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NIBM GLOBAL
THIRD SEMESTER MBA
Subject : Service Marketing
Attend any 4 questions. Each question carries 25 marks
(Each answer should
be of minimum 2 pages / of 300 words)
Question. 1. Explain the relation of the stock
market to the modern financial system.
Question. 2. Describe marketplaces and street
markets.
Answer : Marketplace – definition and meaning
Marketplace may refer to an open space or square in a
town where people buy and sell things, i.e., a street market. It also means
‘the market‘ in the abstract sense. For example, for a product to compete
effectively in the marketplace, it needs to sell at the right price.
Online marketplace – definition
The online marketplace is a kind of e-commerce website
where many third parties provide information on goods and services. The
operator of the website processes the business transactions, i.e., orders.
Question. 3. How do consumers talk about the
products in the Market? Explain.
Answer : What is
consumer behavior?
Consumer behavior is the series of behaviors or
patterns that consumers follow before making a purchase. It starts when the
consumer becomes aware of a need or desire for a product, then concludes with
the purchase transaction.
You can also count repeat purchases under the umbrella
of consumer behavior. For instance, some customers might buy every product you
produce, while others will only buy one and disappear.
Through consumer behavior, you can also learn how
customers interact with and use your products. This knowledge can help inform
future decisions about product creation.
Several factors go into the definition of consumer behavior,
including the following:
How consumers
behave individually and in groups
Why consumer behavior patterns change based on the
types of products and services they purchase
· When consumers are
most likely to make a purchase
· How a customer
feels directly before buying a product
· How that customer
feels directly following the purchase
· Which questions or
objections contribute to the buying decisions
· The number of
touchpoints a customer makes with a brand or product before buying
We don’t mean to overwhelm you, but each of those
factors is essential to understanding customer behavior. If you don’t know how
to anticipate your target customer, how can you effectively market to him or
her?
Consumer behavior in marketing is the response a target
market exhibits to marketing materials. For instance, if someone in your target
audience views one of your Facebook posts, how does he or she react?
You already know that marketing and advertising are
essential parts of running your own business. However, that’s only one side of
the coin.
Nobody can force consumers to buy your digital
products.
Learning consumer behavior will help you build better
marketing materials. You’ll produce better copywriting, select more appropriate
images, and send messages to your audience that resonate with them.
In other words, you want every step you take in
marketing your products to align with what you know about consumer behavior.
And since consumer behavior changes depending on the product, you have to dig
deep into the data available to you.
Why should you study consumer behavior?
Online entrepreneurs don’t always live near their
customers. In fact, they might sell to people across the world.
Entrepreneurs can’t always just shake hands with their
target audience members and get to know them. Research is often necessary.
You should study consumer behavior so you know how to
create, market, and sell your Knowledge Commerce products effectively. The more
data you gather, the better your decisions become.
Imagine, for instance, that you’re creating an online
course for people who want to learn how to play the guitar. You would probably
enjoy more success if you knew several things about your target market:
· Whether they had
bought any other music-related educational products
· How much time they
have to devote to learning to play the guitar
· What motivates them
to learn guitar
· How much money they
can allocate to musical education
· What pain points
they experience
· Whether they have
any objections to learning the guitar online
· What questions they
have about online musical education
You can find the answers to all these questions, but
only if you research consumer behavior. That’s why you need to find a place for
this process in your workflow.
Question. 4. Explain the factors that involve
delivery of a service .
Answer : Factors to be considered in Designing
Service Process
Designing a service
process system involves a careful consideration of factors related to services.
Various issues such as location, facility design, and layout for effective work
flow procedures and job definitions for service providers, customer
involvement, equipment selection, etc., should be decided while designing
service process
Question. 5. Describe
Product Lifecycle Management.
Answer : Product life cycle management (PLM) is the
integration of all aspects of a product, taking it from conception through the
product life cycle (PLC) to the disposal of the product and components. PLM
merges the overarching vision that an organization has for managing the data,
people, software, manufacturing, marketing, and overall plans for the product.
PLM lowers the cost and speeds the
Question. 6. Describe the 3 main steps for
selecting and establishing a research design.
Answer :
Dear students, get latest Solved assignments and case
study help by professionals.
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25 x 4=100 marks
