Advertisements
Advertisements
Question
Explain the following functions of marketing:
Pricing of products
Solution
Pricing of products: It refers to the amount of money which the customer has to pay to obtain a product. Price is an important factor affecting the success or failure of a product in the market. The demand for a product or service is related to its price. Generally, Lower the price, higher would be the demand for the product and vice versa.
APPEARS IN
RELATED QUESTIONS
Radhika was a student of Business Studies of Class XII. Her father was a farmer who grew different varieties of rice and was well-versed about various aspects of rice cultivation. He was also selected by the government for a pilot-project on rice cultivation. As a project work in Business Studies, she decided to study the feasibility of marketing good quality rice at a reasonable price. Her father suggested her to use the Internet to gather customers' views and opinions. She found that there was a huge demand for packaged organic rice. She knew that there were no pre-determined specifications in case of rice because of which it would be difficult to achieve uniformity in the output. To differentiate the product from its competitors, she gave it the name of 'Malabari Organic Rice' and classified it into three different varieties namely — Popular, Classic and Supreme, based on the quality. She felt that these names would help her in product differentiation.
Explain the three functions of marketing, with reference to the above paragraph.
‘Silkiya Ltd.’ is a company manufacturing silk cloth. It has been consistently earning good profits for many years. This year too, it has been able to generate enough profits. There is the availability of enough cash in the company and good prospects for growth in future. It is a well-managed organisation and believes in quality, equal employment opportunities and good remuneration practices. It has many shareholders who prefer to receive a regular income from their investments. It has taken a loan of < 60 lakhs from SBI Bank and is bound by certain restrictions on the payment of dividend according to the terms of the loan agreement.
The above discussion about the company leads to various factors which decide how much profit should be retained and how much has to be distributed by the company. Quoting the lines from the above discussion, identify and explain any four such factors
Explain the following function of marketing:
Gathering and analysing market information
Explain the following function of marketing:
Marketing planning
Explain the following function of marketing:
Customer support services
Explain the following function of marketing:
Physical distribution
Mention any two facilitating functions of marketing.
____________ is the marketing function which is concerned with informing the customers about the firm’s products.
Match the FUNCTIONS of Marketing in Column I with the appropriate ACTIVITIES in Column II.
| Column I | Column II | ||
| (1) | Marketing Planning | (i) | Providing basis for distinguishing the product of a firm with that of the competitor. |
| (2) | Product Designing and Development | (ii) | Specifying the action programmes to achieve different objectives. |
| (3) | Branding | (iii) | Making the product attractive to the target customers. |
Samay wanted to purchase a car with the latest standards and possessing features to minimize pollution. He saw an advertisement and subsequently visited the showroom of the company where the car was displayed. In his discussion, the marketing manager told Samay that the company is providing credit facilities, maintenance services and many other useful services on account of which the company is experiencing repeat sales and has been able to develop brand loyalty. Thus, ______ marketing function is being discussed between the marketing manager and Samay.
Which of the following marketing functions is concerned with informing the customers about the firm's products?
One of the important decision areas under the marketing function of ______ is managing inventory.
Name the function of marketing which is effective in bringing repeat sales from the customers and developing brand loyalty for a product.
Paddy is grown during summer season but its demand and sale takes place throughout the year.
- Name and state the function of marketing which should be undertaken to reduce the gap between production and consumption of Paddy.
- State by giving two reasons as to why proper discharge of this function is important.
As a function of marketing, Warehousing creates time utility.
State any two features of Marketing Research.
What is marketing research?
