Name the element of Marketing-mix in which a set of firms and individuals creates possession, place and time utility and helps in market offering Also explain any five important functions performed by this element from Business Studies Marketing Class 12 Haryana Board English Medium

By September 20, 2022 November 2nd, 2022 Forex Trading

‘Developing the product according to customer needs.’ – This statement is related with marketing concept. The retailers are the connecting link between the wholesaler and the ultimate consumer. The author has dealt the relevant points lucidly in order to step up awareness of the products among the customers. However, the customers would do well in procuring feedbacks from different quarters so as to choose the right products from the existing ones’. 1)Every marketing plan has a cost whether you like it or not.

Explain ‘Market Planning’ and ‘Product Designing and Development’ as functions of marketing. ‘Bending the customer according to the Product’ and ‘Developing the product according to customer-needs’ are the two important concepts of marketing management. Identify the concepts and differentiate between the two. Retail management is referred https://1investing.in/ to as the fastest-growing career in the industry with tremendous growth in the economy. Leading the list of reputed colleges, MIT-SDE is one such college providing PGCM in Retail Management and PGDM in Retail management. The offered courses are equivalent to Distance MBA. These courses will help candidates in gaining various strategies.

which function helps in place utility

Let us know about the term market and marketing strategy. The retailers anticipate the wants of the consumers and then supply them the right kind of goods at a reasonable price. Their job is to make the consumer’s buying as easy and convenient as possible. In the normal situation, the marketer is a company serving a market of end users in the face of competitors . The company and the competitors send their respective products and messages directly and/or through marketing intermediaries to the end users.

BI411 – MARKETING MANAGEMENT

With the progress of time, both sellers and buyers have been wise with the consciousness of the products. In order to know the nerves of the buyers, the manufacturers would do well if they flout market – survey in order to ascertain the choice of the sensitive users. In that way, the manufacturers can ascertain their ground – position.

  • Thus, the subject of agricultural marketing includes product marketing as well as input marketing.
  • The importance of farm inputs-improved seeds, fertilizers, insecticides and pesticides, farm machinery, implements and credit-in the production of farm products has increased in recent years.
  • It is a detailed plan that creates an outline of the business’s overall marketing efforts.
  • Personal selling or salesmanship is the process of contacting the prospective buyers personally and persuading them to buy the products.
  • They are also called as four P’s of marketing.
  • All of you heard about the term marketing isn’t it?

This function involves collecting raw materials from different sources at one place for production. This is an important function as the quality and price of the raw materials has an impact on the quality and cost of the final product. Advertising, personal selling and sales promotion. Explain briefly the various marketing functions performed by a modern business enterprise.

Marketing

Thus, a retailer provides a wide range of choice enabling the consumers to select the products of their choice. In fact, marketing is the area where it offers abundant opportunities of which function helps in place utility both sellers and buyers to employ their wisdom in respect of prices and enhancement of the qualities. Warehouses create time utility by preserving the goods until they are demanded.

The aggregate of consumers for a given product is called as a market. Or it is also a place where buyers and sellers meet to exchange the goods and services for a money value. Market Segmentation is the process of dividing a heterogeneous market into homogeneous sub markets.

Marketing function means a role of a company to identify the sources for the product and made available those products in the market place as business process. All of you heard about the term marketing isn’t it? Without marketing there is nothing like commerce, business, companies etc. So marketing and marketing strategy are very essential in this world.

Pricing is the function of translating into quantitative terms the value of the product or idea by the marketing manager before it is offered for sale to consumers. Pricing is the process of setting objectives, identifying the factors governing the price, formulating price policies and strategies setting prices, implementing them and controlling them 24. What kind of tools can be included under sales promotion?

Marketing- Management mcq

There are many sources available to know the current world business news like Economic times, online stat news and other daily newspaper in local. Marketing is a process of making market strategy which helps also to strengthen nation’s currency, for example of Indian currency value against US Dollars. Whereas marketing is all those activities which facilitates trade. There are two sides of coin, as such Marketing process too has two different sides to initiate, process, and get success from the market. From this post you will know what is Marketing and its functions overall. It makes sure that the goods and services are conveniently located where consumers want them.

The decision to produce a particular product depends on identification of needs and expectations of customers together with company’s possible resources to produce it. Marketing research is the process of gathering information from the market and consumers and making a record of it. The agricultural marketing system is a link between the farm and the non – farm sectors. The subject of output marketing is as old as civilization itself.

which function helps in place utility

Good design of the product gives competitive advantage to the product. Product development is a continuous process as the requirements of the consumer change from time to time. Name the element of Marketing-mix in which a set of firms and individuals creates possession, place and time utility and helps in market offering. Also explain any five important functions performed by this element. Refers to the changing of raw materials into a finished products. Taking grains and turning them into cereal is an example of form utility.

Meaning of marketing:

It includes activities that make firm’s products available to the target customers. Important decision areas in this respect include selection of dealers or intermediaries to reach the customers, providing support to the intermediaries. Retailers perform several marketing functions such assales promotion,advertisingand point of purchase display.

Lesson-26 Agricultural Marketing – Meaning & Importance

4)Once you mastered to how to choose and analyse to make the marketing strategy is key part for your success in your company. Goods are to be made available at a time when they are needed. Till that time these goods must be stored and protected against fire, rain, pests etc. Goods are to be removed from the place of manufacturer to the wholesaler or retailer or to the ultimate consumers. Surplus commodities that are not needed immediately can be stored in warehouses.

Goods act as security for the warehouse keeper or for financial institutions. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations. When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, fire, etc. Warehouses are constructed in such a way that they minimize these risks. Being the most popular educational website in India, we believe in providing quality content to our readers. If you have any questions or concerns regarding any content published here, feel free to contact us using the Contact link below.

Leave a Reply