IIBM – Marketing Management Answer sheet

I.“Image building” objectives are common in _____  type of market structure. (1)

1. a) Competition
2. b) Oligopoly
3. c) Monopoly
4. d) Monopsony

1. The concept of marketing mix was developed by______ (1)
2. a) N.H Borden
3. b) Philip Katter
4. c) Stanton
5. d) W.Anderson

III. Marketing mix consists of ___ (1)

1. a) Production recognition
2. b) Price structure
3. c) Distribution planning
4. d) All of these

1. The concept of marketing mix involves a deliberate and careful choice of organization, product, price promotion,  place strategies, and___ (1)
2. a) Policies
3. b) Concept
4. c) Planning
5. d) All of these

1. The operating cost for the new system is added to the implementation cost and is then divided by gains by improvements in productivity is called
2. a) Economic Value Added
3. b) Analysis Of Benefits
4. c) Return On Investment
5. d) Return On Public Offering

1. The pricing strategy used to set prices of products that must be used with the main product is called (1)
2. a) Optional Product Pricing
3. b) Product Line Pricing
4. c) Competitive Pricing
5. d) Captive Product Pricing e

VII. A New product pricing strategy through  which companies set lower prices to  gain large market share is classified as

1. Optional Product Pricing
2. Skimming Pricing
3. Penetration Pricing
4. Captive Product Pricing

VIII. A company marketing mix that targets market segments very  broadly is called

1. Mass Marketing
2. Segmented Marketing
3. Niche Marketing
4. Micromarketing

1. What does the term PLC stand for?
2. a) Product life cycle
3. b) Production life cycle
4. c) Product long cycle
5. d) Production long cycle

1. Which of the following is not a characteristic of the “Market Introduction Stage” in PLC? (1)
2. a) Demands have to be created
3. b) Costs are low
4. c) Makes no money at this stage
5. d) Slow sales volume to start
6. e) There is little or no competition

 Part Two:

1. Name and define the four Ps of the marketing mix. (5)
2. Definition of \’Pricing Strategies\’? (5)
3. What is the role of a Marketing Plan? (5)
4. Describe the difference in Push and pull distribution strategies. (5)

Case let 1

Because of its imaginative marketing, excellent new products, and fine service to customers, the Westside Business Computers and Equipment Company grew to be a leader in its field, with sales over Rs. 100 crores annually, high-profit margins, and continually rising stock prices. It became one of the favorites of investors, who enjoyed its fast growth rate and high profits. But the president of the company, Mr. Desai, soon realized that the organizational structure, which had served the company so well, no longer fit the company’s needs. For years the company had been organized along functional lines, with vice presidents in charge of production, purchasing, finance, marketing, personnel, engineering, and research and development. In its growth, the company expanded its product lines beyond business computers to include photocopying machines, projectors, and motion-picture cameras. As time passed on, concern arose that its organization structure did not provide for-profit responsibility below the office of the president, did not appear to fit the far-flung nature of the business now being conducted in many foreign countries, and seemed to emphasize the \”walls\”  impeding effective coordination between the functional departments of marketing, production,  and engineering. There seemed to be too many decisions that could not be made at any level lower than the president\’s office. As a result, Mr.Desai decentralized the company into fifteen independent domestic and foreign divisions, each with complete profit responsibility. However, after this reorganization was in effect, he began to feel that the divisions were not adequately controlled. There developed considerable duplication in purchasing and personnel functions, each division manager ran his or her operations without regard to company policies and strategies, and it became apparent to the president that the company was disintegrating into several independent parts. Having seen several large companies get into trouble when a division suffered large losses, Mr.Desai concluded that he had gone too far with decentralization. As a result, he withdrew some of the authority delegations to the division managers and required them to get top corporate management approval on such important matters as (1) any capital expenditures over Rs.5,00,000 (2) the introduction of any new products, (3) marketing and pricing strategies and policies, (4) plant expansion, and (5) changes in personnel policies. The division general managers were understandably unhappy when they saw some of their independence taken away from them. They openly complained that the company was not very sure about the organizational structure that it wanted to follow. The president, worried about his position, calls you in as a consultant to advise him on what to do.

Questions

1. Do you agree that what Mr. Desai did to regulate control was correct?
2. What would you have done under these circumstances?

Caselet2

Mr. Sachin, the Sales manager of the Blue Ridge Furniture Company, had just completed a two-week trip auditing customer accounts and prospective accounts in the southern states. His primary intention was to do follow-up work on prospective accounts contacted by sales staff members during the past six months. Prospective clients were usually furniture dealers or large department stores with furniture departments.  To his amazement, Mr. Sachin discovered that almost all the so-called prospective accounts were fictitious. The people had turned in falsely documented field reports and expense statements. Company salespeople had called upon 3 of 22 reported furniture stores or department stores. Thus. Mr. Sachin summarized that salespeople had falsely claimed approximately 85 percent of the goodwill contacts. Further study showed that all salespeople had followed this general practice and that no one had a clean record. M r. Sachin decided that immediate action was mandatory although the salespeople were experienced senior individuals. Angry as he was, he would have preferred, firing them. But he was responsible for sales and realized that replacing the staff would seriously cripple the sales program for the coming year.

Questions

1. As Mr. Sachin, what would you do now to resolve the problem of the false reports? (10)
2. What could Mr. Sachin have done to prevent this problem?

Section C: Applied Theory (30 marks)

1. What is the marketing mix in marketing management? What are the seven (7) elements of marketing? (15)
2. What are the goals or objectives of marketing? (15)

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