Second Feedback Evaluation
Id like you to think about the work you have done thus far and answer a total of 2 questions about
it. To answer Question 1, please use the appropriate scale and highlight your choices. For Question
2, please provide an answer u
31.Use of relative dating principles: be able to determine what
came first, second, third, in a sequence of rocks
Principles or Rules of Relative Dating:
Law of Superposition In an undeformed sequence of
sedimentary rocks, each bed is older than the on
The act of purchasing goods for consumer and industry for further resale is referred to as
wholesaling. Here, manufactures and farmers are not considered as wholesalers.
Wholesaler is an important part of the marketing channel.
Warehousing for finished goods is another important hub for companies.
There has to be a right balance between sales order and quantity of finished goods.
Warehousing at strategic locations increases timely delivery of goods and reducing in
Traditional marketing was developed looking at physical goods, for service marketing
focus is people, process and physical evidence.
Customers generally tend to give preference price rather than quality of service.
In that circumstan
Tools of Promotion - Advertising, Sales Promotion,
Public Relation & Direct Marketing
The 4 Ps of marketing are product, price, place and promotion.
All four of these elements combine to make a successful marketing strategy.
Promotion looks to communicate
Todays markets represent the surplus market, with a wide range of product available for
Consumer has huge product offering to choose from, for soap, there are more than dozen
brands and each brand has at least 4 or 5 varieties.
Companies have to wor
To design marketing strategies around services, it is essential to understand
characteristics of services.
Services are intangible, thereby creating uncertainty in consumer about the end product.
For example, if the customer is looking for a hair-cut and
There are nine elements, which make the communication process. The two parties are
sender-company and receiver-customer. The communication tools are message and media
used to communicate the process. The four major communication functions are encoding,
There are many characteristic which set
business market apart from consumer
Business buyer base is smaller in
comparison to consumer market.
Consumer-supplier relationship is
much stronger in a business market
owing to few players in the field.
The product itself is arranged in a hierarchy like need family, product family, product
class, product line, product type and item based on needs it satisfies.
Further product can be classified on durability, tangibility and usage.
Durability comprises of
The new functioning of economy has changed the way companies approach their
Companies are looking forward to expanding across market segments to get maximum
market share while keeping focus strictly on customer needs.
For these companies are mak
a. The marketing intelligence system requires a combination of people, system
and procedure to gather market data.
b. For the company, sales people are on the frontline to spot and report any trend
prevailing in the market.
c. The distribution channel als
If the marketing information system reports any issue or emerging trend then further
analysis can be done through marketing research.
The marketing research process consists of following; defining the problem, developing
research plan, colle
The core benefit is the underlying segment product is offering.
For example, customer is buying commuting power when she purchases a car.
Cars are fitted with comfortable seats, seat cover, and have desired color, converting a
core product into the basic
Technology revolution, globalization and market deregulation factors are
among many sculpting the new economy.
These 3 factors interact with each other at different levels creating the
driving force for the new economy.
The old economy was full of analog
In the world driven by technology, marketing managers are also making efforts to use the
Marketing managers are routinely using the statistical tools like regression analysis,
factor analysis, etc., models like markov proce
Setting the Product and Branding Strategy
Marketing strategy of a company revolves around 4Ps - Product, Price, Place and
Companies devise a strategy by mixing the four.
The most important among is the product.
All the marketing push and promot
Service plays important differentiation tool where differentiation is difficult based on
physical attributes of product.
Differentiation in service can be achieved based on ordering ease, customer service
during the sell, after sell customer service and c
Scanning the Market Environment
Fad is short lived mushrooming of
opportunity which is difficult to predict and
forecast. Business profit from fad is pure
matter of luck and chance.
Trend is something which takes time to
build up compared to fad and has a
Sales promotion activity can have many objectives, for example, to grab attention of new
customer, reward the existing customer, increase consumption of occasional users. Sales
promotion is usually targeted at the fence sitters and brand switchers.
Promotion is an incentive tool used to drive up short term sales.
Promotion can be launched directed at consumer or trade.
The focus of advertising to create reason for purchase the focus of promotion is to create
an incentive to buy.
The act through which goods and services reach the end customer for individual or
business usage is known as retailing.
The players involved in this act are known as retailers.
Retailers can be manufactures, distributors or wholesalers.
Retail organizations are retailing stores under direct ownership of corporate.
Customer satisfaction and brand management becomes easier through retail
Corporate chain store like Old Navy and Franchises like McDonalds a
Companies cannot survive in isolation they need to have a constant interaction with
customers, employees and different stakeholders.
This servicing of relation is done by the public relation office.
The major function of the public relati
Product usage divides the product into industrial goods and consumer goods.
Convenience goods are consumer goods, which can be bought by the customer without
much fuss, for example, soaps, beer and newspaper.
Shopping goods are type of consumer goods wher
Product Development Process - Developing New Market
Companies first find the target market than segment and then customers.
After these companies go about developing products, which may be product modification
or it may be a completely new produ
Product Classifications and Strategy
Anything which companies produce to satisfy particular needs and demands is referred
to as a product.
Product is a broad category ranging from physical goods, tourism to managing a
A product can be classifie
Pricing strategy is dynamic in nature and should reflect changing condition in
competition as well as the market. Overall price strategies follow six step model:
Step 1: Pricing can facilitate in achieving the positioning objectives of the
company. If the
Positioning related marketing programs are responsible to pass unique selling
proposition on to the customer.
However, this can be taken forward with differentiation.
Differentiation is process of adding more meaning to the product by highlighting