Answer Sheet Marketing Management

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Answer Sheet – Marketing Management – EMBA 1st Semester Dec-2014 Student: Shafeeque A Magami Course: One Year Executive MBA Register No: N14NOV/959 Answer-1: Explain Pricing Policy. The policy by which a company determines the wholesale and retail prices for its products or services. Pricing is the manual or automatic process of applying prices to purchase and sales orders, based on factors such as: a fixed amount, quantity break, promotion or sales campaign, specific vendor quote, price prevailing on entry, shipment or invoice date, combination of multiple orders or lines, and many others. Automated systems require more setup and maintenance but may prevent pricing errors. The needs of the consumer can be converted into demand only if…show more content…
The marketing environment may also pose threats to marketing opportunities. For example, a new genetically engineered drug may be developed with the potential to become a $1 billion-a-year product. But a government agency may delay requests to market the drug due to regulations. Marketing Strategy The net result of opportunity analysis is the formulation of marketing objectives designed to achieve overall organizational objectives and develop a marketing plan. The marketing planning effort must be directed toward establishing marketing strategies that are resource efficient, flexible, and adaptable. The marketing strategy is the overall company program for selecting a particular target market and then satisfying consumers in that segment. Implementing and Monitoring Marketing Plans The overall strategic marketing plan serves as the basis for a series of operating plans necessary to move the organization toward accomplishment of its objectives. At every step of the marketing planning process, marketing managers use feedback to monitor and adapt strategies when actual performance fails to match expectations. Answer-3: Explain the importance of consumer behavior for marketers. NEED OR IMPORTANCE OF CONSUMER BEHAVIOUR The modern marketing management tries to solve the basic problems of consumers in the area of consumption. To survive in the market, a firm has to be constantly innovating and understand the latest consumer needs and tastes. It will be extremely useful in

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