3) Write short notes on the following: (a) Positioning (b) Warehousing (c) Personal Selling (d) Relationship Marketing

 

TUTOR MARKED ASSIGNMENT 

COURSE CODE : MCO-06 

COURSE TITLE : MARKETING MANAGEMENT 

ASSIGNMENT CODE : MCO-06/TMA/2022-2023 

COVERAGE : ALL BLOCKS

3) Write short notes on the following: 

(a) Positioning 

(b) Warehousing

(c) Personal Selling

(d) Relationship Marketing

Answer.

(a) Positioning:

Positioning is a marketing strategy that involves creating a distinct image or identity for a product or service in the minds of customers. The goal is to differentiate the product or service from competitors and to create a perception of value in the minds of potential customers. Positioning is achieved through a combination of factors such as branding, messaging, product design, and pricing. Effective positioning can help businesses create a strong identity, build customer loyalty, and increase sales.

There are several approaches to positioning, including:

• Unique selling proposition: This involves identifying a unique benefit or feature of a product or service and using it as the basis for positioning. For example, a company that sells organic food might position itself as the only provider of 100% organic products.
• Product differentiation: This involves emphasizing the ways in which a product or service is different from those of competitors. For example, a clothing brand might position itself as offering high-quality materials and unique designs.
• Customer segmentation: This involves identifying specific target audiences and creating a positioning strategy that speaks directly to their needs and preferences. For example, a car manufacturer might position one model as being ideal for families and another as being ideal for adventure seekers.

(b) Warehousing:

Warehousing refers to the process of storing goods and materials in a central location before they are distributed to their final destination. Warehousing can be used by businesses of all sizes and types to manage inventory, reduce costs, and improve supply chain efficiency.

Some of the benefits of warehousing include:

• Inventory management: Warehousing allows businesses to store inventory in a central location, which makes it easier to manage and track.
• Cost savings: Warehousing can help businesses reduce transportation costs by allowing them to purchase goods in larger quantities and store them until they are needed.
• Improved efficiency: Warehousing can help businesses streamline their supply chain by providing a central location for receiving, storing, and distributing goods.

There are several types of warehouses, including public warehouses, private warehouses, and distribution centers. Each type of warehouse offers unique advantages and disadvantages depending on the specific needs of the business.

(c) Personal Selling:

Personal selling refers to the process of selling a product or service directly to a customer through a face-to-face interaction. It involves building a relationship with the customer, understanding their needs and preferences, and providing personalized solutions to their problems. Personal selling can be used in a variety of industries, including real estate, financial services, and business-to-business sales.

Some of the benefits of personal selling include:

• Relationship building: Personal selling allows salespeople to build relationships with customers, which can lead to increased loyalty and repeat business.
• Customization: Personal selling allows salespeople to tailor their approach to the specific needs and preferences of each customer, which can lead to more effective sales.
• Higher close rates: Personal selling is often more effective than other forms of sales, such as advertising or direct mail, because it allows salespeople to directly address customer concerns and objections.

(d) Relationship Marketing:

Relationship marketing is a marketing strategy that focuses on building long-term relationships with customers rather than just selling products or services. The goal is to create a loyal customer base that will continue to do business with the company over time. Relationship marketing involves a variety of tactics, including personalized communication, loyalty programs, and customer service initiatives.

Some of the benefits of relationship marketing include:

• Increased loyalty: By building relationships with customers, businesses can create a loyal customer base that is more likely to continue doing business with them over time.
• Lower customer acquisition costs: By retaining existing customers, businesses can reduce the costs associated with acquiring new customers.
• Word-of-mouth marketing: Satisfied customers are more likely to recommend a business to their friends and family, which can lead to increased sales and revenue.

Relationship marketing requires a long-term commitment to building strong customer relationships. This involves listening to customer feedback, providing excellent customer service, and offering personalized solutions to their needs. By focusing on building relationships with customers, businesses can create a competitive advantage that is difficult for competitors to replicate. Relationship marketing can be particularly effective for businesses that sell products or services that are used repeatedly or that require ongoing support and maintenance, such as software or financial services.

Overall, positioning, warehousing, personal selling, and relationship marketing are all important concepts in marketing that can help businesses build customer loyalty, increase sales, and improve efficiency. By understanding these concepts and incorporating them into their marketing strategies, businesses can improve their competitiveness and achieve long-term success.