1.

Explain the following :1. Standardisation and grading 2. Market classification 3. Branding.

Answer»

1. Standardisation and Grading : 

Standardisation refers to producing goods of predetermined standard, which helps in achieving uniformity and consistency in the output. Grading ensures that goods belong to a particular quality and it helps in realising higher prices for high quality output. 

2. Market Classification : 

To classify the groups on the basis of features like wants, needs, interests, etc. according to sub-markets, is known as market classification, and the marketers focus on these target markets. 

3. Branding : 

Branding means providing a specific name to a product, in order to make the product distinguished from other similar products. Brand name helps in creating product differentiation from those of the competitor’s product.


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