(a)(i) What is marketing? (ii) Outline six functions of marketing.
(b) List and explain four marketing concepts.
(a)(i) Meaning of Marketing: Marketing refers to all business activities involved in identifying, analyzing and satisfying consumers' needs and wants at a profit. OR Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements at a profit.
(ii) Functions of marketing:
(i) Marketing planning
(ii) Demand forecasting
(iii) Choosing effective distribution channels for company's products
(iv) Marketing research/marketing information management.
(v) Customer support/Customer care/Customer relationship
(vi) Designing of product package
(vii) Choosing the right promotional mix
(viii) Selling of products or product sales
(ix) Setting product price or pricing of product
(x) Recruiting sales force for personal selling
(xi) Setting sales quota and commission for sales force
(xii) Developing new product ideas
(xiii) Segmenting geographical region for salesforce activities
(xiv) Training/Orientating salesforce for effective personal selling presentation
(xv) Engage in merchandising activities.
(xvi) Recommending product size, flavour and colour.
(b) Marketing Concepts:
(i)Production concept
(ii) Product concept
(iii) Selling concept
(iv) Marketing concept
(v) Societal marketing concept
(vi)Social marketing concept
Explanation of marketing concepts:
(i) Production concepts: This concept assumes the consumer would buy products that are available at lower price. The companies practicing these concepts are involved in mass production to sell at lower prices.
(ii) Product concept: This concept is based on the assumption that consumers would favour products that are of high quality with effective performance even with high price.
(iii) Selling Concept: This concept is based on the assumption that consumers would not buy enough of the company's products unless they are persuaded through aggressive promotional efforts consumers' resistance to buy
(iv) Societal marketing concept: This is based on the assumption that when a company is making marketing decisions, it considers consumers' needs, company's requirements and society's long term interest
(v) Marketing Concept: This concept is based on the assumption that the company would consider consumers' interest before producing a product that would satisfy the consumers better than irs competitors
(vi) Societal marketing concept: This concept is based on the assumption that the company's task is to determine the needs, wants and wants and interests of a target market and deliver the desired satisfaction more effectively than competitors in a way that preserves and enhances consumers' well-being.
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