not buy the products unless aggressive
marketing efforts are pursued. This concept is mainly applicable incase
of unsought goods (like insurance).<br />
<br />
<b>Marketing Concept</b>:
The concept holds that achieving goals depends o knowing the needs and
wants of target markets and delivering the desired satisfaction better
than competitors. The concept mainly focuses on customer.<br />
<br />
<b>Holistic Marketing Concept</b>:
is an integrated perspective that is based on the development, design,
and implementation of marketing programs, processes, and activities that
recognizes their breadth and interdependencies. It contains four
components that include relationship marketing, integrated marketing,
internal marketing, and social responsibility marketing.<br />
<br />
<i>Relationship Marketing</i>:
It aims at building mutually satisfying long-term relationships with
key parties that includes customers, suppliers, distributors and other
marketing partners in order to earn and retain their business.<br />
<br />
<i>Integrated Marketing</i>:
the marketer’s task is to design marketing activities and integrated
marketing programs to create, communicate and deliver value for
consumers.<br />
<br />
<i>Internal Marketing</i>: It ensures that
everyone in the organization holds appropriate marketing principles. The
main task of internal marketing is hiring, training and motivating able
employees who want to serve customers well.<br />
<br />
<i>Social Responsibility Marketing </i>Concepts
holds that the organization’s task is to determine the needs, wants,
and interests of target markets and to deliver the desired satisfactions
more effectively and efficiently than competitors in a way that
preserve or enhances the consumer’s and society’s well-being.<br />
<br />
<br />
<br />
<b>MARKETING TASKS: (OR) TASKS OF MARKETING </b><br />
<br />
<b>Developing Marketing Plan and Strategies</b>:
The first step is to identify the potential long run opportunities and
core competencies of the company, and to devise marketing plans and
strategy and can move forwards.<br />
<br />
<b>Capturing Marketing Insights</b>:
Every company needs reliable marketing information to understand what
is happening inside and outside the company.(marketing environment). MIS
also includes marketing research, an important tool, which assess buyer
wants and behaviour, actual and potential market size.<br />
<br />
<b>Connecting With Customers</b>:
Marketing management must also consider how to best create value for
its chosen target customers and develop, strong profitable, long run
relationship with customers.<br />
<br />
<b>Building Strong Brands</b>:
Every company must understand the strength and weakness of the brands
with customers. Companies must initiate new product development based on
their product positioning that helps build strong brands. At the same
time they must think about life cycle stages and competition and other
activities.<br />
<br />
<b>Shape Market offerings</b>: Firms offers
variety of products to cater the needs of customers. And product is the
heart for any marketing program that includes product quality, design,
features, packaging and also provides support services which gives
competitive advantage over the competition. Pricing is the one of the
critical decision, and it must based on their product perceived value.<br />
<br />
<b>Delivering Value</b>:
Every company must properly deliver value embodied in products through
careful identification and selection of channel intermediaries who
performs channel activities. It must also understand the various types
of middleman like retailers, wholesalers and physical distribution firms
and how they make decisions.<br />
<br />
<b>Communicating Value</b>:
Firms need to communicate the value in products/services. Marketing
communication are the means by which firms attempt to inform, persuade
and remind customers directly or indirectly about the products or
brands. One can opt for mass communication or personal communication
channels or integrated communication.<br />
<br />
<b>Creating Long-term Profits</b>:
Another important task of marketing is to have long-term view of its
products and profitability. Companies must continuously search for
changing global opportunities and develop new products to meet the
changing needs of consumers.<br />
<br />
<br />
<br />
<b>MARKETING ENVIRONMENT</b><br />
<br />
A
company’s marketing environment consists of the factors and forces
outside marketing that affect the marketing management ability to
develop and maintain successful transactions with its target
customers(Kotler &amp; Armstrong ). </div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
<br />
Marketing Environment is composed of a micro environment and <b>macroenvironment</b>. The Microenvironment consists of the following factors close to the company that affect its ability to serve its customers.<br />
<br />
1) The company<br />
2) Suppliers<br />
3) Marketing intermediaries<br />
4) Customer<br />
5) Competitors<br />
6) Publics<br />
<br />
<br />
<b>Company</b>:
Marketing mangers while formulating the marketing program and plans
must consider other groups such top management, R&amp;D, production
and purchasing and accounting and think about consumers and work in
harmony<br />
<br />
<b>Suppliers</b>: Suppliers are very important
in value delivering system who provides resources for the company to
achieve its goals. Any change in the suppliers environment such as price
change, labour strike, supply shortage can impact marketing operations
seriously.<br />
<br />
<b>Marketing intermediaries</b>: Marketing
intermediaries are the firms engaged in selling and distributing the
goods/services to end users. These include middlemen, physical
distribution firms, marketing service agencies, and financial
intermediaries. Middlemen include retailers, wholesales, dealers, and
agents<br />
<br />
<b>Customers:</b> The organization must know
customers needs and wants, what they require and their characteristics.
Customers may come from consumer market, business, resellers, and
government markets.<br />
<br />
<b>Competitors</b>: Marketing must
try to gain strategic advantage over its competitors through proper
positioning of their offer in the consumer minds. While designing and
implementing marketing strategies, one has to track the competitors
activities and strategies.<br />
<br />
<b>Publics</b>: The company’s marketing environment includes various groups such financial, media government, citizen, and general public.<br />
<br />
<b>Macroenvironment</b>:<br />
<br />
Economic
environment: Marketer requires to study the buying power of people.
Changes in income and spending pattern would influence marketing
environment. So marketer has to study income levels and distribution.<br />
<br />
<b>Political Factor</b>:
Most of marketing decisions are strongly affected by development in the
political environment. This environment includes government agencies
and other pressure groups that influence organizations.<br />
<br />
<b>Cultural Factors</b>:
The cultural environment is made of up institutions and other forces
that affect society’s basic values, perceptions, preferences and
behavior. Marketer must focus on the cultural shifts.<br />
<br />
<b>Technological factors</b>:
The major impact on the society is the technological advancement and
changes in product that effect on consumers. Technology will be advanced
further and consumer demands better and sophisticated product and
services. These factors effect the company and consumers.<br />
<br />
<b>Deomographic Environment</b>:
Demography means the study of human population in terms of age, sex,
occupation, income and other statistics. Any change in demographic
environment would impact business organizations. So, marketing manager
has to identify the changes in these factors that would affect
businesses.<br />
<br />
<br />
<b>Why the study of marketing environment is important for a marketer?<br /></b>The
task environment includes the immediate actors involved in producing,
distributing and promoting the offering. The main actors are the
company, suppliers, distributors, dealers and target customers. Includes
in the supplier group are – material suppliers and service suppliers
such as marketing research agencies, advertising agencies, banking and
insurance companies, transportation and telecommunication companies.
Included with distributors and dealers are agents, brokers and others
who facilitate finding and selling to customers.<br />
<br />
The
broad environment consists of six components: demographic environment,
economic environment, natural environment, technological environment,
political-legal environment and social-cultural environment. these
environments contain forces that can have major impact on the actors in
the task environment.<br />
<br />
The major responsibility for
identifying significant market place changes falls to the company’s
marketers. More than any other group in the company, they must be the
trend trackers and opportunity sectors.<br />
<br />
Marketers are
keenly interested in the size and growth rate of population in cities,
regions and nations; age distribution etc. Exposure population growth
has major implications for business. A growing population does not mean
growing markets unless these markets have sufficient power nonetheless
the companies that carefully analyse their markets and find major
opportunities.<br />
<br />
National populations vary in their age
mix. At one extreme is Mexico a country with a very young population and
rapid population growth. At the other extreme is Japan, a country with
one of the world’s oldest populations. Milk diapers, school supplies and
toys would be important products in Mexico. Japan’s population would
consume many more adult products. A population can be sub divided into
six age groups – pre-school, school-age children, teens, young, adults
age 25 to 40, middle-aged adults aged 40 to 65 and older adults aged 65
and up. For marketers, the most populous age groups shape up the
marketing environment.<br />
<br />
Marketing require purchasing
power as well as people. The available purchasing power in an economic
depends on current income, prices, saving, debt and credit availability.
Marketers must pay close attention to major trends in income and
consumer-spending patterns because they can have a strong impact on
business especially for companies whose products are geared to high
income price-sensitive consumers.<br />
<br />
The deterioration of
the natural environment is a major global concern. Steel companies and
public utilities have hard to invest billions of dollars in
pollution-control equipment and more environmentally friendly fuels
marketers need to be aware of the threats and opportunities associated
with four trends in the natural environment, the storage of raw
materials especially the water, the increased cost of energy, increased
pollution levels and the changing rate of the governments.</div>
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<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div align="justify" class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; text-align: justify;">
<b><span style="font-size: 130%;">GLOBAL MARKETING </span></b></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
A
Global Firm is one that, in operating in more than one country,
captures R&amp;D, production, logistical, marketing and financial
advantages in its costs and reputation that are not available to purely
domestic competitors. Global firms plan, operate and coordinate their
activities on a world wide basis.<br />
<br />
Each national market
has unique features that must be grasped. A global firm has to take into
account economic, political – legal and cultural factors of target
country while planning its expansion programmes.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
<b><span style="color: #990000;">Economic Environment:</span></b><br /><br />Three characteristics reflect a country’s attractiveness as an export market.</div>
<div align="justify" style="font-family: "Trebuchet MS",sans-serif;">
<br />
<ol type="1"><br />
<li class="MsoNormal">Size of country’s population: Large countries are more attractive to exporters than small markets.</li>
<br />
<li class="MsoNormal">Country’s industrial structures, four types of industrial structures can be distinguished: -</li>
<ul type="circle"><br />
<li class="MsoNormal"><b>Subsistence Economics: -</b>
In Subsistence economics the vast majority of people engage in simple
agriculture. They consume most of their output and barter the rest for
simple goods and services. They offer few opportunities for exporters.</li>
<br />
<li class="MsoNormal"><b>Raw Material Exporting Economics:</b>
- These economics are rich in one or more natural recourses but poor in
other respects. Much of their revenue comes from exporting these
resources Examples are Chile (tin and copper); Zaire (rubber). These
countries are good markets for extracting equipment, tools and supplies,
materials handling equipment and trucks. Depending on the number of
foreign residents and wealthy native rulers and landlords, they are also
a market for western – style commodities and luxury goods.</li>
<br />
<li class="MsoNormal"><b>Industrializing Economies:</b>
- In an industrializing economy, manufacturing begins to account for
between 10 and 20 percent of the country’s grogs national product.
Examples include India, Egypt etc. As manufacturing increases, the
country relies more on imports of textile raw materials, steel and heavy
machinery and less on imports of finished textiles, papers products and
automobiles. The industrialization creates a new rich class and small
but growing middle class, both demanding new types of goods, some of
which can be satisfied only by imports.</li>
<br />
<li class="MsoNormal"><b>Industrial Economies</b>:
- Industrial economies are major exporters of manufactured goods and
investment founds. They trade manufactured goods among themselves and
also export them to other type of economies in exchange of raw materials
and semi-finished goods. The large and varied manufacturing activities
of these industrial nations and their sizable middle class make them
rich markets for all sorts of goods.</li>
</ul>
</ol>
</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-left: 0.5in;">
Economic
characteristics of the country: characters like income distribution.
Income distribution is related to a country’s industrial structure but
is also offered by the political system.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 12pt;">
<b><span style="color: #990000;">Political – Legal Environment </span></b><br /><br />A company should consider four factors in deciding whether to do business in a particular country.</div>
<ol style="font-family: "Trebuchet MS",sans-serif;" type="1"><br />
<li class="MsoNormal"><b>Attitude towards International Buying:</b>
- Some nations are very receptive, indeed encouraging to foreign firms
and others are very protectionist. For example, Mexico for a number of
years has been attracting foreign investment by offering investment
incentives, while India in the post required the exporter to cope with
import quotes, blocked currencies and so on.</li>
<br />
<li class="MsoNormal"><b>Political Stability: </b>-
Government in some countries changes hands, sometimes quite violently.
And with changes in government foreign trade policies also change. The
foreign company’s property might be expropriated, or its currency
holdings might be blocked. In such conditions international marketers
might prefer export marketing to direct foreign investment. They will
convert their currency rapidly. As a result, the people in the host
country pay higher prices, have fewer jobs and get less satisfactory
products.</li>
<br />
<li class="MsoNormal"><b>Monetary Regulation: </b>-
Sellers want to realize profits in a currency of value to them. Foreign
firms want payments in hand currency with profit repatriation rights,
but that may not be available in many markets.</li>
<br />
<li class="MsoNormal"><b>Government Bureaucracy:</b>
- A fourth factor is the extent to which the host government runs an
efficient system for assisting foreign companies: quick licensing
procedures, efficient custom handling adequate market information and
other factors conductive to doing business.</li>
</ol>
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<b><span style="color: #990000;">Cultural Environment: -</span></b>
Each nation has its own values, customs and taboos. Foreign business
people, if they are to be effective, must drop their ethnocentrism and
try to understand the culture and business practices of their hosts, who
often out on different concepts of time, space and etiquette. The way
foreign consumers perceive and use certain products must be checked out
by the seller before planning the marketing programme.</div>
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<b>Short Notes:</b></div>
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<br /></div>
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<b>Marketing Strategy:</b><br /><br />Marketing strategy combines <a href="http://www.businessdictionary.com/definition/product-development.html">product development</a>, <a href="http://www.businessdictionary.com/definition/promotion.html">promotion</a>, <a href="http://www.businessdictionary.com/definition/distribution.html">distribution</a>, and <a href="http://www.businessdictionary.com/definition/pricing.html">pricing</a> approach, identifies the <a href="http://www.investorwords.com/1967/firm.html">firm's</a> <a href="http://www.businessdictionary.com/definition/marketing.html">marketing</a> <a href="http://www.businessdictionary.com/definition/goal.html">goals</a>, and explains how they will be achieved within a stated timeframe. Marketing <a href="http://www.investorwords.com/4775/strategy.html">strategy</a> determines the <a href="http://www.businessdictionary.com/definition/choice.html">choice</a> of <a href="http://www.businessdictionary.com/definition/target-market.html">target market</a> <a href="http://www.businessdictionary.com/definition/segment.html">segment</a>, <a href="http://www.businessdictionary.com/definition/positioning.html">positioning</a>, <a href="http://www.businessdictionary.com/definition/marketing-mix.html">marketing mix</a>, and <a href="http://www.businessdictionary.com/definition/allocation-of-resources.html">allocation of resources</a>. It is usually a part of company’s corporate plan.<br /><br /><b>Marketing Program:</b><br /><br />Once
marketing plan is completed and is being implemented, it is referred to
as marketing program, a term that holds all the activities associated
with implementation and control of the individual elements of the
marketing mix.<br /><br /><b>Marketing Myopia:</b></div>
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Short
sightedness and inward looking approach to marketing that focuses on
the needs of the firm instead of defining its products in terms of the
customers' needs and wants. Such firms fail to adjust to the changes in
the market and will disappear later.</div>
</div>
RANGANADH EMMADIhttp://www.blogger.com/profile/07877551511090128618noreply@blogger.com0