MMPM 003 Solved Assignment 2023-24
Product & Brand Management
MMPM 003 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
Assignment Code: ASST/ MMPM 003/2023-24
Marks: 100
Attempt all the questions.
Q1. a) What is a
Product? Discuss the Product Characteristics and its classification with suitable
examples.
A product is a
tangible or intangible item that is offered for sale or use and satisfies the
needs or wants of consumers. Products can range from physical goods, such as
smartphones or clothing, to services, such as education or healthcare.
Understanding the characteristics and classifications of products is crucial
for businesses in developing and marketing their offerings.
Product
Characteristics:
Tangibility:
Physical
products are tangible and can be touched, seen, and felt. Examples include
smartphones, cars, and clothing.
Intangible
products are not physical and include services like consulting, education, or
healthcare.
Durability and
Tangibility:
Durable goods
have a longer lifespan and are not consumed quickly, such as appliances or
furniture.
Non-durable
goods are consumed relatively quickly and have a shorter lifespan, like food or
toiletries.
Use:
Consumer goods
are products purchased by individuals for personal use, such as electronics or
clothing.
Industrial
goods are products used in the production of other goods and services, like
machinery or raw materials.
Consumer or
Industrial:
Consumer
products are meant for direct consumption by the end user.
Industrial
products are used as inputs in the production of other goods or services.
Heterogeneity:
Homogeneous
products are similar in nature and characteristics, like basic agricultural
goods.
Heterogeneous
products have distinct characteristics and features, such as luxury cars or
custom-made furniture.
Product
Classification:
Consumer
Products:
Convenience
Products: Everyday items consumers buy frequently with minimal effort (e.g.,
toothpaste, snacks).
Shopping
Products: Products consumers compare and shop around for before purchasing
(e.g., clothes, electronics).
Specialty
Products: Unique products with specific characteristics or brand recognition
that consumers actively seek (e.g., high-end watches, designer clothing).
Unsought
Products: Products that consumers are not actively looking to purchase, often
requiring marketing efforts to create awareness (e.g., insurance, burial
plots).
Industrial
Products:
Material and
Parts: Products used in the manufacturing process (e.g., raw materials,
components).
Capital Items:
Products that aid in the production process but are not directly used in the
final product (e.g., machinery, buildings).
Supplies and
Services: Products used in the daily operations of a business (e.g., office
supplies, maintenance services).
Product by
Relationship to Consumer Needs:
Staple
Products: Basic goods that are consistently in demand (e.g., bread, milk).
Impulse
Products: Products bought on impulse without much thought (e.g., chocolates,
magazines).
Emergency
Products: Products purchased in response to an urgent need (e.g., spare tire,
medical supplies).
Understanding
the characteristics and classifications of products helps businesses tailor
their marketing strategies, distribution channels, and product development
efforts to meet the specific needs and preferences of their target audience.
b) Explain the concept
of Product Portfolio. Discuss the BCG-growth share matrix that you are familiar
with.
Q2. a) Comment on how
a firm organizes the process of new product development process. Discuss
setting the responsibility for new product development in the following situations.
i) New product
development at the corporate level
ii) New product
development at operating level
b) What is a new
product? Briefly discuss the various techniques used for generated new product
ideas.
Q3. a) Explain the
concept and significance of branding. Illustrate. Discuss the steps involved in
the brand selection process.
b) Comment on the
brand building blocks you are familiar with. Discuss the key initiatives that
markets ought to consider in branding decisions.
4. a) What are the
factors to be kept in mind in choosing brand element and how do they help in
building brand equity?
b) What are the five
levels which brand can use to sustain value overtime?
MMPM 003 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
MMPM 003 Solved
Assignment 2023-24, MMPM 003 Solved Assignment 2023-24, MMPM 003 Solved Assignment
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