IGNOU AMK 01 Solved Assignment 2023-24


AMK 01 Solved Assignment 2023-24


AMK 01 Solved Assignment 2023-24 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

Assignment Code: ASST/ AMK 01/2023-24

Marks: 100

Attempt all the questions.

Q1. Define market targeting and explain the procedure on how to target different markets?

Market targeting, also known as target marketing, is the process of identifying and selecting specific segments of a market that a business wants to focus its marketing efforts on. The goal is to tailor marketing strategies and messages to meet the unique needs and preferences of the chosen target segments. By doing so, businesses can more effectively allocate resources and increase the likelihood of success in reaching and satisfying their desired customer base.

Here's a step-by-step procedure on how to target different markets:

Market Segmentation:

Definition: Divide the overall market into distinct segments based on specific criteria such as demographics, psychographics, geographic location, behavior, or other relevant factors.

Procedure: Conduct market research to identify different groups of potential customers with common characteristics or needs. This could involve analyzing demographic data, surveying customer preferences, or studying buying behaviors.

Market Analysis:

Definition: Evaluate the attractiveness and potential of each market segment to determine which ones align with the company's objectives and capabilities.

Procedure: Assess the size, growth potential, profitability, and competitiveness of each market segment. Consider factors such as the purchasing power of the segment, the level of competition, and the company's ability to meet the needs of that segment.

Target Market Selection:

Definition: Choose one or more specific market segments that the company wants to target based on the analysis of their attractiveness and fit with the company's goals.

Procedure: Select the segments that align with the company's strengths and objectives. Consider factors like the segment's size, growth potential, and compatibility with the company's products or services.

Develop Marketing Mix:

Definition: Customize the marketing mix (product, price, place, and promotion) to meet the needs and preferences of the selected target market(s).

Procedure: Create tailored strategies for product development, pricing, distribution channels, and promotional activities. Adapt these elements to match the specific characteristics and demands of the chosen target market.

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Definition: Execute the marketing strategies designed for the selected target market(s).

Procedure: Implement the marketing plan, ensuring that all elements are aligned with the chosen target market. This may involve adjusting advertising messages, selecting appropriate sales channels, and delivering products or services in a way that appeals to the targeted customers.

Monitor and Adjust:

Definition: Continuously evaluate the effectiveness of the marketing strategies and make adjustments as needed.

Procedure: Monitor key performance indicators (KPIs) such as sales, customer feedback, and market share. Use this information to assess the success of the targeting approach and make changes to the marketing strategies if necessary.

By following these steps, businesses can refine their marketing efforts to better connect with specific customer segments, ultimately increasing the chances of success in the marketplace.

Q2. Explain basic methods of price determination. Also discuss the factors influencing pricing.

Q3. Write short notes on the following:

a) Personal selling

b) Cash discount

c) Super-market

d) Monopoly

Q4. Differentiate between the following:

a) Marketing and Selling

b) Departmental store and Multiple shop.

c) Marketing mix and Promotion mix.

d) Publicity and Public relations

Q5. Comment briefly on the following statement:

a) “Marketing communication plays an important role in company's overall marketing process”.

b) “Product line refers to all the products offered by a particular seller”.

c) “Market skimming makes sense under certain conditions”.

d) “All buying decisions start with need recognition”.

AMK 01 Solved Assignment 2023-24 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

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