Question

1. What are key challenges encountered by marketing management in modern market place?

2. Discuss the differences between a product’s style, fashion and fad with diagram.

3. List and briefly define the stages of the new-product development process.

4. Distinguish between market-skimming pricing and market-penetration pricing.    

5. What is direct marketing? List various form of direct marketing and its benefits to buyers and sellers.
6. Explain push and pull promotion mix strategies for reaching the market with diagram.

Answer 1

Question 1 - What are the key challenges encountered by marketing management in modern market place ?

Answer - Every marketing manager faces similar challenges in the everyday working life. These challenges reduce the effectiveness of his market campaigns and as a global result lose potential revenue for the whole company. These challenges are

• Low response to campaigns - Maybe some of your customers complain about your products or they receive bad service. The result is an unsatisfied customer and a low level of customer loyalty. If your customers are not satisfied and you're getting low responses to your campaigns, how can you plan targets and budgets for your campaigns correctly
• Unused cross-selling potential - You might possibly have a strong customer database but you might not be able to use it for its full potential for up and cost selling . If you don't know important details about your customer like gener, how many items you have sold them or whether they belong to a certain household etc, how can you then make a proper offer for the customer and know what it should be in order to achieve this goal, you need to possess the right information and up to date with which you can effectively make a good approach to the customers.
• No confidence in own customer information - Due to various problems with the customer data within your CRM systems, you cant rely on the data that you possess. it means are you sure about the number of single customers you have.while they counted twice because you have duplicates. are you sure you allowed to contact them
• Limited customers view - You might have a limited customer view, you're not able to gather all the information you have within the company and you see customer from various perspectives. It means either you see the customer mostly from the financial perspective.
• No Optimal possibility for customers targeting - If you cant target a potential customer in a proper way, he wont get a chance to personally addresses leads which is now a must do for all companies they went to achieve a higher level of customer loyalty. If you cant target the customers properly, you will spend more investment and have less returns. this means you'll have low efficiency, higher costs of marketing campaigns and lower sales.