MASTER OF BUSINESS ADMINISTRATION – SEMESTER 2
Q.1) “Planning is a process of designing the Blueprint for the future”. In this context, explain Marketing Planning in detail.
Ans.) Planning is a process of designing the Blueprint for the future because marketing planning is making decisions about what target markets to go after, what objectives to meet, and what programs will achieve those objectives. A good marketing plan is pragmatic, action oriented and specific.
To support above statement, we need to explain marketing planning in the following ways:
MEANING OF MARKETING PLANNING
Marketing planning is deciding what marketing actions to undertake, ehy ...view middle of the document...
5. MARKETING ORGANISATION: This planning step is evaluating the adequacy of the marketing organisation. The organisation should be consistent with the marketing plan, so steps 1 to 4 must be completed
6. SALES FORECASTS AND BUDGETE: In this step, by combining sales forecasts and budgeted expenses for marketing and functional areas. The sales forecast and budget are important planning and control tools for marketing management.
7. PREPARE THE ANNUAL PLAN: Step 7 in the planning process is writing the plan. The plan should be a working document that can inform all concerned of their implementation responsibilities and that will also serve as a basis for marketing modificatins when needed.
8. IMPLEMENT AND MANAGE THE PLAN: Finally, in step 8 the plan is implemented and managed over the planning period. Execution is a critical part of the planning process.
Q.2) Explain Henry Assael Model of buying decision behaviour along with the diagram.
Ans.) Henry Assael has come up with an explanation to analyze why consumers buy the goodsthey buy. He explained the relationship between the level of involvement by theconsumers in the purchase of goods and services and the level at which different goods or services differ from one another. He therefore came up with four different buying behaviors out of this comparison as explained below;
| HIGH INVOLVEMENT | LOW INVOLVEMENT |
Significant difference between brands | Complex buying behaviour | Variety seeking buying behaviour |
Few difference between brands | Dissonance reducing buying behaviour | Habitual buying behaviour |
Complex buying behavior. Here customers are highly involved in the purchase of the product or service. The process is complex as the difference between brands is very high.Here the customer wants to know every detail of the product he is to purchase and alsoknow what the difference means in terms of satisfaction. For example, when buying aspecific brand of a DVD, he will compare all the functions and would want to know whatthe difference means. Therefore, the marketer has the obligation to clarify all the detailsto a customer with such buying behavior.Dissonance reducing buying behavior is the other. This behavior is exhibited when thereis high involvement by the customer in purchasing goods where a few differences exist.
For example, a customer who wants to buy CTV will not find many differences betweenthe brands but the price of the product and its technicality makes a customer involve more. The customer here will show post purchase dissonance which may be difficult for the marketer control.Variety – seeking buying behavior also arises. In this behavior, the customer will notinvolve more while purchasing, but goods significantly differ. For example a customer buying juice products, there are many varieties in the market available, like; sun sip, quencher, qungwa. The customer who purchased quencher at one time may try sun sipanother time just to...