NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
Question: 1
Mr. James is planning to buy a new house in a good locality. He has lived all his life on rent and
this is the first time he will be buying a house. He has two kids Alan and Sia, his wife is a
homemaker. Mr. James has a lot of friends in the current society but it doesn’t have a garden,
safety devices, or security. James has made professional progress so the budget is not a
constraint. According to you, what are the various factors that will influence James in buying a
house? (You can make certain assumptions) (10 Marks)
Answer:
Introduction
Living on rent all your life and having gained all the resources that can purchase us our home is a
true blessing. Everyone intends to have their land and build the house of their dreams, which
they can call their own. As stated in the inquiry, Mr. James is a married man who has lived his
entire life on rent. Currently, he has made professional advancement and can purchase his
building. It is also pointed out in the inquiry that his existing society, where he is surviving on
rent, does not have a yard, safety, and security tools or safety and security, so he is seeking a
location with all. He should try to find a home in a respectable society with Porche people
staying in it, as the region has to be suitable and sufficient for no future issues.
Concepts and applications
While purchasing a house, every person craves expenses and priorities. The house-buying
procedure takes time as it is complex, and we can quickly get off track.
Here are some of the factors that Mr. James should look for while purchasing a property-
a) Location- Mr. James should seek your current residence may be in the best location for you,
perhaps nearby to your place of employment or your parents' home, but when appraisers decide
how much value to assign depending on the location of the house, they consider three key
factors, according to Inman:
quality of nearby schools
Opportunities for employment
proximity to leisure, entertainment, and retail areas
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
These factors can affect why some neighborhoods charge high prices and others a few miles
away. Additionally, location near highways, utility roads, and public transportation can affect the
overall value of a home. When it comes to calculating the value of a home, location can be more
important than both the size and condition of the home.
b) Size of the house- Different families have different needs regarding the number of rooms in
their home. Most people with family members want at least two rooms, and if they have kids, the
number goes up. Some people prefer their children to share rooms, while others prefer separate
rooms for each occupant.
If Mr. James has regular visitors, he should prefer a house with 3-4 rooms, one for himself and
his wife and another for his children and guests. Everyone loves a spare room that they can use
as an office, den, game room, and even a workout. People have different times, and Mr. James
should choose according to their own leisure activities and needs. He should consider his
lifestyle before buying a house.
c) Number of bedrooms- Different families have different needs regarding the number of rooms
in their home. Most people with family members want at least two rooms, and if they have kids,
the number goes up. Some people prefer their children to share rooms, while others prefer
separate rooms for each occupant.
If Mr. James has regular visitors, he should prefer a house with 3-4 rooms, one for himself and
his wife and another for his children and guests. Everyone loves a spare room that they can use
as an office, den, game room, and even a workout. People have different times, and Mr. James
should choose according to their own leisure activities and needs. He should consider his
lifestyle before buying a house.
d) Age of the house- This element is irrelevant if Mr. James only seeks Homes that are more
recent typically appraise for more money. A buyer may save money if they purchase a home
with recent plumbing, electrical, roof, and appliance systems that are less likely to break down.
In contrast to an older home where a roof replacement may be necessary in as little as a few
years, if a roof has a 20-year warranty, for instance, the owner will save money over the
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
following two decades.
A move-in-ready house will get top dollar from many buyers. The majority of buyers
demand an inspection contingency in their contracts because they want to negotiate repairs to
prevent any significant post-sale costs.
You can find out which important sections of your house need to be inspected before selling by
using our home maintenance and repair checklist. Discover the steps involved with Opendoor if
you wish to sell your house without making any renovations.
e) Sellers' incentive to sell- While seeking houses, we will find that some sellers are highly
motivated, and some need to care whether their house is obtaining customers. There are specific
times when a seller is more inspired to offer
f) Kitchen layout- A house is appraised based on the presentation of the cooking area. It is the
place where scrumptious and delicious food is cooked for the family and friends who gather
there. When visitors come here they usually end up eating and hanging out in the kitchen area.
Because this is the center of entertainment and activity, the layout and size are essential to Mr.
James's.
He should consider the opinion of his family on this aspect.
g) Number of bathrooms- An additional essential element affecting Mr James' acquisition is the
number of toilets in the residence. Older dwellings usually only have one bathroom, and modem
homes have an attached shower room in every room. He should decide ahead of time how many
toilets he needs.
If he's pleased with a bathroom, he can visit older homes and change the plan if he changes his
mind.
Conclusion
We have identified all the factors that can affect Mr. James' acquisition.
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
Question: 2
Explain the buyer decision process that you think James will have to follow to purchase his
dream house. (10 Marks)
Answer:
Introduction
The customer decision journey or a buying decision process is the step that will lead Mr.
James to acquire the best home for himself. The buying decision procedure exists in nearly all
sectors, from e-Commerce to retail. This journey adheres to 3 stages: previous, during, and post-
purchase. Since the question is about the acquiring procedure before purchasing a home, we will
review just that component.
• Many aspects can influence the buying decision process of Mr. James. Several of them are-.
• Personal aspects like sex, age, character, and way of life.
• Situational aspects like place, time, scenarios, and availability.
• Social factors like pals, family, society, and peer groups.
• Psychological variables like assumption, inspiration, beliefs, and mindsets.
• Variables linked to the business and item can influence purchasing decisions, including sales
process, marketing projects, brand commitment, and price approaches.
• Though the buying decision looks very easy, it is a calculated, complicated, and interactive
procedure that allows a person to boost and boost value.
Concepts and applications
The stages of the purchasing decision procedure. The buying decision procedure rises and falls
constantly and needs to be straight due to distinct customer purchasing patterns. However, when
the customer's journey is understood, firms can minimize and utilize them in their acquiring
behaviors.
Here are the typical steps that Mr. James has to go through before buying a house-
a) Choose an agent- The first action in the home-buying procedure is to find a suitable agent
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
that Mr. James feels comfortable dealing with, as acquiring a residence will likely be his life's
most significant financial decision. He should ask his loved ones for recommendations and
interview various realty agents.
He should go with a real estate agent that has good communication skills and is active in his
work.
b) Clean up his credit- It is mentioned in the concern that MR. James is well off and solvent
and has no concerns concerning the cost of the house. However, if he is aiming to take a loan to
acquire a residence greater than his spending plan, he needs to tidy up his credit score. If he has
any type of, he should try to find assistance on the credit score issues, and if he appears with his
credit rating, he can skip this action.
c) Apply for mortgage pre-approval- If Mr. James is crossing his budget and wants to purchase
a more pricey house than he selected, he should by to get his home mortgage approved. While
the agent will help him explore all the areas, from expensive to inexpensive, he should identify
what he wants and follow this action if needed.
d) Create a home wish list - Once Mr. James has established his purchasing power, the
following action should be to have a conversation with his property representative regarding his
choice. He should notify him concerning a few "requirements" and "requirements" he would
incline to jeopardize. He should believe that it is more significant than just the floor plan or the
shade of the kitchen area.
For instance- He should ask himself if he wishes to be within the strolling range of hotels and
dining establishments. Does he desire space between his residence and his Neighbor or the range
between his area and his office?
e) Search the listings- One of the most enjoyable components is looking for a place that satisfies
our parameters. When Mr. James is exploring houses with his real estate professional, which is
the most effective of all, he should take a notepad and jot down his sights and thoughts regarding
each area he goes to. He should ask himself if he can think of living there with his family.
Make an offer. James' real estate agent will walk him through the steps to make a deal for a
location in the desired area.
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
His offer will probably include a down payment that will use towards his payment on the house
and might also entail contingencies such as hiring an individual for a house inspection. After all
these steps, he should review the best deal with his representative.
g) Do the due diligence- The last reasoning includes obtaining a home inspection to ensure no
hidden problems in your house that Mr. James has selected to acquire. If any issue is located,
discuss with the current owner to repair them or subtract the repair work price from the closing
expenses.
h) Close the deal- When all the above actions are finished, and Mr. James is satisfied
with his decision, he should close the deal by paying the quantity talked about. This will result in
the transfer of action from the existing proprietor to Mr. James. After that, he will be a
homeowner and receive the secrets to his new home. A settlement representative or a lawyer will
assist him throughout the procedure.
Conclusion
Investing in our very first home is always special. It is a significant financial investment and
should be made with appropriate ideas and assistance as we conserve all our life and guide it
toward the house we want.
Question: 3(a)
Mn James's daughter Sia has been pressurizing his father to buy Alexa from Amazon. Alexa is
capable of voice interaction, music playback, making to-do lists, setting alarms, streaming
podcasts, playing audiobooks, and providing weather, traffic, sports, and other real-time
information, such as news. Alexa can also control several smart devices using itself as a home
automation system. Explain the adoption process that Mr. James will go through who has no idea
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
about Alexa. (5 Marks)
Answer:
Introduction
Alexa is a voice assistant developed by Amazon that can do anything. It can help us check our
schedule and the weather condition, launch our preferred playlists and get the most up-to-date
information on our regional sporting activities group. Alexa can do anything. It is readily
available on smart thermostats, Echo audio speakers, lights, sound bars, and lights and comes on
our phones through the Alexa app. Alexa aids us in enhancing our life.
Concepts and applications
As mentioned in the inquiry, Mr. James' little girl has pushed him to get Alexa from Amazon.
Alexa is a tool utilized for voice aid constructed by [Link]. It is a new extravagant luxury
product millennials use for fun and entertainment.
We can think from the question that Mr. James might be in his mid-40s as he has two children,
and among them is requesting Alexa so that she may be around 15-16 years old. So, an
individual in the mid- '40s demands to come to be a lot more knowledgeable about these
contemporary new-age products. It would be fun for him to adopt this tool, but it would also be
challenging to learn how to utilize it successfully. Initially, it would be challenging for him to
discover how to link that device to our gadgets. After this step, it would take even more work to
use it to its full potential. Alexa has many attributes that we need help exploring. Me. James
would have to obtain assistance from his daughters frequently to utilize it.
It will require time, but he will use it in the long run. He can have a good time with the device
utilizing its various attributes. But exemptions are always there. Yet lots of people in their mid-
40s need to be more cmious about these products.
Conclusion
Alexa is a fantastic product that is a voice-controlled online assistant. She can control our phone,
play audio, involve our favored solutions to maintain us arranged, respond to questions, and be
connected, safe, and amused. As it is a product of [Link], she is our customer.
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
It has modem cloud technology. It is accessed through numerous Alexa-enabled tools and various
other wise audio speakers.
Question: 3(b)
Take any product category of your choice and explain various product
positioning strategies used by all the competitors in the selected category. (5 Marks)
Answer:
Introduction
Product positioning can be specified as identifying new products psychologically positioned by
consumers. It entails the competitor and market placements, defining the position of a new great
amongst the existing ones, and constructing a communication bridge between the consumers
and the brand's product photo.
Concepts and applications
Headphones are a product that is utilized by every person nowadays. It is likewise an elegant
product utilized by Smart device individuals to pay attention to tracks and participate in calls.
The headphone market is a whooping 0.75-billion-dollar market in India.
Headphones need huge automatic devices that will manufacture efficient systems.
A great deal of time is invested in product advancement. However, a company also needs to
consider exactly how the customers will view the product when it is currently on the market.
Product positioning is about just how a firm comprehends its products. In our instance, it's
headphones for the masses. That is why taking notice of what our consumers think is necessary.
Let's study the important strategies that will help the companies to position their product-
a) Characteristics-based positioning- Brands give several features to their product to develop
associations. It is done to make consumers pick and pick based on the business's photo and
product fimctions. In our case, it's the headphones we are talking about. For example, if a person
NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Marketing Management
is interested in getting headphones, he will prefer the brand that provides the best sound quality.
And one more customer that takes note of his battery life.
b) Price-based positioning- This strategy connects our firm with competitive rates that will
bring in even more consumers. Brands usually place themselves as those that supply products at
the most affordable cost. The fun can attain this target by enhancing the production quantity.
The more devices of the product a firm creates, the less the variable expense will aid the business
in marketing its products at a lower price.
c) Use or application-based positioning- Brands can also position themselves by associating
with a details use of an application. Individuals who take a trip a great deal need headphones,
and they develop tremendous demand for them.
d) Quality or prestige-based positioning- The brands we are discussing using this strategy don't
focus on cost points. They concentrate on generating high-quality products instead. Sometimes,
it's the brand credibility that brings in consumers.
e) Competitor-based positioning- This strategy entails using what rivals are not using. It
helps firms differentiate their products and bring in customers. They use competitors' options to
distinguish their products and highlight the benefits.
As an example- ABC is a headphone firm that uses price-based positioning. So XYZ will take on
a different strategy to produce the same results.
