Question

Discuss any five points of importance of marketing.

Answer 1

1. Standardisation and Grading: Standardisation means setting quality standards to achieve uniformity in the product. Standardisation provides consistent quality assurance to consumers. Consumers are assured about the quality of the product offered by the seller. Grading means classifying the product on certain accepted benchmarks or bases. The bases of classification can be size, quality etc. Grading is necessary when a company is not following strictly the technique of standardisation. Through grading, the marketer . can get a higher price for a quality product. Grading is generally done in agricultural products like wheat, rice, pulses, apples, mangoes, etc.

2. Packaging and Labelling: Packaging is traditionally done to protect the goods from · damage in transit and to facilitate easy transfer of goods to customers. But now it is also used. by the manufacturer to establish his brand image as distinct from those of his rivals. 'Patanjali Honey', 'Boro Plus', 'Amul Butter', 'Tata Salt' and 'All-Out' are some examples in this regard.
Another activity connected with packaging is labelling. Labelling means putting identification marks on the package. The label is an important feature of a product. It is that part of a product which contains information about the producer of the product. A label may be a part of a package or maybe a tag attached directly to the product. The label is used to communicate a brand, grade and other information about the product. It works as a silent salesman.

3. Branding: It is the process of stamping a product with some identifying name or mark or a combination of both. In other words, branding means giving a distinct individuality to a product. A brand name consists of words, letters and/or numbers which may be vocalised. A brand mark is that part of the brand which appears in the form of a symbol, design, or distinctive colouring or lettering. It is recognised by sight. Some of the popular brands include Airtel, Videocon, Lux, Saridon, Nirma, etc. 

4. Customer Support Services: This function relates to developing customer support services such as after-sales services, handling customer complaints and adjustments, providing credit facilities, maintenance services. technical services, etc. All these services aim at providing maximum satisfaction to the customers, which is the key to marketing success in modern days. Customer support services prove very effective in bringing repeat sales from the customers and developing brand loyalty for a product.

5. Pricing: Price is the exchange value of a product. Determination of the price of a product is an important function of a marketing manager. Price of a product is influenced by the cost of product and services offered, profit margin desired, prices fixed by rival firms and Government policy.