Explore topic-wise InterviewSolutions in .

Price is an element of marketing mix which refers to all important decisions relating to the fixation of the price of a product. Some factors that must be taken into consideration are:

(i) Production cost: The price should recover all costs viz. fixed costs, variable costs and semi- variable costs apart from obviously including a fair return for undertaking the marketing effort and risk.

(ii) Utility and demand: While determining the price of any product, the utility provided by it and the intensity of demand should not be ignored. If a buyer is satisfied that the given product meets his/ her requirement, he would also be ready to pay the cost and reasonable margin to the producer.

(iii) Extent of competition in the market: In case of monopoly, a firm can enjoy complete freedom in fixing prices. However, if it is facing competition, it should consider the prices charged by the competitors also.

(iv) Government and legal regulations: Government plays an important role in regulating the prices. For example, Life Saving Drugs, etc.

Price is an element of marketing mix which refers to all important decisions relating to the fixation of the price of a product. Some factors that must be taken into consideration are:

(i) Production cost: The price should recover all costs viz. fixed costs, variable costs and semi- variable costs apart from obviously including a fair return for undertaking the marketing effort and risk.

(ii) Utility and demand: While determining the price of any product, the utility provided by it and the intensity of demand should not be ignored. If a buyer is satisfied that the given product meets his/ her requirement, he would also be ready to pay the cost and reasonable margin to the producer.

(iii) Extent of competition in the market: In case of monopoly, a firm can enjoy complete freedom in fixing prices. However, if it is facing competition, it should consider the prices charged by the competitors also.

(iv) Government and legal regulations: Government plays an important role in regulating the prices. For example, Life Saving Drugs, etc.

(v) Pricing objectives: Pricing objectives should be in accordance with the company objectives. Also, company’s objectives should be clear enough. In addition to profit maximization, pricing objectives may include (i) Obtaining market share leadership (ii) Surviving in a competitive market.

(vi) Marketing methods used: Pricing of products also gets affected by the elements of marketing such as amount spent on advertisement, type of packaging, discounting policies, credit or finance facilities etc.

Meaning of Advertising: Advertising is the paid form of non-personal communication about a service/product by an identified sponser.

Role of Advertising in marketing:

(i) Advertising helps to create demand by informing the prospective customers about the product.

(ii) It provides economies of scale as increased demand leads to higher production.

(iii) It educates consumers by informing about the availability of different products in the market.

(iv) It generates employment by creating various kinds of jobs to artists, script writers, etc.

(v) It improves standard of living by giving information regarding new products and increases income level of people.

(vi) It sustains the media by acting as a source of revenue.

Price is an element of marketing mix which refers to all important decisions relating to the fixation of the price of a product. Some factors that must be taken into consideration are:

(i) Production cost: The price should recover all costs viz. fixed costs, variable costs and semi- variable costs apart from obviously including a fair return for undertaking the marketing effort and risk.

(ii) Utility and demand: While determining the price of any product, the utility provided by it and the intensity of demand should not be ignored. If a buyer is satisfied that the given product meets his/ her requirement, he would also be ready to pay the cost and reasonable margin to the producer.

(iii) Extent of competition in the market: In case of monopoly, a firm can enjoy complete freedom in fixing prices. However, if it is facing competition, it should consider the prices charged by the competitors also.

(iv) Government and legal regulations: Government plays an important role in regulating the prices. For example, Life Saving Drugs, etc.

(v) Pricing objectives: Pricing objectives should be in accordance with the company objectives. Also, company’s objectives should be clear enough. In addition to profit maximization, pricing objectives may include (i) Obtaining market share leadership (ii) Surviving in a competitive market.

(vi) Marketing methods used: Pricing of products also gets affected by the elements of marketing such as amount spent on advertisement, type of packaging, discounting policies, credit or finance facilities etc.

Price is an element of marketing mix which refers to all important decisions relating to the fixation of the price of a product. Some factors that must be taken into consideration are:

(i) Production cost: The price should recover all costs viz. fixed costs, variable costs and semi- variable costs apart from obviously including a fair return for undertaking the marketing effort and risk.

(ii) Utility and demand: While determining the price of any product, the utility provided by it and the intensity of demand should not be ignored. If a buyer is satisfied that the given product meets his/ her requirement, he would also be ready to pay the cost and reasonable margin to the producer.

(iii) Extent of competition in the market: In case of monopoly, a firm can enjoy complete freedom in fixing prices. However, if it is facing competition, it should consider the prices charged by the competitors also.

(iv) Government and legal regulations: Government plays an important role in regulating the prices. For example, Life Saving Drugs, etc.

(v) Pricing objectives: Pricing objectives should be in accordance with the company objectives. Also, company’s objectives should be clear enough. In addition to profit maximization, pricing objectives may include (i) Obtaining market share leadership (ii) Surviving in a competitive market.

(vi) Marketing methods used: Pricing of products also gets affected by the elements of marketing such as amount spent on advertisement, type of packaging, discounting policies, credit or finance facilities etc.

Meaning: It refers to all those decisions which are concerned with the price fixation of any product or service.

Factors to be kept in mind before Pricing:

i. Cost of production: Cost of production is the main component of price. No company can sell its product or services at less than the cost of production. Thus, before price fixation, it is necessary to compile data relating to cost of production and keep that in mind. There are two types of cost:

(a) Fixed cost (e.g., Rent of building, Salary of permanent staff, etc.)

(b) Variable cost (e.g., Material, Labour, etc.). At least the price should be able to recover the variable cost as the fixed cost are incurred whether the production takes place or not.

ii. Demand for product: Intensive study of demand for product and services in the market be undertaken before price fixation. If demand is relatively more than supply, higher price can be fixed.

iii. Price of competitive firms: It is necessary to take into consideration prices of the products of the competing firms prior to fixing the price. In case of cut-throat competition it is desirable to keep price low. iv. Purchasing power of customers: What is the purchasing power of the customers and at what price and how much they can purchase? It should also be taken into consideration.

Class 12 Business Studies MCQ Questions Marketing Management with Answers covering available for all important topics which are given in each chapter that will be very useful for students who are preparing for upcoming examinations. Business Studies is one of the Commerce subjects that covers topics related to business, marketing, finance, economics, accountancy and organisational studies. 

Business Studies is not just about business and money-making. It is also about making correct choices and therefore, balancing it with the money and improving an individual’s overall well-being. We have provided MCQ Questions based on the latest CBSE and NCERT curriculum, examination pattern, and expected question paper pattern issued this year. Given below are important Class 12 Business Studies MCQ Questions Marketing Management with Answers on Business studies to analyze your understanding of the topic. The answers are also given for your reference.

1. With which element is exchange mechanism related?

(a) Publicity
(b) Marketing
(c) Advertising
(d) Branding

2. Which one of the following is a marketing management philosophy?

(a) Societal marketing concept
(b) Distribution concept
(c) Direct marketing concept
(d) Channel concept

3. Which one of the following is not a marketing mix?

(a) Product
(b) Physical distribution
(c) Product pricing
(d) Production process

4. Which one of the following factors is not relevant to price fixation?

(a) Obtaining market leadership
(b) Age of an organisation
(c) Value for money
(d) Product differentiation

5. For heavy equipment, which of the following channels is more relevant?

(a) Zero-level
(b) One-level
(c) Two-level
(d) Three-level

6. Which one of the following promotion tools has mass reach?

(a) Advertising
(b) Personal selling
(c) Sales promotion
(d) Public relations

7. Under the concept of “Marketing management” marketing is done keeping _______ as a focus : –

a) Consumer
b) Supplier
c) Investor
d) None of the above

8. The products and services should be brought in the market based on which of the following :

a) Needs,
b) Wants,
c) Desires and aspirations
d) All of the above

9. According to Philip Kotler, marketing management is an art and science of which of the following : –

a) Choosing target markets
b) Getting, keeping and growing customers
c) Both a and b
d) None of the above

10. Which of the following are key aspects of marketing management ?

a) Focus on customer needs and wants
b) Proving customer satisfaction
c) Creating demand of the product or service
d) All of the above

11. The success of an organization can be achieved through customer satisfaction as it helps : –

a) Keep the existing customers
b) Restrict addition of new customer base
c) Lose the existing customer and Develop new customer base
d) Keep the existing customers and facilitate addition of new customer base

12. What is the difference between marketing and selling : –

a) Marketing is a part of selling activities
b) Selling is a part of marketing activities.
c) Both marketing and selling are the same
d) None of the above

13. Which of the following is the part of the marketing mix?

(i) Price
(ii) Product
(iii) Place and Prom

14. Develop relationship.

(i) Publicity
(ii) Advertisement
(iii) Sales Promotion
(iv) Public relation

15. Which of the following is not a part of ‘Place and Promotion’?

(i) Warranties
(ii) Advertising
(iii) Personal selling
(iv) Sales Promotion

16. Which one of the following factors is not relevant to price fixation?

(i) Obtaining market leadership
(ii) Age of an organisation
(iii) Value for money
(iv) Product differentiation

17. The term ‘market’ may be understood in which of the following contexts?

(i) Geographical area covered
(ii) Type of buyers
(iii) Quantity of goods transacted
(iv) All of the above

18. Which of the following is not concerned with the ‘Price’?

(i) Advertising
(ii) Discounts
(iii) List price
(iv) Margins

19. Which of the following is not the function of packaging?

(a) Product protection
(b) Pricing objectives
(c) Promotion
(d) Product identification

20. When a customer shows proof of purchase he/ she is repaid a part of money paid by him as price. Identify the sales promotion technique.

(a) Discount
(b) Rebate
(c) Refund
(d) Lucky draws

21. With which element is exchange mechanism related?

(a) Publicity
(b) Marketing
(c) Advertising
(d) Branding

22. Within 2 years of it’s inception, ABC Limited has created a positive image about itself and its products in the eyes of general public by participating extensively in various social welfare programs. Identify the component of promotion mixing described in the given lines.

(a) Advertising
(b) Personal selling
(c) Public relation
(d) Sales promotion

23. Which one of the following is not a element of marketing mix?

(a) Product
(b) Physical distribution
(c) Product pricing
(d) Production process

24. In order to get feedback about its recently launched immunity boosting ayurvedic medicine, Atulya limited conducted an online survey using a questionnaire, to gather customer views and opinions. Identify the marketing function being used by Atulya Limited :

(a) Standardisation
(b) Product Designing
(c) Customer Support Service
(d) Gathering and analyzing market information

25. Which one of the following factors is not relevant in the price fixation?

(a) Obtaining market leadership
(b) Age of an organisation
(c) Value for money
(d) Product differentiation

Answer:

1. Answer (b) Marketing

2. Answer (a) Societal marketing concept

3. Answer (d) Production process

4. Answer (b) Age of an organisation

5. Answer (a) Zero-level

6. Answer (a) Advertising

7. Answer (a) Consumer

8. Answer (d) All of the above

9. Answer (c) Both a and b

10. Answer (d) All of the above

11. Answer  (d) Keep the existing customers and facilitate addition of new customer base

12. Answer (b) Selling is a part of marketing activities.

13. Answer (iv) All of the above

14. Answer (iv) Public relation

15. Answer (i) Warranties

16. Answer (ii) Age of an organisation

17. Answer (iv) All of the above

18. Answer (i) Advertising

19. Answer (b) Pricing objectives

20. Answer (c) Refund

21. Answer (c) Public relation

22. Answer (c) Public relation

23. Answer (d) Production process

24. Answer (d) Gathering and analyzing market information

25. Answer (b) Age of an organisation

Personal Selling: Personal selling is a process of informing customers and persuading them to purchase products through personal communication. It involves direct face-to-face contact and is a two-way form of communication. Under personal selling, companies appoint sales staff, who contact the prospective buyers to create product awareness and preferences with the aim of making sales.

Benefits or importance of personal selling are as follows:

(i) Flexibility: Personal selling is flexible as sales presentation can be adjusted according to the specific needs of the individual customers.

(ii) Direct feedback: In personal selling, direct and immediate feedback from the customer is possible as there is a direct face-to-face communication.

(iii) Minimum wastage: There is minimum wastage of efforts as company pre-decides the targeted customers before making any contact with them.

(iv) Effective promotion tool: Personal Selling is an effective tool to increase the sales of a product. Salesman explains the merits of products to customers.

(v) Relationship: Personal Selling helps to create long and lasting relationship between customers and sellers which helps in increasing sale.

(vi) Personal support: Through personal selling salesman can create personal support with the customers.

Some of the objects of sale promotion are: 

• To stimulate the inquiries about the product/service either from the customers or from the dealers. 
• To increase sales volume by inducing customers to buy more. 
• To encourage repurchase among the customers by making them brand loyal. 
• To attract potential customers. , 
• To retain the existing customers. 
• To build a database of the customers. 
• To inform customers about the new product that is introduced into the market. 
• To create a good public image of the product and the concern.

Some of the commonly used sales promotion methods are as follows: 

(a) Rebate/Discount: Rebate refers to a discount. Many producers offer products at special prices in order to clear their excess stock.

(b) Refunds: Producers may offer to refund a part of price paid by customer. For this, the customers are required to send to the producer some proof of purchase like duly filled in refund offer card or wrapper etc. 

(c) Product Complement: Producers offer another product free of cost upon purchase of the main product kept for sale. 

(d) Quantity Gift: Under this sales promotion method, the producers offer an extra quantity of the same product/service to the buyers upon purchase. 

(e) Instant Draws and Assured Gifts: Under this method producers try to win customers by offering assured prizes on purchase of their particular product or on minimum purchase of their range of products.

Marketing Mix is the combination of four inputs that revolve around the consumer satisfaction as the focal point. These.four elements are product, price, promotion and the place, known as 4 p’s of marketing mix.

Product Mix: Product is one of the main elements of the marketing mix. It occupies a dominant position. A product refers to anything that satisfies the needs of the consumers.

It may be a good, a service or an idea. The product mix has the following elements- 

• Brand. 
• Colour, 
• Product line. 
• Warranty.

Price Mix: Price represents the value of a product expressed in terms of money. The actual profits accrue to the producer/seller only through the price. The price mix is concerned with fixing a reasonable price to the product/service that covers the cost and distribution expenses as well gets reasonable profits to the manufacturer. 

The elements of Price Mix are-

• Pricing strategy 
• Pricing policy 
• Credit terms. 
• Discounts 
• Allowances.

Promotion Mix: The promotion mix mainly deals with informing about company’s products or services to the potential consumers and stimulating them to purchase the same. 

The promotion mix includes the following elements:

• Personal selling. 
• Advertising. 
• Publicity. 
• Sales promotion.

Place Mix: Place or physical distribution mix is concerned with making available of the goods and services at right time, at right place and in right quantity. It enables for the smooth flow of goods & services from the producers to consumers. It creates place, time and possession utilities.

The place mix includes the following elements:

• Distribution channels (Agents, Wholesalers, Retailers), 
• Physical Distribution (Transport, Warehousing, Inventory)

The basic qualities which every salesman should possess in order to be a successful salesman are:

(a) Good health and appearance: The salesman should have good health. There can be sound mind only in a sound body and health gives the energy to work hard. Good appearance includes pleasant facial expressions, smart dress, personal cleanliness, good habits etc. which attracts the attention of customers towards the salesman.

(b) Good Posture: Good posture means upright bearing and carriage. A salesman should have a good posture which ensures confidence and commands respect from the customers.

(c) Voice and Conversational habits: A salesman should modulate his voice to be natural so as to attract the attention of customers.

(d) Cheerfulness: A salesman should possess a smiling face to attract all types of customers to him.

(e) Initiative: A salesman’s job needs a considerable amount if initiative unlike, other jobs. It means an ability to work without continuous direction. 

(f) Intelligence and imagination: Intelligence means quickness in understanding, better selling methods. Salesman should have imagination to look at things from the consumer’s point of view. 

(g) Presence of mind: The presence of mind is the quickness in grasping the situation and handling it according to the needs of the time. 

(h) Sharp memory: A good salesman should possess sharp memory which helps to recognize his customers and remember their requirements. 

(i) Sociability: A salesman should have a liking for people to mix with them. 

(j) Courtesy with good manners: He should be courteous in his behavior with all customers and especially with women customers.

(k) Honesty and Loyalty: A salesman should be honest in making representation about the products to the customers. He must be loyal to his employer.

The four important elements of marketing mix are:

(i) Product mix, (ii) Price mix, (iii) Place mix and (iv) Promotion mix.

(i) Product Mix: Product mix is related to the decisions regarding planning, developing and producing the right type of products and services for the consumers.

It includes branding, labelling, trademark and packaging.

(ii) Price mix: Price mix involves different pricing methods, pricing strategies, pricing policies and price changes.

(iii) Place mix: Place or Physical Distribution mix includes activities that make firm's products available to the targeted customers. It consists of all the activities involved in transferring ownership and physical possession of the product to the consumers.

(iv) Promotion mix: Promotion mix consists of all the activities aimed at persuading customers to buy the product through advertising, personal selling, sales promotion and publicity.

The four important elements of marketing mix are:

(i) Product mix, (ii) Price mix, (iii) Place mix and (iv) Promotion mix.

(i) Product Mix: Product mix is related to the decisions regarding planning, developing and producing the right type of products and services for the consumers.

It includes branding, labelling, trademark and packaging.

(ii) Price mix: Price mix involves different pricing methods, pricing strategies, pricing policies and price changes.

(iii) Place mix: Place or Physical Distribution mix includes activities that make firm's products available to the targeted customers. It consists of all the activities involved in transferring ownership and physical possession of the product to the consumers.

(iv) Promotion mix: Promotion mix consists of all the activities aimed at persuading customers to buy the product through advertising, personal selling, sales promotion and publicity.

Role of publicity in promotion mix:

• Publicity is considered to be the most reliable component of promotion mix.
• The company need not pay anything for publicity of its product and hence it is the cheapest promotion tool.
• Sometimes publicity includes the task of public relations in which the marketing manager can give more information with fewer efforts.
• Mass communication along with gained reliability on the company makes publicity more effective.
• Publicity creates awareness among potential customers about the product or the company. This way it directly boosts the selling efforts of sellers and distributors.

The main focus of selling is on affecting transfer of title and possession of goods from seller to the consumer or end user, whereas marketing activities put greater emphasis on achieving maximum satisfaction of customer's needs and wants.

Selling concept:

• The selling concept holds the idea that “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort”.
• Hence, the company believes it should undertake aggressive production and
  selling steps.
• Company adopts aggressive marketing methods, large scale advertising campaigns, direct selling, etc.
• Here efforts are made to create demand for products being produced and sell rather than understand the demand and produce accordingly.
• The complete emphasis is not given on the need of consumer but to sell what the company is producing.
• This concept ignores customer satisfaction and keeps on producing, selling and dumping in the market whatever is produced.

Main focus of selling concept is on the attracting consumers while main focus of marketing concept is on consumer satisfaction.

Those companies who believe in this concept think that leaving alone the customers will not help. Instead there is a need to attract the customers towards them. They think that goods are not bought but they have to be sold. The basis of this thinking is that the customers can be attracted. Keeping in view this concept these companies concentrate their marketing efforts towards educating and attracting the customers. In order to achieve it, they resort to advertising, personal selling, sales promotion etc. In such a case their main thinking is ‘selling what you have’.

According to the selling concept, firms believe that aggresive selling and promotional efforts will convince a customer to buy the product. Due to increased competition, only quality and availability of the product do not ensure survival and growth of the firm. So, the main focus of the selling concept is to conduct aggressive selling and promotional efforts to make customers buy their products. It must be noted that a selling concept can succeed in the short-run but not in the long-run.

Anything that can be of value to the buyer can be termed as a product.

It refers to the combination of all decisions relating to the product.

It refers to that process through which a special identification of product is established.

Following are the characteristics of convenience products:

• These goods are purchased at convenient locations with least effort and time. 
• They have regular and continuous demand.
• They are purchased in small quantities and per-unit price is low. 
• They are mostly branded and have standardised price. 
• The competition is high as the supply is greater than the demand. 
• Sales promotion schemes play an important role in the marketing of such products.

It refers to a special word, symbol, letter or the mixture of all these.

Difference between Convenience and Shopping Product.

It refers to that part of Brand which can be spoken, e.g., Uncle Chips.

Industrial products are those products, which are used as inputs in providing other products e.g., raw material, engines, tools, lubricants etc.

Yes, product is a bundle of utilities, which is purchased because of its capability to provide satisfaction of certain needs. A buyer buys a product or service for what it does for them or the benefits it provides. There can be three types of benefits, it provides to a customer.

1. functional benefits 

2. psychological benefits 

3. social benefits.

e.g., the purchase of a motorcycle provides functional utility of transportation, but at the same time satisfies the need for prestige and esteem and provides social benefit by the way of acceptance from a group by riding it.

Marketing functions include a series of specialised activities performed on the marketing of goods and services.

(a) Marketing research/Gathering and analysing market information: Marketing research is the systematic investigation of the facts relevant to the various aspects in marketing. Marketing research helps managers to arive at an appropriate decision. Market information should be gathered and analysed, appropriately.

(b) Market Planning: This is concerned with the development of appropriate marketing plans to achieve the marketing objectives of an organisation. This includes making a comprehensive action programme covering all the important aspects of the plan.

(c) Product Designing and Development: Another important marketing activity is related to the product designing and developing in such a way so as to attract the targeted customers. The product design should be such, which improves the performance of a product or gives it a competitive edge over its competitors.

(d) Standardisation and Grading: Standardisation refer to determining the basic measure/standard of the product with regard to shape, size, colour quality, quantity, etc. Grading is the process of classification of the product into different groups, on the basis of some parameters like quality, quantity, size, etc.

(e) Packaging and Labeling: Packaging is the act of designing and packing the product for customers. A package is a wrapper or a container in which a product is enclosed. Packaging reduces the risk of spoilage, breakage, etc. in the process of storage and transportation of goods. Labeling means designing and developing a label to be put on the package.

(f) Branding: It is the process of stamping a product with some identifying name or mark or a combination of both.

(g) Customer support services: Services such as after sales services, maintenance services, technical services, handling customer complaints are included in this function.

(h) Storage and Warehousing: Storage is the process of holding and preserving goods between the time of their purchases/production and the time of their sale. The storage function is facilitated by warehouses.

(i) Transportation: Transportation refers to the physical movement of goods from the place of production to the place of consumption. By carrying the goods to such places where they are needed creates place utility.

(j) Promotion: Promotion refers to all such activities of the manufacture, like advertising, personal selling, sales promotion and publicity, which are intended to influence buyer's behaviour.

(k) Pricing: Pricing is the process of fixing the price of a product or service. Prices are generally fixed by manufacturers carefully after looking into three factors, i.e., the cost of production, the demand for the product and the nature of competition.

Production Concept: Production concept of marketing philosophy believes that customers are interested only in the low priced products, easily and extensively available goods and finer points of the product are not very important to them. Hence, producers believe that they must concentrate only on efficient and extensive production.

A company which believes in this approach, concentrates and achieves high production efficiency and wide distribution coverage, resulting in lower cost of production.

Difference between Product and Production Concepts are as given below.

It refers to that part of Brand which cannot be spoken but can be recognised easily, e.g., Devil of Onida.

Those companies who believe this philosophy think that if the goods/services are cheap and they can be made available at many places, there cannot be any problem regarding sale. Keeping in mind the same philosophy these companies put in all their marketing efforts in reducing the cost of production and strengthening their distribution system. In order to reduce the cost of production and to bring it down to the minimum level, these companies indulge in large scale production. This helps them in affecting economies of large scale production. Consequently, the cost of production per unit is reduced.

When a Brand is registered under the Trade Marks Act, 1999 then it becomes the Trade Mark.

It means that packaging keeps the difference between the product of one company and that of competitors.

The advantage of registering Trade Mark is to get exclusive legal rights for its use and no other firm can use this mark to sell similar goods.

Generally, the producer is at liberty to use label or not and to choose the kind of label. But it has been made compulsory by the Government to use label for some products. Besides this, the description of label has also been fixed. For example, it is mandatory to use the label alongwith its stipulated information on Medicines and Processed Food. Similarly, the products which are injurious to health must carry the statutory warning regarding its use. Such as the packets of the Cigarette and Pan Masala have always the inscription ‘Injurious to Health’.

It refers to the combination of those activities which are related with the designing and production of the containers in which the products are packed.

Those companies who believe in this philosophy are of the opinion that if the quality of goods or services is of good standard, the customers can be easily attracted. The basis of this thinking is that the customers get attracted towards the products of good quality. On the basis of this philosophy or idea these companies direct their marketing efforts to increasing the quality of their product.

Product promotion refers to the use of communication with the twin objectives of informing potential customers about a product and persuading them to buy it.

It refers to the process of preparing label.

Advertising.

A good brand name should contain the following characteristics:

i. Simple and Short: A brand name should be simple and short so that there is no complication or oddity related to its name. For example, the brand names like LUX, BATA, BINACA and DALDA have these qualities.

ii. Easily Pronounceable: A brand name should be easily pronounceable. For example, TATA, BATA, FIFTY-FIFTY etc.

iii. Suggestive: Brand name should be self-explanatory thereby suggesting the inherent quality of the product. For example, HAJMOLA indicates the curing of indigestive system and the product like UJALA suggests more whiteness and brightness.

Promotion mix refers to the decisions related to promotion tools used by an organisation to achieve its objective.

It involves designing & producing such appropriate packages for each unit of the product as well as for the bulk unit of the product.

It refers to the combination of all those decisions which are concerned with the price fixation of any product or service.

It refers to the aggregate of decisions taken with a view to successfully completing different marketing activities. These decisions are mainly in respect of four variables, viz., product, price, promotion and place. These variables are called elements of marketing mix.

It refers to a combination of promotional tools used by the business to inform and persuade the customers about the products.