mb0030-marketing management (set 1)

8/8/2019 MB0030-Marketing Management (SET 1)

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MB0030-Marketing

ManagementMBA 2nd Semester

Assignment (Set 1)

20/04/2010

Indrajit DuttaEnrollment Number: 520946711


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Indrajit Dutta MBA SEM2 - 520946711

MB0030-Marketing Management Page 2 of24


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Q1 a. Explain the meaning of market with its features.

A market is any one of a variety of different systems, institutions, procedures, social relationsand infrastructures whereby persons trade, and goods and services are exchanged, formingpart of the economy. It is an arrangement that allows buyers and sellers to exchange things.

Markets vary in size, range, geographic scale, location, types and variety of humancommunities, as well as the types of goods and services traded. Some examples include localfarmers markets held in town squares or parking lots, shopping centers and shopping malls,international currency and commodity markets, legally created markets such as for pollutionpermits, and illegal markets such as the market for illicit drugs. A market can be organized as anauction, as a private electronic market, as a commodity wholesale market, as a shoppingcenter, as a complex institution such as a stock market, and as an informal discussion betweentwo individuals. Markets of varying types can spontaneously arise whenever a party has interestin a good or service that some other party can provide. Hence there can be a market forcigarettes in correctional facilities, another for chewing gum in a playground, and yet another forcontracts for the future delivery of a commodity. There can be black markets, where a good isexchanged illegally and virtual markets, such as eBay, in which buyers and sellers do not

physically interact during negotiation. There can also be markets for goods under a commandeconomy despite pressure to repress them. An industry or market can be analyzed for itsattractiveness to a particular company or organization on a number of different characteristics.The list below presents some of the more significant market characteristics that should beconsidered.

Current market size

Projected market growth rate

Number of competitors, level of fragmentation

Intensity of competition

Technological skills required

Production/operations skills required

Capital requirements

Other barriers to entry

Seasonal and cyclical factors

Industry profitability and returns

Social, political, regulatory and environmental factors

Strategic fits with other businesses already owned


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b. Marketing is more than just an exchange process. How can you prove the validity of

this statement?

This approach sees marketing as managing an exchange process. In commercial (for-profit)

organisations, products and services are exchanged for money and resources. In non-profit

organisations, goods and services are sometimes exchanged for money and sometimes also to

support ideas and beliefs. An example might make this clearer why do I buy my Christmas

cards from Oxfam rather than from the local supermarket? There is a commercial exchange, i.e.

a card for money, but also there is an exchange based on ideas and beliefs. Buying from Oxfam

enables me to support their ideas and beliefs and to feel good about spending money on a

worthwhile cause.

Marketing as the managing of exchange relationships is described in the following extract:

Marketing consists of individual and organisational activities that facilitate and expedite

satisfying exchange relationships in a dynamic environment through the creation, distribution,

promotion and pricing of goods, services and ideas.

Piercy (1997) describes this approach to marketing as a market-led approach others refer to it

as pan-company marketing. The distinguishing feature of both these approaches is that they


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emphasise that every department in the organisation is involved with the customer not just the

marketing department. I shall use the terms market-led, market orientation and pan-company

marketing throughout the text to describe this organisation-wide customer-led approach.

Q.2 a. Examine how a firms micro environment operates when compared with its macro

or external environment.

An Analysis of the Micro-Environment and Macro-Environment factors for the Mobile Phones

Industry in the UK market. Introduction This essay is going to undertake an analysis of the micro

environmental and macro environmental factors within the mobile industry for the UK market

only. The mobile phones industry began in the mid 1980's, when the mobile services were first

offered to the general public. However, the developments of the early 1990s, such as the

introduction of digital networks and the entry of additional service providers into the market,

fuelled further increases in the usage of mobile phones. This generated extra investment for the

mobile industry to develop the technologically advanced mobile phones for consumers today.

Macro Environmental Factors To analyse the market for the mobile phones industry in which it

operates, it is important to understand and anticipate the changing external environment. When

assessing the macro environment of a market. The term micro-environment denotes those

elements over which the marketing firm has control or which it can use in order to gain

information that will better help it in its marketing operations. In other words, these are elements

that can be manipulated, or used to glean information, in order to provide fuller satisfaction to

the companys customers. The objective of marketing philosophy is to make profits through

satisfying customers. This is accomplished through the manipulation of the variables over which

a company has control in such a way as to optimise this objective. The variables are what Neil

Borden has termed the marketing mix which is a combination of all the ingredients in a recipe

that is designed to prove most attractive to customers. In this case the ingredients are individual

elements that marketing can manipulate into the most appropriate mix. E Jerome McCarthy

further dubbed the variables that the company can control in order to reach its target market the

four Ps. Each of these is discussed in detail in later chapters, but a brief discussion now follows

upon each of these elements of the marketing mix together with an explanation of how they fit

into the overall notion of marketing.

b. Mention the key points in one of the fourbuyerbehavior models


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In an early study of the buyer decision process literature, Frank Nicosia (Nicosia, F. 1966; pp 9-

21) identified three types of buyer decision making models. They are the univariate model (He

called it the "simple scheme".) in which only one behavioural determinant was allowed in a

stimulus-response type of relationship; the multi-variate model (He called it a "reduced form

scheme".) in which numerous independent variables were assumed to determine buyer

behaviour; and finally the "system of equations" model (He called it a "structural scheme" or

"process scheme".) in which numerous functional relations (either univariate or multi-variate)

interact in a complex system of equations. He concluded that only this third type of model is

capable of expressing the complexity of buyer decision processes. In chapter 7, Nicosia builds a

comprehensive model involving five modules. The encoding module includes determinants like

"attributes of the brand", "environmental factors", "consumer's attributes", "attributes of the

organization", and "attributes of the message". Other modules in the system include, consumer

decoding, search and evaluation, decision, and consumption.

General model

A general model of the buyer decision process consists of the following steps:

Problem recognition;

Information Search

Evaluation ofAlternative

Purchase decision

Purchase

Post-purchase behavior/buyer's remorse (cognitive dissonance)

There are a range of alternative models, but that ofAIUAPR, which most directly links to the

steps in the marketing/promotional process is often seen as the most generally useful;

AWARENESS - before anything else can happen the potential customers must become aware

that the product or service exists. Thus, the first task must be to gain the attention of the target

audience. All the different models are, predictably, agreed on this first step. If the audience

never hears the message, they will not act on it, no matter how powerful it is


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INTEREST - but it is not sufficient to grab their attention. The message must interest them and

persuade them that the product or service is relevant to their needs. The content of the

message(s) must therefore be meaningful and clearly relevant to that target audience's needs,

and this is where marketing research can come into its own.

UNDERSTANDING - once an interest is established, the prospective customer must be able to

appreciate how well the offering may meet his or her needs, again as revealed by the marketing

research. This may be no small achievement where the advertiser has just a few words, or ten

seconds, to convey their message.

ATTITUDES - but the message must go even further; to persuade the reader to adopt a

sufficiently positive attitude towards the product or service that he or she will purchase it, albeit

as a trial. There is no adequate way of describing how this may be achieved. It is simply down

to the magic of the advertiser's art, or based on the strength of the product or service itself.

PURCHASE - all the above stages might happen in a few minutes while the reader is

considering the advertisement; in the comfort of his or her favorite armchair. The final buying

decision, on the other hand, may take place some time later; perhaps weeks later, when the

prospective buyer actually tries to find a shop which stocks the product.

REPEAT PURCHASE - but in most cases this first purchase is best viewed as just a trial

purchase. Only if the experience is a success for the customer will it be turned into repeat

purchases. These repeats, not the single purchase which is the focus of most models, are

where the vendors focus should be, for these are where the profits are generated. The earlier

stages are merely a very necessary prerequisite for this!

This is a very simple model, and as such does apply quite generally. Its lessons are that you

cannot obtain repeat purchasing without going through the stages of building awareness and

then obtaining trial use; which has to be successful. It is a pattern which applies to all repeat

purchase products and services; industrial goods just as much as baked beans. This simple

theory is rarely taken any further - to look at the series of transactions which such repeat

purchasing implies. The consumer's growing experience over a number of such transactions is

often the determining factor in the later - and future - purchases.

Q.3. a. State the meaning of Marketing Information System and Marketing Research.


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A management information system (MIS) is a subset of the overall internal controls of a

business covering the application of people, documents, technologies, and procedures by

management accountants to solve business problems such as costing a product, service or a

business-wide strategy. Management information systems are distinct from regular information

systems in that they are used to analyze other information systems applied in operational

activities in the organization. Academically, the term is commonly used to refer to the group of

information management methods tied to the automation or support of human decision making,

e.g. Decision Support Systems, Expert systems, and Executive information systems.

It has been described as, "MIS 'lives' in the space that intersects technology and business. MIS

combines tech with business to get people the information they need to do their jobs

better/faster/smarter. Information is the lifeblood of all organizations - now more than ever. MIS

professionals work as systems analysts, project managers, systems administrators, etc.,

communicating directly with staff and management across the organization."

Marketing research is the systematic gathering, recording, and analysis of data about issues

relating to marketing products and services. The term is commonly interchanged with market

research; however, expert practitioners may wish to draw a distinction, in that market research

is concerned specifically with markets, while marketing research is concerned specifically about

marketing processes.

Marketing research is often partitioned into two sets of categorical pairs, either by target market:

Consumer marketing research, and

Business-to-business (B2B) marketing research

Or, alternatively, by methodological approach:

Qualitative marketing research, and

Quantitative marketing research

Consumer marketing research is a form of applied sociology that concentrates on

understanding the preferences, attitudes, and behaviors of consumers in a market-based

economy, and it aims to understand the effects and comparative success of marketing

campaigns. Thus, marketing research may also be described as the systematic and objective


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identification, collection, analysis, and dissemination of information for the purpose of assisting

management in decision making related to the identification and solution of problems and

opportunities in marketing.[3] The goal of marketing research is to identify and assess how

changing elements of the marketing mix impacts customer behavior.

b. Explain the various steps involved in the business buying process (8 marks)

The process of buying a business can be boiled down to one very simple question: Is the

business youre buying the business you think youre buying?

Some purchases are more straightforward than others. Often, this is reflected in the type of

business you are purchasing. For example, on BusinessesForSale.com a milkman who had

only just retired from his round enquired on a newsagent for sale.

The following morning, he viewed the business premises. An offer was made in the afternoon

and the business was sold by the next day. From milkman to newsagent in 48 hours.

The process was quick because the buyer was satisfied about what he was acquiring. It was a

typical newsagent, in a good location, with a trading history backed up by financial records,

there were no outstanding legal issues and it was at a price that he believed was right and

something he could afford. Because the buyer was confident about his purchase (made simpler

because the business was not a complex one) the process was quick and painless.

However, be warned: this is the exception, not the rule. But it does highlight a very important

principle if you have a full understanding of the business you are buying then the process will

be smoother.

If you pick up any copy of the Financial Times you will probably read about one company buying

another. Businesses are continually bought and sold as a result of an opportunity being made

available or because of a strategic plan. Larger corporations buy businesses to take out a

competitor, increase purchasing power or to acquire skilled employees.

However, as a first-time buyer you are likely to fall into a different category often driven by a

desire to change your life, be your own boss or (in some cases) make an investment that offers

better returns than other avenues (such as the stock market or a building society).


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As a first-time buyer, you are unlikely to be buying a 50m software company or a 250-

employee manufacturing business. However, the process of buying a business whether its a

pub, hotel or child care nursery is the same.

The process might be shorter and more simplistic but its geared around the same principle is

the business you are buying the business you think you are buying?

Youre probably reading this because youve considered the advantages of buying a business

over starting one from scratch. You know that your chances of success are greater because

youre already buying success.

You are buying an established business, thats already making money (it may be highly

profitable); you are buying customers and maybe employees. You also know that if you buy a

good business you have the opportunity to make it a great one because youll be applying

100% energy and commitment to the project.

Step One Defining the business you want to buy

When larger corporations do this they call it acquisition profiling. For you, it will probably

manifest itself in a series of questions such as: What kind of business do I want to buy? How do

I know which business is right for me? Where do I start? Even if you already know what

business is right for you its still a good idea to do some research. Read up on any future

legislation that may affect the business sector. For example, deregulation plans for the gaming

industry may be a wonderful opportunity

Step Two Targeting the business

Once youve defined the parameters of the business you to want buy the market sector, size,

location (are you prepared to move?), the price range etc, youll be in a position to start

targeting the right business. There are two ways of targeting a business:

(1) Find a business that is already listed for sale.

(2) Approach a business not for sale and make an offer.

Our site has thousands of businesses most of which are represented by leading business

agents, brokers and accountancy firms. Itll make your task of targeting a business much easier

than searching through a newspaper.


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Step Three Quick and dirty DIY due diligence

Okay now things are getting interesting. Youve narrowed down the opportunities and youve

created a shortlist of possible businesses that interest you. Ideally, you will have five or six

targets on your list. Before you engage lawyers and accountants and start the official due

diligence process you will need to do your own a DIY, quick and dirty version of due diligence.

What is due diligence? Well, its a fancy term used by accountants and lawyers to sum up

the process of making sure the business is what it says it is.

Step Four Negotiating the price

Once you are satisfied that the business you have targeted is what it seems to be and that

you have done as much as you possibly can to understand what it is you are going to buy you

can start to talk about buying the business. And inevitably this will mean a conversation or

dialogue with the business owner or intermediary (agent, broker, accountant) about the price of

the business.

Step Five Valuing the business

A price is the ultimate reflection of the value of the business. There are many valuation methods

used to assess a business. Most first-time buyers will be buying a property-based business

(such as a pub, child nursery or coffee shop), which means that a great deal of the valuation will

be based on the property itself. A surveyors report will give you comfort here

Step Six Paying for the business

There are many ways you can structure how you pay for a business. The simplest and most

convenient way is to pay in cash on completion. You pay the whole lump sum and the business

is yours. Banks will lend up to 60% of the value of the business and you will need to find the rest

yourself.

Another way to pay for the business is to defer the consideration. Consideration is the legal term

meaning payment. This way involves you holding back some of the payment until a certain

event or milestone is hit. For example, if the value of the business you are buying is affected by


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the renewal of an important contract with a key customer then you may wish to defer full

payment until that contract is renewed.

Step Seven Heads of agreement

The purpose of heads of agreement is so that there are no misunderstandings between the

buyer and seller when it comes to completing a deal. Think of it as a roadmap that outlines how

the sale will take place. Its not the contract of sale which comes later.

Step Eight Due diligence

This is the official due diligence undertaken by professionals to make sure that everything is as

it should be. It may include commercial due diligence to assess the business itself, legal due

diligence to look at the contracts of the business, and financial due diligence to assess the tax

position.

Step Nine Sale and purchase agreement

This legal document will contain the terms and conditions of the acquisition and the rights and

obligations of the parties involved.

Apart from the price, and when and how the purchase will be financed, it will also contain more

detailed clauses. For example, you may put in a restrictive covenant preventing the seller from

setting up a new business that will directly compete with you.

Q.4. a. Suppose you need to conduct a small marketing research study in your

neighb

orhood regarding the purchase and use of detergent powders. What willb

e yourapproach in the process?

Detergent market research reports include information on household dishwashing and laundry

detergents, soap, liquid and powder detergents etc. Our collection of research reports cater to

the market trends, analyses, opportunities, projections, sales, and marketing strategies.


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Specifics on market share, segmentation, size, and growth in the domestic and global markets

are also featured.

Quality Assurance

Whether it is detergent powder, dishwash bar or toilet cleaner, our products give best after wash

result. We use high quality detergent material which ensures a complete hygienic wash. Our

detergents do not simply make your accessories clean and shining but also make those free

from all kind of germs. Our highly trained experts take care of products quality very carefully.

Skin Friendly

In our detergent products we use very high quality ingredients. When these products come in

the contact with water they produce mild suds that are not harmful to your delicate skin. You

dont need to use gloves while washing your dishes or your clothes.

Best Fragrance

We use fine aromatic compounds in our products which enhance the fragrance of your

accessories. It washes out any kind of staled smell very easily. Our products are available in

various beautiful fragrances which leave a long lasting effect.

Though our products were introduced in Punjab and Jammu & Kashmir, they have been

successfully catering in the market of other states as well. Our product supply system is also

very efficient. Owing to the constant market research of our R & D experts and the feed back of

our customers, we make constant improvement in our products and the process is everlasting.

b. As a consumer, what factors will you consider when you have to buy a laptop? How

will you arrive at a decision whether or not to buy a particularbrand? Once you have

selected a brand, identify the various marketing Ps for that brand.

1. The ports. You should make sure that laptop has lots of USB ports for devices such as

printer, mouse, flash drive, digital camera, etc. If your laptop does not come with many USB

ports, you will need an USB hub. If you plan to connect your laptop to a TV, you will need an s-

video port.


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2. CD/DVD. Most of laptops come with a CD writerDVD reader drive. If you want to copy DVDs,

you will need a DVD writer drive. At this time the maximum speed for burning a DVD is 16X.

3. The hard drive. The speed of hard drive is measured in rpm or Rotations per Minute. Try to

find a laptop that has 4200rpm or 5400rpm. A laptop with 40 Gigabytes is sufficient for an

average person.

4. The memory. Your laptop should have at least 1 GB of memory. However, you can get a

notebook with 512 MB and work with Windows XP. You should avoid a laptop with only 256 MB

of memory.

5. The processor. You can choose between Intel and AMD. At the moment, Intel has the best

processor for a laptop called the Core 2 Duo. The speed of processors is measured in

Gigahertz. The bigger the number, the faster the processor is. There are also Dual-Core

processors. It means they can process two things at the same time. As a result, the power of

the processor is doubled.

6. Size. You should choose a smaller screen if you carry your laptop a lot. Typically a 14.1 inch

screen is considered small. A 17 inch screen is considered big. A 17 inch screen is heavier and

use up more battery life. You can get a 15 inch or a 15.4 inch.

7. The warranty. Each laptop computer should come with one year warranty from the

manufacturer covering only defective equipment. You can also get an extended

warrantycovering any accidents you may have.

8. The brand. Average brand of laptop is Dell, HP, Gateway, Acer and Compaq. The better

brand of laptops is Sony, Toshiba, Alienware and IBM-Lenovo.

Elements of the marketing mix are often referred to as 'the four Ps':

Product - A tangible object or an intangible service that is mass produced or manufactured on a

large scale with a specific volume of units. Intangible products are service based like the tourism

industry & the hotel industry or codes-based products like cellphone load and credits. Typical

examples of a mass produced tangible object are the motor car and the disposable razor. A less

obvious but ubiquitous mass produced service is a computer operating system. Packaging also

needs to be taken into consideration.


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Price The price is the amount a customer pays for the product. It is determined by a number of

factors including market share, competition, material costs, product identity and the customer's

perceived value of the product. The business may increase or decrease the price of product if

other stores have the same product.

Place Place represents the location where a product can be purchased. It is often referred to

as the distribution channel. It can include any physical store as well as virtual stores on the

Internet.

Promotion represents all of the communications that a marketer may use in the marketplace.

Promotion has four distinct elements: advertising, public relations, word of mouth and point of

sale. A certain amount of crossover occurs when promotion uses the four principal elements

together, which is common in film promotion. Advertising covers any communication that is paid

for, from cinema commercials, radio and Internet adverts through print media and billboards.

Public relations are where the communication is not directly paid for and includes press

releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word

of mouth is any apparently informal communication about the product by ordinary individuals,

satisfied customers or people specifically engaged to create word of mouth momentum. Sales

staff often plays an important role in word of mouth and Public Relations

Q. 5 a. What are the features of Business markets? How are they different from consumer

markets?

The business market is comprised of organizations that, in some form, are involved in the

manufacturer, distribution or support of products or services sold or otherwise provided to other

organizations. The amount of purchasing undertaken in the business market easily dwarfs the

total spending by consumers. Because the business market is so large it draws the interest of

millions of companies worldwide that market exclusively to business customers. For these

marketers understanding how businesses make purchase decisions is critical to their

organizations marketing efforts. In some ways understanding the business market is not as


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complicated as understanding the consumer market. For example, in certain business markets

purchase decisions hinge on the outcome of a bidding process between competitors offering

similar products and services. In these cases the decision to buy is often whittled down to one

concern who has the lowest price. Thus, unlike consumer markets, where building a

recognizable brand is very important, for many purchase situations in the business market this

is not the case. However, in many other ways business buying is much more complicated. For

instance, the demand by businesses for products and services is affected by consumer

purchases (called derived demand) and because so many organizations may have a part in

creating consumer purchases, a small swing in consumer demand can create big changes in

business purchasing. Automobile purchases are a good example. If consumer demand for cars

increases many companies connected with the automobile industry will also see demand for

their products and services increase (we will later refer to these companies as supply chain

members). Under these conditions companies will ratchet up their operations to ensure

demand is met, which invariably will lead to new purchases by a large number of companies. In

fact, it is conceivable that an increase of just one or two percent for consumer demand can

increase business demand for products and services by five or more percent. Unfortunately,

the opposite is true if demand declines. Trying to predict these swings requires businesses to

not only understand their immediate customers but also the end user, which as we will discuss,

may be well down the supply chain from where the business operates.

Consumer market consists of individual customer whereas the Business market comprises of

businesses as customers. The differences between the two are:

- The products for the two markets are essentially different.

- The consumers buy small quantities whereas the businesses buy in bulk.

- Consumer market requires more marketing on mass media whereas the Business market

requires more personalized marketing

The factors that influence Buying behavior are as follows:

- Financial strength of the consumers

- Number of product options available

- Prices in the market


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- Attitudes, beliefs and perceptions

- Peer and family pressure

- Product conformity to social status (esp for consumer market)

b. List out the 5 important prerequisites of effective segmentation by giving suitable

examples.

Market segmentation is a concept in economics and marketing. A market segment is a sub-set

of a market made up of people or organizations sharing one or more characteristics that cause

them to demand similar product and/or services based on qualities of those products such as

price or function. A true market segment meets all of the following criteria: it is distinct from

other segments (different segments have different needs), it is homogeneous within the

segment (exhibits common needs); it responds similarly to a market stimulus, and it can be

reached by a market intervention. The term is also used when consumers with identical product

and/or service needs are divided up into groups so they can be charged different amounts.

These can broadly be viewed as 'positive' and 'negative' applications of the same idea, splitting

up the market into smaller groups.

While there may be theoretically 'ideal' market segments, in reality every organization engaged

in a market will develop different ways of imagining market segments, and create Product

differentiation strategies to exploit these segments. The market segmentation and

corresponding product differentiation strategy can give a firm a temporary commercial

advantage. Segmentation is commonly used by organizations to improve their customer

retention programs and help ensure that they are:

y Focused on retaining their most profitable customers

y Employing those tactics most likely to retain these customers

The basic approach to retention-based segmentation is that a company tags each of its active

customers with 3 values:

Tag #1: Is this customer at high risk of canceling the company's service? (Orbecoming a

non-user): The of the most common indicators of high-risk customers is a drop off in usage of

the company's service. For example, in the credit card industry this could be signaled through a

customer's decline in spending on his card.


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Tag #2: Is this customer worth retaining?

This determination boils down to whether the post-retention profit generated from the customer

is predicted to be greater than the cost incurred to retain the customer. [1]

Tag #3: What retention tactics should be used to retain this customer?

For customers who are deemed save-worthy, its essential for the company to know which

save tactics are most likely to be successful. Tactics commonly used range from providing

special customer discounts to sending customers communications that reinforce the value

proposition of the given service.

Process for tagging customers

The basic approach to tagging customers is to utilize historical retention data to make

predictions about active customers regarding:

y Whether they are at high risk of canceling their service

y Whether they are profitable to retain

y What retention tactics are likely to be most effective

The idea is to match up active customers with customers from historic retention data who share

similar attributes. Using the theory that birds of a feather flock together , the approach is based

on the assumption that active customers will have similar retention outcomes as those of their

comparable predecessors. From a technical perspective, the segmentation process is

commonly performed using a combination of predictive analytics and cluster analysis.

Illustration of retention-based segmentation process:


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Q. 6. Explain briefly the important bases for segmenting markets and then identify the

bases for these products by giving appropriate reasons:

i) A digital wrist watch: An electronic wristwatch having an improved digital display is provided.

The display elements include first electrodes adapted to be referenced to a first potential and

second electrodes spaced apart from said first electrodes and adapted to be charged to at least

two distinct potentials. An oxidation-reduction sensitive compound is disposed between said first

and second spaced apart electrodes the compound being reduced to a first condition of

transparency in response to a first difference in potential between said first and second

electrodes and being oxidized to a second condition of transparency in response to a second

difference in potential between said first and second electrodes. Novel circuitry is utilized to

incorporate the digital display in an electronic wristwatch. In an electronic wristwatch having

electronic timekeeping circuitry for producing a periodic timekeeping signal representative of

actual time, the improvement comprising at least one counter-decoder means adapted to

receive said periodic timekeeping signal and in response thereto selectively produce a plurality

of display segment drive signals, display means including a plurality of segmented electrodes

forming a display digit and a further common electrode spaced apart from said segmented


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electrodes, said common electrode being referenced to a fixed potential, and an oxidation-

reduction compound disposed between said segmented electrodes and said common electrode,

a plurality of control switching means, each said control switching means being coupled to a

display segment electrode, each said control switching means being adapted to receive said

timekeeping signal and a respective segment driving signal and in response thereto effect a

changing of the potential of said segmented electrode to change the condition of transparency

of said portion of said oxidation-reduction sensitive compound between each said segmented

electrode and said common electrode to correspond to the absence or presence of a segment

drive signal applied to the segment electrode during each period of the timekeeping signal, each

said control switching means further including a control switching circuit adapted to apply one of

a first potential and second potential control signal once each period of said timekeeping signal,

and a switching circuit adapted to receive said control signal, and in response to the potential

thereof, reference said segmented electrode thereto, and including first and second mono-

stable multi-vibrators adapted to receive said periodic timekeeping signals and in response

thereto respectively produce first and second pulse width signals respectively determinative of

the period to effect oxidation and reduction of the portions of the oxidation-reduction sensitive

compounds between said first segmented electrodes and said common electrode, each said

control switching circuit including first and second gate means respectively adapted to receive

said first and second pulse width signals, and feedback gating means coupled to said first and

second gating means for alternating the opening and closing of said first and second gating

means, said first second gating means being adapted to receive said segment drive signals and

in response thereto and the alternate opening and closing thereof apply said first and second

potential control signal to said switching circuit for a duration determined by said pulse width

signal.

ii) Sunglasses: Market size is the measure of the total value or volume of a particular product

sold in a particular length of time. In our case it is the total amount of the market covered by a

title in the last whole year, for example, in UK Beer 2005, all the beer consumed in the UK in

2004. The aim of the report is to tell how much of the product was consumed in the country

discussed by value and by volume. Market Segmentation is a segmentation of the market by

key product categories, ideally by value and volume. For example: the yoghurt market can be

segmented into: drinking yoghurt, flavoured yoghurt and natural yoghurt. The Snapshots report

gives an instant overview of the US sunglasses market, and covers plano, sports and regulation

glasses. Market value is based on retail sales. The data is supplied in both graphical and tabular


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format for ease of interpretation and analysis. The Snapshots US Sunglasses 2007 forms part

of Snapdata's Clothing industry coverage.

iii) Air-cooler: There are very few products, like air-cooler which can be sold to all people or

organizations. Therefore, marketers must segment potential customers into subsets, or target

markets that can be effectively and efficiently reached.

Levels of Market segmentation:

There are mainly four levels of Market segmentation

1. Segmenting marketing: A market segment consists of a group of customer who share a

similar set of needs and wants, called segment marketing. Following are the different ways of

market segment can be defined.

Homogeneous preference: The market where all the consumer roughly the same preference

.The market shows no natural segment.

Diffused preference : The market where consumer preference may be scattered throughout the

period, indicating that consumer very

Greatly in their preference.

Cluster preference : The market which might reveal distinct preference clusters, called natural

market segment. The first firm in this market has three options. It might position in the center,

hoping to appeal to all groups. It might position in the largest market segment. It might develop

several brands, each positioned in a different segment.

2. Niche marketing: Niche marketing is more narrowly defined customer group seeking a

distinctive mix of benefits. Marketer usually identify niches by dividing a segment in to sub-


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segment .with increase the efficiency of market , niches that were seemingly too small may

become more profitable .

3. Local marketing: local marketing reflects a growing trend called grass-roots marketing. Here

marketing activity concentrate on grass-roots level where products are promoted not only by

communicating its features and benefits but by also connecting it with unique and interesting

experience.

4. Customization: The ultimate level of segmentation leads to segment of one customized

marketing or one to one marketing. Customization combines operationally driven mass

customization with customized marketing in a way that empowers consumer to design the

product and service offering of their choice.

But Customization is not for every company. It may be very difficult to implement for complex

products such as automobiles.

Customization can raise the cost of goods by more than customer is willing to pay. In spite of

this, Customization has worked well for some products e.g. Paint companies such as jenson &

nicholson, Asian paint.

iv) Dictionary: The segmentation for Dictionary will be determined by a match between the

benefits offered by the company offering and the need of the prospect. Some "need" categories

for segmentation include:

Reduction in expenses

Prospects might be businesses that are downsizing (right sizing), businesses that have products

in the mature stage of their life cycle or individuals with credit rating problems.


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Improved cash flow

Prospects might be businesses that have traditionally low profit margins, businesses that have

traditionally high inventory costs or individuals that live in expensive urban areas.

Improved productivity

Prospects might be businesses that have traditionally low profit margins, businesses that have

recently experienced depressed earnings or individuals with large families.

Improved manufacturing quality

Prospects might be businesses with complex, multi-discipline manufacturing processes.

Improved service delivery

Prospects might be service businesses in highly competitive markets, product businesses

requiring considerable post-sale support or individuals in remote or rural areas.

Improved employee working conditions/benefits

Prospects might be businesses where potential employees are in short supply.

Improvement in market share/competitive position

Prospects might be new entrants to a competitive market.

Need for education

Prospects might be businesses or individuals looking for books on business planning, or

seminars on Total Quality Management.

Involvement with social trends


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Prospects might be businesses concerned with environmental protection, employee security,

etc. or individuals who believe in say 'no' to drugs, anti-crime, etc.

Specific - relating to product/service characteristics

Prospects might be businesses or individuals interested in safety, security, economy, comfort,

speed, quality, durability, etc.

mb0030-marketing management (set 1)

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