Nitin KS

21MCOM02
2 MARKERS
Fundamentals of marketing
1. What is marketing?
Marketing is the process of planning and executing the conception, pricing,
promotion and distribution of ideas, goods and services to create exchange that
satisfy individual and organizational goals.

2. State any 4 importance of marketing.

 Customer satisfaction.
 Expansion of business
 Competitive edge
 Product awareness

3. What are the core concepts of marketing?

 Need
 Want
 Demand
 Market offerings

4. List he scope of marketing.

 Goods & services
 Events and experiences
 Personalities
 Place
 Organization
 Properties
 Information
 Ideas and concepts

5. List out the 4P’s of marketing.

 Product
 Price
 Place
 Promotion

6. What is product mix?

This refers to the item that is actually being sold. This product must deliver a level of
performance that is expected by the target customers, else even the best work on
the other elements of the marketing mix will go in vain.
7. What are the 4 dimensions of product mix?

 Width- Width or breadth, that refers to the number of product lines which is
offered by a company to its customers.
 Length-The length refers to the total number of products in a firm’s product
mix strategy.
 Depth-Depth refers to the number of variations that exist in a product line.
 Consistency- This refers to how closely the products in a product line are
related to each other.

8. What is price mix?

This refers to the value which is put for a product. It depends on the costs of
production, the segment that is targeted, the ability of the market to pay, the
supply-demand, and a host of other direct as well as indirect factors. Pricing can also
be used as a demarcation, to differentiate the products and enhance the image of a
product. A businessman uses varied pricing strategies to sell their business overall.

9. What is place mix?

This refers to the point of sale. In an industry, catching the eye and mind of the
consumer and anyway persuading them to buy is the main aim of a good distribution
or 'place' strategy. Retailers for this pay a premium for the right location.

10. What is promotion mix?

Promotion means all the activities which are undertaken to make the product or
service known to the user and known to the trade. This includes advertising, word of
mouth, press reports, incentives, commissions, and awards to the trade. This even
includes consumer schemes, direct marketing, contests, and prizes.

11. List out the approaches of marketing.

 Commodity approach
 Functional approach
 Managerial approach
 Institutional approach
 Soceital approach
 Systems approach

12. what is Commodity Approach?

In the commodity approach to the study of marketing, the focus of study is a
specific commodity, say, wheat, rice, sugar, tea, fabrics, automobiles, etc. In this
approach, the subject matter of discussion centers around the specific commodity
selected for the study and includes the sources and conditions of supply, nature and
extent of demand, the distribution of channels used and the functions, such as
buying, selling, financing, advertising, storage, etc. performed by the various
agencies. By repeating such studies in case of different commodities one gets a
complete picture of the entire field of marketing.

13. what is Functional Approach?

In the functional approach, the focus of marketing study is one of the different
kinds of functions which are recognized for their repetitive occurrences and the
necessarily performed to consummate market transactions. Though there is no
unanimity about the number and nature of functions that constitute marketing,
nevertheless, some functions often recognized are selling, storage, transpiration, and
financing.

14. what is Managerial Approach?

In the managerial approach, the focus of marketing study is on the decision making
process involved in the performance of marketing function at the level of a firm. The
study encompasses discussion of the different underlying concepts, decision
influencing factors, alternative strategies – their relative importance, strengths and
weaknesses, and techniques and methods of problem-solving.

15. what is Institutional Approach?

In the institutional approach to the study of marketing, the focus is on the study of
the various middlemen and facilitating agencies. The study includes their position in
the 15 distribution channels, the purpose of their existence, the functions performed
and service rendered by them, their operating methods, the cost involved, and the
problems faced by them. In order to obtain a comprehensive view of marketing, the
study is related to each type of institution.

16. What is Societal Approach?

In the societal approach to the study of marketing, the entire marketing process is
regarded not as means by which business meets the ends of consumers but as a
means by which society meets its own consumption needs. In it, the focus of study,
therefore, is the interactions between the various environmental factors
(sociological, cultural, political, legal) and marketing decisions and their impact on
the well-being of society.

17. What is Systems Approach?

Among the recent approaches to the study of marketing, the one that has been
engaging considerable attention lately is the systems approach. It is based on Von
Bartalanffy‟s “general system theory”. He defined system as a “set of objects
together with the relationships among them and their attributes. Systems thinking
recognize the inter-relations and interconnections among the components of a
marketing system in which products, services, money, equipment and information
flow from marketers to consumers.