MARKETING
1 What is Marketing?
The term marketing has been described as performance of business activities that direct the
flow of goods and services from producers to consumers. It includes many activities that
are performed even before goods are actually produced and continue even after the goods
have been sold.
2 Discuss the important features of marketing.
1. Need and Want: The process of marketing helps individuals and groups in obtaining what they need and want. Thus, the primary reason or motivation for people to engage in the process of marketing is to satisfy some of their needs or wants. In other words, the focus of the marketing process is on satisfaction of the needs and wants of individuals and organisations.
2. Creating a Market Offering: On the part of the marketers, the effort involves creation of a ‘market offering. Market offering refers to a complete offer for a product or service, having given features like size, quality, taste, etc; at a certain price; available at a given outlet or location and so on.
3. Customer Value: The process of marketing facilitates exchange of products and services.
4. Exchange Mechanism: The process of marketing works through the exchange mechanism. between the buyers and the sellers.
3 Discuss the Marketing Management philosophies.
1. Production Concept- Emphasis on Quantity. Focus on Availability and Affordability
2. Product Concept - Emphasis on Quality. Focus on improving quality and product improvement.
3. Selling Concept- Emphasis on Sales volume. Focus on Attracting and persuading customers.
4. Marketing Concept-Identify the need and fill it. Focus on satisfaction of customer’s needs
5. Societal Marketing Concept- Societal marketing concept is the extension of the marketing concept as supplemented by the concern for the long-term welfare of the society. Apart from the customer satisfaction, it pays attention to the social, ethical and ecological aspects of marketing.
4 Explain how the ‘product related factors’ affect the choice of channels of distribution?
Product related factors that affect the choice of channels of distribution are:
Industrial products - Short Channels Companies selling chemicals used in industries use short channels as the numbers of buyers are not many.
Perishable products - Short Channels. If the product is perishable then the channel will be short. Long channel will simply perish the product.
For example milk Low value products - Long Channels Low value products such as pen have longer channels because they have to reach wide spread consumers.
5 What is marketing mix? What are its main elements (variables)? Explain.
A. Marketing Mix is a set of marketing tools that the firm uses to pursue its marketing objectives in a target market. The variables or elements of marketing mix have been classified in to four categories, popularly known as four Ps of marketing viz., Product- Product means goods or services or ‘anything of value’, which is offered to the market for exchange.
Price- Price is the amount of money customers have to pay to obtain the product. In case of most of the products, level of price affects the level of their demand.
Place- Place or Physical Distribution include activities that make firm’s products available to the target customers.
Promotion- Promotion of products and services include activities that communicate availability, features, merits, etc. of the products to the target customers and persuade them to buy it.
These elements are combined to create an offer.
6 What is Branding?
Branding is creating a corporate brand identity for consumer, and getting that brand
identity imprinted on the minds of consumer.
7 Explain the factors affecting price of a product.
A. Factors affecting price of a product:
(i) Product Cost
(ii) Utility and Demand
(iii) Extent of competition in the market
(iv) Government and Legal Regulations
(v) Pricing Objectives
(vi) Marketing Methods used. (Explain)
8 What is Packaging? Discuss its functions.
Packaging refers to the act of designing and producing the container or wrapper of a product.
Functions of Packaging:
(i) Product Identification: Packaging greatly helps in identification of the products. For example, Colgate in red colour, or Ponds cream jar can be easily identified by its package.
(ii) Product Protection: Packaging protects the contents of a product from spoilage, breakage, leakage, pilferage, damage, climatic effect, etc. This kind of protection is required during storing, distribution and transportation of the product
(iii) Facilitating Use of the Product: The size and shape of the package should be such that it should be convenient to open, handle and use for the consumers. Cosmetics, medicines and tubes of toothpastes are good examples of this.
(iv) Product Promotion: Packaging is also used for promotion purposes. A startling colour scheme, photograph or typeface may be used to attract attention of the people at the point of purchase. Sometimes it may work even better than advertising. In self-service stores, this role of packaging becomes all the more important.
9 What is Labelling?
Indicating some information about the quality or price, to complex graphics that are part of
the package. Lables are useful in providing detailed information about the product, its
contents, method of use, etc.
10 What do you mean by ‘channels of distribution’ ?
What functions do they play in the distribution of goods and service? Explain. Channels of Distribution are set of firms and individuals that take title, or assist in transferring title, to particular goods or services as it moves from the producers to the consumers. Channels of distribution smoothen the flow of goods by creating possession, place and time utilities.
The important functions performed by middlemen are:
(i) Sorting
(ii) accumulation
(iii) allocation
(iv) assorting
(v) product promotion
(vi) negotiation and
(vii) risk taking. (explain
11 State the difference between Selling and Marketing.
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