Marketing Management Lecture Notes

Introduction

• Focus on November 2024 question paper.
• Discussion on Question 7.

Question 7.1.1: Marketable Ideas

• Examples of ideas that can be marketed:
  • "Don't Drink and Drive": A persuasive message.
  • "Stay Warm and Be Safe": A safety-focused message.
  • Sanitize: Related to health and well-being.

Question 7.2: Gathering Primary Data

• Primary data: Information collected firsthand for a specific research purpose.
• Methods to gather primary data:
  • Observation
  • Experiments
  • Focus Groups

Question 7.3: Family Roles in Purchasing

• Different family roles when purchasing a new product:
  • Initiator: Recognizes the need for a product.
  • Influencer: Provides product specifications.
  • Decision Maker: Decides on the purchase.
  • Purchaser: Buys the product.
  • User: Uses the product.

Question 7.4: Benefits of Differentiated Market Segmentation

• Differentiated Market Segmentation vs. Aggregated Market Segmentation:
  • Increased Revenue: Targeting specific market segments.
  • Larger Market Share: Possessing different segments contributes to a larger total market share.
  • Appropriate Product Offering: Tailoring products to the right consumers.

Question 7.5: Variables for Product Comparison

• Variables consumers use to compare products:
  • Price: A primary factor.
  • Quality: The standard of the product.
  • Value: Worth of the product relative to cost.
  • Availability: Ease of access to the product.
  • Design: Aesthetic and functional aspects.

Question 7.6: Social Trends and Consumer Demand

• 7.6.1: Increase in Demand for Washing Machines

  • Working Women: Less time for manual laundry.
  • Altered Family Structures: Changes in family dynamics.

• Home Fitness Equipment

  • Health Consciousness: Focus on personal fitness.

• Natural Products

  • Environmental Awareness: Concern for ecological impact.
  • Health Consciousness: Awareness of health benefits.

• Sugar-Free Drinks

  • Health Consciousness: Awareness of the negative effects of sugary drinks.

Conclusion

• Wrap-up of the November 2024 question paper.
• Encouragement to subscribe and stay notified for more educational content.