1. What is Marketing Management?

Ans. Marketing management is the art and science of choosing target markets by creating,
delivering, and communicating superior customer value and obtaining, maintaining and growing
customers. In the success of a business, marketing managers play a critical role. A marketing
manager, responsible for building a company's customer base, plays a direct role in cultivating
relationships with clients.

2. Marketing people are involved in marketing 10 types of entities. List and briefly
characterize those entities.
Ans. Ten types of entities are interested in marketing: goods, services, experiences, events,
persons, places, properties, organizations, information and ideas.
1. Goods:
Physical products form the bulk of the production and marketing activities of most countries.
Examples are: coolers, TV sets, food goods, computers, etc.
2. Services:
The services include airlines, restaurants, car rental companies, barbers, beauticians, etc., and
specialists such as accountants, bankers, attorneys, engineers, physicians, etc.
3. Experiences:
An organization produces, stage and business interactions by orchestrating many services and
products. Examples include: flying, ascending Mount Everest, etc.
4. Events:
Marketers encourage time-based activities, such as trade shows, artistic performances, Asian
games, sporting events, etc.
5. Persons:
A big corporation is celebrity marketing. Each big movie star today has an agent, a personal
manager and links to a public relations agency. Examples include artists, singers, physicians, etc.
6. Places:
In order to draw visitors, factories, business headquarters and new inhabitants, cities, states,
regions and entire nations compete aggressively.
7. Properties:
Property is an intangible right to possess either real estate (real estate) or financial properties
(stocks, bonds etc.). Properties are purchased and sold, and marketing is required for this.
8. Organizations:
Organizations work aggressively to establish a solid, optimistic and unique picture in the minds
of their target audiences.
9. Information:
It is possible to manufacture and sell knowledge as a commodity. For instance, information is
given by magazines, encyclopedias, news-papers, etc.
10. Ideas:
A simple concept is included in every business offering. We produce cosmetics in the factory;
we sell hope in the shop." Social marketers are busy promoting such thoughts."
3. Define production and product concept with examples?
Ans. The Production Principle is an assumption that buyers will only purchase goods that are
cheaper and more readily available (or widely available). The definition of production advocates
that sales will be more of the goods or production. E.g., wheat and rice are the examples of
production concept.
In order to show the best qualities and maximum characteristics of the product, the product
concept is an understanding of the dynamics of the product. In order to reach their participating
audience, advertisers expend a lot of time and research. E.g., Many people enjoy drinking tea,
but are worried about the environmental impact of discarding teabags, some of which contain
non-biodegradable materials or are made from bleached paper.