Psychological Influences & Marketing Management Process

This document provides solutions to marketing questions covering a wide range of topics, including the marketing mix (product, price, place, promotion) and the control of these variables by marketing managers. It details the key components of a marketing plan such as marketing strategy, competitive analysis, budget, and metrics. The solution also explains the six forces in the marketing environment (demographic, economic, political, economic, social, and technological) and emphasizes the importance of ethics in marketing decisions. Furthermore, it outlines the five steps of the marketing research process, the target market selection process, and the influence of cultural values on consumer behavior. The document also discusses international entry modes like joint ventures, strategic alliances, and trading companies, as well as market segmentation variables (demographic, geographic, psychographic, and behavioristic). Finally, it addresses psychological influences on buying decisions (motivation, perception, attitude) and the marketing management process, including planning, organizing, implementing, and controlling marketing activities, along with steps in developing a new product, stages of the product life cycle, promotional methods, and the creation of advertising campaigns. The document also touches on public relations, price vs. non-price competition, intended vs. realized strategy, and the role of e-marketing.

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MIDTERM QUESTIONS
Answer 1
The variables of marketing mix are product, price, place and promotion. It can be examined that
these variables are controlled or managed by the marketers and also by the marketing managers
so that it can be easy to manage the activities of the company.
Answer 2
The key components of the marketing plan are marketing strategy, competitive analysis, budget,
and metrics. In marketing strategy the sales goals are decided. In competitive analysis focus is
given on the competitors. In budget the schedule is made related to marketing and also in metrics
the success of marketing is analyzed.
Answer 3
There are six forces in the marketing environment like demographic, economic, political,
economic, social and technological. In social marketing environment the focus is given on the
society. In context to political factor the emphasis is given on the political stability in the market.
Technology factor is related with the latest technologies in the market.
Answer 4
Ethics is an essential consideration in reference to marketing decisions because by emphasizing
on ethics in marketing states that practicing the fairness standards in the workplace. It also helps
the company to give their best towards the activities of the company. For example: to carry out
the well advertising campaigns in which the customers are showed actual image of the products.
Answer 5
Five steps are:
a.) Defining the problem in which the problem is considered.
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b.) Develop your research plan: the research plan is designed by focusing on survey monkey.
c.) Collect information : the accurate information is gathered
d.) Analyze information: evaluation is done
e.) Take actions: accurate actions are taken
Answer 6
a.) Targeting strategy
b.) Determine the segment variables to use
c.) Develop the profile of the competitors
d.) Market segment evaluation
e.) Target market
f.) These help the company to focus on market targeting and also through these steps it can
be easy to achieve growth in the market.
Answer 7
Cultural values consider the beliefs that focus on the desirable outcomes. These values
impact the behavior through norms which are acceptable and also the focuses on the specific
situations. Also, the consumer behavior is also influenced by the religious beliefs. Example:
eating pork is against Muslim religion while Hindu does not mind eating it.
Answer 8
The three international entries that companies take into consideration are
a.) Joint venture: A joint venture is considered as an partnership between the firm and also
between the foreign company.
b.) Strategic alliance: it is formed to attain competitive advantage.
c.) Trading companies: it reduces the risks of the companies in context to internal
marketing.
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Answer 9
There are four categories of the market segmentation variables like demographic, geographic,
psychographic and behavioristic. Demographic variables include gender, age and income.
For example: there are a type of people in ZIP codes which focuses on income and education.
In this manner it has been seen that marketers are able to isolate the demographic units where
the demand of the product is related with the designing of special advertising and also
promotions for micromarketing.
Answer 10
The three factors are motivation, perception and attitude. Motivation affect the perception
level of the customers and also perception is also related with the image that an individual
have towards the products. Attitude is also one of the aspect that individual have at the time
of taking decisions.
Final Questions
Answer 1
There are various activities that are involved in the marketing management process like planning,
organizing, implementing and controlling the activities of marketing. Planning helps the
company to focus on analyzing the opportunities and resources. It also determines the marketing
objectives and it also develop the marketing strategies. In organizing the internal structure is
developed of the overall marketing unit. In the process of implementation the activities are
coordinated and also motivation of the personnel takes place. If focus is given on controlling
then it has been seen that performance standards are established and also actual performance is
compared in a proper manner.
Answer 2
Steps in developing a new product are:
a.) Idea generation: new ideas are gathered through customers or employees.
b.) Idea screening: select good concepts and reject bad ones.
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c.) Concept testing: the feasibility of the product is considered.
d.) Business analysis: detailed business analysis is done and also the profits are taken into
consideration.
e.) Product development: introduce new product in the market.
f.) Test marketing: introduce product at small scale but it minimize the large scale
marketing.
g.) Commercialization: introduce at large scale the products.
h.) Review market performance: overall performance is analyzed in a proper manner and
also strategies are considered which will help to achieve success in the market.
Answer 3
Stages of product life cycle are
a.) Introduction stages in which the company enhances the brand awareness and creates
market for the product. Like in the introductory stage the Maggi do not have any
competition and also limited distribution was there.
b.) Growth stage: it helps to create brand preference and enhance the market share. Maggi
achieved growth and also competition level enhances of the company.
c.) Maturity stage: the strong growth but sales reduce. Competition level can take place with
similar products. Maggi sales declined and also the product line extended.
d.) Decline stage: the sales on this stage declines or the company discontinue the product in
the market. There are large inventories of the company which are not sold.
Answer 4
The four promotional methods are
a.) Advertising: the company can use this method as it is a paid non personal communication
that transmits the information to the customers. Example, television and radio.
b.) Personal selling: direct interaction with the customers. Example kinetic communication.
c.) Public relations: communication efforts which are done with the help of annual reports
and broachers. It maintains the image of the company in the competitive market.
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d.) Sales promotion: encourage sales person and customers to invest in the products.
Examples, free samples and games. Through this customers invest in the products offered
by the company which enhances the profits.
Answer 5
Steps in creating advertising campaigns are
a.) Research the market: the mindset of the customers is analyzed. There should be proper
analysis of the market so that it can be easy to design the advertisement. The customers
should be taken into consideration.
b.) Focus on target audience: demand of the market is considered and also the target sector.
c.) Select the channels : how to transmit the information
d.) Design process: how to design the advertisement. Designing idea is taken into
consideration so that attractive advertisement can be made.
e.) Deliver the advertisement: complete advertisement is given so that customers can get
accurate information.
Answer 6
Public relation is considered as proper communication processes that are considered by the
companies and also by the individuals as it can help to build good relations with the public.
The companies can easily reach to the target audience through proper public relations. It is
necessary for the company to maintain public relations so that growth can be attained. For
example the company focuses on handling relations with the customers by considering their
interest and attitudes towards the products of the company. Through proper [public relation it
can be easy for the company to maintain good image in the market.
Answer 7
Price competition is related with the penetration strategy and also it has been seen that price
is considered as the competitive advantage for many companies. But non price competition
is related with the differentiated marketing strategy and technology is considered as the best
competitive advantage.
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It has been seen that in price competition there is a large product portfolio which is common
and also in non-price competition the small portfolio is there. Non price competition focuses
on the promotional expenditure like sales promotion, coupons and marketing research but
price competition included product development and brand management costs.
Answer 8
Intended strategy is considered as the strategy that can help the company to execute its hopes.
These focus on the strategic plan and also it is created for the new business. It is basically a
plan which is made at the starting. In this the competitors can create pressure that needs
changes.
Realized strategy is the strategy in the companies actually flows. These are considered by the
product companies and in the focus is given that what has been planned by the company. It
has been examined that it is the deliberate strategy of the company that helps to achieved
success in the market.
Answer 9
It has been examined that e marketing helps the company to allow effective targeted
publicity. It has been seen that through e marketing the customers can easily get the
information of the products and services. It maximizes the loyalty of the customers and also
helps to perceive the cost of the switching to another firm as through his it can be easy to
give information of the products in the market. This not only gives information but also
attracts more customers towards the products. It is a platform through which it can be easy to
convey the message to the audience.
Answer 10
Marketing mix focuses on various factors and internet can exploit in following manner. in
context to the product it has been seen that the features and benefits can be easily
communicated with the social media platforms which also emphasizes on the large number
of membership. In context to price it has been seen that it can be designed by focusing on the
feedback of the customers and also by analyzing the behavior of the customers. Place in
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marketing mix also related to e commerce websites that can help in placing the product in
proper manner by emphasizing on the traffic on websites. Promotion can be done through
internet in an easy manner.
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