Q1) what is the difference consumer and the customer?
Ans) any individual or organization that purchases goods or services is called a customer. A consumer is anyone who uses the goods or services that have been purchased, or uses any products or services that have been generated within the economy. For example if a mother buys a sweater for her son. The lady is the customer and the son is the consumer. The Consumer Protection Act 1986 in India clearly differentiates between customers and consumers. A consumer is classed as somebody who consumes a commodity or service, and the consumer is protected under the Act, whereas those purchasing anything for commercial reasons (the customer) are not.
Q2) What are the 4 Ps of marketing?
Ans) The 4 P’s (product, place, price, promotion) are an important part of any marketing strategy of a product. Together they are called the marketing mix. This model was first proposed by marketer E.Jerome McCarthy in 1960 and is widely used worldwide. • Product - A product/service is a bundle of utilities which satisfies a customer need or want. Utility can be tangible or intangible. The tangible features are those things that the customer can see, touch, feel, taste, or smell. The intangible include such things as the image of the offering, the brand, warranties, and guaranties or after sales service etc. Before launching a product marketers must carefully study the market to find out the suitability of the product in the target market. Marketers must also keep in mind the competitors product features and marketing objectives of the company while deciding on the product.
• Price – The price is the monetary value assigned to the product. It includes direct and indirect costs like transportation price. The benefits of the product have to be great enough to warrant the price The price is very important as it determines the company's profit and hence, survival. When setting a price, the marketer must be aware of the perceived value of the product in the eyes of the customer. A marketer should also keep in mind the positioning of the product and competitors pricing strategy in mind.
• Promotion –It is a tool for creating interest , persuasion and remembrance of the product. It may be of the following types advertising, public relations, personal selling and sales promotion. The objective of promotion can range from creating awareness of the product to make people like the product. The important objective in today’s promotional activities is to break the clutter formed by competitor’s messages in the minds of the customers. • Place - refers to providing the product at a place which is convenient for consumers to access. Place is synonymous with distribution. A company can chose to sell it’s products exclusively or can make it available at all places. While making strategy for this P the marketer keeps in mind customer convenience and distributor behavior. Q1) What is marketing?
Ans1: Marketing is everything an organization does to place their product or service into the hands of the customers, this includes sales, pricing, public relations, and distribution. Marketing is an organizations strategy for allocating their resources to achieve their desired objectives that is profit.It is the process of communicating the value of a product or service to customers.
Q2) What is market?
Ans2: Any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction.
Q3) What is the difference consumer and the customer?
Ans3: any individual or organization that purchases goods or services is called a customer. A consumer is anyone who uses the goods or services that have been purchased, or uses any products or services that have been generated within the economy. For example if a mother buys a sweater for her son. The lady is the customer and the son is the...