NMIMS Semester 3 September 2024 Retail Management Assignments
Consumer behavior
1. Go to website www.tirabeauty.com. Assume you are the Marketing Manager at Tira which is planning to launch a new line of luxury perfumes for women in the higher middle-class segment – women who want to use big brands but cannot always afford to use them so they buy a mix of highly branded and home-grown luxury perfume brands. You’re aware of the principles of classical conditioning and its potential impact on consumer behavior. How would you apply classical conditioning techniques to create a favorable association between your perfume and positive emotions in potential buyers?
2. North India experiences extreme climates – typically states of Rajasthan, MP, UP, Bihar, Jharkhand, Delhi, etc have very hot summers and very cold winters. Many people in these states use air-conditioners in summer and radiation heaters in winter to fight the extremes of climates. Now a major consumer durable company has introduced a combined air- conditioner cum heater so that consumers do not have to buy 2 appliances like the AC and a heater. A single appliance can now work both as an air-conditioner cum heater. Using the model of Diffusion of Innovation explain the different product parameters that will influence the consumer acceptance of the combined air-conditioning cum heating unit.
3. Answer the following
a) How would a child influence the choice of product in the family? Take a product of your choice and explain how a marketer can get across to a child in order to make the child influence his/her family to buy that product.
b) What is classical conditioning in Consumer Behaviour. Mother’s Recipe has a range of “Ready to Cook” products. It is planning to launch a new category – the favourite Indian Meal called “Khichdi” under the “Ready to Cook” range. There will be a variety of Khichdi’s from different areas of India available to the consumer. How can Mother’s Recipe use the principle of Classical Conditioning to popularize the range of Khichdis it is planning in the market.
Sales management
1. Glow Company, a leading manufacturer of premium skincare products, is looking to develop sales-related marketing policies to enhance its market presence & drive revenue growth. As the marketing manager, you’ve been tasked with proposing a set of policies that align with the company’s strategic objectives & market dynamics. Identify & justify three sales-related marketing policies that Glow Company could implement to increase its sales performance & market share in the skincare industry.
2. As a sales manager for a growing technology company, you’ve been tasked with expanding your sales team to meet increasing demand for your products. Describe a practical situation where you would apply effective recruitment & selection strategies in your sales department.
3. Read the case & answer the questions based on the case:
Background:
You are a real estate agent representing a seller who owns a luxurious waterfront property. The property has been on the market for several months without any offers, and the seller is getting anxious to close a deal. The asking price is $1.5 million, but there has been little interest from potential buyers.
Client Information:
Seller: Mr. Johnson, a retired businessman who is motivated to sell due to personal reasons.
Property Details: A 4-bedroom, 3-bathroom waterfront home with a private dock and stunning views.
Market Conditions: The real estate market is competitive, and there are similar properties available in the area, though none with the same unique features.
Challenges:
The property has been on the market for a while without attracting serious offers.
Similar properties in the area are priced slightly lower.
Mr. Johnson is emotionally attached to the property and is hesitant to lower the asking price.
Objectives:
Secure a buyer for the property within the next 60 days.
Negotiate a deal that satisfies both the buyer and Mr. Johnson.
a) Explain various Sales related marketing strategies
b) What Negotiation tactics will you adopt to close the deal?
