1. Define brand image and brand value.

Brand image refers to how audiences perceive your brand and how customers feel about their
experience with you. A strong brand image can create credibility and customer loyalty for your
company. When a brand is known for delivering what they promise, customers will begin to trust the
brand. This can increase customer retention and how often they return.

Brand value is the monetary worth of a company's brand if it were to be sold. Brand value is more
than the products or services a company sells. It's considered an intangible asset. It’s what they stand
for and how they are perceived. It influences the revenue of certain businesses and markets and
corresponds to customers' awareness of a good

2. Give two examples of specialty products.

Specialty products are products that are developed for higher-class people. They have unique
characteristics and brand identifications. They require targeted promotions with exclusive distribution.
They are found in select places.
Here are some examples of specialty products:
• Designer clothes
• High-end cars
• Exotic perfumes
• Famous paintings
• Fancy foods
3. What is marketing post mortem?
A marketing post-mortem is a meeting that evaluates the performance, outcomes, and lessons
learned from a completed project. The goal is to identify what worked well, what didn't, and what can
be improved for future projects.
4. Give the meaning of augmented reality?
Augmented reality (AR) is an interactive experience that combines the real world with computer-
generated content. AR can provide a more immersive experience that enhances a user's enjoyment
or understanding.
AR uses software, apps, and hardware such as AR glasses to overlay digital content onto real-life
environments and objects.
5. What do you mean by marketing research?
Marketing research is a systematic process of gathering, recording, and analyzing data to understand
a target market. The goal is to identify and assess how changing elements of the marketing mix
impacts customer behavior.
Marketing research provides companies with an overview of:
• Emerging market trends
• Consumer behavior
• Market condition
• Industry shifts
• Changing consumer needs and preferences
• Legislative trends
6. What is channel management?
 Channel management is the process of planning, coordinating, and optimizing the channels through
which a company sells its products or services to customers. Channel management is a critical aspect
of any business that operates through a partner ecosystem. It refers to the strategic process of
selecting, managing, and supporting the various intermediaries or partners involved in selling,
distributing, and marketing a company's products or services.

7. “Marketers sometimes turn myopic towards the market.” What does the statement mean?

The term “marketing myopia” describes when a company is so focused on quick sales and mass
production of goods, they lose sight of their long-term goals and customer needs. This shortsightedness
in a marketing strategy or business model prevents a company from achieving long-term success.

Causes of Marketing Myopia:

• A business only anticipates growth

• A company lack clear goals
• Leaders want fast results or quick wins
• Stakeholders or CEOs want to see positive data
8. What do you mean by marketing environment?
The marketing environment is the combination of internal and external factors that influence a
company's marketing activities. These factors can impact the success of a company's marketing
strategy. The marketing environment includes factors such as: Customer trends, Economic conditions,
Competition, Government policies, The macro environment.
9. What is viral marketing?
Viral marketing is a business strategy that uses social networks to promote a product. It relies on
consumers to spread information about a product, similar to how a virus spreads from one person to
another. Viral marketing uses online tools like: social media, Email.
10. What is an umbrella brand?
Umbrella branding (also known as family branding) is a marketing practice involving the use of a
single brand name for the sale of two or more related products. The goal of this strategy is to increase
a company's market share. Umbrella branding is mainly used by companies with a positive brand
equity (value of a brand in a certain marketplace).
11. Give two examples of brands involved in social marketing.
Nike: Nike's "Just Do It" campaign
 Dove: Dove's "Real Beauty" campaign
12. State two ways in which big data can be helpful in marketing?
• Personalization: Marketing teams can use customer data to personalize messages and offers
based on each customer's preferences and behavior.
• Customer engagement: Big data can provide insight into who your customers are, where they
are, what they want, how they want to be contacted, and when.
• Brand awareness: Companies can use big data to identify their loyal customers who are repeat
buyers and who recommend their brand to their friends and family members.
• Customer feedback: Big data tools and analysis can help you collect customer feedback and
decide what to do about it.

13. Unilever offers three soaps in the market- DOVE, LIFEBUOY and LIRIL. What could be the possible
segments for these products and how are they positioned in the customers’ mind?

14. Explain the factors affecting the choice of distribution channel?

NATURE OF THE PRODUCT OR SERVICE: The type of product or service being offered plays a
significant role.
 NATURE OF THE MARKRT:

CONSIDERATIONS RELATED TO GOVERNMENT:

COST AND BUDGET:

The cost of setting up and maintaining distribution channels is a crucial factor. For instance, direct sales
through company-owned stores or websites may be costlier but offer more control, while third-party
retailers or wholesalers may be more cost-effective but offer less control.

BRAND IMAGE AND POSITIONING:

The alignment of distribution channels with a brand's image and positioning is crucial for maintaining a
consistent and appealing brand identity. For luxury brands, selective and exclusive distribution channels,
such as high-end retail partners, reinforce their perception of exclusivity and high quality. In contrast,
mass-market brands prioritize accessibility and affordability, making their products widely available
through diverse retail networks.

ENVIRONMENTAL AND SUSTAINABILITY CONSIDERATIONS:

Businesses may consider the environmental impact of their distribution channels. Sustainable
distribution methods can be a competitive advantage and may appeal to environmentally conscious
consumers.
15.

16. Social marketing is an approach used to develop activities aimed at changing or maintaining people's
behavior for the benefit of individuals and society as a whole. Eg: Anti-smoking, Forest Fire prevention,
Recycling
17. Mr. Thomas is planning to buy a non-geared bike. Discuss the process that he is likely to follow.

1) Identify Need.
2) Research
3) Budgeting
4) Visit a Store
5) Product Selection
6) Payment
7) Return Policy
8) Transport
9) Quality Check
10) Finalize the Purchase
11) Warranty/Documentation
12) Feed back

19. Explain the product life cycle taking a product of your choice as an example.

1. Development
2. Introduction
3. Growth
4. Maturity
5. Saturation
6. Decline

1. Development: The BlackBerry smartphone was initially developed by Research In Motion (now
BlackBerry Limited) and introduced in 1999. It was designed as a groundbreaking communication device
with email capabilities and a physical QWERTY keyboard. Research and development efforts focused on
creating a practical and secure mobile communication solution.

2. Introduction: The BlackBerry was introduced to the market in the early 2000s. It quickly gained
recognition and popularity as a secure and efficient tool for mobile email communication, especially
among business professionals. It was well-received due to its unique features and the BlackBerry
Messenger (BBM) platform.

3. Growth: During the mid-2000s, the BlackBerry experienced significant growth in sales and market
acceptance. It became a status symbol and was often referred to as the "CrackBerry" due to its addictive
use for email and messaging. BlackBerry was widely adopted by business users and government
organizations.

4. Maturity: By the late 2000s, the BlackBerry had reached maturity. It was a well-established product with
a broad user base. Multiple BlackBerry models were available, and while it continued to be popular among
business users, it faced competition from other smartphone platforms, especially the iPhone and Android
devices.

5. Saturation: As the smartphone market expanded and competition intensified, the BlackBerry started
to face saturation. Many potential customers who needed a smartphone for email and messaging already
owned one. Sales growth leveled off, and BlackBerry's market share declined as other platforms offered
more versatile and consumer-friendly features.

6. Decline: The decline of the BlackBerry began in the early 2010s. While it continued to have a dedicated
user base, it faced strong competition from iOS and Android devices, which offered a broader range of
applications and multimedia features. BlackBerry's market share and relevance dwindled as consumers
and businesses shifted to more versatile and user-friendly smartphone options.

The BlackBerry's decline led to its transformation from a dominant player in the smartphone market to a
niche product primarily used for specific security and enterprise purposes. This example illustrates how
changing consumer preferences and technological advancements can influence a product's life cycle, even
if it initially enjoyed significant popularity and success.

21. What is macro environment of marketing? State and analyze the uncontrollable factors of marketing
environment?

The macro environment of marketing, also known as the external marketing environment, consists of
uncontrollable factors and forces that influence an organization's marketing activities. These factors are
typically outside the control of a company but can have a significant impact on its marketing strategies
and operations.
MODULE 4- PRODUCT AND PRICING

PRODUCT MIX- A product mix is the total number of product lines and individual products or services
offered by a company. Additionally referred to as product assortment or product portfolio.

Important decisions related to the product: Branding, Packaging, Labelling

BRANDING: Branding is the process of creating a distinct identity for a business in the minds of its target
audience and consumers. It's made up of a company's: Name, Logo, Visual design, Mission, Tone of voice.

Branding helps businesses:

• Create strong awareness of a product or service in the market

• Differentiate themselves from competitors
• Create a strong, positive perception of a company, its products, or services in the customer's mind.

Types of Branding

1. Corporate Branding- Corporate branding involves creating a strong and consistent brand identity for
an entire company or organization. It encompasses the company's values, mission, culture, and
reputation. It helps build trust and recognition for the organization as a whole. Apple's corporate
branding focuses on products that are high quality and easy to use.
2. Personal Branding- Personal branding is how a single person brands themselves. Personal branding is
about creating a brand identity for an individual, typically a public figure or professional. It focuses on
their expertise, reputation, and unique qualities. Personal branding is often used by celebrities,
athletes, and entrepreneurs. Neil Patel- SEO guru -digital marketing tips
3. Product Branding- This type of branding focuses on creating a distinct brand identity for a specific
product. The brand is associated with the product's features, quality, and benefits. Product branding
is common for items like consumer goods, electronics, and food products. Nike
4. Service Branding- This type of branding is used for businesses that offer services rather than physical
products. Airlines, Hotels, Car rentals, Banks, Member associations, Advisers (accountancy,
management consultancy, Travel agents, Estate agents).
5. Geographic Branding- Geographic branding focuses on the customers in your area and the traits of a
specific region as a selling point. This type of branding is best for the tourism industry because it can
attract people to a city, town, or state. For example, you could put a famous statue or attraction in
your logo to generate interest from local customers.
6. Retail Branding - Retail branding involves creating a unique and consistent brand identity for a retail
store or chain. It often includes elements like store design, packaging, and customer experience. Well-
known examples include IKEA

PACKAGING is a marketing tool that involves designing and developing a wrapper or container for a
product. The goal of packaging is to:

• Protect the product from damage during transportation and storage

• Make it easy for customers to identify the product
• Differentiate the product from competitors
• Communicate brand and product information
• Display important information about the product, such as weight, volume, brand name, and labels
There are three levels of product packaging: primary, secondary, and tertiary.

LABELLING is the process of designing and preparing labels for a product package. Labels can be symbols,
designs, tags, or graphics. They can be attached to the product itself or its package.

Labels provide information to customers, such as:

• Product name
• Expiry and manufacturing date
• Instructions for use
• Weight
• Price

PRODUCT LIFE CYCLE – Product life cycle is the length of time from a product first being introduced to
consumers until it is removed from the market. This helps in determining advertising schedules, price
points, expansion to new product markets etc.

NEW PRODUCT DEVELOPMENT

NPD is specifically about developing a brand-new idea and seeing it through the entire product and
development process. This can apply to developing an entirely new product, improving an existing one to
keep it attractive and competitive or introducing an old product to a new market.

1. Idea Generation: This is the initial stage where new product ideas are generated. This can come from
various sources, including brainstorming, customer feedback, market research, or the creative insights
of the development team.
• Internal idea generation – Internal ideas come from various areas within your business, for
example, the sales team, customer support, marketing, or the technical department.
• External ideas generation – External ideas come from outside sources, for example, getting
feedback from your target audience or studying the competition.
2. Idea Screening: In this stage, the generated ideas are evaluated and filtered to identify the most
promising ones. Criteria such as feasibility, market potential, and alignment with the company's
goals are used to determine which ideas should be pursued further.
3. Concept Development and Testing: Once a promising idea is identified, it is developed into a concept
that outlines the product's features, benefits, and value proposition. This concept is then tested with
potential customers to gather feedback and make necessary refinements.
4. Marketing Strategy and Business Analysis: A detailed marketing strategy is developed, which includes
target market analysis, pricing strategy, distribution channels, and sales forecasts. A thorough
business analysis is also conducted to assess the financial viability of the product.
5. Product Development: In this stage, the product is designed, developed, and prototyped. This involves
creating a working model or prototype of the product, testing it, and refining it until it meets the
desired specifications.
6. Test Marketing: Before a full-scale launch, the product may be introduced to a limited market or a
specific region to evaluate its performance in a real-world environment. This helps identify any issues
and gather additional feedback from customers.
7. Product Launch: Once all previous stages are successfully completed and any necessary adjustments
have been made, the product is officially launched into the market. This involves marketing,
distribution, and sales efforts to make the product available to a wider audience.
OBJECTIVES OF PRICING
FACTORS INFLUENCING PRICING DECISIONS

Costs of Production: Product development, production, and marketing costs all have a direct impact on
selling price.

1. Demand for Product: Demand is the most important factor affecting price. If there is less
demand for a product, it will not be sold at a very high price.
2. Competition: A competitive pricing strategy sets prices based on the prices of the competition.
This strategy is best suited for a price-sensitive and highly competitive market.
3. Customers: The purchasing power of customers can influence pricing decisions.
4. Government regulation: =
5. Objective: Non-profit organizations may adopt other pricing objectives such as full cost recovery,
partial cost recovery, or setting a social price.
6. Marketing Method Used
7. Distribution Channel

PRICING STRATEGIES- Pricing strategy is a method of determining the most appropriate

price for a product or service.
1. Skimming Pricing Strategy/ High- Low pricing Strategy: Initially business sets the price high and
gradually lowers it when more competitors enter the market. This is ideal for businesses that are
entering an emerging market. The skimming pricing strategy makes a profit in the early stages of the
product or service’s market until other competitors enter and supply increase. Widely used in
technology markets
2. Penetration Pricing Strategy: opposite of pace skimming · They use low prices to enter the market.
Once there is establishment of reliable pool of consumers, the costs increase. This depends on the
ability of the business to bear the losses made in the initial years. · Attracts existing customers of the
competitors.
3. Premium (or prestige) pricing strategy: Companies artificially increase prices to create the perception
that the products are exclusive, high-end, or luxurious. The strategy is based on consumers’ belief that
expensive products have a solid reputation, are more trustworthy or attractive, and symbolize
excellent quality and distinction. Starbucks is an example of a premium pricing strategy.
4. Economy (or Cost-plus) pricing strategy: The strategy takes into account only the cost of producing
the product. Then you need to add the set markup percentage to the costs and sell the product for
the total. Targets customers who prefer to save money. This depends on overhead costs of the value
of products. Walmart.
5. Bundle Pricing Strategy: This strategy sells a bundle of goods together. Typically, the total of the goods
is lower than the individual products sold separately. The strategy has potential to make profits or save
from losses on low-value items.
6. Value-based pricing strategy: Similar to premium-based pricing, business decides the price based on
customer's valuation of the products worth. This is best suited for unique products. A value-based
pricing strategy is often used when the value of the product to the customer exceeds the cost of
production.
7. Dynamic Pricing/ Time based pricing: It involves changing the price of the items based on various
factors such as, competitor pricing, customer demand, market, and supply. Uber charges a price for a
ride depending on the route, traffic, and rider-to-driver demand at the moment.
METHODS OF PRICING