Mkt630 GDB No. 1 Fall 2011 solution

Discussion Objective:

To understand distinct marketing approaches which are used for the same product in its different stages of product life cycle and to realize the difference in these approaches.

Point of discussion:

Assume that a group of business editorial writers related to leading newspapers of Pakistan are discussing the current business practices in Pakistan. You are there as a third party observer of this discussion and have to closely observe what they are talking. The description of discussion is as following. One of them initiated the discussion by saying that in the recent past it has been observed in the IT equipments market of Pakistan that used IT equipment are being imported and traded in local market at a massive level. The major IT equipments being traded are personal computers (both the desktop systems and laptops), printers, monitors, key boards and mouse pointers. Then he put forth a question that what can be the possible reason behind importing these used equipments? Are most of these products faulty and out of order and so these are firstly repaired and then sold in Pakistan or there is any other reason. Another question was raised that if these products are still usable then why the foreign countries sell these to Pakistan? One editor came up with the point that might be these products are exported to Pakistan because these products were at the last stage of their product lives and were declared outdated in the foreign countries. You have now been welcomed by them to bring your own flavor in discussion and to bring the discussion to a conclusive level as they are not clear about the whole happening.

Discussion Agenda:

You have to give your opinion by responding to the questions raised and opinions given by them.

Solution:

Small scale surveys and focus groups are low cost ways to gather information from potential and existing customers. Also most of the secondary data (statistics, demographics, etc.) is available easily to the SMEs to analyze according to their needs.

MKT 501 quiz 2

Question # 1 of 15 ( Start time: 03:59:52 PM)

Total Marks: 1

Decisions regarding covering area of a product are included in which of the following marketing strategy of a market plan?

Select correct option:

Distribution

Promotion

Pricing

Product

Question # 2 of 15 ( Start time: 04:02:10 PM)

Total Marks: 1

A firm is developing a new product and has placed the advertisement of the product. The firm is at which stage of the new product development process?

Select correct option:

Commercialization

Concept development

Beta testing

Business Analysis

Question # 3 of 15 ( Start time: 04:03:10 PM)

Total Marks: 1

Tight cost control is associated with which of the following strategy?

Select correct option:

Market segmentation strategy

Market dominance strategy

Differentiation strategy

Cost leadership strategy

Question # 4 of 15 ( Start time: 04:03:51 PM)

Total Marks: 1

Which of the following 4Ps of marketing mix involves decisions regarding channels coverage, assortments, locations, inventories or transports?

Select correct option:

Product

Price

Place

Promotion

Question # 5 of 15 ( Start time: 04:05:18 PM)

Total Marks: 1

Which of the following are called value maximizers?

Select correct option:

Sellers

Customers

Marketers

Manufacturers

Quiz Start Time: 03:59 PM

Question # 6 of 15 ( Start time: 04:06:24 PM)

Total Marks: 1

Sales decline in the decline stage of the PLC because of technological advances, increased competition, and ___.

Select correct option:

Shifts in unemployment

Shifts in the economy

Shifts in consumer tastes and preferences

Foreign imports

Question # 7 of 15 ( Start time: 04:07:05 PM)

Total Marks: 1

Which of the following are products and services bought by final consumers for personal consumption? These include convenience products, shopping products, specialty products, and unsought products.

Select correct option:

Material and parts

Consumer products

Industrial products

Capital items

Question # 8 of 15 ( Start time: 04:07:36 PM)

Which of the following is NOT a technique of measuring customer satisfaction and monitoring customer’s complaint?

Select correct option:

Customer complaints database

Exit interviews

Web and telephone information hotlines

Business Analysis

Question # 9 of 15 ( Start time: 04:08:07 PM)

Total Marks: 1

During which stage of new product development does the firm consider profitability?

Select correct option:

Idea generation

Business analysis

Market testing

Product development

Question # 10 of 15 ( Start time: 04:08:42 PM) Total Marks: 1

Which of the following markets involve buying and selling of goods for their utility and enabling them to make or re-sell a product to others?

Select correct option:

Consumer markets

Business markets

Global markets

Government markets

Quiz Start Time: 03:59 PM

Question # 11 of 15 ( Start time: 04:09:43 PM)

Total Marks: 1

Which of the following is TRUE about marketing concept?

Select correct option:

The customer is always right

Business is about making money

Sell, sell, and sell

Keep prices low

Quiz Start Time: 03:59 PM

Question # 12 of 15 ( Start time: 04:11:11 PM)

Total Marks: 1

Which of the following BEST describes the consumer’s preference for products that are widely available to them?

Select correct option:

Production concept

Marketing concept

Selling concept

Product concept

Quiz Start Time: 03:59 PM

Question # 13 of 15 ( Start time: 04:11:54 PM)

Total Marks: 1

Which of the following emphasizes on profit margins rather than revenue?

Select correct option:

Market leader

Market challenger

Market nicher

Market follower

Quiz Start Time: 03:59 PM

Question # 14 of 15 ( Start time: 04:12:44 PM)

Total Marks: 1

Among the various elements, the brand name, belongs to which of the following?

Select correct option:

Core product

Actual product

Augmented product

Specialty product

Quiz Start Time: 03:59 PM

Question # 15 of 15 ( Start time: 04:13:18 PM)

Total Marks: 1

Market –oriented firms focus on:

Select correct option:

Retailers

Distributors

Customers

Wholesalers

MKT630 Assignment Solution

1. What kind of difficulties would the Vermont Teddy Bear meet if it were to

Internationalize its business?

The difficulties that can be faced by the company to go in international market is

1. Size

2. Financial resources,

3. The nature and power of the competition,

4. The nature of the product or service itself

5. The timing of the move relative to competitors should be considered.

The company’s major area of expertise is logistic and operations so in order to penetrate in the foreign market company must understand the difficulties and they challenges they have to face in the international market first of all they have to see if the size of geographical area they going to expand. How are they going to cover this area how the market segmentation will take place in order to be efficient? Then the financial resources required to carry out such kind of operations how they are going to arrange the finances either collaboration with other companies or the sole investment will take place. Loans, equity providing firms are also one of the options. Now as they were not be the only company in that region there must be competition which will prevail in the market. They have to see if the market and competition is strong enough or the weak what will be their deficiencies and what are their strengths and how they are going to compete with existing companies. Also they have to analyze the power of their product if it is generally acceptable in that market or they have trends for these kinds of things. If it is not socially appreciated or adopted then that market will be totally useless they must have trend for the services the company is providing. Last but not the least they have to see if their competitor is not thinking the same think as of them. They have to consider the idea will be the unique and they will be the one who are going to introduce it in the market so they can get a good response. Because if they are not the one to introduce it then their competitor will get the benefits which they have to reap and ultimately become the competitor.

2. How should the company penetrate the foreign markets? Justify your selection.

1. by internet?

2. by physical stores?

3. by a combination of two?

4. by other means?

The answer to this question is kind of a difficult one but according to knowledge we have the following strategy will be best to adopt. First the company has to go by

Indirect Approach:

In indirect approach they have a wide range of selection how they have to do the following

Piggybacking:

Piggybacking is the procedure in which one company uses the other already established company which is already offering services in that area and has all the resources and contacts. And by using their already established resources they can introduce their own products. E.g. small courier companies like OCS uses big companies like TNT, FedEx for their international parcel services also sometimes have arrangements with local courier companies of native countries to deliver the parcels and products.

So by this method they can get to the international market. And by the passage of time when they have enough response from the market then they can go towards

Direct Approach:

In Direct Approach they first use internet then they can make their own stores in the region.

First they advertise properly with the indirect approach i.e.; piggybacking so people got to know that who is the real company and which company is providing the services only. When they get the enough response from market and through internet ads they get the recognition, they must go towards physical stores so people can be diverted to what they must have to be in the end. By adopting this strategy the company can satisfy all the requirements and achieve the goals for which they worked so far.

Mkt501 Online Quiz No. 5 Announcement

Quiz 04

Dated: Jan 25, 11

On-Line Quiz (No.04) Announcement Quiz will cover video lecture no. 01 to 38

Schedule

Opening Date and Time: January 27, 2011 At 12:01 AM (Mid-Night)

Closing Date and Time: January 28, 2011 At 11:59 PM (Mid-Night)

24 hours extra time is not available

MKT630 Quiz 04 Announced

ONLINE QUIZ NO. 4 ANNOUNCEMENT

Quiz will Cover Video Lecture No. 1 to 34

Schedule
Opening Date and Time:	18-01-2011 At 12:00 AM (Mid Night)
Closing Date and Time:	19-01-2011 At 11:59 PM (Mid-Night)

Note that 24 Hours Extra Time is Not Available

Mkt501 GDB Solution

GDB # 02

Dated: Jan 14, 11

Semester FALL 2010

Marketing Management (MKT501)

This is to inform that Graded Discussion Board (GDB) will be opened according to the following schedule.

Opening Date and Time: January 18,2011 At 12:00AM (Mid-Night)

Closing Date and Time: January 20, 2011 At 11:59 PM (Mid-Night)

Packeging/Labeling

How packaging can be made attractive to attract customers and beat the competitive products?

...............

SOLUTIONS:

Solution-1

Attractive packaging attracts the customers, beats the competitive products and increases successful sales. There are a variety of

ways to make packaging more appealing including appearance

(prettier), environmentally friendly, child-proof, and usability (can be reused for some other purpose). Decisions then must be made on specific elements of the package, such as size, shape, materials, color, text, and brand mark.

.............................
Solution-2

According to the publication "Private Label Buyer," studies show that packaging of products can increase customer satisfaction, increase visibility and set one product apart from its competition. In essence, packaging plays a pivotal role in the branding process of the product, attracting customers and providing customers what they're looking for when they take the product home.

...................
Solution-3

Product packaging plays a pivotal role in attracting customers. Package labels serve as forms of marketing and advertising. Packages communicate information to consumers which influence the decision-making process. The importance of packaging is magnified when the product is distributed to resellers. Packages have five functions: inform, contain, transport, display and protect. Most products require some form of packaging. Packaging can involve the design of a box or wrapper that contains a product.

..................
Solution-4

How packaging can be made attractive to attract customers and beat the competitive products?

One of the most critical roles for packaging is promoting products. In recent years, consumer advocates have argued that packages should contain more information on nutrition, unit costs, and contents. The labels on packages are important components of the overall marketing mix and can support advertising claims, establish brand identity, enhance name recognition, and optimize shelf space allocations. Most commercial packaging serves two basic functions: protecting the product from damage during shipping, and promoting the product to the ultimate consumer. Thus, packaging became a vital means of differentiating items and informing inundated consumers. Package design became a marketing science. Today, good package design is regarded as an essential part of successful business practice. Since many potential customers first notice a new product after it has arrived on the shelves of a store, it is vital that the packaging provide consumers with the information they need and motivate them to make a purchase. In addition, increasing number of consumers expect packaging to be recyclable and environmentally sensitive. In-store criteria require that packaging attract attention on the shelf, instill confidence in the buyer, identify the product or brand and differentiate it from the competition, communicate benefits and uses, and entice customers to actually purchase the item. Packaging must be designed in a way that will appeal to buyers. The four principal merchandising requirement areas are: apparent size, attention drawing power, impression of quality, and brand-name readability. Attention drawing power refers to the aesthetics and obtrusiveness of the package design. Depending on the product and the goals of the marketers, the package may be made to appear attractive, exciting, pure, soft, sexy, scary, intriguing, or to evoke some other emotion.

...............
Solution-5

Vibrant design and interesting packaging shapes can help a product stand out from others on the shelf. Packaging also provides companies with an opportunity to communicate directly with customers and let them know that the company truly understands them. The type of packaging and design used for new products can help attract attention, convey a brand message and express the brand personality.

Packaging can be made attractive through,
Choosing suitable colours
Convenient package sizes those are easy to carry
By using right and safe packaging material
By attractive package designs
By Safety labeling

And your product can beat competitive products because of packaging by,

Attracting the attention of customers
Better packaging then the competitor
Better packaging can also be a competitive advantage for your product
Packaging can be used to advertise your brand

..............
Solution-6

How packaging can be made attractive to attract customers and beat the competitive products? 2 Marks

Solution:-

1- Packaging can be made attractive to attract customers in the following ways:
2- It should provide a convenient way to handle and transport the product.
3- Package can be used to promote and provide information about the product.
4- Labeling is very important.
5- Distinctive Brand name.
6- Packaging should include advice on using the product.

Mkt501 Assignment No. 2 solution

Semester “FALL 2010”

“Marketing Management (MKT 501)”

Assignment No. 02 Marks: 15

“Case Study”

Zeeshan was born in a milk man’s home 20 years ago. He has three brothers and two sisters living in a typical middle class house. His father has 15 milking units (Buffalos & Cows) which provide living for him and his medium size family. Zeeshan fortunately won a contract of milk supply to a multinational company 5 years ago when used to buy milk at the rate of Rs. 30 Per litre at a normal profit for Zeeshan’s father. Supplying milk to multinational company is a certain business but it provides no growth opportunity.

Zeeshan completed his studies MBA from VU Pakistan in 2009. Instead of going for a job, Zeeshan preferred to join his father’s business soon after the completion of studies. After joining business, Zeeshan very quickly learnt the mechanics of business. His understanding of the supply chain enlightened him that only those could grow in the current competitive world who serves the final market with a strong brand. Zeeshan also learnt that multinational company, whom they were supplying milk, sold one litre of milk at Rs. 60 per litre after packaging and processing the milk.

His limited research shows that middle class families are not satisfied from the price and quality of unbranded milk due to different seasons. Being motivated for growth based on all his findings, Zeeshan decided to reshape his current business into a fresh branded milk business which could supply milk to middle income households in nearby towns. To be on the safe side Zeeshan cut 50% milk supply to multinational company with a plan to abandon it if his new idea works.

Required:

Zeeshan needs your help in following areas:

Question # 01: Suggest a suitable pricing strategy for Zeeshan’s business.

Question # 02: How can Zeeshan position and differentiate his brand in the minds of customers?

Important Tips

1. This Assignment can be best attempted from the knowledge acquired after watching video lecture no. 1 to lecture no 31 and reading handouts as well as recommended text book).

2. Video lectures can be downloaded for free from Online VU Lectures.

Schedule

Opening Date and Time January 10, 2011 At 12:01 A.M. (Mid-Night)

Due Date and Time January 13, 2011 At 11:59 P.M. (Mid-Night)
........................
For Question#1

1. Penetration pricing: Here, the company charges a low price initially in order to create a large sales volume and achieve the maximum and quickest penetration of the market. The intention of charging a low price initially is to expand the market and keep it exclusive and unattractive to competitors. The aim is to build up the largest sales volume possible and thus maximize the economic benefit of large scale production. The price is eventually raised when the product had become well known and accepted and potential competition has disappeared.

A penetration price is most suitable if:
(i) The product is new and low introductory price will lead to huge sales and a quick recouping of the initial investment
(ii) Sales are sensitive to price even in the early stages of introduction
(iii) A large market exists and high sales volume will create economies of large scale production
(iv) The product can easily be imitated by competitors and thus faces a powerful imminent competition immediately it is introduced. With a low price; potential competitors may disregard the product and the economic opportunity it offers and so may be discouraged from entering the market.


Question#2 Helping Materials...

Product Positioning To-Do List:
1. Conduct a market segmentation.
2. Define your target market.
3. Identify the product attributes.
4. Data collection from the target market (customers and potential customers) on the identified product attributes.
5. Determine the product’s share of heart and mind (of the total potential mindshare). Being ‘first’ in the market usually is a significant benefit in mindshare.
6. Place your product in the right ‘space’ (e.g. luxury market; economy market; high value, low volume; health; snack; etc.)
7. If position is a graph, determine what your product’s ideal position on that graph might be (e.g. nutritious, high cost snack).
8. Determine what you need to do to reach that position in the minds of your market.

More Material for Question#2

Product Positioning and Differentiation

Does your positioning strategy focus on, and align with, your product differentiation strategy? Is your product or service unique, better, economical, profitable (for the market), or does it have other distinctive criteria that will differentiate it from the many other products and services available?

These points of differentiation must be important and valued by your customers (for example, being marketed as an economical product in a luxury goods market would be a significant positioning mistake).
When introducing new products, your new product plan needs to be focused on differentiation and positioning strategies and tactics.

Positioning your product needs to be focused on delivering a valued and distinctive product to a specific market and delivering in a way that customers accept (that's the hearts and minds part of the equation). Good product positioning will make it easy for your intended customers to define why they want to buy the product (they will see the unique benefits).

Small businesses typically do not have large marketing budgets. But no matter what kind of budget you have, you need to focus on getting product positioning right (it will pay for itself).
Conduct marketing research (you can use free online surveys) on your product. How do your customers view your product? How do they view your organization? Ask your customers to describe what they think of when they think of your brand and/or your business’ name (it’s a good idea to do this in a way that allows anonymity to encourage honest feedback).
Customers have an image of your brand as either a positive or a negative, based on their experience, their perception of your brand and their understanding of your product benefits.
That positive or negative image will determine whether or not they buy your product and how much they will pay for it (how much value they attribute to it). So make sure you carefully focus on your pricing strategy as an important part of your positioning.

Focus your efforts on positioning or ultimately you will need to re-position your product (changing and/or improving your product’s identity or brand). Re-positioning is very hard to do successfully. Work on the relationship between product differentiation and product positioning. Overcome the ‘noise’ in the marketplace and be recognized for having a unique product.

MKT610 Assignment No. 2

Assignment No. 2 Marks:20

Customer Relationship Management MKT610

Airblue Limited

is a private airline with its head office on the 12th floor of the Islamabad Stock Exchange (ISE) Towers in Islamabad, Pakistan It is Pakistan's second largest airline with over 30% share of the domestic market. Airblue operates scheduled flights operating 30 daily services linking four domestic destinations and international services to Dubai, Abu Dhabi, Sharjah, Muscat and Manchester. It carried 1.4 million passengers on domestic flights in the 2006–07 fiscal years. Its main base is Jinnah International Airport, Karachi.

On 28 July, 2010,

Airblue Flight 202, an Airbus A321-231, crashed in Islamabad, the capital of Pakistan, killing all 146 passengers and 6 crew members. The airliner was flying from Jinnah International Airport, Karachi, to Benazir Bhutto International Airport Initial reports suggested. that the flight crew lost contact with air traffic controllers whilst attempting to land in dense fog and heavy monsoon rain; however eyewitnesses claim there was only a light drizzle at the time and no fog. The crash is the deadliest air accident to occur in Pakistan to date. (Source Wikipedia)

Being Customer Services Manager, Critically analyze the above situation.

Question 1:

In this dwindling situation, you have three big issues to communicate immediately ;

• To reposition your company’s repute

• To compensate passenger’s families

• To give the reasons of plain crash

What do you suggest in order to communicate with media, passenger’s family members and general public, which Public Relation tool would be preferred by you? Justify your answer-10 marks

Question 2:

You are announcing 20 million rupees per passenger as compensation to their families; prepare a single page press release for this purpose – 10 marks

MKT624 Assignment 02 Announced

Semester “Fall 2010”
“Brand Management (MKT624)” This is to inform that next Assignment (covering video lecture no. 1 to lecture no 27) will be uploaded on VULMS according to the following schedule
Schedule
Opening Date and Time	December 31, 2010 At 12:01 A.M. (Mid-Night)
Closing Date and Time	January 04 , 2010 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.