Marketing Test - 56

Lean operations is a production strategy that emphasizes short lead times, high quality, and low inventory levels. Lean Operations is a production strategy that focuses on creating value for the customer by eliminating waste, reducing lead times, improving quality, and optimizing inventory levels.

O&M (Ogilvy and Mather):

Ogilvy is a New York City-based British advertising, marketing, and public relations agency. It was founded in 1850 by Edmund Mather as a London-based agency. Ogilvy is the only ad agency that has worked on Cadbury’s advertising in India.

Mc Cann Erickson:

McCann, formerly McCann Erickson, is an American global advertising agency network, with offices in 120 countries. Mastercard's advertisement is handled by this agency.

Trikaya Grey:

Trikaya, an India-based advertising agency, was founded in 1977 by Ravi Gupta with just four employees. It tied up with Grey International in 1988. Grey International gradually took over Trikaya, known as a creative powerhouse in the 1980s. Grey acquired its first major client, Procter & Gamble

JWT Hindustan Thompson Associates:

J. Walter Thompson (JWT) was an advertisement holding company incorporated in 1896 by American advertising pioneer James Walter Thompson. The company was acquired in 1987 by multinational holding company WPP plc, and in November 2018, WPP merged J. Walter Thompson with fellow agency Wunderman to form Wunderman Thompson. Multinational companies like Unilever, Nestle, Kelloggs, DTC, Warner, and Lambert among others are a part of HTAs clientele now

ABC company should try to reduce the cost of production.

• If ABC Company's retail partners are complaining about low margins, it means that they are not making enough profit on the products they are selling.
• This could be due to a number of reasons, such as high competition or low demand.
• However, one way for ABC Company to help their retail partners increase their margins is by reducing the cost of production.
• By reducing the cost of production, ABC Company can offer their products to retailers at a lower price, which would enable retailers to increase their margins.
• This would help to strengthen the relationship between ABC Company and its retail partners and encourage them to continue selling their products.

Market Penetration: This involves growing sales of your existing products or services in your current markets. You might use marketing or pricing changes to get more customers to choose your product over rival products. This strategy aims at increasing market share in an existing market.

Market Development: This involves trying to sell your existing products or services in new markets. These new markets could be in different geographical areas, like a new country or city, or they could target new customer segments. The goal is to reach more customers with your existing offerings.

Product Development: This is about creating new products or significantly upgrading existing ones to sell to your current market. This could come from innovations in technology, shifts in customer needs, or opportunities to outdo competitor offerings. The aim is to increase sales by offering new or enhanced products to your existing customers.

Diversification: This involves entering a new market with a new product. Companies try to diversify when they see an opportunity in a completely different market and they have the resources and skills to seize it. The goal here is to expand business operations and explore new growth areas, though this comes with higher risks since both the market and product are new.

Helpful in the formulation of all marketing plans, policies, programs, and procedures. It is used in reducing and minimizing all marketing costs, particularly, selling, advertising, promotion, and distribution costs.

A considerable time and effort is required to properly do market research. It is an expensive process that requires a considerable amount of funds, so it is not possible for a small business to conduct market research.

The basis for market segmentation:

• Customer Based Segmentation: In this approach, customers are divided into smaller segments based on the type of customers.
• Competition based Segmentation: In this type of market segmentation, the market is divided on the basis of the competitors. Both, direct and indirect competitors are taken into consideration.
• Product Related Segmentation: In this type of market segmentation is the process of breaking a customer population into homogeneous groups depending on their relationships with the product, such as segmenting based on the benefits people seek when purchasing a product, usage rates for a product, or brand loyalty.

Technology Oriented Segmentation is not a valid basis for segmentation.

Production is not an element of the marketing mix. The four P's of the marketing mix are:

1. Product
2. Price
3. Place (distribution)
4. Promotion

The process that directs the flow of goods and services from the producer to the consumer by creating time place ownership and awareness utilities is known as Marketing.

• It involves directing the flow of goods and services from the producer to the consumer by creating time, place, ownership, and awareness utilities.
• This is done through various activities such as market research, product development, pricing, promotion, and distribution.

The BCG Matrix, also known as the Boston Consulting Group Matrix, is a strategic planning tool developed by the Boston Consulting Group in the early 1970s. 

The matrix consists of four quadrants:

Cash Cows: These are products with a high market share but in a low-growth industry. They generate strong cash flows, more than needed to maintain their market share. Resources should be maintained to continue the cash flow.

Dogs: These are products with a low market share in a slow-growth market. They generate low or negative cash flows and might be considered a drain on resources.

Stars: These are the products with high market share and high growth rates. With the right balance of investment and management, stars can become the future cash cows.

Question Marks (or Problem Child): These products exist in high-growth markets but have low market share. They are the potential stars and can become the next success story. However, they require significant investment to develop market share.

People processing Services:

As the title suggests, these services are aimed at specific individuals. Customers must physically enter the service environment in order to receive the service they desire. It's also possible that the service provider will arrive at the customer's location with the tools needed to conduct services. The goal is to develop a new set of values for service industry clients.