Tag: Marketing and Marketing Mix

TN State Board Kalvi 12th Commerce Notes Chapter 14 Marketing and Marketing Mix

Question 1.
Define Marketing Mix.
Answer:
“Marketing Mix is a pack of four sets of variable namely Product Variable, Price Variable, Promotion Variable and Place Variable ”. – Mr. Jerome McCarthy.

Question 2.
Give any two internal factors affecting the price of product / service.
Answer:

• Marketing Mix Strategy
• Organisational Considerations

Question 3.
Define Product.
Answer:

1. Product is the main element of marketing.
2. Without a product there can be no marketing.
3. “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need”.
   – Philip hotter

Question 4.
What are the objectives of marketing?
Answer:

1. Intelligent and capable application of modem marketing policies.
2.  To develop the marketing field.
3. To suggest solution by studying the problems relating to marketing.
4. To take appropriate actions in the course of action.
5. To find sources for further information concerning the market problems.

Question 5.
What is need for market and explain the concept of marketing?
Answer:
Need for market:

1. To develop product by enhancing market segment.
2. To introduce new modes of line.
3. To improve the quality of life of the society.

Concept of Marketing:

1. First find out what customers want and then plan a product to satisfy the wants.
2. How can we keep out customers satisfied?
3. Focusing customer needs before developing product.
4. To satisfy the customer wants first over long term then to concentrate to get profit.
5. Customer is supreme of king so firms should analyse the needs of their customer.

Question 6.
What are the factors affecting Price of Product?
Answer:
Internal Factors:

1. (i) Marketing Objectives
2. Marketing Mix Strategy
3. Organisational considerations
4. Costs and
5. Organisational Objectives

External Factors:

1. The market and demand
2. Competition
3. Customers
4.  Suppliers
5. Legal factors and
6. Regulatory factors

Question 7.
What do you mean by marketing mix? Describe any two elements.
Answer:
“Marketing Mix is a pack of four sets of Variables namely Product Variable, Price Variable, Promotion Variable and Place Variable
– Mr Jerome Me Carthy

Elements of Marketing Mix:
Product:
Product is the main element of marketing without a product, there can be no marketing. “A product is anything that can be offered to a market for attention, acquisition use or consumption that might satisfy a want or a need”.
– Philip Kotler

Promotion:
An excellent product with competitive price cannot achieve a desired success and acceptance in Market until its special benefits are conveyed effectively to potential consumers.

Question 8.
Discuss about the Evolution of marketing.
Answer:
(i) Barter system:
The goods are exchange against goods, without any other medium of exchange, like money.

(ii) Production orientations:
A stage where producers, instead of being concerned with the consumer preferences, concentrated on the mass production of goods for the purpose of profits. They cared very little about the customers.

(iii) Sales orientations:
The selling became the dominant factor without any efforts for the satisfaction of the consumer needs.

(iv) Marketing orientation:
Competition became more stiff. Aggressive advertising, personal selling, large scale sales promotion etc., are used as tools to boost sales.

(v) Consumer orientation:
Products are brought forward to the markets which are capable of satisfying the tastes, preferences and expectations of the consumers consumer satisfaction.

(vi) Management orientation:
Marketing function assumes a managerial role to co-ordinate all interactions of business activities.

Question 9.
Why the marketing is important to the society and individual firm? Explain.
Answer:
To the Society:

1. Marketing is a connecting link between the consumer and the producer.
2. It helps in increasing the living standard of people.
3. It helps to increase the nation income.
4.  Marketing process increases employment opportunities.
5. Marketing creates modem cultivators.
6. Marketing includes all activities in the creation of utilities – form, place, time and possession.
7. A reduction in the cost of marketing is a direct benefit to society.

To the Individual firms:

1. Marketing generates revenue to firms.
2. It is the source of information to the top management for taking overall decisions on production.
3. Marketing and innovation are the two basic functions of all business. The world is dynamic.
4. It facilitates the development of business and creates employment opportunities for people.

Question 10.
Narrate the Elements of Marketing mix.
Answer:
Four elements of marketing mix in detail:
(i) Product:
Product is the main element of marketing without a product, these can be no marketing

(ii) Price:
Price is the value of a product expressed in monetary terms. It is the amount charged for the product. Factors affecting price of product/ service Internal as well as External factors.

(iii) Place (Physical Distribution):
An excellent quality product with a competitive price structure backed up by efficient promotional activities.

(iv) Promotion:
An excellent product with competitive price cannot achieve a desired success and acceptance in market unless and until its special features and benefits are conveyed effectively to the potential consumers.

Question 11.
What is Marketing?
Answer:

1. Marketing is one of the business functions that all activities that take place in relation to markets.
2. Markets for actualize potential exchange for the purpose of satisfying human needs and wants.
3. It is one of the oldest professions in the world.
4. Marketing is indeed an ancient art, it has been practiced in one form or the other since the days of Adam and Eve.
5. The traditional objective of marketing had been to make the goods available at places where they are needed.
6. This idea was later on changed by shifting the emphasis from “exchange” to “satisfaction of human wants”.
7. Modem view that marketing must first findout what customer want and then plan a product to satisfy the wants.

Question 12.
State to advantages of warehousing.
Answer:
Warehouses create time utility by storing the goods throughout the year and releasing them as and when they are needed.
Advantages of Warehousing:

1. Protection and preservation of goods.
2. Regular flow of goods.
3. It create more employment opportunities both for skilled and unskilled workers in every part of the country.
4. It is the source of income for the people to improve their standard of living.
5. To improve stock control and inventory tracking.
6. Effective management control.
7. Easy handling – Heavy and bulky goods can be loaded and unloaded by using modem machines.

Question 13.
How market information is helpful to invention of new product in the market?
Answer:

1. Strong knowledge of your customers.
2. Marketing research is a systematic process for marketing opportunities and problem solving and collecting and analysing marketing information.
3. Control over fact, responsibility of the marketing research director.
4. Design the research carefully and supervise its execution.
5. Various combination of people, technologies for managing marketing information.
6. Broader management and strategy decisions.
7. Research customer performance to contribute improving decision making performers.
8. Quicker, more accurate need and decision making by the marketer to be regular sources of information about marketing and trading brand awareness.

Choose the correct answer:

Question 1.
The initial stage of Marketing system is:
(a) Monopoly system
(b) Exchange to Money
(c) Barter system
(d) Self producing
Answer:
(c) Barter system

Question 2.
Who is supreme in the Market?
(a) Customer
(b) Seller
(c) Wholesaler
(d) Retailer
Answer:
(a) Customer

Question 3.
In the following variables which one is not the variable of marketing mix?
(a) Place Variable
(b) Product Variable
(c) Program Variable
(d) Price Variable
Answer:
(c) Program Variable

Question 4.
Marketing mix means a marketing program that is offered by a firm to its target to earn profits through satisfaction of their wants.
(a) Wholesaler
(b) Retailer
(c) Consumer
(d) Seller
Answer:
(c) Consumer

Question 5.
Which one is the example of Intangible product?
(a) Education
(b) Mobiles
(c) Garments
(d) Vehicles
Answer:
(a) Education

TN Board 12th Commerce Important Questions