Marketing Management I - End Semester Exam
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Questions and Answers

Which of the following best describes consultative selling?

  • Focusing solely on closing the sale quickly.
  • Understanding customer needs to provide tailored solutions. (correct)
  • Using aggressive tactics to push products.
  • Selling a product without any customer interaction.

The marketing information system is only beneficial for large companies.

False (B)

What is one key advantage of blue ocean strategy in marketing?

It creates new market space and reduces competition.

Maslow's hierarchy of needs is used to strategize product __________.

<p>positioning</p> Signup and view all the answers

Match the marketing concepts with their descriptions:

<p>Market Segmentation = Dividing a market into distinct groups of buyers Brand Positioning = Creating a unique image in the consumer's mind Consultative Selling = Engaging with customers to identify their needs Marketing Mix = The combination of product, price, place, and promotion</p> Signup and view all the answers

Which of the following is NOT a base for market segmentation?

<p>Random (D)</p> Signup and view all the answers

How can a brand differentiate itself in a cluttered marketplace?

<p>By developing a unique value proposition and strong brand identity.</p> Signup and view all the answers

The marketing mix includes only product and price elements.

<p>False (B)</p> Signup and view all the answers

Flashcards

Marketing Mix and Orientations

The marketing mix (product, price, place, promotion) is interconnected with marketing orientations (e.g., production, product, sales, marketing).

Consultative Selling vs. Traditional Selling

Consultative selling focuses on understanding customer needs and providing solutions, while traditional selling emphasizes product features. Consultative selling leads to stronger competitive advantage and superior customer relationships.

Brand Positioning in a Cluttered Market

Companies need to differentiate their brand by targeting a specific niche or highlighting unique features/benefits to stand out in crowded marketplaces.

Marketing Information System (MIS)

A MIS is a systematic approach to gathering, analyzing and distributing information to aid strategic decision-making in marketing. It helps you understand your market.

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Maslow's Hierarchy and Positioning

Maslow's hierarchy of needs (basic needs, safety, belonging, esteem, self-actualization) guides strategy in determining marketing positioning to address customers' priorities.

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Market Segmentation

Dividing a broad target market into smaller, more manageable groups with shared characteristics, like demographics, psychographics, or behavioral patterns.

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Market Research Plan

A detailed plan for collecting and analyzing data to understand market needs, customer preferences, and competitive landscape to drive informed decisions.

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Product Portfolio

The entire range of products and services that a company offers.

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Study Notes

Examination: End Semester - Marketing Management I

  • Course: Marketing Management I
  • Maximum Marks: 100
  • Semester: 1
  • Academic Year: 2023-2024
  • Version: S-2
  • Duration: 3 hours

Instructions

  • All questions are compulsory
  • Marks for each question are indicated against the question

Learning Outcomes

  • Q1: Strategize competitive orientations, identifying the best alternative.
  • Q2a: Develop pitch reports and negotiate with clients.
  • Q2b: Strategize for blue ocean and red ocean.
  • Q3: Understand and grasp delivered concepts.
  • Q4: Strategize positioning with Maslow's hierarchy.
  • Q5: Connect segmentation with suitable examples.
  • Q6: Define problems and outline opportunities.
  • Q7: Analyze and formulate product portfolios.
  • Q8: Apply old ideas and concepts to create new ones.

Part A (40 Marks)

  • Q1: Explain the relationship between marketing mix and marketing orientations, justifying the validity with an example. (15 marks)
  • Q2a: Discuss the effectiveness of consultative selling compared to traditional selling, justify the statement with respect to competitive advantage. (10 marks)
  • Q2b: Analyze how a brand (Brand X, a hard-watch brand) can survive in a highly competitive market by repositioning itself from one marketplace to another. (5 marks)
  • Q3: Describe the nature of a marketing information system and its strategic role, illustrating with examples. (10 marks)

Part B (30 Marks)

  • Q4: Justify positioning levels based on Maslow's hierarchy with a given business scenario (GBS). (10 marks)
  • Q5: Explain different market segmentation bases with suitable examples. (10 marks)
  • Q6: Outline a market research plan for a home appliance company aiming for a market-driven approach. (10 marks)

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Related Documents

Marketing Management 1 Past Paper 2023-2024 - PDF

Description

Test your knowledge with this End Semester Examination for Marketing Management I. Covering key concepts such as competitive strategies, client negotiations, and product portfolio analysis, this quiz is designed to assess your understanding of the course material. Prepare for a challenging 3-hour examination that will evaluate your grasp of marketing principles.

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