How to Approach GD in MFM- The Marketing Approach

How to Approach GD in MFM

There can be many approaches towards contributing to a GD for MFM. I like the marketing approach best, because most of the topics/ case studies asked in MFM are related to marketing or retailing. For other approaches I will talk about them in my subsequent posts. Here I would like to deal with this approach:

The approach uses some theory of marketing. Let me discuss that first. This is simple and easy to understand.

Marketing is the satisfaction of a customer's need profitably. That is it. Thus if a customer craves for social recognition, then clothing can satisfy that need. And if you can offer that solution to him where both you and him are satisfied, your job is done.

Having said that however, it is not so simple. There can be four cases:

1. The clothing that you offer is not attractive enough so the social need is not satisfied. In that case the customer would not buy it. The solution to this is called "Product Design"

2. The clothing is not right priced: either it is very high priced so that it deter customer to buy or it is very low priced- which customer find beneath their dignity to buy. This problem lies in the domain of "pricing".

3. The clothing is not available at all. Or if available, then the shop is too far and too unattractive a place to to. This problem lies in domain of "Placement"

4. The clothing is right, very genuinely priced and available but it is not known to people. In that cases advertisement and other support is needed so that people know about it. The problem lies in the domain of "Promotion".

Now any  problem related to marketing and retailing can be fitted in the domain of solving one or more of these 4 Ps of marketing ( Product, Price, Place and Promotion). This will be a structure where you can initiate a discussion and give valuable suggestions or even can close the discussion.

Here are some of the examples where a case can be presented and where the problem can be structured as that of one of these 4Ps.

You are a local apparel retail and Reliance Mart has come in the neighborhood. What tactics would you adopt to counter this.

So your thought would be changing either the product offer, or pricing or becoming more closer to the customer or promoting yourself in a different way.

I hope you are able to understand what I am trying to explain to you. In fact, 70% of the GD topics in MFM revolves around marketing theme. Apply it in different situations and enjoy ?

And yes, you can always pose your doubts in comments or Cbox provided at the side.

Cheers !!!