Marketing Management – Dec 21

Answer 1:

INTRODUCTION

In today's ever-changing business climate, adapting your marketing strategy is essential. There
must be a steady flow of new and better products in order to keep your customers happy.
Automotive manufacturers must embrace cutting-edge technology and innovation in order to
stay on top of the newest trends. New items must be produced or old ones upgraded in order to
keep up with the changing needs of consumers. As a global brand, Tesla has hopes to expand
into the Indian market. The Tesla Model 3 may be re-released after a series of steps detailed in
the inquiry and my answer.

CONCEPT AND APPLICATION

The following steps must be performed in order for a new product to be developed and released:

New product ideas are developed via brainstorming. It's a smart idea to have brainstorming
sessions since they encourage participants to engage their imaginations. The sites listed below
may serve as sources of inspiration for you:

There are many creative ideas that may be generated by using four key concepts in
brainstorming, such as:

Businesses employ this strategy to better understand their clients' requirements and
preferences. The market's present and future trends may be better understood by doing this.

Engaging with others may lead to fresh product ideas. When a company involves a broad
spectrum of professionals (such as scientists or engineers), as well as the general public, ideas
are developed. Marketers and channel members may also be approached.

The initial phase in every new product development process uses the methods outlined above.

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Tesla has a lot of work to do when it comes to implementing new technology and
advancements. Experts will be contacted in order to get a wide range of suggestions.

An idea screening process occurs when you only choose concepts that will assist your company
reach its goals. Employees at the organisation evaluate several concepts to determine which
ones they find most intriguing. There may be a screening procedure that involves corporate
executives that examines the viability of ideas in many rounds. The following are some
examples of considerations that may be made: features, pricing, distribution, cost, and expected
demand. To find the most lucrative ideas, you need to conduct a screening process.

Consumers, distributors, and staff are consulted by marketers after a few concepts have been
tested by the marketer. Presentations are used to communicate ideas to focus groups. The
organisation makes a decision on whether or not to develop and test the concept into a final
product. When coming up with an idea, things like product use and market segmentation are
taken into consideration. First, a new product must be examined for commercial viability before
it can be put on the market for sale.

Tesla must do market research before making a final investment decision in order to assess
demand for the product and how people feel about it. Find a solution for the new product using
the information below. If all goes according to plan, the company may go on to the next phase.

For a new product, the corporation must first define the target market, determine pricing and
distribution methods, and design a long-term strategy for sales and profitability to ensure the
product's success. strategy. This product is aimed towards upper-middle-class or upper-class
people who reside in major cities. Cost-effective approaches must be used to provide goods at
a fair price as a beginning point.

Perform some market research first to check whether your product concept can stand alone.
Determine the feasibility of a business by estimating the cost of production, operational
expenditures, sales volume, and profit margin. When analysing a product, consider the
company's aims and strategy, as well as its financial status.

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You've completed the product development process, and now it's time to bring your concept to
life. Research and development are used to generate a concept prototype in the early stages of
a project. User input is critical to the success of prototypes, especially when it comes to price,
product size, and design. First impressions of the completed product and its marketing strategy
are made available to clients at this stage.

Using this kind of marketing, the items are made to seem real. To see whether a product is a
good fit for the market, customers are given free samples and asked for their feedback. The
vast majority of corporations skip this phase and go directly to market with their new items.
Certain companies do market research prior to launching a new product in order to better
understand customer behaviour and opinions. After doing market research with automotive
experts, the company must next analyse their results before moving forward with
commercialising the product.

To put a product on the market, we use the phrase "commercialization." There is no such thing
as a free lunch when it comes to distributing a product. The Tesla Model 3 would finally be
available in India in December of that year.

CONCLUSION
For Indian consumers, it's clear that Tesla should sell the product in accordance with the
techniques stated in this article once it has been produced. When it comes to the automobile
industry, Tesla has to prepare and execute its approach carefully.

Answer 2:

INTRODUCTION

Planning and developing a company's marketing strategy is one way to boost its profitability.
It is crucial for a firm to have a well-thought-out marketing strategy and plan. Marketing
planning is an essential part of a well-rounded marketing strategy. The company is working on
a long-term marketing strategy. A company's long-term goals may be clearly defined with a

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well-defined marketing plan. Establishing and following through on a company's marketing

plan is critical. When it comes to gaining an edge in today's fast-paced business world,
companies must improve their marketing management capabilities.

CONCEPT AND APPLICATION

Let's examine this situation

Parle Agro has created a line of flavoured milk products nicknamed 'SMOODH' that are of the
highest quality. Parle Agro, a well-known brand in our country, is always looking for new
products to launch. With the introduction of a 10-rupee bundle, the firm hopes to set itself apart
from the competition. Parle Agro is making a smart business decision by using their marketing
strategy when there are no other Rs.10 branded flavouring drinks on the market. As soon as
possible, begin promoting and marketing any new product's release. The company may choose
to advertise SMOODH in a number of ways.

The importance of marketing has increased dramatically as the number of prospective clients
has increased. Manufacturers must advertise their goods because of the rising number of
customers, the seller's desire to control the market, and the distance between the two.

Marketing materials for SMOODH may be divided into the following categories:

As more people join online social networking sites like Facebook and Twitter, they are
becoming more essential in the advertising sector. The number of individuals who spend long
periods of time on social networking sites has increased in recent years. Social media platforms
like Facebook, Twitter, and LinkedIn are utilised by tech-savvy customers in order to learn
about new products and services. Your company will seem more approachable in the eyes of
social media users than one that is "trying to sell anything," as a result. By supporting the firm
in bridging the gap between its customers and itself, a visually appealing and immediately
recognisable corporate image may be produced.

Customers should be able to find the firm via social media. Customers' thoughts and
preferences may be gleaned via social media.

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Advertising is the most common means of spreading awareness about a brand. Advertisement
is defined as any action that promotes a product, service, or idea by conveying an unipersonal,
publically financed message to a large audience. Advertising may be used in addition to, or in
instead of, personal selling to influence clients. The product's production benefits both buyers
and sellers. The skill of influencing people to buy your product or service is called persuasion.
Because of the advertisement, sales of the product have increased. Consequently, large-scale
production may now be considered. Manufacturing costs are lowered as a consequence. To
keep income coming, it may be necessary to re-advertise often. A steady stream of new clients
is the result of constant advertising.

Investing in advertising is necessary for the firm to establish a name for itself. For a new
product, a single TV ad starring a celebrity is necessary. Use of it in this context would be very
advantageous. Adopting Varun Dhawan's role as the brand's spokesperson demonstrates that
the company has already begun this kind of self-promotion. With this kind of promotion, you
get a lot of money.

Promoting a product or service to a wider audience indirectly is known as public relations.

Examples include writing articles or presenting speeches that are considered to be of economic
relevance on the radio, television or stage. Negative media coverage may harm a company's
image and reduce demand. Brand awareness of new and present goods must be increased to
ensure their success. Attending a huge event where a significant number of people will see your
product has various benefits.

In order to provide huge amounts of their goods, partnerships might be made with organisations
such as railroads, airlines, and others. As a marketing strategy, this lets more people see your
items, increasing the chances that they will purchase them.

CONCLUSION

New products need to get the word out to potential buyers as soon as possible. They can use
any of these methods in this situation. In today's advertising scene, when both online and offline
response rates are important, promoting your products both online and offline is critical.

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Answer 3.A.:

INTRODUCTION

You must have a huge and devoted consumer base in order to be a success in the
marketplace. Customers are taken care of, as per usual. After-sale assistance is critical to the
success of any product or service since sales aren't the primary aim. Keeping your consumers
pleased will increase the probability of them making a second purchase, thus businesses
should strive to do so. In order to assess whether or not consumers would return or become
advocates, customer satisfaction may be rated on a scale of 1 to 10. In today's highly
competitive sector, a company's success depends on its ability to keep customers satisfied.
Customer satisfaction is the most important factor in a competitive market. Customer
satisfaction rises in direct proportion to the amount spent.

CONCEPT AND APPLICATION

Since its recent entry into India, the company has gained a large consumer base due to its
excellent product quality and speedy customer service. Mumbai has installed an innovative
digital showroom to meet the needs of clients while also taking into account their own
preferences and comfort.

Targeted approaches include the following:

• a lack of distinctiveness in the market

• Segmentation or diversification is a sort of segmentation in different advertising.

• The ability to concentrate one's mind

• Advertisement retargeting and personalisation

• The following method is used by Kia Motors:

Automakers use segmented or multi-segment targeting because they know precisely where to
offer each car to a broad variety of buyers. Kia Motors has a multi-targeting strategy in
today's market. Increasing sales, profitability, and market share are common goals for
businesses, as are lowering manufacturing and marketing expenses.

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CONCLUSION

3D models of Kia cars are available for customers to customise and construct their favourite
models, according to Kia Motors. All of the vehicles will have spec boards installed so that
guests may look up any relevant information about each one. Changes in the way Kia Motors
advertises its products and services are being made to fit the demands of its consumers. As a
result of the large value of an order, suppliers and customers must collaborate to focus their
marketing and sales efforts on a single client.

Answer 3.B.:

INTRODUCTION

Market segmentation is the practice of dividing a larger market into smaller

submarkets.

Many businesses may serve a single market, which is made up of people with similar needs
and objectives. When creating marketplaces, it is possible to concentrate on the advantages
that customers want rather than on particular commodities or technological specifications.
Our clients are divided into two groups: end-users and corporate buyers. Two or more
homogeneous groups have been developed instead of a wide and diversified customer base.
Having a deeper understanding of your target audience can help your sales efforts. A gap in
the market has opened up because of your actions.

CONCEPT AND APPLICATION

Segmentation is more likely to succeed if you do things one step at a time. Developing a
segmentation strategy is more challenging than first seems. When making key product market
entry decisions, it is crucial to be rigorous and rational. The most effective strategy for
narrowing your emphasis to a single market segment is to use a single segment concentration
technique. The corporation has the option of customizing each of these product alternatives
for a specific target market. At the same time, marketing may concentrate on a single product
for all of its target groups.

It is possible to divide a piece of content into several sections.

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According to location, the data is broken out.

Market segmentation might benefit from this strategy. With the use of terminology like
"country," "state" and "region," marketers may begin to categories their customers regionally.

Demography-based partition of the population

People who reside in the same broad location may be identified and categorized, yet their
personal attributes may differ greatly. Marketers often use this form of segmentation due to
the influence demographic considerations have on customer needs, wants, and preferences.

A person's behaviour is investigated in a variety of ways.

Behavioral segmentation takes into consideration customers' buying behaviour and the items
or brands they utilise.

segmentation based on the individual's character

Marketers use psychographic market segmentation in addition to demographics. The field of

psychology's examination of human behaviour is known as psychographics.

According to Kia Motors, below is a breakdown of their clientele:

I believe Kia Motors used demographic and behavioral segmentation to target its customers.
For example, demographic variables such as age, gender, marital status, and work status may
be utilized to identify a person. Customers' needs, aspirations, and demand patterns are
intimately related to demographic data in this segmentation technique.

CONCLUSION

In addition to Hyundai, Kia Motors has reaped the rewards of customer profiling. How often
a product is used as well as how long a consumer has been a customer of the product are all
ways of segmenting the market. Purchasing or using a product might lead to the identification
of a certain customer.