Admin Q. Explain the importance of the marketing mix. Ans. Importance of Marketing Mix: The following points explain the importance of marketing mix: 1. Helps in Clean Mix Creation: Our marketing mix should have all the P’s compatible with each other. The price should compatible with the placement of the product. The product should be compatible … Read more
Q. Discuss the concept of the marketing mix. Ans. Concept of Marketing Mix: Marketing mix is the set of controllable variables that a firm can use to influence the buyer’s response within a given marketing environment (consisting of political, social, cultural, economic and marketing institutional influences). The environmental influences are uncontrollable elements, whereas the ingredients … Read more
Q.9. Give the objectives of marketing management. Ans. Objectives of Marketing Management: The objectives of marketing management are as follows: 1. Satisfying Customer’s Needs and Wants: Marketing managers should carefully determine the needs and demands of the customers in order to satisfy them with their products and services. The process of marketing management is customer-oriented … Read more
Q. Differentiate among needs, wants and demands. Can marketers, create needs? Ans. Marketing thinking starts with the customer’s needs. Today each marketer wants to retain M.B.A to satisfy the customers because of the intense competition. Differentiate among needs, wants and demands: A human need is a state of felt deprivation of some basic satisfaction. Needs … Read more
Q.7. Explain the concept of holistic marketing orientation. Or Define holistic marketing and explain it with an example. Ans. Holistic Marketing Orientation: Holistic marketing is a new paradigm in marketing. It does not focus on marketing one area of businesses, like holistic businesses only, but is a concept of marketing that strives to be an … Read more
Q.6. What is marketing myopia? Ans. Marketing Myopia: Marketing myopia is the short-sighted and inward-looking approach to marketing that focuses on the needs of the firm instead of defining the firm and its products in terms of the customer’s needs and wants. The concept was given by Theodore C. Lewitt. Its theme is that the … Read more
Q.5. What are the components of relational marketing orientation? Ans. Components of Relational Marketing Orientation: Relational marketing orientation is made u of several inter-linked components which are: 1. Trust: It is the core element that serves as the basis of long-term relationships since short-term inequalities are unavoidable. They can easily be resolved and will result … Read more
Q. What are the marketing challenges in the globalized economic scenario? Ans. The marketing challenges in the globalized economic scenario are as follows: 1. Self-reference- Criterion and Ethnocentrism: It refers to the phenomenon of taking only one’s c knowledge, experience, values, and beliefs into consideration while making a decision. 2. Market Differences: In case a … Read more
Marketing Objectives Q. What are the marketing objectives?Ans. Marketing Objectives: The main objective of marketing is to serve customer demand. It aims at creating, capturing, and maintaining demand through an appropriate marketing mix. As an economic activity, marketing has three objectives, which are given below: 1. Creation of Utility: This is the primary objective of … Read more
Mba’s Scope of Marketing Q. 1. Discuss in brief the scope of marketing.Scope of Marketing The main purpose of marketing is to achieve organizational goals by harmonizing activities that help to attain customer satisfaction. The scope of marketing is described as follows: needs and wants of consumers. 1. Analysing Consumer Needs and Wants: Marketing is … Read more