NIOS Class 12 Business Studies Chapter 15 The Marketing Mix

NIOS Class 12 Business Studies Chapter 15 The Marketing Mix Solutions to each chapter is provided in the list so that you can easily browse throughout different chapters NIOS Class 12 Business Studies Chapter 15 The Marketing Mix and select need one. NIOS Class 12 Business Studies Chapter 15 The Marketing Mix Question Answers Download PDF. NIOS Study Material of Class 12 Business Studies Notes Paper 319.

NIOS Class 12 Business Studies Chapter 15 The Marketing Mix

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Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 12 Business Studies Chapter 15 The Marketing Mix, NIOS Senior Secondary Course Business Studies for All Chapter, You can practice these here.

The Marketing Mix

Chapter: 15

Module – 4 Marketing

INTEXT QUESTIONS 15.1 

1. List the four components of the marketing mix.

Ans: (a) Product.

(b) Price.

(c) Place.

(d) Promotion.

2. Give one word/phrase for the following statements: 

(a) The crucial decision area of marketing that has direct effect on demand for the product and profitability of the firm.

Ans: Price. 

(b) The component of marketing that relates to channels of distribution.

Ans: Place. 

(c) The components that are combined to achieve the marketing goal. 

Ans: Marketing mix.

(d) The goods and services offered by the organisation for sale.

Ans: Product.

(e) The ingredient of marketing mix relating to informing, persuading and influencing a consumer to make a choice of the product to be bought.

Ans: Promotion.

INTEXT QUESTIONS 15.2 

1. Classify the following products into consumer goods and industrial goods and further classify them into convenience goods, shopping goods and speciality goods, if they are consumer goods: 

(a) Stationery for the office. 

Ans: Industrial goods.

(b) Washing machine for use at home.

Ans: Consumer goods – Shopping goods. 

(c) A car for family use.

Ans: Consumer goods – Speciality goods. 

(d) Oil for manufacturing soap.

Ans: Industrial goods. 

(e) A pair of shoes for yourself.

Ans: Consumer goods – Shopping goods. 

(f) An electric lift for lifting weight in the workshop. 

Ans: Industrial goods.

(g) A packet of biscuits for your breakfast.

Ans: Consumer goods – Convenience goods.

2. For the following categories of goods, give two examples of each, from the products that you see around you. 

(a) Intangible goods.

Ans: (i) Boarding a bus. 

(ii) Pollution check.

(b) Durable goods.

Ans: (i) Refrigerator.

(ii) Washing machine. 

(c) Non-durable goods.

Ans: (i) Salt.

(ii) Soap. 

3. (a) Categorise the following products as tangible or intangible products. 

(i) Cricket Bat. 

(ii) Ball. 

(iii) Boarding a bus. 

(iv) ‘Pollution check’. 

(v) Pen. 

(vi) Getting medical advice from a doctor. 

Ans: 

(b) Categorise the following products as durable and non-durable consumer goods.

(i) Refrigerator. 

(ii) Salt. 

(iii) Soap. 

(iv) Washing Machine. 

(v) Television. 

(vi) Cooking oil. 

(vii) Sauce. 

(viii) Note Book.

Ans: 

4. Smita purchased a bottle of vinegar from the local grocery shop. The information provided on the bottle was not clear. She fell sick on consuming it. She filed a case under Consumer Protection Act and got the relief. 

(a) Identify the important aspect neglected by the marketeer in the above case.

Ans: Labelling.

INTEXT QUESTIONS 15.3 

1. List the main factors affecting pricing decision of a firm.

Ans: (a) Cost. 

(b) Demand. 

(c) Competition. 

(d) Marketing objectives. 

(e) Government regulation. 

2. Which method of price fixation is being referred to here: 

(a) Hari fixes the price of shirts that he manufactures and sells at a price 10% higher than its cost. 

Ans: Cost – based pricing.

(b) Mannat introduces a new brand of biscuits at a low introductory price.

Ans: Objective – based pricing.

(c) Sheetal fixes the price of her glassware keeping in mind the prices for similar products in the nearby shops.

Ans: Competition – based pricing. 

(d) Rahul, a fruit-seller, increases the price of mangoes if there is a heavy demand for them during the summer season.

Ans: Demand – based pricing. 

(e) Pinky charges a high price for the exclusive designer handkerchiefs that she designs for a selective group of customers.

Ans: Objective – based pricing:

(f) Jahnavi lowers the price of the vegetables at her shop in the evening, so that customers purchase them even when they are not as fresh as they were in the morning time.

Ans: Demand – based pricing.

INTEXT QUESTIONS 15.4 

1. Which type of channel of distribution will be suitable in each of the following cases? Name it and draw a labelled diagram (in the space given below) depicting the channel. 

(a) For a perishable product.

Ans: Zero stage channel of distribution. 

(b) Where large number of wholesalers are involved and are scattered throughout the country.

Ans: Three stage channel of distribution. 

(c) For durable products like washing machines.

Ans: One stage channel of distribution. 

INTEXT QUESTIONS 15.5 

1. What are the main objectives of promotion? List them.

Ans: (a) arouse buyer’s interest in the product. 

(b) inform buyer about its availability.

(c) inform him/her how it is different from other products. 

2. State the main factors affecting the choice of distribution channels.

Ans: (a) Nature of market. 

(b) Nature of the company.

(c) Nature of product. 

(d) Middlemen consideration. 

3. Which element of the promotion mix is being referred to in the following statements. Write it in the space provided. 

(a) It is a temporary incentive to induce trial or purchase of a new product. ( )

Ans: Sales promotion.  

(b) It does not cost money but may involve considerable time and effort by the marketeer. ( )

Ans: Publicity.  

(c) It is an effective promotion tool for machines, lubricant etc. ( )

Ans: Personal selling. 

(d) Press conference, publications and news in the electronic media are its various tools. ( ) 

Ans: Publicity. 

(e) It is a paid form of non-personal communication by an identified sponsor. ( )

Ans: Advertising.  

(f) It is done through popular media like radio, television, magazines, newspapers. ( )

Ans: Advertising. 

4. Tick the right choice. 

(i) To which tool of marketing mix does ‘Brand Name’ relate? 

(a) Product. 

(b) Price. 

(c) Place. 

(d) Promotion.

Ans: (a) Product.  

(ii) Identity the philosophy in management which suggests that aggressive selling and promotional efforts are needed to sell products. 

(a) Production concept. 

(b) Product concept. 

(c) Sales concept. 

(d) Societal concept.

Ans: (c) Sales concept. 

(iii) A cold drinks manufacturing company is using chemicals to make its product (cold drinks). Name the marketing philosophy which is ignored here. 

(a) Production concept. 

(b) Product concept. 

(c) Sales concept. 

(d) Societal concept.

Ans: (d) Societal concept. 

5. Which tool of promotion will primarily be used for the following: 

(a) To get good corporate image without being paid for.

Ans: Public Relation.  

(b) An existing product meant for mass usage by literate people.

Ans: Advertising.  

(c) To introduce a new product to a particular class of people through door to door visits.

Ans: Personal Selling.

Very Short Answer Questions: 

1. Define the term ‘Advertising’. 

Ans: Advertising is the most commonly used tool for informing the present and prospective consumers about the product, its quality, features, availability, etc. It is a paid form of non- personal communication through different media about a product, idea, a service or an organisation by an identified sponsor. It can be done through print media like newspaper, magazines, billboards, electronic media like radio, television, etc. 

2. What is meant by the term ‘product’? 

Ans: A product is anything that is offered by a marketeer to satisfy a need or want of the consumer. Products generally include goods and services offered by the organisation. Goods like a pair of shoes, a plate of noodles, a lipstick, and services like a haircut or a cell phone service, are all products. We are paying not for the tangible product but for the benefit it will provide.

3. Give two examples each of tangible products and intangible products.

Ans: Examples of tangible products are machinery and building. Examples of intangible products are intellectual property rights and copyright.

4. What are speciality goods? Give one example. 

Ans: Speciality Goods is some special characteristics of certain categories of goods people generally put special efforts to buy them. They are ready to buy these goods at prices at which they are offered and also put in extra time to locate the seller to make the purchase. Examples of speciality goods are cameras, TV sets, new automobiles etc.

5. Define the term ‘promotion’. 

Ans: The Promotion Mix refers to the blend of several promotional tools used by the marketeer to create, maintain and increase the demand for goods and services. The marketeer’s task is to find the right promotion mix for a particular brand for reaching a broader audience. It includes the process of informing and persuading the consumers to buy certain product. By using this process, the marketeers convey persuasive message and information to its potential customers. 

6. What do you mean by labelling? 

Ans: Label is a part on the cover of the product which includes its name, contents, ownership, expiry date, manufacturing date etc. A label helps in identifying the product. It contains information about the product which is useful for the customer.Labels also helps in grading the product. Finally, it also helps in promoting the product as colourful labels helps in getting the attention of the buyers. 

7. What is the purpose of packaging a product? 

Ans: Packaging is the act of designing and producing appropriate container or cover for the product. Packaging protects the product from damage. It helps in identifying a product. It enables convenient handling of the product. As packaging increases the sale of a product, it acts as a silent salesman. 

8. What is meant by the ‘product concept of marketing’?

Ans: In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand.It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution. 

1. What are ‘convenience goods’ and ‘shopping goods’. Explain giving examples for each type. 

Ans: These goods belong to the categories of convenience goods which are bought frequently without much planning or shopping effort and are also consumed quickly. Buying decisions in case of these goods does not involve much pre-planning. Such goods are usually sold at convenience retail outlets. 

Example: Soft drinks, medicines, Milk, Bread and butter etc.

Shopping Goods: These are goods which are purchased less frequently and are used very slowly like clothes, shoes, household appliances. In case of these goods, consumers make choice of a product considering its suitability, price, style, quality and products of competitors and substitutes, if any. In other words, the consumers usually spend a considerable amount of time and effort to finalise their purchase decision as they lack complete information prior to their shopping trip.  

2. Explain ‘cost based pricing’ and ‘objective based pricing’. 

Ans: Cost Based Pricing: Under this method, price of the product is fixed by adding the amount of desired profit margin to the cost of the product. If a particular soap costs the marketeer Rs. 8 and he desires a profit of 25%, the price of the soap is fixed at Rs 8 + (8×25/100) = Rs.10. While calculating the price in this way, all costs -variable as well as fixed – incurred in manufacturing the product are taken into consideration.

Objective Based Pricing: This method is applicable to introduction of new (innovative) products. If, at the introductory stage of the products, the organisation wishes to penetrate the market i.e., to capture large parts of the market and discourage the prospective competitors to enter into the fray, it fixes a low price. Alternatively, the organisation may decide to skim the market i.e., to earn high profit by taking advantage of a group of customers who give more importance to their status or distinction and are willing to pay even a higher price for it. In such a situation they fix a quite high price at the introductory stage of their product and market it to only those customers who can afford it.

3. State four functions performed by channel of distribution. 

Ans: Primarily a channel of distribution performs the following functions: 

(a) It helps in establishing a regular contact with the customers and provides them the necessary information relating to the goods. 

(b) It facilitates the transfer of ownership as well as the delivery of goods. 

(c) It helps in financing by giving credit facility. 

(d) It assists the provision of after-sales services, if necessary

4. Describe the various factors affecting choice of distribution channels. 

Ans: The various factors affecting choice of distribution channels are:

(a) Nature of Market: There are many aspects of market which determine the choice of channel of distribution. Say for example, where the number of buyers is limited, they are concentrated at few locations and their individual purchases are large as is the case with industrial buyers, direct sale may be the most preferred choice.

(b) Nature of Product: Nature of the product considerably affects the choice of channel of distribution. In case the product is of technical nature involving a good amount of pre-sale and after-sale services, the sale is generally done through retailers without involving the wholesalers. 

(c) Nature of the Company: A firm having enough financial resources can afford to have both its own distribution force and retail outlet. But most business firms prefer not to create their own distribution channel and concentrate on manufacturing.

(d) Middlemen Consideration: If the right kind of middlemen having the necessary experience, contacts, financial strength and integrity are available, their use is preferred as they can ensure success of newly introduced products.

5. What are durable and non-durable goods? Give two examples of each of them. 

Ans: Durable goods are products which are used for a long periodi.e., for months or years together. Examples of such goods are refrigerator, car, washing machine etc. Such goods generally require more of personal selling efforts and have high profit margins. In case of these goods, seller’s reputation and pre-sale and after-sale service are important determinants of the purchase decision.

Non-durable Goods: Non-durable goods are products that are normally consumed in one go or last for a few uses. Examples of such products are soap, salt, pickles, sauce etc. These items are consumed quickly and we purchase these goods more often. Such items are generally made available by the producer through large number of convenient retail outlets. Profit margins on such items are usually kept low and heavy advertising is done to attract people towards their trial and use. 

6. Write short notes on the elements of promotion. 

Ans: Promotion is an important ingredient of the marketing mix as it refers to a process of informing, persuading and influencing a consumer to make a choice of the product to be bought. Promotion is done through means of personal selling, advertising, publicity and sales promotion. It is done mainly with a view to provide information to prospective consumers about the availability, characteristics and uses of a product. It arouses potential consumer’s interest in the product which helps him in comparing it with competitors’ product and make his choice. The rise of print and electronic media has immensely helped the process of promotion.  

7. State the functions of packaging. 

Ans: The functions of packaging are:

(i) Protection: Protective packaging supplies are materials built to protect and buffer a product from potential harm or destruction during shipping or warehousing.

(ii) Preservation: Preservation packaging includes both shrink wrapping and vacuum packaging, as well as other forms of packaging such as jar canning, aluminium cans, and other types of protective packages like egg cartons and milk jugs.

(iii) Information: Packaging information can include details such as product features, ingredients, nutritional information, usage instructions, branding elements, and promotional messages . It plays a crucial role in attracting the consumer’s attention, influencing their purchasing decisions, and educating them about the product.

(iv) Convenience: Consumers appreciate the ability to find what they want at a glance as it saves them time and effort when shopping for a snack or treat.

(v) Containment: One of the primary and obvious objectives of the package is to contain the product. This is essential for the efficient transportation, storage and distribution of the product.

(vi) Marketing and Security: Manufacturers and brand owners benefit from Security Packaging protection to prevent counterfeiting and brand theft. These safeguards brand reputation and consumer trust, which can be compromised by counterfeit or defective products.

1. What is meant by the Marketing Mix? Describe the four components of marketing mix. 

Ans: Marketing involves a number of activities. To begin with, an organisation may decide on its target group of customers to be served. Once the target group is decided, the product is to be placed in the market by providing the appropriate product, price, distribution and promotional efforts. These are to be combined or mixed in an appropriate proportion so as to achieve the marketing goal.Such a mix of product, price, distribution (place) and promotional efforts is known as ‘Marketing Mix’. It is about putting the right product in the right place, at the right time, and at the right price. Each firm strives to build up such a composition of 4’P’s, which can create the highest level of consumer satisfaction and at the same time meet its organisational objectives.

The components of Marketing mix are:

(i) Product: A product is anything that is offered by a marketeer to satisfy a need or want of the consumer. Products generally include goods and services offered by the organisation. Goods like a pair of shoes, a plate of noodles, a lipstick, and services like a haircut or a cell phone service, are all products. We are paying not for the tangible product but for the benefit it will provide. So, in simple words, a product can be described as a bundle of benefits which a marketeer offers to the consumer for a price. 

(ii) Price: Price is the amount charged for a product or service. It may be a price that you pay for buying a physical good like shirt or a rent for an apartment, tuition fee for education, etc. Fixing the price of the product is a tricky job. Many factors like demand for a product, cost involved, consumer’s ability and willingness to pay, prices charged by competitors for similar products, government restrictions etc. have to be kept in mind while fixing the price. In fact, pricing is a very crucial decision area as it has its effect on demand for the product and also on the profitability of the firm. In the entire marketing mix, price is the one element that helps in generating revenue for the organisation whereas all other decisions produce cost. 

(iii) Place: Goods are produced to be sold to the consumers. It must be made available to the consumers at a place where they can conveniently buy it for their consumption or usage. Woolen Clothes are manufactured on a large scale in Ludhiana-Punjab which are available in nearby shops or a shopping malls. So, it is necessary that the product is available at shops in your town. But to make the goods available at the store which you can easily reach involves a chain of individuals and institutions like distributors, wholesalers and retailers who constitute firm’s distribution network (also called a channel of distribution).

(iv) Promotion: If the product is manufactured keeping the consumer needs in mind, is rightly priced and made available at outlets convenient to them but the consumer is not made aware of its price, features, availability etc, its marketing effort may not be successful. Therefore promotion is an important ingredient of the marketing mix as it refers to a process of informing, persuading and influencing a consumer to make a choice of the product to be bought. Promotion is done through means of personal selling, advertising, publicity and sales promotion.  

2. Describe the classification and sub-classification of products on the basis of their use. 

Ans: In marketing the terms ‘product’ and ‘goods’ are often used interchangeably:

Based on use, the product can be classified as: 

(a) Consumer Goods: Goods meant for personal consumption by the households or ultimate consumers are called consumer goods. This includes items like toiletries, groceries, clothes etc. Based on consumers’ buying behaviour the consumer goods can be further classified as: 

(i) Convenience Goods: Do you remember, the last time when you bought a packet of butter or a soft drink or a grocery item? Perhaps you don’t remember, or you will say last week or yesterday. Reason is, these goods belong to the categories of convenience goods which are bought frequently without much planning or shopping effort and are also consumed quickly. Buying decision in case of these goods does not involve much pre-planning.Such goods are usually sold at convenient retail outlets. 

(ii) Shopping Goods: These are goods which are purchased less frequently and are used very slowly like clothes, shoes, household appliances. In case of these goods, consumers make choice of a product considering its suitability, price, style, quality and products of competitors and substitutes, if any. In other words, the consumers usually spend a considerable amount of time and effort to finalise their purchase decision as they lack complete information prior to their shopping trip. It may be noted that shopping goods involve much more expenses than convenience goods. 

(iii) Speciality Goods: Because of some special characteristics of certain categories of goods people generally put special efforts to buy them. They are ready to buy these goods at prices at which they are offered and also put in extra time to locate the seller to make the purchase. The nearest car dealer may be ten kilometres away but the buyer will go there to inspect and purchase it. In fact, prior to making a trip to buy the product he/she will collect complete information about the various brands. Examples of speciality goods are cameras, TV sets, new automobiles etc.

(b) Industrial Goods: Goods meant for consumption or use as inputs in production of other products or provision of some service are termed as ‘industrial goods’. These are meant for non-personal and commercial use and include 

(i) raw materials.

(ii) machinery.

(iii) components. and 

(iv) operating supplies (such as lubricants, stationery etc). 

The buyers of industrial goods are supposed to be knowledgeable, cost conscious and rational in their purchase and therefore, the marketeers follow different pricing, distribution and promotional strategies for these goods.   

3. Explain the four broad methods of price fixation of a product. 

Ans: Methods of fixing the price can be broadly divided into the following categories: 

(i) Cost Based Pricing: Under this method, price of the product is fixed by adding the amount of desired profit margin to the cost of the product. If a particular soap costs the marketeer Rs. 8 and he desires a profit of 25%, the price of the soap is fixed at Rs 8 + (8×25/100) = Rs.10. While calculating the price in this way, all costs -variable as well as fixed – incurred in manufacturing the product are taken into consideration. 

(ii) Competition Based Pricing: In case of products where market is highly competitive and there is negligible difference in quality of competing brands, price is usually fixed closer to the price of the competing brands. It is also known as ‘going-rate pricing’. The firm decides its price largely after seeing the prices of competitors.

(iii) Demand Based Pricing: At times, prices are determined by the demand for the product. Under this method, without paying much attention to cost and competitors’ prices, the marketeers try to ascertain the demand for the product. If the demand is high they decide to take advantage and fix a high price. If the demand is low, they fix low prices for their product. At times, they resort to differential prices and charge different prices from different groups of customers depending upon the irperceived values and capacity to pay. Take the case of cinema halls where the rates of tickets differ for the different sets of rows in the hall. 

(iv) Objective Based Pricing: This method is applicable to introduction of new (innovative) products. If, at the introductory stage of the products, the organisation wishes to penetrate the market i.e., to capture large parts of the market and discourage the prospective competitors to enter into the fray, it fixes a low price. Alternatively, the organisation may decide to skim the market i.e., to earn high profit by taking advantage of a group of customers who give more importance to their status or distinction and are willing to pay even a higher price for it.  

4. ‘Promotion includes four main tools’. Explain each of these tools. 

Ans: A firm uses different tools for its promotional activities which are as follows:

(i) Advertising: Advertising is the most commonly used tool for informing the present and prospective consumers about the product, its quality, features, availability, etc. It is a paid form of non-personal communication through different media about a product, idea, a service or an organisation by an identified sponsor. It can be done through print media like newspaper, magazines, billboards, electronic media like radio, television, etc. Advertising can help in building a long term image or the product or can be used to trigger quick sales. It is a very flexible and comparatively low cost tool of promotion. It can help in reaching geographically dispersed buyers efficiently. 

(ii) Publicity: This is a non-paid process of generating wide range of communication to contribute a favourable attitude towards the product and the organisation. You may have seen articles in newspapers about an organisation, its products and policies. The other tools of publicity are press conference, publications and news in the electronic media etc. It is published or broadcasted without charging any money from the firm. Marketeers often spend a lot of time and effort in getting news items placed in the media for creation of a favourable image of the company and its products. 

(iii) Personal Selling: You must have come across representatives of different companies knocking at your door and persuading you to buy their product. It is a direct presentation of the product to the consumers or prospective buyers. It refers to the use of salespersons to persuade the buyers to act favourably and buy the product. It is most effective promotional tool in case of industrial goods. 

(iv) Sales Promotion: This refers to short-term and temporary incentives to purchase or induce trials of new goods. The tools include contests, games, gifts, trade shows, discounts, etc. Sales promotional activities are often carried out at retail levels. It also includes sampling and demonstrations at the shops, stores etc. which helps in creating a favourable response towards the product as the prospective buyer may taste or use the product before buying a product which may create likelihood towards the product.  

5. “Channels of distribution are a vital link between manufactures and consumers”. Describe this statement with the help of diagrams by mentioning the four types of channels of distribution. 

Ans: According to Stanton “A distribution channel consists of the set of people and firms involved in the transfer of title to a product as the product moves from producer to ultimate consumer or business user”. Basically it refers to the vital links connecting the manufacturers and producers and the ultimate consumers/users. It includes both the producer and the end user and also the middlemen/agents engaged in the process of transfer of title of goods.

The producers/ manufacturers usually use services of one or more middlemen to supply their goods to the consumers. But sometimes, they do have direct contact with the customers with no middlemen involved. This is true more for industrial goods where the customers are highly knowledgeable and their individual purchases are large. The various channels used for distribution of consumer goods can be described as follows:

(a) Zero Stage Channel of Distribution: Zero stage distribution channel exists where there is direct sale of goods by the producer to the consumer. This direct contact with the consumer can be made through door-to-door salesmen, own retail outlets or even through direct mail. Also in case of perishable products and certain technical household products, door-to-door sale is an easier way of convincing consumer to make a purchase. 

Eureka Forbes, for example, sells its water purifiers directly through their own sales staff. 

Manufacturer → Consumer.

(b) One Stage Channel of Distribution: In this case, there is one middleman i.e., the retailer. The manufacturers sell their goods to retailers who in turn sell it to the consumers. This type of distribution channel is preferred by manufacturers of consumer durables like refrigerator, air conditioner, washing machine, etc. where individual purchase involves large amount. It is also used for distribution through large scale retailers such as departmental stores (Big Bazaar, Spencer) and super markets. 

e.g. MARUTI sells cars through company approved retailers. 

Manufacturer →  Retailer →  Consumer.

(c) Two Stage Channel of Distribution: This is the most commonly used channel of distribution for the sale of consumer goods. In this case, there are two middlemen used, namely, wholesaler and retailer. This is applicable to products where markets are spread over a large area, value of individual purchase is small and the frequency of purchase is high. 

e.g. For soaps, oils, clothes, rice this distribution network is preferred. 

Manufacturer → Wholesaler → Retailer → Consumer.

(d) Three Stage Channel of Distribution: When the number of wholesalers used is large and they are scattered throughout the country, the manufacturers often use the services of mercantile agents who act as a link between the producer and the wholesaler. They are also sometimes known as distributors. 

This method is preferred when a large market is to be covered. 

Manufacturer →  Agent →  Wholesaler →  Retailer → Consumer.

6. ‘Developing the product according to customer needs is an important concept of marketing management’. Explain briefly. 

Ans: The quote about the customer well defines the importance of customers for any business. In a similar way, “Customer is the King” is an age-old business mantra which highlights the importance of customers (and would-be customers) in every business. The success of any business depends on its customers and business organisations should focus on providing their best services for the satisfaction of their customers. Marketing managers should formulate their marketing programme (4Ps) and efforts in such a way that the firm can offer maximum possible satisfaction to the target consumers. Understanding customer needs and preferences are essential to creating targeted marketing campaigns, which are much more effective than generic campaigns and marketing consultants that fail to accomplish this foundational basic fail to realise the potential of marketing campaigns.

7. Differentiate between Publicity and Advertising. 

Ans:

8. Explain briefly the components of product mix. 

Ans: In order to design the most relevant product mix, importance should be given to the following elements or components of the mix: 

(i) Product Characteristics: It includes variety, quality, design, features, warranties and return, related with the Product. The product should be available in different varieties to target a larger target audience or customers. Necessary efforts should be made to maintain the product quality. A Product or service package should have necessary features that serves the need of the client. Warranty may be given which helps in increasing the trust among buyers while making a purchase decision. 

(ii) Branding: It is the process of giving a name, sign, symbol, logo or design to a product.A brand is an identification of a product. The American Marketing Association defines a brand as a name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. The part of the brand which can be spoken is called the brand name e.g., Dettol, Nike etc. The part of brand which cannot be spoken but can be recognised is the brand mark. e.g. arrow sign of Nike, star of Mercedes Car, Golden Arches (which resembles ‘M’) of McDonalds, etc. A brand that is given legal protection against its use by other firms, is called a trade mark. e.g.,logo of SBI is the trade mark of State Bank of India.

(iii) Packaging: It is the act of designing and producing appropriate container or cover for the product. 

(iv) Labelling: Label is a part on the cover of the product which includes its name, contents, ownership, expiry date, manufacturing date etc. A label helps in identifying the product. It contains information about the product which is useful for the customer.Labels also helps in grading the product. Finally, it also helps in promoting the product as colourful labels helps in getting the attention of the buyers.

9. Critically examine the objections of advertisement.

Ans: Advertising is the most commonly used tool for informing the present and prospective consumers about the product, its quality, features, availability, etc. It is a paid form of non-personal communication through different media about a product, idea, a service or an organisation by an identified sponsor. It can be done through print media like newspaper, magazines, billboards, electronic media like radio, television, etc. Advertising can help in building a long term image or the product or can be used to trigger quick sales. It is a very flexible and comparatively low cost tool of promotion. It can help in reaching geographically dispersed buyers efficiently.

Here are some examine objections of advertisement:

(i) Manipulation and Deception: Businesses use deceptive advertising to promote goods under claims that are not accurate to the product’s actual appearance or function. Deceptive or false advertising can lead consumers to purchase products that are actually counterfeit, defective, or even dangerous.

(ii) Impact on Society and Culture: Culture shapes the perception of the audience and hence it impacts their interpretation of ads and how they are remembered. Ads, designed to appeal to the culture of the target market and society, are more likely to be memorable and effective than the ads that are tone-deaf to the cultural norms and expectations.

(iii) Privacy and Intrusion: The line between targeted advertising and privacy intrusion blurs when data collection is unclear or lacks user control. Consumers may be uncomfortable with their online activity being tracked across websites without their knowledge.

(iv) Environmental Impact: Their carbon footprint can be explained by a variety of factors, both direct and indirect. On the one hand, their impact derives from the products they advertise, since advertising encourages consumerism and buying things that have a high environmental cost.

(v) Economic Distortion: One study proved that advertising “fostering unending desires” negatively impacts happiness and is actively harmful to our society. Another study showed that advertising and consumerism is harmful to childhood well-being. However, well-being itself often is advertised.