IGNOU BCOE 141 Free Solved Assignment 2022

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BCOE 141

PRINCIPLES OF MARKETING

Programme: BAG/2021/2022

Course Code: BCOE 141

Max. Marks: 100

BCOE 141 Free Solved Assignment

Section – A

Q-1 What is marketing? Explain the different marketing concepts. (10)

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company. The Marketing Concept. This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. IGNOU BCOE 141 Free Solved Assignment 2022 It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

Distinctions between the Sales Concept and the Marketing Concept:

· The Sales Concept focuses on the needs of the seller. The Marketing Concept focuses on the needs of the buyer.

· The Sales Concept is preoccupied with the seller’s need to convert his/her product into cash. The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs).

· The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.

· The Marketing Concept has evolved into a fifth and more refined company orientation: The Societal Marketing Concept. This concept is more theoretical and will undoubtedly influence future forms of marketing and selling approaches.

The Societal Marketing Concept. This concept 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 (this is the original Marketing Concept). IGNOU BCOE 141 Free Solved Assignment 2022 Additionally, it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being. This orientation arose as some questioned whether the Marketing Concept is an appropriate philosophy in an age of environmental deterioration, resource shortages, explosive population growth, world hunger and poverty, and neglected social services.

The Production Concept. This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution. They assume that consumers are primarily interested in product availability and low prices. IGNOU BCOE 141 Free Solved Assignment 2022 This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features.

The Selling Concept. This is another common business orientation. It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. This concept assumes that consumers typically sho9w buyi8ng inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice the selling concept when they have overcapacity. IGNOU BCOE 141 Free Solved Assignment 2022 Their aim is to sell what they make rather than make what the market wants

Q-2 What do you mean by consumer buying behavior? Explain the factors influencing consumer buying behavior. (10)

Consumer Buying Behavior refers to the actions taken (both on and offline) by consumers before buying a product or service. This process may include consulting search engines, engaging with social media posts, or a variety of other actions. It is valuable for businesses to understand this process because it helps businesses better tailor their marketing initiatives to the marketing efforts that have successfully influenced consumers to buy in the past.

Factors Influencing Consumer Behavior · Psychological Factors · Social Factors · Cultural Factors · Personal Factors · Economic Factors

Consumer behavior is influenced by many different factors. A marketer should try to understand the factors that influence consumer behavior. IGNOU BCOE 141 Free Solved Assignment 2022 Here are 5 major factors that influence consumer behavior:

1. Psychological Factors Human psychology is a major determinant of consumer behavior. These factors are difficult to measure but are powerful enough to influence a buying decision.

i. Motivation When a person is motivated enough, it influences the buying behaviour of the person. A person has many needs such as the social needs, basic needs, security needs, esteem needs and self-actualization needs. IGNOU BCOE 141 Free Solved Assignment 2022 Out of all these needs, the basic needs and security needs take a position above all other needs. Hence basic needs and security needs have the power to motivate a consumer to buy products and services.

ii. Perception Consumer perception is a major factor that influences consumer behavior. Customer perception is a process where a customer collects information about a product and interprets the information to make a meaningful image about a particular product. When a customer sees advertisements, promotions, customer reviews, social media feedback, etc. relating to a product, they develop an impression about the product. IGNOU BCOE 141 Free Solved Assignment 2022 Hence consumer perception becomes a great influence on the buying decision of consumers.

iii. Learning When a person buys a product, he/she gets to learn something more about the product. Learning comes over a period of time through experience. A consumer’s learning depends on skills and knowledge.

While a skill can be gained through practice, knowledge can be acquired only through experience. Learning can be either conditional or cognitive. In conditional learning the consumer is exposed to a situation repeatedly, thereby making a consumer to develop a response towards it. Whereas in cognitive learning, the consumer will apply his knowledge and skills to find satisfaction and a solution from the product that he buys.

iv. Attitudes and Beliefs Consumers have certain attitude and beliefs which influence the buying decisions of a consumer. Based on this attitude, the consumer behaves in a particular way towards a product. IGNOU BCOE 141 Free Solved Assignment 2022 This attitude plays a significant role in defining the brand image of a product. Hence, the marketers try hard to understand the attitude of a consumer to design their marketing campaigns.

2. Social Factors Humans are social beings and they live around many people who influence their buying behavior. Human try to imitate other humans and also wish to be socially accepted in the society. Hence their buying behavior is influenced by other people around them. IGNOU BCOE 141 Free Solved Assignment 2022 These factors are considered as social factors. Some of the social factors are:

i. Family Family plays a significant role in shaping the buying behavior of a person. A person develops preferences from his childhood by watching family buy products and continues to buy the same products even when they grow up.

ii. Reference Groups

Reference group is a group of people with whom a person associates himself. Generally, all the people in the reference group have common buying behavior and influence each other.

Q-3 What do you understand by channel of distribution? Discuss the functions of channel of distribution. (10)

A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer. Distribution channels can include wholesalers, retailers, distributors, and even the internet. A distribution channel is a path by which all goods and services must travel to arrive at the intended consumer. IGNOU BCOE 141 Free Solved Assignment 2022 Conversely, it also describes the pathway payments make from the end consumer to the original vendor. BCOE 141 Free Solved Assignment 2022 Distribution channels can be short or long, and depend on the number of intermediaries required to deliver a product or service.

Functions of Distribution Channels

In order to understand the importance of distribution channels, businesses need to understand that it doesn’t just bridge the gap between the producer of a product and its user. Distribution channels provide time, place, and ownership utility. They make the product available when, where, and in which quantities the customer wants. BCOE 141 Free Solved Assignment 2022 But other than these transactional functions, marketing channels are also responsible to carry out the following functions: Logistics and Physical Distribution: Marketing channels are responsible for assembly, storage, sorting, and transportation of goods from manufacturers to customers.

Facilitation: Channels of distribution even provide pre-sale and postpurchase services like financing, maintenance, information dissemination and channel coordination. Creating Efficiencies: This is done in two ways: bulk breaking and creating assortments. Wholesalers and retailers purchase large quantities of goods from manufacturers but break the bulk by selling few at a time to many other channels or customers. BCOE 141 Free Solved Assignment 2022 They also offer different types of products at a single place which is a huge benefit to customers as they don’t have to visit different retailers for different products.

Sharing Risks: Since most of the channels buy the products beforehand, they also share the risk with the manufacturers and do everything possible to sell it. Marketing: Distribution channels are also called marketing channels because they are among the core touch points where many marketing strategies are executed. They are in direct contact with the end customers and help the manufacturers in propagating the brand message and product benefits and other benefits to the customers.

Q-4 What is augmented and virtual reality? State its advantages and limitations. (10)

In virtual reality (VR), the users' perception of reality is completely based on virtual information. In augmented reality (AR) the user is provided with additional computer generated information within the data collected from real life that enhances their perception of reality.

For example, in architecture, VR can be used to create a walk-through simulation of the inside of a new building; and AR can be used to show a building's structures and systems super-imposed on a real-life view. Another example is through the use of utility applications. IGNOU BCOE 141 Free Solved Assignment 2022 Some AR applications, such as Augment, enable users to apply digital objects into real environments, allowing businesses to use augmented reality devices as a way to preview their products in the real worldSimilarly, it can also be used to demo what products may look like in an environment for customers, as demonstrated by companies such as Mountain Equipment Co-op or Lowe's who use augmented reality to allow customers to preview what their products might look like at home through the use of 3D models.

Augmented reality (AR) differs from virtual reality (VR) in the sense that in AR part of the surrounding environment is 'real' and just adding layers of virtual objects to the real environment. On the other hand, in VR the surrounding environment is completely virtual and computer generated. A demonstration of how AR layers objects onto the real world can be seen with augmented reality games. IGNOU BCOE 141 Free Solved Assignment 2022 WallaMe is an augmented reality game application that allows users to hide messages in real environments, utilizing geolocation technology in order to enable users to hide messages wherever they may wish in the world.

Such applications have many uses in the world, including in activism and artistic expression.

Advantages of Augmented Reality (AR)

· Here are the pros/benefits of Augmented Reality:

· Offers individualized learning

· Fostering the learning process

· Wide variety of fields

· Offers innovation and continuous improvement

· Increase accuracy

· Augmented reality can be used to increase user knowledge and information.

· People can share experiences over long distances.

· Helps developers to build games that offer “real” experience to the user.

Advantages of Virtual Reality (VR)

· Here are the pros/benefits of Virtual Reality:

· Immersive learning

· Create an interactive environment

· Increase work capabilities

· Offer convenience

· One of the most important advantages of VR is that it helps you to create a realistic world so that the user can explore the world.

· Virtual reality in the education field makes education more easy and comfortable.

· Virtual reality allows users to experiment with an artificial environment.

Q-5 What do you mean by advertising? Explain the various media of advertising and compare their advantages and limitations. (10)

Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.

Description: Advertising is always present, though people may not be aware of it. In today's world, advertising uses every possible media to get its message through. IGNOU BCOE 141 Free Solved Assignment 2022 It does this via television, print (newspapers, magazines, journals etc), radio, press, internet, direct selling, hoardings, mailers, contests, sponsorships, posters, clothes, events, colours, sounds, visuals and even people (endorsements).

1. Press Advertising or Print Media: Press advertising i.e., advertising through newspapers, magazines, journals, etc. is commonly used by modern businessmen. It may be noted that advertising is an important source of finance for the press or print media. Because of advertisements, the subscribers get newspapers and periodicals at subsidised rates.

(a) Newspaper Advertising:

Newspaper reading is a common habit among the educated people. Besides daily newspapers, there are bi-weekly and weekly newspapers also. Newspapers reach almost every place and are read by all kinds of people. Therefore, newspaper can be used as a medium of advertisement with great advantage. While selecting a newspaper for this purpose, an advertiser has to take into consideration the strength of circulation, the class of readers it serves, the geographical region over which it is popular and the cost of space.

The limitations of newspaper advertising are as follows:

(i) The life of a newspaper advertisement is very short. Moreover, people devote only an insignificant part of their days’ time in reading the newspaper. Thus, advertisements are likely to draw the reader’s attention only casually.

(ii) Newspaper advertisement is successful only when the people to be communicated are educated

(iii) Newspaper cannot be used for high class coloured advertisements. The advertisements are generally printed in black and white. Because of this, they may fail to help the customer identifying the products at the point of purchase.

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(b) Magazine Advertising:

Magazines or periodicals are an excellent medium of advertisement when a high quality of printing and colour is desired in an advertisement. Magazine advertisements can be directed towards a particular class of people and thus they avoid wasteful expenditure on advertising. Many specialised magazines or journals are published which can be used for transmitting the message to the specific class of customers.

Magazine advertising has the following limitations:

(i) Advertising through magazines is very costly.

(ii) The circulation of magazines is very small as compared to the newspapers.

(iii) Magazine advertisements are to be prepared and sent for publication well in advance. It is not possible to make the last minute change in the advertisement copy.

2. Radio Advertising:

Radio advertisements have gained great popularity these days. Advertisements are broadcast from the transmitting stations of the commercial service of All India Radio and picked up by the receiving sets owned by the public. Radio advertisements or commercials are normally broadcast along with popular programmes of music. Even the sponsored programmes of interviews and plays can also be broadcast over the radio.

Section – B

Q.6 What do you mean by market segmentation? Explain the basis of market segmentation. (6)

At its core, market segmentation is the practice of dividing your target market into approachable groups. IGNOU BCOE 141 Free Solved Assignment 2022 Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioural criteria used to better understand the target audience. By understanding your market segments, you can leverage this targeting in product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments like men vs. women or high income vs. low income.

The basics of segmentation

Understanding segmentation starts with learning about the various ways you can segment your market. There are four primary categories of segmentation, illustrated below. As product markets tend to mature, customer needs often become more specialized. IGNOU BCOE 141 Free Solved Assignment 2022 Depending on the level of competition in the product market, segmentation is the natural response of marketers to deal with the situation in market. Market segmentation has become a norm today.

Market segmentation is based on the assumption that all the potential customers are not identical and that the firm should address their needs with appropriate product Land other marketing strategies or else should concentrate on only one single segment and tailor the strategy accordingly. Market segmentation simply means dividing up a market into distinct groups that-(i) have common needs, and (ii) will respond similarly to a marketing action.

1. Demographic Segmentation:

Demographics are the statistical description of population characteristics in terms of age, gender, income, education, family size and so on. People differ for their demographic characteristics and marketers’ use of these variables as segmentation basis is based on the premise that people with different characteristics have different needs and in the case of a product these differences may lead to behavioural differences as well. IGNOU BCOE 141 Free Solved Assignment 2022 Marketers need to focus more on some specific demographic groups and not all, as mentioned already the group should be distinct for its behaviours. Companies develop products and services to meet the needs of individual demographic segments and also tailor their messages to those specific groups.

2. Geographic Segmentation:

Depending on their area of location, consumers are often found to have differences in their consumption behaviour. Marketers divide the markets into different geographical units at national, regional. State, local or neighbourhood level. These locations differ for their spread as well as for the extent and types of differences and the level of complexity. The message and media strategies, therefore, differ for each of the location. Small firms targeting a local area employ local media as against national marketers who develop specific advertising and marketing programmes for specific regions of the country. BCOE 141 Free Solved Assignment 2022 The multinational firm operating in different nations requires greater adaptations to suit the differences in culture and language.

Q.7 Explain the process of new product development

The new product development process is a systematic guide for all budding businesses and entrepreneurs that will help them come up with a customer-oriented, high-quality product that has the best chance of doing well in the highly competitive markets. In an attempt to explain new product development process, many market experts believe that there exist 6 or 7 stages of new product development process. This number however can vary based on how detailed the process is from one example to another. To know more about these stages and find out what are the 8 steps of new product development process, read on. It is important to understand that there is no one generic product development process and that each rendition of such a process will vary depending on the depth and detail that each explanation covers. This article explains

8 stages of the product development process and these are listed below.

Idea Generation: The first stage in the product development process is idea generation. In this stage, the company comes up with many different and unique ideas based on both internal and external sources. Internal idea sources more often than not refer to the in-house research and development teams of the company and external sources refer to competitor innovations, the customer wants, distributors and suppliers, and so on. The company thereby focuses on coming up with as many feasible ideas as possible.

Concept Development and Testing: The third of the product development process steps is concept development and testing. In this stage, the good product ideas must be developed into detailed product concepts that are conveyed in consumer-oriented terms. The concept must be made in order to project the product in terms of how it is perceived by consumers and how it will potentially be received in the market and by which set of potential customers. IGNOU BCOE 141 Free Solved Assignment 2022 This concept must then be tested by presenting it to the target consumers and their response must be taken into account.

Development of Marketing Strategy: The new product development process in marketing is covered in stage four. In this step, the company tries to come up with strategies to introduce a promising product into the market. The company must therefore come up with the price, potential revenue figures as well as advertising and distributing channels in this step.

Business Analysis: The product concept is put through a vigorous business analysis or test in order to ascertain projected sales and revenue and also assess risk and whether the production of the product is financially feasible. The company’s objectives are considered and if these are satisfied, the product is moved on to the next step.

Product Development: This is the step that comes after the management of a company declares a product concept to be in line with the goals of the company and issues green light for development. The research and development wing of the company then works on the product concept for many months and even years in some cases, to come up with a working and functional prototype of the product concept.

Test Marketing: This is the penultimate stage of the new product development process and involves the testing of the product and its suggested marketing program in realistic market settings. IGNOU BCOE 141 Free Solved Assignment 2022 This stage provides an insight into how the product will be introduced into the market, advertised, produced, packaged, distributed, and eventually sold to the customers, and therefore any optimizations if required can be made by the company.

Commercialization: The final step of the product development process is that of commercialization. Based on the information gathered during the test marketing process, the business management may either decide to go ahead with the launch of the product or put it on the backburner. In case the go-ahead is given, the product is finally introduced into the market and this process is called commercialization. This stage often leads to massive costs in terms of initial infrastructural investments as well as sales promotions and advertisements.

Q.8 What are the factors affecting promotion mix. (6)

Main factors influencing promotion mix has been briefly discussed as under:

1. Type of Product:

Type of product plays an important role in deciding on promotion mix. Product can be categorized in terms of branded products, non-branded products, necessity products, luxury products, new products, etc. All these types of products need different promotional tools. For example, advertising is suitable for the branded and popular products. Personal selling may be fit for non-branded products. Advertising, personal selling sales promotion and publicity – all four tools – are used for a newly launched product to get a rapid consumer acceptance.

2. Use of Product:

Product may be industrial product, consumable and necessity product, or may be luxurious product that affects selection of promotion tools and media. For example, advertising and sales promotion techniques are widely used for consumer goods while personal selling is used for industrial goods.

3. Complexity of Product:

Product complexity affects selection of promotional tools. Personal selling is more effective for complex, technical, risky, and newly developed products as they need personal explanation and observation. On the other end, advertising is more suitable for simple and easyhandled products.

4. Purchase Quantity and Frequency:

Company should also consider purchase frequency and purchase quantity while deciding on promotion mix. Generally, for frequently purchase product, advertising is used, and for infrequently purchase product, personal selling and sales promotion are preferred. Personal selling and advertising are used for heavy users and light users respectively.

5. Fund Available for Market Promotion:

Financial capacity of company is a vital factor affecting promotion mix. Advertising through television, radio, newspapers and magazines is too costly to bear by financially poor companies while personal selling and sales promotion are comparatively cheaper tools. Even, the company may opt for publicity by highlighting certain commercially significant events.

Q.9 What is product life cycle? Discuss briefly. (6)

The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages— introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging. IGNOU BCOE 141 Free Solved Assignment 2022 The process of strategizing ways to continuously support and maintain a product is called product life cycle management. Products, like people, have life cycles. A product begins with an idea, and within the confines of modern business, it isn't likely to go further until it undergoes research and development (R&D) and is found to be feasible and potentially profitable. At that point, the product is produced, marketed, and rolled out.

Q.10 What do you understand by marketing environment? Explain the types of marketing environment. (6)

A marketing environment encompasses all the internal and external factors that drive and influence an organization's marketing activities. Marketing managers must stay aware of the marketing environment to maintain success and tackle any threats or opportunities that may affect their work.

A marketing environment is vast and diverse, consisting of controllable and uncontrollable factors. A good grasp of your marketing environment helps to: Identify opportunities: Understanding your marketing environment helps you notice and take advantage of market opportunities before losing your edge. For example, say your marketing team sees an uptick in digital buying over in-shop sales. You may decide to allocate more resources to your online marketing funnel to drive more sales. Identify threats: Studying your marketing environment alerts you to potential threats which may affect your marketing activities. IGNOU BCOE 141 Free Solved Assignment 2022 For example, a market leader could diversify their product portfolio to compete with your organization. Foreknowledge of this can help you restrategize your marketing efforts to maintain and grow your market share. Manage changes: Paying attention to the marketing environment also helps manage changes and maintain growth in a dynamic economy. Marketing managers can forecast and determine timely marketing campaign strategies by monitoring their marketing environment.

Section – C

Q.11 Write short notes on the following:

(a) Cash discount

Cash discounts refer to an incentive that a seller offers to a buyer in return for paying a bill before the scheduled due date. In a cash discount, the seller will usually reduce the amount that the buyer owes by either a small percentage or a set dollar amount. Cash discounts are deductions allowed by some sellers of goods, or by some providers of services, to motivate customers to pay their bills within a specified time. Cash discounts also are called early payment discounts. The sellers and providers offering a cash discount will refer to it as a sales discount, and the buyer will refer to the same discount as a purchase discount.

(b) Branding                     

Branding is the process of giving a meaning to specific organization, company, products or services by creating and shaping a brand in consumers’ minds. It is a strategy designed by organizations to help people to quickly identify and experience their brand, and give them a reason to choose their products over the competition’s, by clarifying what this particular brand is and is not.

Q.12 Distinguish between the following:

a) Skimming and penetration pricing

Differences Between Penetration Pricing and Skimming Pricing

· The difference between penetration and skimming pricing are presented hereunder:

· Penetration Pricing can be described as a pricing method adopted by the firm to attract more and more customers, in which the product is offered at low price at the early stage. Conversely, skimming pricing is used to mean a pricing technique, in which high price is charged at the beginning to earn maximum profit.

· Penetration pricing aims at achieving a greater market share, by offering the product at low prices. As against the object of using skimming pricing strategy is to earn maximum profit from the customers, by offering the product at the highest price.

· Penetration pricing strategy is put into practice when the demand for the product is relatively elastic. On the other hand, skimming pricing is used when the demand for the product is inelastic.

· In case of penetration pricing, the profit margin is low, whereas, in skimming pricing, the profit margin is very high.

· As the price of the product is initially low in penetration pricing, huge quantities of product is sold by the firm. As against, due to high price of the product customer demand small quantity of the product, in case of skimming pricing.

(b) Product and services

Differences Between Services and Products

· Products are tangible – they are physical in nature such that they can be touched, smelled, felt and even seen. Services are intangible and they can only be felt not seen.

· Need vs. Relationship– a product is specifically designed to satisfy the needs and wants of the customers and can be carried away. However, with a service, satisfaction is obtained but nothing is carried away. Essentially, marketing of a service is primarily concerned with creation of customer relationship.

· Perishability- services cannot be stored for later use or sale since they can only be used during that particular time when they are offered. On the other hand, it can be seen that products are perishable. For example, fresh farm and other food products are perishable and these can also be stored for later use or sale.

· Quantity- products can be numerically quantified and they come in different forms, shapes and sizes. However, services cannot be numerically quantified. Whilst you can choose different service providers, the concept remains the same.

· Inseparability- services cannot be separated from their providers since they can be consumed at the same time they are offered. On the other hand, a product can be separated from the owner once the purchase has been completed.

· Quality- quality of products can be compared since these are physical features that can be held. However, it may be difficult to compare the quality of the services rendered by different service providers

· Returnability- it is easier to return a product to the seller if the customer is not satisfied about it. In turn, the customer will get a replacement of the returned product. IGNOU BCOE 141 Free Solved Assignment 2022 However, a service cannot be returned to the service provider since it is something that is intangible.

· Value perspective- the value of a service is offered by the service provider while the value of the product is derived from using it by the customer. Value of a service cannot be separated from the provider while the value of a product can be taken or created by the final user of the product offered on the market.

· Shelf line- a service has a shorter shelf line compared to a product. A product can be sold at a later date if it fails to sell on a given period. This is different with regard to a service that has a short shelve line and should be sold earlier.

 

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