Exam Preparation

Basics of Marketing: Marketing Mix- 4 P’s of Marketing

The Marketing mix is a set of four decisions which needs to be taken before launching any new product. Marketing is simplistically defined as ‘putting the right product in the right place, at the right price, at the right time.’ Though this sounds like an easy enough proposition, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time. But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that’s too high or too low  to attract the people you’re targeting.

Understanding the Tool

The marketing mix and the 4Ps of marketing are often used as synonyms for one another. In fact, they are not necessarily the same thing. “Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. J. McCarthy.

The 4Ps are:

Product (or Service).

Place.

Price.

Promotion.

A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements:

Product/Service

What does the customer want from the product Add to My Personal Learning Plan/service? What needs does it satisfy? What features does it have to meet these needs? Are there any features you’ve missed out? Are you including costly features that the customer won’t actually use? How and where will the customer use it? What does it look like? How will customers experience it? What size(s), color(s), and so on, should it be? What is it to be called? How is it branded? How is it differentiated versus your competitors? What is the most it can cost to provide and still be sold sufficiently profitably?

Place

Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue? How can you access the right distribution channels? Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? What do your competitors Add to My Personal Learning Plan do, and how can you learn from that and/or differentiate?

Price

What is the value of the product or service to the buyer? Are there established price points Add to My Personal Learning Plan for products or services in this area? Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? What discounts should be offered to trade customers, or to other specific segments Add to My Personal Learning Plan of your market? How will your price compare with your competitors?

Promotion

Where and when can you get your marketing messages across to your target market? Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards? By using direct marketing mailshots? Through PR? On the Internet? When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch or subsequent promotions? How do your competitors do their promotions? And how does that influence your choice of promotional activity? The model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy Add to My Personal Learning Plan. Whether you are considering a new or existing offer, follow the steps below to help you to define and improve your marketing mix.

Start by identifying the product or service that you want to analyze. Try asking “why” and “what if” questions too, to challenge your offer. For example, ask why your target audience needs a particular feature. What if you drop your price by 5 percent? What if you offer more colors? Why sell through wholesalers rather than direct channels? What if you improve PR rather than rely on online advertising? Once you have a well-defined marketing mix, try “testing” the overall offer from the customer’s perspective, by asking customer focused questions:

Does it meet their needs? (product)

  1. Will they find it where they shop? (place)
  2. Will they consider that it’s priced favorably? (price)
  3. And will the marketing communications reach them? (promotion)

Keep on asking questions and making changes to your mix until you are satisfied that you have optimized your marketing mix, given the information and facts and figures you have available. Review your marketing mix regularly, as some elements will need to change as the product or service and its market grow, mature and adapt in an ever-changing competitive environment. Once you have a well-defined marketing mix, try “testing” the overall offer from the customer’s perspective, by asking customer focused questions:

Does it meet their needs? (product)

Will they find it where they shop? (place)

Will they consider that it’s priced favorably? (price)

And will the marketing communications reach them? (promotion)

5 THINGS TO KNOW BEFORE LAUNCHING YOUR STARTUP

Entrepreneurship is a path of constant learning and route to self-development. Following are the list of 5 most important things that entrepreneurs must know before they launch their first startup:

 

1.Your passion should be your motivation

For becoming a successful entrepreneur, you must definitely take charge of your dreams and ambitions. You might have to take paths not yet trodden and aim to achieve the unattainable.

 

2. Skill of survival is most crucial

Most people might resign or take a temporary off from their regular paying jobs or steady sources of income before starting their entrepreneurial journey. This might pose a severe problem for most people to deviate from their usual living style. You must be mentally adapted to the initial difficulties that may arise. You can also try for part time jobs making sure that they don’t eat into your productive time spent towards development of your own venture

 

3. Don’t wait for “right moment” to start

In reality, there is no perfect time to start something new on your own. The best time to start is NOW!

The most critical part of your entrepreneurial journey is accomplished once you have taken the deep dive. After that initial plunge, all others fall in place. The problems and difficulties that may arise in your journey can be best tackled only once you have the direct experience with the same. Predictions and forecasting might only delay the start time of your venture.

If you truly believe in yourself and your idea, your self-confidence, and passion will drive you through the initial tough times.

 

4.Work to express not impress.

One of the most important mantra every successful entrepreneur should keep in his mind is to work for his self-satisfaction and contentment. It is a common tendency of human mind to be deviated from the original aim by trying to fit in themselves as per the expectations of the society. When you are on your own venture, after quitting your job, do not work to impress your parents or your friends, work to express yourself.

Work fearlessly, use your gut and do not be shy to take risks

 

5.Execution is your core strength.

No matter how excellent your idea might be, unless you have a through and persistent plan for execution, you are signing up for a difficult journey. Invest enough time in knowing your audience and customizing your product/services according to the same.

Don’t just focus on financing of your ideas, but also in finding and recruiting the right talent required for your venture.

 

Natural born entrepreneurs never lose hope and leave their passion, no matter difficult and rocky the way gets. All the best for your entrepreneurial plunge!

CAREERS AFTER MBA IN I.T

 

The marketplace for professionals with advanced, specialized IT management skills will remain strong for years to come. The Bureau of Labor Statistics’ long-term outlook is that by 2018, careers in information technology will expand to more than two million new jobs.

Following are some of the major and rewarding career opportunities for people who are aiming at enhancing their IT management skills through MBA in IT:

1. IT Consulting

         a. ERP Consulting (SAP Functional Consultant/Oracle Consultant)

 An ERP consultant deals with helping people out with the full implementation of an ERP project, from matching business requirements with the right software to managing change within the organization as a result of the software implementation.

ERP consultants typically specialize is ERP software like SAP, Oracle and are among st the highest paid due to the complex nature and importance of ERP projects. Getting yourself certified in SAP or Oracle will open your doors to a promising future, open new global job arenas and help you to position yourself as an expert in industry.

       b. Cyber Security/Risk Consulting

In this era where the world is going digital, the threat of safety and security online is of prime concern in all business enterprises and the scope of risk/cyber consultants are on an all-time high. The Security & Risk Consulting practice provides a broad portfolio of services to address the information security, risk and compliance needs.

IT security consulting deals with identifying vulnerabilities and assessing real business risk, meeting safety standards and other security compliance mandates, devise security and governance programs that fit a client’s environment, and help them recover from and prepare for a cyber security breach.

     c. Business Analyst

Business analysts play a key role in working with clients to identify and analyze the requirements and providing solutions. Business analysts work closely with both internal and external stakeholders in delivering the optimum solution. Business analysts play a key role early on in the project life cycle and are critical to the success of the project.

2. Project Management

Software project managers are responsible for the successful delivery of complex IT projects. The skills of a successful project manager are broad and diverse. Their work includes resource management, project plan development and execution and are key task masters in ensuring that the software is delivered on time, within budget while meeting the requirements.

 

Are you on the right track to MBA?-Checklist for graduate students

Yes, you are now in your graduation days and we understand that securing admission in a prestigious B-school for MBA is your dream. But are you on your right track???
We bring to you 5 important check points that you should keep in top of your mind to stay right on the track. So here, we go

1. Focus on your academics

Majority of the prestigious B schools like IIMs, XLRI etc. has a high weightage for the academics. So, you should definitely pay attention to get your grade sheets attractive

2. Sharpen your leadership skills

Grab opportunities that come in your way for exhibiting and polishing your leadership skills. Be it a college fest, organizing college activities, I would suggest you should make use of the opportunity.

3. Focus on building your resume

Most of the prestigious MBA schools give a lot of importance to the resume. So try to grab any opportunity that comes in your way for an internship, opportunity to work with N.G.O etc. It will not only help you with resume points, but will give u deeper sense of understanding real-life business scenarios, develop greater sense of responsibility etc. Also, focus on doing relevant certifications in the filed you want to specialize during your MBA. Trust me, these are good value additions

4. Work on your written & spoken English

I would suggest all you to work on improvising your spoken and written skills. Read a lot of books, articles, newspapers etc. , it will all come handy in times of your Group Discussion, Interviews and written tests during your MBA admissions

10 Must read books for an MBA Aspirant

And most importantly,

5. Believe in Yourself
Getting to a good prestigious MBA school requires lot of hard work and self-confidence. You will have to believe firmly that you are capable of achieving the same and keep the pace intact.

All the best Guys !!!

MBA-CET

Strategy for CET

Maharashtra-CET (MH-CET) is the state-level entrance test conducted for admissions to MBA and MMS Programs, offered by management colleges in Maharashtra. The Directorate of Technical Education (DTE), Maharashtra conducts the MH-CET every year.

The syllabus of CET covers most of the usual topics that appear in an MBA entrance exam, save for GK.

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Strategy for CMAT

Common Management Admission Test (CMAT) is conducted by AICTE, for admissions to MBA & other Post Graduate Diploma courses in Management. CMAT scores are accepted by various B-schools, all over the country.

The exam has 4 sections. Now, there is no specific formula that will ensure that you crack a particular exam. However, forming a strategy to prepare for it, will ensure a high probability of clearing the admission cut-offs.

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Strategy for Logical Reasoning

A lot of people find Logical Reasoning (LR) tough; especially for exams like CAT, XAT, etc. However, the right approach towards your preparation can help you master this section.

Logical Reasoning is a section that requires two things; practice, and familiarity. Sections like Quants and Verbal Ability contain a lot of questions that require you to know certain concepts like mathematical formulas or grammatical rules, beforehand. However, logical reasoning hardly has any questions that need you to know important concepts beforehand.

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Strategy for Arithmetic

Here is a quick strategy for studying Arithmetic, which is a part of the syllabus of Quantitative Aptitude for MBA entrance exams.

1)      Percentages: This topic is one of the foundations with which you should build your preparation for Quant. It is a basic topic where you will learn how to remove percentages of numbers and values. You will also learn how to convert percentage values to fractions and vice-versa.

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Tips to drive away the fear of Quants

Quantitative Ability/Aptitude is the section that is feared most, by MBA Aspirants. What the aspirants don’t understand, is that you don’t need to be good with numbers to crack Quant. You just need to be good with applying logic to the given question.
Now, whether you fear this section or not, you will still need a strategy to crack this section. Following are some tips and guidelines that you can use to build your strategy for Quant:

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Strategy for XAT

XAT or the Xavier Aptitude Test is organized by XLRI (Jamshedpur), every year. XAT scores are applicable to the admission processes of around 100+ colleges.

In terms of difficulty levels, XAT is considered to be the toughest of all MBA Entrance exams.

XAT vs CAT

Students, who have studied for CAT, might find XAT to be along similar lines. Like CAT, you need not be a mathematical wizard, or an expert in English, to crack XAT.

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