5) Comment briefly on the following statement: (a) “Rural marketing in India offer huge opportunities and throw challenges to marketers”. (b) “The basic purpose of marketing research is to facilitate decision making process”. (c) “The rate of failure of new products is very high”. (d) “Market Communication plays an important role in a company’s overall marketing program”.

 

TUTOR MARKED ASSIGNMENT 

COURSE CODE : MCO-06 

COURSE TITLE : MARKETING MANAGEMENT 

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

COVERAGE : ALL BLOCKS

5) Comment briefly on the following statement: 

(a) “Rural marketing in India offer huge opportunities and throw challenges to marketers”. 

(b) “The basic purpose of marketing research is to facilitate decision making process”. 

(c) “The rate of failure of new products is very high”.

(d) “Market Communication plays an important role in a company’s overall marketing program”.

Answer

(a) “Rural marketing in India offer huge opportunities and throw challenges to marketers”

The statement is absolutely true as India is a predominantly rural country with more than 65% of the population living in rural areas. Rural marketing offers a huge market opportunity for businesses looking to expand their reach and grow their customer base. However, it also poses several challenges for marketers.

One of the major challenges of rural marketing is the lack of adequate infrastructure and communication channels in rural areas. This makes it difficult for businesses to reach out to potential customers and effectively promote their products. Moreover, rural consumers have different needs, preferences, and buying behavior compared to urban consumers. This requires businesses to adopt a different marketing strategy and product positioning to cater to the unique needs of rural consumers.

On the positive side, rural marketing offers a large untapped market with potential for growth and expansion. Rural consumers are increasingly becoming more aware and aspirational, creating demand for a wide range of products and services. Moreover, the government has also initiated several schemes and policies to promote rural development and improve the overall economic conditions in rural areas, which in turn creates opportunities for businesses to tap into the rural market.

(b) “The basic purpose of marketing research is to facilitate decision making process”

Marketing research is an important tool for businesses to gather information about their target market, consumer behavior, and market trends. The primary purpose of marketing research is to facilitate the decision-making process by providing relevant and accurate information to businesses. Marketing research helps businesses to identify market opportunities, understand consumer preferences, and make informed decisions about product development, pricing, distribution, and promotion.

Marketing research is a critical component of the marketing planning process as it helps businesses to evaluate the effectiveness of their marketing strategies and make necessary changes to improve their performance. It also helps businesses to identify potential threats and challenges in the market, enabling them to take proactive measures to mitigate risks and maintain a competitive edge.

Marketing research can be conducted through various methods such as surveys, focus groups, observation, and secondary data analysis. The key to effective marketing research is to ensure that the data collected is accurate, relevant, and reliable, and the insights obtained from the research are used to inform business decisions.

(c) “The rate of failure of new products is very high”

The statement is true as statistics indicate that a large number of new products fail within the first few years of their launch. The failure rate of new products can be attributed to several factors such as lack of market research, poor product design, incorrect pricing strategy, ineffective marketing, and changing consumer preferences.

One of the main reasons for the high failure rate of new products is the lack of adequate market research. Without proper market research, businesses may develop products that do not meet the needs and preferences of their target market. Poor product design and quality can also lead to failure as consumers may reject products that do not meet their expectations in terms of functionality, durability, and aesthetic appeal.

Incorrect pricing strategy can also lead to failure as consumers may perceive the product to be overpriced or of poor value for money. Ineffective marketing can also contribute to the failure of new products as businesses may fail to communicate the product benefits and unique selling proposition effectively to their target audience.

In order to reduce the failure rate of new products, businesses must conduct comprehensive market research, develop high-quality products that meet the needs of their target market, adopt effective pricing and marketing strategies, and be responsive to changing consumer preferences.

(d) “Market Communication plays an important role in a company’s overall marketing program”

Marketing communication is a critical component of a company's overall marketing program as it helps businesses to communicate the value proposition of their products and services to their target audience. Effective marketing communication helps businesses to build brand awareness, create brand loyalty, and influence consumer behavior.

Marketing communication encompasses a range of activities such as advertising, sales promotion, public relations, direct marketing, and personal selling. These activities are designed to reach out to customers through various communication channels such as print media, television, social media, email, and in-person interactions.

Advertising is one of the most popular forms of marketing communication, which uses paid media channels to promote products or services. Advertising can help businesses to create brand awareness, communicate product features and benefits, and influence consumer behavior.

Sales promotion is another form of marketing communication that uses short-term incentives to encourage customers to make a purchase. Sales promotions can include discounts, free samples, coupons, and loyalty programs, among others.

Public relations (PR) is a communication strategy that focuses on building and maintaining a positive image of the company among its stakeholders. PR activities include media relations, community outreach, and crisis management.

Direct marketing is a marketing strategy that involves communicating with customers directly, using various channels such as email, direct mail, or telemarketing. Direct marketing can help businesses to build customer relationships, promote products, and generate leads.

Personal selling involves face-to-face interactions between a salesperson and a customer. Personal selling can be an effective way to build customer relationships, address customer concerns, and influence purchasing decisions.

Overall, marketing communication is essential for businesses to effectively promote their products or services and build strong customer relationships. A well-planned marketing communication strategy can help businesses to achieve their marketing objectives, such as increasing sales, building brand awareness, and establishing a positive brand image.