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Question
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.
Solution
Functions of marketing with reference to the paragraph:
1) Gathering and Analysing Market Information: To know the needs of customers, marketers collect market information. This gives an idea of the business about the threats and business opportunities.
Quotation: Use the Internet to gather customers' views and opinions
2) Standardisation and Grading: Standardisation refers to the production of a product according to some standards or specific details. Grading is the classification of goods into various groups on the basis of size and quality.
Quotation: 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.
3) Branding: Branding refers to deciding a suitable name for the product. The name can be either a generic name or a brand name. The brand name acts as a basis for differentiation of the firm’s product with that of its competitors.
Quotation: To differentiate the product from its competitors, she gave it the name of
'Malabari Organic Rice'.
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