Marketing management answers sheet

Ashish Tiwari
(21PGDM020)
1.
a. Market comprises of all the potential customers sharing a particular need or want whom might
be willing and able to engage in exchange to satisfy that needs or want.

A "market" was traditionally a physical location where buyers and sellers met to buy and sell
items. A market, according to economists, is a collection of buyers and sellers who transact
over a specific product or product class (such as the housing market or the grain market).

A market is made up of all the possible customers who share a common need or want and are
willing and able to exchange goods or services in order to meet that need or desire.

When one party is more actively seeking an exchange than the other, we refer to one as a
marketer and the other as a prospect. A marketer is someone who is looking for one or more
potential customers with whom they might exchange value. A prospect is someone that the
marketer has identified as potentially willing and able to participate in a value exchange.
Requirements aren't created by marketers. Consumer preferences are influenced by marketers.
Marketers influence demand by ensuring that the product is suitable, enticing, affordable, and
easily accessible to the target market. Prospects are also informed about the services they
provide. Marketing management happens when at least one party to a potential exchange
examines how to elicit desired responses from other parties.

A market is defined by economists as a gathering of buyers and sellers, or an arrangement in

which buyers and sellers interact directly or indirectly to sell and buy commodities and
services.
The market for mobile phones, for example, will include all vendors and buyers of mobile
phones in a given economy. It does not always refer to a specific area.

Marketers consider sellers to be the industry, and they refer to client groupings as markets.
They discuss need markets (diet-seekers), product markets (shoes), demographic markets (the
"millennium" youth market), geography markets (China), or voter, labour, and donor markets.

b. Value proposition should be clear, compelling and credible expression of that customer will
receive it's not a description of what your organisation does for a week benefit statement.

(Value = benefits- cost)

Value is a central marketing concept,

Clear: concise and to-the-point; identifies both the offering and the value or advantage right
away.
Compelling: presents the value in a way that encourages the buyer to take action.
Differentiating: distinguishes or distinguishes the item from other offerings
 In addition, the value proposition is a message, and the target customer is the audience. Your
value proposition should communicate the promise of distinct value in your offering in a clear
and concise manner.

Where cost, not just in terms of money, but also in terms of other expenses and transaction
risk, benefit our outcomes and experiences of value to the client, rather than a feature of the
product or service given

Time, convenience, and the perceived risk of an additional expense must all be considered
against the benefit. Cost and benefit considerations differ from one organisation to the next
and from one person to the next.

Where value propositions are tied to specific market categories, specific offerings employed
over a specific time frame to target consumers, they were quite helpful.

The customer value trinity is a mix of quality, service, and price that determines value.
Quality and service improve value perceptions, whereas price decreases it.
Marketing can be defined as the process of identifying, creating, communicating, delivering,
and monitoring consumer value. Satisfaction is a person's evaluation of a product's perceived
performance in comparison to their expectations. The consumer gets dissatisfied if the service
does not meet their expectations. The customer is satisfied if it meets their expectations. If it
meets or exceeds their expectations, the customer is ecstatic.

c. Other than goods and services, marketing can also be applied to events, experiences, persons,
places.

Events: Marketers advertise time-sensitive events like big trade fairs, cultural performances,
and company anniversaries. Companies and fans are aggressively pushed global athletic
events such as the Olympics and the World Cup. Craft fairs, bookshop readings, and farmer's
markets are just a few of the local activities.

Experiences: A company can develop, stage, and market experiences by orchestrating

numerous services and items. Customers can explore a fairy realm, a pirate ship, or a haunted
mansion in Walt Disney World's Magic Kingdom. A week at a baseball camp with retired
baseball greats, a four-day rock and roll fantasy camp, and a journey up Mount Everest are
just a few of the custom experiences available.

Persons: Marketers frequently assist artists, musicians, CEOs, physicians, high-profile

lawyers and financiers, and other professionals. 12 Many athletes and celebrities, like NFL
quarterback Peyton Manning, talk show host Oprah Winfrey, and rock and roll legends The
Rolling Stones, have mastered the art of self-promotion. Tom Peters, a management
consultant and self-branding expert, has recommended everyone to become a "brand."

Place: Tourists, residents, manufacturers, and corporate headquarters are all competing for the
attention of cities, states, regions, and even countries. Economic development professionals,
 real estate agents, commercial banks, local business associations, and advertising and public
relations agencies.

2.

Marketing mix for wingreens farms

Product - The Wingreens Farms

Price - Wingreens Farms' pricing
products that are being developed or are
approach for the various consumer
in the pipeline to capture potential
segments in which it operates.
markets.

Promotion (Communication Strategy of

Place (Distribution Channels) - With the
Wingreens Farms) – Wingreens Farms'
rise of online retailing and the
Promotional Strategy Wingreens Farms'
dominance of businesses like Amazon,
communication mix and approach have
Wingreens Farms' distribution mix has
been altered by the rise of social media
taken on a new dimension.
and internet advertising.

The core elements of marketing mix for Wingreens Farm

1 - Advertising
2 - Merchandising – Product Planning
3 - Branding
4 - Promotions
5 - Display
6 - Pricing
7 - Marketing Research – Fact Finding and Analysis
8 - Physical Handling - Logistics
9 - Servicing
10 - Channels of Distribution
11 - Packaging
12 - Personal Selling

Recommendation:

a. product

1. Wingreens Farms can discontinue selling products that aren't lucrative or don't differentiate itself
enough from the competition.

2.Wingreens Farms can think of methods to improve and consolidate their market position by adding
features and value to their existing brands.

3. Wingreens Farms can strive to reposition existing companies' products inside one line.

4. Wingreens Farms can either add a new brand to an existing product line or create a completely new
product line.

b. price

We can adopt the following pricing strategy

High Brand Awareness – Because Wingreens Farms' brand is well-known in the market, it may
command a premium over competing brands.

Innovative Product - In the contemporary market, a product with advanced characteristics is

considered innovative. A modest premium pricing would not only highlight the benefits of the
products, but it will also deter other companies from entering the market. A high premium price may
entice additional participants, lowering profit margins.

c.Promotion

Wingreens Farms' Marketing Mix, also known as an Integrated Marketing Communication Strategy,
is a combination of several promotion tactics. Advertising, Sales Promotion, Personal Selling, Public
Relations, and Direct Marketing are the five types of marketing.

Wingreens Farms can utilise all five communication methods to persuade customers – the presence of
the product, the pricing of the product, the product's distinguishing attributes, the places where people
can acquire the items, and finally, how consumers can efficiently use the products or services.

In the product decision the company needs to decide the product line and how to broaden the product
line.

For the pricing decision they should look up on cost-based pricing, value-based pricing, market
penetration pricing, market skimming pricing,

for place we need to decide the distribution channel there will be two major factors channels design
and channel management and for promotions there are ways like advertising sales promotion personal
selling public relation and direct marketing.