It is a concept where goods are produced without taking into consideration the choices or tastes of customer a.
It involves individuals who buys products or services for personal use and not for manufacture or resale a.
It is the groups of people who interact formally or informally influencing each other’s attitudes and behaviors a.
The concept of the product that passes through various changes in its total life is known as a.
It refers to unique set of brand association that brand strategists aspires to create or maintain a.
It involves a pricing strategy that changes customers different prices for the same product or service a.
It refers to an arrangement where another company through its own marketing channel sells the products of one producers a.
It involves facility consisting of the means and equipments necessary for the movement of passenger of goods a.
The advertising which is used to inform consumers about a new product or feature and to build primary demands is known as a.
An art that predicts the likelihood of economic activity on the basis of certain assumptions a.
Write a short note on importance of consumer behavior for a business firm? Ans: The main role of marketing manager is to satisfy needs and wants of the Customers. This can only be done by the study of Consumer Behavior. Consumer is the most important person to the marketer because the marketer takes in to consideration on the liking and disliking of the consumer and he produces the goods and services accordingly. The more the Consumer Behavior is learnt the more the needs and wants of the Customers are fulfilled. The Study of consumer behavior helps us;
• To design the optimal product or service for customers. • To determine where the product or Service should be available that would easy for the customers to buy. • To determine what price will the customers give up purchasing product or service? • To determine which method of Promotion would be most effective for getting the customers to buy a product. • It helps in changing the behavior of the consumers.
• To improve performance of the organization.
• To achieve the organizational objectives.
Define the term ‘Price’
Ans: Price represents the value that is exchanged in a marketing transaction. A marketer usually sells a specific combination of need satisfying product or service. Price is everywhere all around people. For a variety of marketing situations price is expressed in different terms. For example insurance company charge premium, colleges a tuition fees, taxis fares etc. Price is the only element directly related to total revenue generation. A miscalculation of selling prices in high turnover and low profit margin in business can have a large impact on a company’s profits. The below is the equation for the same Profits = (prices*quantity sold) – total cost
Thus, price has an impact on a company’s proft and is important for its long term survival. Price also has a psychological impact on customers and can reflect product quality and user status. 3.
Distinguish between Marketing concept and Selling concept? Ans: The Selling Concept and the Marketing Concept are two different concepts of Marketing that related to the evolution of marketing in the world.
The Selling Concept holds that in order for the firm to be profitable, it must focus on sales of the product regardless of the orientation of the product itself. This concept became popular after World War 2.
On the other hand, the Marketing Concept is one of the recent concepts in marketing. It holds that a firm must identify the needs of the consumer and then plan, price, promote and distribute its product according ton the demands of the consumer. The selling concept philosophy was...
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