Designing pricing strategies and programs : How do buyers respond to price changes?

Correct Answer: In the light of competition, it may be seen that competitors may initiate price changes If the cutting off on prices does not affect the company, then the current pricing strategy itself can be continued to maintain the profitability of the company However if the price change on one firm is affecting the other, then it can: areduce the product price at par with competitors? price or below competitors? price or b Provide added advantage to the existing product like better quality, or ?a buy one get one free? offer or cProvide better quality of the product at a higher price thereby not being at par with the competitors

Correct Answer: aUnderstanding the customer profile : the tastes,preferences, habits of the customers may differ from person to person bDetermining the objective as to who would be the target market, whether the company wants to go for cost minimisation or not etc cType of channel members :Who all would be involved? Wholesalers, retailers? dThe criteria on which the channel members would be evaluated and selected eHow many intermediaries will be involved in the overall distribution?

Correct Answer: These days channel members are being accepted by companies as their partners The intermediaries are even being asked to integrate their business with the companies which results in lesser costs, greater efficiency and improved customer service Corporates like Airtel are adopting PRM (Partner relationship management) software to give that added advantage to their supply chain They organise rewards and recognition programs for their channel partners and also organise proper channels though which partners can vent any of their grievances relating to payments, violation of codes etc

Correct Answer: The SCPCA method can be used to evaluate channel members a) Sales (S): How much sales each channel member can give within a cetain time frame b) Cost(C): How much cost would be incurred for each channel? c) Profitability(P): Which channel can give better profitability to the company? d) Control(C): Whether company can have better control over its channel members or not e) Adaptability (A): Whether the channel alternatives are flexible enough to any changes or not The channel meeting the objectives of the company is selected

Correct Answer: II and III only

Explanation:

Plagiarism is when you copy someone's work and try to pass it off as your own. Plagiarism can be a violation of copyright laws and can be considered cheating, resulting in you getting a failing grade or even being kicked out of school.

Correct Answer: No problem We can use network marketing as an alternative The company already has its strong network of customers who can spread the word about its products They can encourage referral rewards for say every three customers who will buy our product or avail our service We can also announce a contest for the customers to buy the product and win a chance to get himself broadcasted for the product advertisement We can ask them to send in their photo along with the contest application form which they get alongwith the product they buy So we don?t have to pay them as we would otherwise have to pay to a celebrity

Correct Answer: Logistics management is the part of supply chain management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer's requirements

Correct Answer: aDirect interaction with customers: The retailer acts as the final link between the organisation and its customer The retailer knows his customer better than anyone He even suggests the customer what to purchase and allows him credit facilities to encourage frequent buying behaviour in the customer bSmall purchases: The customer purchases goods in small lots from the retail stores So there are frequent visits to the retail store by the customer cInstrument of marketing communication: via which information about the product is disseminated to the needy customers

Correct Answer: We can say that sales promotion is a cost effective technique by which an organisation can achieve its sales volume or the marketing objectives by providing value added product and not just an ordinary product to the end user or even the intermediaries It is short term by nature and is suitable enough for generating sales within a short span of time Sales promotion techniques are being increasingly used by retailing organisations some of which include advertising, providing discounts and allowances or a 'buy one get one free offer' etc

Correct Answer: Public relations includes promotional activities that work to create a strong public image of the company Public relations activities include helping the public to understand the company and its products Public relations if done right can reach a large audience without the expensive cost of traditional advertising and marketing