1. Explain what is marketing, discuss its purpose. What is the responsibilities
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1. Explain what is marketing, discuss its purpose. What is the responsibilities of the marketing manager? 2. Define an organization's business mission, vision, and goals 3. What is an Offering Portfolio? Explain the key elements. 4. Explain the difference between Brand and Brand Equity, give examples. 5. Describe the practice and framework of integrated marketing communications 6. Identify and explain the factors that determine price. 7. Define the concept of strategic control 8. Identify and explain the reasons organizations chose to market their offerings outside their home countryExplanation / Answer
Given the time constraint, I will only be able to answer some of the questions
1. What is marketing, purpose of marketing and responsibilties of the marketing manager?
Marketing is a process in which a product/service is conceptualised, customized, promoted and sold to customer. The main purpose of marketing is to get the customer excited, introduce the product/service and build a long term rapport with the customers. The main responsibilites of the product are:
1. develop/ monitor creation of marketing and promotional content for the organization
2. Build a strong and positive brand image of the product/service
3. Engage with the client, establish relations and build long-term customers for the organization
4. Promote organization through different channels
2. Define an organization's business mission, vision and goals
Mission: A mission statement reflects the DNA of an organization, the main purpose for which the organization is formed, and what it wants to do.
Vision: The vision defines the short term and medium term goals of the organization, the strategy it wants to follow, where does it see itself in the next few years.
Goals: Goals are short term targets of business, which can help it to grow and prosper.
3. What is an offering portfolio? Explain its key elements.
Offering portfolio refers to a group of product and services offered by the organization. Key elements of an offering portfolio would be:
a. Establishing the right mix: A product portfolio should have all the products and services in the right combination/ weightage. Only those products should be offered which are relevant to the organization's vision and mission
b. Defined purpose of the portfolio: The organization should be clear as to why it chooses to offer the given products/services in its portfolio. It should have a clear strategy on how to offer these products
c. Balanced risk and return: The protfolio should be such that it has a combination of both well established and new product/service offering. The total risk and return in the portfolio should be balanced. It is always recommended to analyze all the possible options that should be in the portfolio
d. Defined execution strategy: The main element of the portfolio is to define an execution strategy for the portfolio. How do you plan to market these products? What are the channels you choose to market from? What is the kind of human resources you will need to execute such a portfolio?
4. Explain the difference between brand and brand equity , give examples
Brand is a name/ design given to a product/service to create a unique value of the product. Brand is what helps the firm differentiate its offerings from its competitors.
Brand equity is the value assigned by the customer to a brand base on his/her perceptions/ experience. It is the premium that the customer is willing to pay for the brand.
For example, Nike is a brand for which customers are willing to pay a premium against normal shoes. This premium is brand equity. Burberry has created a high-end brand image of itself which helps fetch its cloths a premium from customers.
6. Factors that determine price:
- Cost of the product- The cost at which the product can be manufactured, promoted will add up to the price of the product. The price of the product will include a certain margin above the cost.
- Business strategy of the organization- whether it wants to establish itself as a premium brand or an affordable brand
- Target customers- the age group, income level of customers, the location are some factors that affect the price of the brand. For example, walmart targets middle income and lower income group of customers.
- Competitor's price and strategy: The price of competitor's product will also affect the price of the product offered by the organization. For example, FMCG products like toothpaste, soaps, chips, chocolates etc operate under a monopolistic pricing model, where no single can control the price.
-Current stage of the product lifecycle- If the product is in its initial phase, the firm might have to offer lower prices to build a consumer base. Eventually, it can increase the prices, once the product is in growth/maturity phase and is well known in the market.
External factors like government/ legal regulations: Price of certain products, particularly necessities are controlled by the government to ensure adequate supply for the welfare of its citizens.
7. Strategic control refers to process of controlling the implementation and monitoring of the strategic plans of the organization. It involves measuring and correcting deviations in the execution process. It involves continuous evaluation and improvement of the organization's strategy.
8. The reason why organizations choose to market outside their home country is :
a. Saturated home market: The market for the product in home country may have reached a maturity level where not too many new customers can be added.
b. Potential opportunities in other countries: If the opportunities for additional revenue and profit are high in countries outside the home country it is a good idea for organization to expand. Nestle is a good example of a global company which draws the largest share of its revenues outside of its home country
c. Favourable legal environment/ trade relations: Sometimes the trade relations/ legal and political environment is favourable in foreign countries and it could be a good time to entr these markets.
d. Higher margins in foreign countries: The firm might be restricted to price its offerings in the home country beyond a certain limit due to price administration policy of the home government. However, it could enjoy higher margins from foreign countries
e. use its competitive advantage: In case a country has a strng competitive advange for certain products/ services, it could utilise this for marketing its products abroad. China has been a pioneer in electronic goods and has a strong competitve advantage of low product costs. hence, it enjoys a strong global market for its products and services.
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