Answer in Brief.
1) Explain in detail the significance of marketing to society.
Ans: The significance of marketing to society are explained as follows:
a) Increase in Standard of Living:
The prime objective of marketing is to provide goods and services to customers to satisfy their needs. Paul Mazur defined marketing as, “The delivery of standard of living to the society”. Marketing helps to identify the needs of the customers and take an initiative to provide quality goods at cheaper prices.
b) Provides Employment:
Modern marketing is a total system that covers almost all functions of an organization such as buying, selling, financing, transport, warehousing, risk-bearing, research, and development, etc. To run this system there is a need for people. Thus, marketing gives job opportunities to people.
c) Decreases Distribution Costs:
Marketing activities help to provide cheap goods and services to society. Effective utilization of channels of distribution can help in reducing the cost prices of the products and services. The reduction of cost will help to increase the potential consumers for the products or services. It also assures the timely availability of the product.
d) Consumer Awareness:
Marketing helps society by informing and educating consumers. The function of marketing is to fulfill the needs of consumers. Marketing helps consumers to know about new products and services available in the market and its usefulness to the customer.
e) Increase in National Income:
Every economy revolves around marketing, production, and finance to the industry. The scientifically organized marketing activities help in the economic development of the country. Effective marketing of products and services result in industrialization, more job and makes the economy stronger and stable. Marketing can bring about the rapid development of the country through the integration of agriculture and industry.
f) Managing Consumer Expectations:
Marketing research helps organizations to understand the needs of the consumers. It helps in developing the products which fulfill customer’s expectations. Customers’ reviews collected through different sources can help the organizations to make necessary changes in the products.
2) Explain the 4Ps of the product marketing mix.
Ans: 4Ps of the product marketing mix are as follows:
Product refers to the goods or services that are offered to the customers for sale and are capable of satisfying the need of the customer. The product can be intangible or tangible, as it can be in the form of services or goods. The business needs to decide the right type of product through extensive market research. The success of the business depends on the impact of the product in the minds of the customer.
The price of the product is basically the amount that a customer pays for the product. Price plays an important role in creating demand for the product. The business needs to take the utmost care to decide the price of the product. The cost of the product and willingness of the customer to pay for the product plays an important role in pricing the product. The too-high prices may affect the demand for the product and pricing too low may affect the profitability of the business. While deciding the prices, the value and utility of the product to its customers are to be considered.
The place is also known as a distribution channel. Placement or distribution is a very important part of marketing. Making the right product at the right price is not enough. A businessman needs to make the product available to potential customers in the right place too. Business needs to distribute the product in a place that is accessible to potential buyers. It covers location, distribution, and ways of delivering the product to the customer. Better the chain of distribution higher the coverage of the product in the market.
Promotion is an important element of marketing as it creates brand recognition and sales. Promotion is a tool of marketing communication that helps to publicize the product to the customer. It helps to convey product features to the potential buyer and inducing them to buy it. The promotion mix includes tools such as advertising, direct marketing, sales promotion, personal selling, etc. A combination of promotional strategies depends on budget, the message business wants to communicate, and the target market.
3) Explain 3Ps in the marketing of services.
Ans: 3Ps in the marketing of service are as follows:
People inside and outside of the business have directly or indirectly influenced the business.People comprise of all the human beings that play an active role in offering the product or service to the customer. The people include employees who help to deliver services to the customer. The right people in the right place add value to the business. For the success of the business, it is necessary to recruit the right people, train them, develop their skills, and retain them.
Process refers to the steps involved in delivering products and services to the customer. Processes are important to deliver a quality service. A good process helps to ensure the same standard of service to the customer as well as save time and money by increasing efficiency. The advancement of technology helps businesses ineffective monitoring of the process of the business and take corrective action wherever is necessary.
c) Physical Environment:
Physical Environment refers to the marketing environment wherein the interaction between customer and firm takes place. Since services are intangible in nature service providers try to incorporate certain tangible elements into their offering to enhance the customer experience. In the service market, physical evidence is important to ensure that the service is successfully delivered. Through physical evidence, customers know the brand leaders in the market. Physical evidence affects the customer’s satisfaction. It includes location, layout, interior design, packaging, branding, the dress of the staff, and how they act, waiting area, etc.
4) Explain types of the market on the basis of the area covered.
Ans: Types of the market on the basis of the area covered are as follows:
a) Local Market:
The market for the commodities which are sold within local geographical limits of a region is known as a local market.
b) National Market:
The market for the commodities which are sold within the country is known as the national market.
c) International Market:
The market for the commodities which are produced in one country and sold in other countries is known as the international market.
5) Explain types of the market on the basis of time.
Ans: Types of the market on the basis of time are as follows:
a) Very Short Period Market:
This type of market has a very short time existence viz., for a few hours or for a day at a particular time and place. In this type of market perishable goods such as vegetables, fruits, milk products, etc. are sold.
b) Short Period Market:
This type of market has existed for a short period viz. weekly markets, festival market, market during fairs, etc. Perishable or semi-durable goods are sold in this market.
c) Long Period Market:
This type of market has existed for long period. In this type of market durable commodities that are generally non-perishable in nature are sold.