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Marketing Management April 2022 Examination Q1. The concept of reserving an Ola Scooter by paying ₹499 means that customer will be first in line to purchase it when the company announces its deliveries. The company also gives an option to cancel and get a refund anytime. Based on the statement, plan an appropriate Segmentation, Targeting for Ola Scooter considering the profile of the Indian consumer. Answer 1. Marketing strategists are familiar with the STP model. It is one of the maximum widely used marketing models, and lots of marketing executives reward it for its ability to streamline and expedite communications. That specializes in commercial efficacy through segmentation and product positioning; STP marketing builds a company's advertising mix around these most treasured segments. There are increasingly more possibilities for segmenting and focus as Martech advances. They need to take a step return and make sure they are making the most of every opportunity they ought to connect to and engage clients, whether or not they're getting commenced with STP or are a skilled consumer. As a device for establishing marketing communications strategies, the STP model aids in prioritizing messages and delivering messages which can be tailor-made to their meant audience's pastimes and wishes. The three-step funnel contains market segmentation, market concentration, and product positioning. A crucial first step is segmentation. It does this using identifying and classifying clients based on their shared wishes. There are customers: those who care about price and those who do not. Those inside the rate-aware class have a smaller budget to work with. Step entails identifying and focusing on a specific organization of clients, known as "focused on." depending on the segment's attraction, groups will decide this. To be attractive, an organization needs to be giant sufficient to carry its goal market, profitable enough to compete, and adequately positioned to
meet the needs of its target clients. Step three is to parent out the way to position the company to attract the customers you've got diagnosed. Before purchasing, customers study a product's worth through design, distribution, and advertising. Customers concerned about their budgets might also admire the value that a vehicle manufacturer can provide by emphasizing the car's fuel performance and dependability. Geographical, demographic, psychographic, behavioral, and benefit-searching for factors are the maximum generally used methods for dividing the marketplace. Purchaser psychographics encompasses their way of life, pastimes, political views, and different quirks. Clients' shopping habits, such as how often they make purchases and how often they use the product, are motivated by their behavior. In contrast, the benefits they were searching for, inclusive of the ease of use, low price, and perceived social standing, are determined via their values. Figuring out patron conduct is a complex but critical assignment for groups engaged in marketplace segmentation. To correctly count on future purchases, corporations want to recognize what customers have purchased in the past. Because of this, groups can goal the suitable clients. Customers' shopping habits emphasize the "what" those organizations inquire about. Relative importance, frequency, and monetary value are all approaches to categorize statistics that might interest corporations. Using these three metrics, you can see how regularly customers purchase at the store, the
Q2. After PUBG Mobile reentered the Indian market in the form of Battlegrounds Mobile India, ByteDance may be attempting something similar with TikTok. ByteDance has applied for a new trademark having ‘TickTock’ as the wordmark with the Ministry of Commerce & Industry. Suggest a suitable promotion mix for ‘TickTock’ Answer 2. It is called "tick-to-tick marketing" because it involves promoting a company, product, or service through the TickTock app. Influencer marketing, TickTock advertising, and the advent of organically viral content material are just a few examples of the many techniques that can be hired. Positive mega-stars can have a full-size impact on an agency's boom, along with Charli D'Amelio, Addison Rae, and Zach King. To discover rising stars or influencers in a selected area, they don't always require a well-known celebrity as an advertising ally. Within the case of a small cosmetics company located in Vancouver, the hashtag #vancouvermakeup might be used to find local influencers like Sarah McNabb. Marketing TickTock in an identical way as advertising Instagram or FB could be a mistake. The TickTock business mastering center is an excellent region for them to brush up on their knowledge of all matters TickTock. Promising a company's products and services includes the usage of a spread of marketing tactics, and the term "promoting mix" refers to the mixture of those techniques. Growing attention and encouraging clients to make an initial buy are the primary dreams of promoting; the very last of the marketing mixes four pillars. The period "promotion mix" refers to a group of gear utilized by a business to sell. Marketing, private selling, income promoting, public members of the family and direct advertises all cross into the promoting mix. For a nicely-balanced campaign, the subsequent questions need to be replied to by the marketer. Advertising: 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. Non- personal presentation and advertising of goods and services through the said sponsor in alternate for a charge is advertising. The marketer uses advertising to establish a pull approach. The client
is forced to at the least supply the product a try. Customers can be shown all the services or products' details and its attractive graphics to trap them into creating a purchase. Products and services are being promoted without bringing up every person by name. When it comes to constructing brand consciousness, advertising is essential for marketers. Advertisers use an expansion of mediums to get their messages in the front of a large target market, including email, websites, banner commercials, tv, and radio. Potential customers speak at once to an income expert in this one-on-one putting. Selling items and services immediately impact people's decisions to do so. Promoting your business in this manner permits the sales consultant to target the most straightforward clients who're most in all likelihood to buy your products. To counterbalance this, its miles the most high-priced approach of promoting because groups ought to pay for the time spent by a worker. Non-public selling: This is a more excellent traditional type of marketing, in which the salesperson goes out in their way to fulfill with the patron in person. While an organization consultant meets with a customer's head to head, the aim is to persuade them to shop for the firm's products or services. Sales Promotion: A sales promotion is a marketing strategy in which a business uses a temporary campaign or offer to increase interest or demand in its product or service. There are many reasons why a business may choose to use a sales promotion (or 'promo'), but the primary reason is to boost sales. To boost income for a restricted time, groups use sales promotions to provide incentives to clients. Fairs and the stop of the season are good times to introduce new sales advertising ideas to the market. Sales promoting programs encompass reductions, coupons, rebates, freebies, and more. Short-time period income is prioritized thru sales promotions that focus on both modern-day and capability customers. With the usage of public family members, businesses aim to set up a solid and engaging brand image through distributing newsworthy tales approximately their activities to the media. Public family members: To broaden a positive brand picture inside the marketplace, marketers build relationships with the general public. To get the help of as many people as possible, organizations interact in the diffusion of public relations efforts. Exposure is a kind of public
a. What Line extension strategies would you suggest to counter the competition? Justify your answer. b. Suggest an appropriate promotion mix for Britannia Marie Gold. Answer 3a. Line extension is when the parent brand is used to brand a new product that targets a new market segment within a product category currently served by the parent brand. A line extension often involves a different flavor or ingredient variety, a different form or size, or a different application for the brand. As firms market one or more new products in an established market and well- known brand name as a multi-product branding strategy. The objective is to take advantage of the accepted and recognized brand name of the original brand and satisfy different customer needs and market segments. An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline. Extension strategies include rebranding, price discounting and seeking new markets. An approach to developing new gadgets for existing customers or potentialities who do now not buy from them at the moment is called a product line extension method (PLE). Adding new functions to a current product rather than developing a whole new product is what extending a product line is ready. Analyze your current items and evaluate them to those of your competition to discover new product lines. Your competitors might also offer an extra first-rate preference for sizes, more significant functions, or product variations toward different market segments. Adding capabilities that your competition provides may help you deal with potentialities that you cannot currently supply with existing objects. Additionally, you may be able to amplify your marketplace percentage by selling your products at a lower charge than the opposition. A product line extension strategy ensures that you can adapt to your client's changing requirements. They may require smaller or larger packaging sizes. Relying on their unique operational necessities, they may require products with various stages of excellent performance. Technological advancements can also assist you in offering the same product but with better outcomes.
Discover if your current product line fulfills the desires of your clients and look for methods to enlarge your product line by asking your salespeople or contacting them at once. Adding new products to your line can assist your enterprise wreck into new markets. Groups within the engineering zone, for example, may broaden their product services through inclusive of capabilities tailored to particular industries, consisting of the car or aerospace ones. Moreover, a product line extension method can assist a corporation in establishing itself as an expert provider to every market area. Client retention is essential for a business's long-term sales improvement and profitability. Increased sales and lower advertising prices are two advantages of increasing an established service or product line. Customers and capability customers will instantly understand your new items' brand values if you use the equal packaging designs, logos, and marketing topics you now use on your current products. A successful brand might use the brand extension as an advertising approach to introduce new gadgets underneath the umbrella of that brand. Even though professionals have described brand extensions differently, these ideas seem equal. Brand extension is defined as launching new or changed items under a current brand name in a new category. Differentiation in marketing means creating specialized products that gain a competitive advantage with a particular segment of the market. In either case, differentiation makes a product or service more desirable to the target market. Answer 3b. Its portfolio of brands includes Tiger, Good Day, Marie Gold, and 50:50. It became the first company in the East to use imported gas ovens, and as a business, flourished and began to acquire its reputation for quality and value. Their main products include bread, biscuits, cakes, rusk, and dairy products. They have continued to release a steady flow of products over the years, for example, fruit bread, or the dairy product Half/Half. 90% of their revenue, however, comes from biscuit manufacturing. The majority of Britannia's efforts have been dedicated to
on the product itself, with awareness of flavor and nutritional advantages. Britannia's marketing strategy needs to evolve to preserve pace with the present country of the market.
