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IGNOU AMK 01 Solved Assignment 2022-23
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Important Note – IGNOU AMK 01 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
All questions are compulsory.
1 What do you mean by market segmentation? Explain the importance of market segmentation.
Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another.
Understanding Market Segmentation
Companies can generally use three criteria to identify different market segments:
- Homogeneity, or common needs within a segment
- Distinction, or being unique from other groups
- Reaction, or a similar response to the market
For example, an athletic footwear company might have market segments for basketball players and long-distance runners. As distinct groups, basketball players and long-distance runners respond to very different advertisements. Understanding these different market segments enables the athletic footwear company to market its branding appropriately.
Market segmentation is an extension of market research that seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group. The objective of market segmentation is to minimize risk by determining which products have the best chances of gaining a share of a target market and determining the best way to deliver the products to the market. This allows the company to increase its overall efficiency by focusing limited resources on efforts that produce the best return on investment (ROI).
Types of Market Segmentation
There are four primary types of market segmentation. However, one type can usually be split into an individual segment and an organization segment. Therefore, below are five common types of market segmentation.
Demographic segmentation is one of the simple, common methods of market segmentation. It involves breaking the market into customer demographics as age, income, gender, race, education, or occupation. This market segmentation strategy assumes that individuals with similar demographics will have similar needs.
Example: The market segmentation strategy for a new video game console may reveal that most users are young males with disposable income.
Firmographic segmentation is the same concept as demographic segmentation. However, instead of analyzing individuals, this strategy looks at organizations and looks at a company’s number of employees, number of customers, number of offices, or annual revenue.
Example: A corporate software provider may approach a multinational firm with a more diverse, customizable suite while approaching smaller companies with a fixed fee, more simple product.
Geographic segmentation is technically a subset of demographic segmentation. This approach groups customers by physical location, assuming that people within a given geographical area may have similar needs. This strategy is more useful for larger companies seeking to expand into different branches, offices, or locations.
Example: A clothing retailer may display more raingear in their Pacific Northwest locations compared to their Southwest locations.
Behavioral segmentation relies heavily on market data, consumer actions, and decision-making patterns of customers. This approach groups consumers based on how they have previously interacted with markets and products. This approach assumes that consumers prior spending habits are an indicator of what they may buy in the future, though spending habits may change over time or in response to global events.
2. What is product life cycle? Discuss the various stages in the life cycle of a product.
What is the Product Life Cycle?
The product life cycle involves the stages through which a product goes from the time it is introduced in the market till it leaves the market. A product life cycle consists of four stages: introduction, growth, maturity, and decline. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market. This may be due to several factors such as saturation, competition, decrease in demand, and even reduction in sales. A product life cycle analysis can help companies in creating strategies that enable them to sustain the longevity of a product and even adapt to market conditions.
Benefits of Using the Product Life Cycle
Now that we know what the product life cycle is, we will now look at using the product life cycle for different purposes. The product life cycle is used to determine how products can be marketed to consumers. When a product is successfully introduced in the market during the first stage of the product life cycle, there should ideally be a rise in demand and popularity. When this new product gets established, there is less marketing effort involved. And, when it moves from the maturity stage to the declining stage, the demand also wanes.
Eventually, in the last phase of the product life cycle, the product phases out from the market. This is where an efficient product management life cycle becomes useful for all businesses. Proper product life cycle management ensures that the product does well and reaches the stage of maturity after having been in the market for a prolonged duration.
4 Stages of the Product Life Cycle
To recap, we are now well-versed with what a product life cycle is, why product life cycle management is important, and how the product development life cycle helps businesses. We will now skim through the four stages of the product life cycle and their importance.
This is the first stage of the product life cycle. Once a product is developed, the first step is its introduction into the market. During this stage, the product is released into the market for the very first time. This product development life cycle stage is at high stake but does not decide whether the product will be successful or not. Additionally, a lot of marketing and promotional activities are undertaken, and capital is pooled so that the product reaches the consumers. At this stage of product life cycle management, companies are able to understand how users will respond to the product. Precisely, the idea is to create a huge demand.
In the growth stage, consumers start to take action. They buy the product; the product becomes popular and results in increased sales. There are other companies also that notice the product as it starts getting more attention and revenue.
When the competition is heavy, a higher amount of money may be pooled into the market. The market for the product expands and it may also be tweaked at this stage to ensure some features, etc., are improved. Competition may also force you to cut down the prices. Nonetheless, sales increase and therefore the product and market growth.
In the maturity stage, sales slow down, indicating that the market has begun to reach saturation. This is also one of the stages of the product life cycle when pricing becomes competitive. This makes the profit margins thinner. In this stage, the purpose of marketing is to fend off competition and sometimes, altered products are introduced.
While companies make all efforts throughout the different stages of the product life cycle to ensure that it stays alive in the market, an eventual decline cannot be ruled out. This is why it becomes important to know what product life cycle is at first. When a product is in the decline stage, the sales drop due to a change in consumer behaviour and demand. The product loses its market share and competition also deteriorates. Eventually, the product retires from the market.
Examples of the Product Life Cycle
To understand all of these stages, we can take a look at product life cycle examples. These examples will help us understand how a product is introduced and how it goes through different stages. However, if you wish to pursue a career in product life cycle management, these product life cycle examples may not be enough. You’ll have to undertake a product management course which will help you gain more insights into the product life cycle and its management. A few more product life cycle examples are:
Typewriters helped in improving the speed and efficiency of writing. However, with time newer devices such as computers and laptops were introduced, and the demand for typewriters declined. Eventually, they reached maturity and were taken off the market.
VCRs were effectively phased out after the advent of CDs, DVDs, and eventually the Internet.
Electric vehicles are currently in the growth stage, therefore, their demand is picking up.
A Career in Product Management
Today, it is easy for you to kickstart or advance your career in product management. You just need to undertake one of the best product management certification courses.
Emeritus India offers various product management courses in India. Here are three of the many online and offline product management courses available in India from which you can choose.
3 Write short notes on the following:
(a) Consumer Behavior
(b) Trade Promotion
(c) Ware housing
4. Differentiate between the following:
(a) Publicity and Advertisement
(b) Selective Distribution and exclusive distribution
(c) Broker and Commission agent
(d) Retailer and Wholesaler
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IGNOU AMK 01 Solved Assignment 2022-2023 We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. AMK 01 MARKETING Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
IGNOU AMK 01 Solved Assignment 2022-23
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5 Comment briefly on the following statement:
(a) Marketing is the most important activity of any business.
(b) An effective system of physical distribution greatly helps a firm in achieving its marketing objectives.
(c) Finding an appropriate brand name for a new product is a tricky job.
(d) When a new product is launched in the market, the manufacturer enjoys flexibility in the matter of prise setting.
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IGNOU AMK 01 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
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IGNOU AMK 01 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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