Pls solve this case study. (6 marks)
Such questions are made for enhancing the self-creative skills and should be tried answering on your own. However, here are a few points that will help you in framing your answer: .
Here variables of marketing mix are to be identified. Variables of marketing mix Includes the following:
1. Product : A product refers to any good or service that offers value and satisfies needs of a customer. For example, a car, toothpaste, soap, services of teacher, etc. are products. In marketing, a product relates not just to the physical product but it also includes the satisfaction of various needs and utilities of the customer. For example, consumption of a product benefits a consumer in the form of satisfaction of consumers’ functional needs, social needs and psychological needs. Such benefits also form a part of product. In addition, a product also includes the after sale services such as taking feedbacks, redressing consumer complaints, etc. Important decisions regarding a product relate to its designing, quality, features, labelling, branding and packaging.
2. Price : Price refers to the money paid by the customers to obtain a product. Price of a product affects its demand. As the price of a product increases, its demand falls and vice versa. The marketers must analyse properly the various factors that determine the price and decide a suitable price for the product. For example, the target customers, pricing policy followed by the competitors, objectives of the firm, etc. must be consider while deciding a price. The price set should be such that the customers find it at par with the value of the product. Suitable discounts and incentive schemes must also be decided.
3. Place : Besides the product decisions and pricing decisions, a firm must also take decisions regarding the availability of the product to the target customers. A firm must appropriately decide the dealers or intermediaries for the distribution of the goods. Other important decisions comprise of managing the inventory, warehousing, storage and transportation of the goods
4. Promotion : Promotion comprises of those activities that communicate customers regarding the availability of a product, its features, qualities, etc. so as to influence the customers to purchase the product. Organisations undertake various promotional activities such advertising, sales techniques, personal selling, etc. An organisation must carefully decide the medium of promotion, thereby, taking the related actions. For example, the organisation must decide which of the sales techniques such as discounts, free gifts, sale, etc. should be used.
Choose which variable is related to each situation given in the case study.
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