Explore topic-wise InterviewSolutions in .

1. Product 

2. Price 

3. Place 

4. Promotion

The marketing and selling can be differentiated on the basis of 

(i) Scope 

(ii) Objective 

(iii) Focus 

(iv) Start and end 

(v) Efforts 

(vi) Supremacy 

(vi Approach 

(viii) Deman

(i) Production concept Marketing 

(ii) Product concept 

(iii) Selling concept 

(iv) Marketing concept 

(v) Societal concept

Promotion : Promotion is one of the basic elements of marketing because it makes the customers aware of its product, creates brand recognition and sales. Promotion refers to any type of marketing communication used to inform and persuade potential buyers or consumers to buy the products by explaining them the regular merits of products, service, brand, etc. Promotion mix comprises of different tools such as advertising, sales promotion, direct marketing, personal selling, etc. promotional strategies to be used in the business depends on various factors such as budget, target market and the message wants to communicate.

(1) The word ‘market’ has originated from the Latin word ‘mercatus’ which means ‘to trade’, ‘to trade merchandise’ or ‘a place where business is transacted’. Thus, market refers to the specific place where buyers, sellers and other middlemen gather and buy and sell commodities for certain price which is predetermined or bargained.

(2) In earlier days, place played a significant role in defining the term ‘market’. However, in modern days of information technology it has got wider meaning. Now the term ‘market’ is no more restricted to specific place or area, but it implies a complex network of dealers linked physically by telephone, computer, internet and many other arrangements and facilities which effect transfer of goods and services at a place.

(i) Creation of demand 

(ii) Market share 

(iii) Goodwill 

(iv) Profitable sales volume through customer satisfaction

i. market.

ii. Market Planning, Grading, Distribution.

(i) Gathering and analysing market information 

(ii) Market planning 

(iii) Product designing and development 

(iv) Standardisation and grading 

(v) Packaging and Labelling 

(vi) Branding 

(vii) Customer support services 

(viii) Pricing of products 

(ix) Promotion and selling 

(x) Physical distribution 

(xi) Transportation 

(xii) Storage and warehousing

(i) Sorting/Granding 

(ii) Accumulation 

(iii) Variety 

(iv) Packaging 

(v) Promotion 

(vi) Negotiation 

(vii) Risk taking

Ensuring make availability of goods of right quantity, of right quality, at right place and in fight time is done by channels of distribution.

Decision regarding channels of distribution or marketing intermediaries.

Commodity concept of market : In this concept of market more stress (significance) is given on exchange of goods and services. In this concept the process of exchange of goods and services is more important and not the place of exchange. The buyer and seller and commodity bought and sold among them play significant role in this process. Accordingly, commodity concept of market means ‘buying and selling of goods and services’.

Space or Digital concept of market : Growth and development of information technology gave rise to the new concept of the market known as space or digital concept. Now people can buy and sell any commodity easily and conveniently with the help of new and sophisticated E-commerce portals and mobile applications. The direct contact between buyer (customer) and seller is now possible through the communication media such as telephone, mobile, computer, internet, etc.

Refund a part of price paid by customer on return of empty foils or wrapper.

Labelling : The term, ‘label’ means a piece of paper, card or other material attached to an object. It is a slip affixed on the product which provides all detail information in respect to product and its producers. It also gives details of ingredients and their quantity used in the product. Labelling also gives information about the product i.e. its weight, size, price, date of manufacture and expiry name and address of manufacturer, etc. The slip on which all these information are printed is called label and its process is called labelling. A label may be part of the package or it may be attached as a tag on the product. Labelling serves as an effective tool of marketing the product. Label is used to indicate the brand, grade, quality, etc. of the product. Good labelling adds to products overall attractiveness.

Public relation helps in creating public loyalty to the organization.

Public relation helps in creating public loyalty to the organization.

(i) Provides Information: It provides information to the customers such as: 

(a) Name of Product. 

(b) Name and Address of Manufacturer and Marketer. 

(c) Date of Manufacturing. 

(d) Batch of Manufacturing. 

(e) Date of Expiry (Compulsory in case of processed foods, drugs). 

(f) Contents and ingredients. 

(g) Directions for use (Compulsory in case of drugs). 

(h) Maximum Retail Price ( Mellether including or excluding Local Taxes). 

(i) Statutory Warning (For example, in case of Cigarette and Pan Masala),

 (j) Safety Warning in case of hazardous or poisonous products. 

(ii) Helps in Identification: 

(a) It identities the product or brand. 

(b) For example, the name Lux imprinted on toilet soap helps the customer to know which soap out of several is Lux. 

(iii) Helps in Grading: 

(a) It enables the manufacturer to grade the products into different categories. 

(b) For example, Hindustan Lever sells different types of tea under yellow, red and green label categories. 

(iv) Helps in Promotion of Products: 

(a) A carefully designed attractive label can attract attention, describe the product and give reason to purchase. 

(b) For example, the label on the package of a Shaving Cream mentions, 40% Extra Free' or package of a toothpaste mentioning, 'Free Toothbrush Inside', or 'Save Rs.15.

(i) Provides Information: It provides information to the customers such as: 

(a) Name of Product. 

(b) Name and Address of Manufacturer and Marketer. 

(c) Date of Manufacturing. 

(d) Batch of Manufacturing. 

(e) Date of Expiry (Compulsory in case of processed foods, drugs). 

(f) Contents and ingredients. 

(g) Directions for use (Compulsory in case of drugs). 

(h) Maximum Retail Price ( Mellether including or excluding Local Taxes). 

(i) Statutory Warning (For example, in case of Cigarette and Pan Masala),

 (j) Safety Warning in case of hazardous or poisonous products. 

(ii) Helps in Identification: 

(a) It identities the product or brand. 

(b) For example, the name Lux imprinted on toilet soap helps the customer to know which soap out of several is Lux. 

(iii) Helps in Grading: 

(a) It enables the manufacturer to grade the products into different categories. 

(b) For example, Hindustan Lever sells different types of tea under yellow, red and green label categories. 

(iv) Helps in Promotion of Products: 

(a) A carefully designed attractive label can attract attention, describe the product and give reason to purchase. 

(b) For example, the label on the package of a Shaving Cream mentions, 40% Extra Free' or package of a toothpaste mentioning, 'Free Toothbrush Inside', or 'Save Rs.15.

(i) Selling Concept. 

(ii) (a) Main focus of this concept is on selling existing product, 

(b) Means: Through selling and promotional efforts; 

Ends: Profit through sales volume.

The combination of variables chosen by a firm to prepare its market offering is also called marketing mix. Elements of Marketing Mix: The marketing mix consists of various variables, which have broadly been classified into four categories, popularly known as four Ps of marketing. These are: 

(i) Product, 

(ii) Price, 

(iii) Place, and 

(iv) Promotion. 

(i) Product 

(a) Product means goods or services or 'anything of value', which is offered to the market for exchange. 

(b) The concept of product relates not only to physical product but also the benefit offered by it from customer point of view such as handling complaints, after sale services. 

(c) The important product decisions include deciding about the features, quality, packaging, labeling and branding of the products. 

(ii) Price: 

(a) Price may therefore be defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service. 

(b) As, we know consumers are highly price sensitive, that is why, it is considered as very crucial element of marketing mix. 

(c) Price mix refers to important decisions related to price of a product such as objectives of price setting, factors affecting price, etc. 

(iii) Place: 

(a) Place or Physical Distribution include activities that make firm's products available to the target customers. 

(b) The two major decision areas under this function are: 

• Decision regarding channels of distribution (like wholesalers, retailers) to be used. 

• Physical Distribution means physical movement of the product from the place of production to the consumers for 'their consumption or use. 

(iv)Promotion: 

(a)Promotion of products and services include activities that communicate features, merits, etc. of the products to the target customers and persuade them to buy it. 

(b) The four important tools of promotion are advertising, personal selling, sales, promotion and public relation.

Brand name:- Asian Paints. Brand mark:- Devil of Onida.

Local Market refers to local geographical area in the region within which goods and services are bought and sold, e.g. purchase of grocery from the grocery shop located near to residential area.

Standardisation means setting up of standards or fixing certain norms in relation to design, quality, size, process, weight, colour, etc. of the product.

Sales art, promotion services, etc. are such tools.

Packaging and Labelling.

Marketing Planning is a series of steps designed in order to achieve marketing objectives.

Marketing management is that functional area of business which generates revenue by producing and selling goods and services for consumer satisfaction.

(a)  Market.

• Market Analysis : 

Marketers gather and analyse market information. With the help of this information, a marketer can identify the needs of the customers and take decisions for successful marketing of the products and services.

• Market Planning : 

After marketing analysis is conducted, the market has to plan a series of steps in order to achieve marketing objectives. This process is called market planning. Marketer has to develop a complete plan.

• Marketing Communication : 

Marketing communication is a very important function of marketing. Every marketer has to ensure an efficient marketing communication system in his firm. For the transmission of marketing information, he can use sources like advertisement, etc. Through sales, promotion, etc. an organisation can communicate necessary message to the existing buyers, or prospective buyers.

• Product Design and Development : 

Effective product planning anticipates the wants and expectations of the consumers and develops the product accordingly. It requires improvement is the existing product and development of new products.

• Market Classification : 

Every organisation should choose a target market out of entire market, so that marketing management can focus on the process of acquiring and maintaining those selected customers of target market and make efforts to keep them satisfied.

• Packaging and Labelling : 

Packaging refers to designing and developing the package for the products. Labelling refers to designing and developing the label to be put on the package. They both are considered as pillars of marketing.

• Standardization and Grading : 

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

•  Branding : 

The selection of suitable brand name plays an important role in the success of a product. It means providing a specific name to a product, in order to make the product distiguishable from other similar products.

• Product Pricing : 

A marketer has to properly analyse the features of determining the price of a product and take several crucial decisions in this regard, including setting the pricing objectives, etc.

• Promotion : 

Promotion of products and services involves informing the customers about the firm’s product and its features, etc. The marketer has to take decision in respect of promotion budget, mix etc.

Standardisation refers to producing goods of pre-determined specification, which helps in achieving uniformity and consistency in the output.

Grading ensures that goods belong to a particular quality and it also helps in realising higher prices for high quality output.

• Marketing Analysis : 

Market analysis refers to analysing the needs of the customers, and based on this information a marketer can take decisions for successful marketing of the products and services. He can analyse the buyer’s habit, relative popularity of product, etc.

• Marketing Planning : 

Marketing Planning is a series of steps planned in order to achieve marketing objectives. The marketers have to develop a complete plan; covering various important aspects such as promotion policy, distribution policy, etc. in order to achieve the desired marketing objectives.

• Marketing Communication : 

Every marketer has to ensure an efficient marketing communication system in his firm. For transmission of marketing information, he can use sources like advertisement, sales promotion, etc.

• Product Design & Development : 

Effective product planning anticipates the wants and expectations of the consumers and develops the product accordingly. It requires improvement in the existing product and development of new products.

(c) William Stanton.

(a)  Marketing

Meaning of Marketing Management : 

Marketing management is that functional area of business which generates revenue by producing and selling goods and services for consumer satisfaction.

Importance of marketing Management : 

The importance of marketing management can be studied under the following four heads for the sake of better understanding of the concept: 

(I) Importance for the Businessmen / Enterprise 

(II) Importance for the Customers 

(III) Importance for the Society 

(IV) Importance for the Nation.

(I) Importance for Businessmen / Enterprise : 

Importance for Businessmen / Enterprise can be explained by the following ways : 

• To maintain its existence in competitive environment : 

Through efficient marketing function, an organisation can exist in the modem competitive business environment. 

• Basis of Planning : 

Marketing management links consumers with the market. Various decisions are taken, production and marketing plans are developed and action programmes are specified by marketing management. 

• Enhance Sales : 

Marketing management can analyse changes taking place the market and consumer behaviour. This can be used to develop products which meet the specification of the consumers. 

•  Large-Scale Production : 

Increased sales result in increased production of goods and services. 

•  Distribution at Minimum Cost : 

When long-term production takes place due to efficient marketing, ultimately, an organisation enjoys economy of scale and reduces its per unit cost. 

•  Increase in Profits : 

Effective marketing system helps in increasing profits.

(II) Importance for the Customers :

•  Availability of good quality goods at lowest price : 

Strong marketing strategies bring down production and distribution cost. This makes it possible for customers to get quality goods with widest choice at cheapest price.

• Satisfaction of Needs : 

The needs wants, interests, desires, taste and preference of consumers hold an important place in an effective marketing system. Marketing research helps in producing new goods with improved features thus satisfying the needs of consumers.

• After-Sales Service : 

By marketing, after-sales services like maintenance and repair services, etc. are offered free of cost.

• Timely Availability of Goods : 

Through an effective marketing system, with the best channels of distribution and physical distribution provision, today, consumers can buy any type of goods or services at any time (24×7).

(III) Importance for Society :

• Availability of Goods at Reasonable Price : 

Through an efficient marketing management, the marketer provides the goods and services to consumers at comparatively cheaper price.

• Increase in Employment : 

Marketing creates job opportunities in different areas, like distribution, advertisement, etc. to a large number of people.

• Freedom from Malpractices : 

Effective market management eradicates malpractices and unscrupulous activities like adulteration, etc.

• Creation of Social Values : 

Modern approach of marketing focuses on customer satisfaction. A businessman regards customers as a pivot for all functions activities, and has realised, that for maximising profits, customer satisfaction is the key to success.

(IV) Importance for Nation :

• Optimum utilisation of national reasources : 

Marketing helps in optimum utilisation and fair distribution of all the natural and capital resources for the economic development of a country.

• Protection from Economic Recession : 

Marketing maintain a balance between the demand and supply of a commodity. By creating demand for goods, marketing saves nation from economic recession, etc.

• Increase in National Income : 

By persuading buyers to buy goods and services, marketing plays a significant role in increasing GDP / National Income.

Marketing management is an important functional area of business. Marketing management is the process of planning, organising, directing and controlling the activities related to marketing of goods and service to satisfy the customer’s need and achieve organisational goals. 

According to Prof. Johnson : 

“Marketing management is that area of business activities which includes the formation and execution of plans for all steps of entire selling campaign.” 

Therefore, Marketing management is that functional area of business which generates revenue through producing and selling goods and services for consumer satisfaction.

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

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

SWOT Analysis

(b) Standardisation.

(a) Packaging.

(c) Both a & b.

(c) Weakness.

(d)  Threats.

(a) Opportunities.

(b)  Strength

Labelling refers to designing and developing the label to be put on the package.