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Practice each question, then open the answer or worked solution.
State any two advantages of branding to marketers of goods and services.
The advantages of branding to marketers of goods and services are as follows:
1. It enables a firm to distinguish its product from the competitor firm.
2. A product, when provided with branding, will make it known among customers and will attract new business. Branding makes advertising the product easier.
How does branding help in differential pricing?
A brand name helps in creating an image among consumers about the product’s quality. It helps customers differentiate the products of different firms. Marketers can charge different prices, and having a good brand image, the organisation can charge premium prices.
What is the societal concept of marketing?
The societal concept of marketing is the concept where the needs of the market are identified by the organisation along with target customers. It helps in delivering products and services efficiently. Businesses should meet the long-term requirements of the consumer and look after their well-being through their products.
List the characteristics of convenience products.
Products that can be bought immediately on a frequent basis and with minimum effort are referred to as convenience products. The following are the characteristics of convenience products:
1. Products are easily available, and there is minimum effort and time are required. Also, products are located in convenient places.
2. These products are frequently consumed and have an ongoing demand. Essential commodities are classified as convenience products.
3. Convenience goods are available at low prices and in units of small products.
4. These products have high competition and require a good amount of advertising.
Enlist the advantages of packaging consumer products.
Packaging is the technique of designing a container for a product. It has the following advantages:
1. It enables product differentiation.
2. By using different colours, symbols and pictures, it acts as a promotional tool.
3. Greater convenience is achieved in product handling.
4. It protects the quality of the product by preventing the breaking or spoiling of the product during transportation and storage.
What are the limitations of advertising as a promotional tool? Enlist.
Advertising as a promotional tool has the following limitations:
1. It is less forceful due to a lack of personal communication
2. It is difficult to evaluate the effectiveness of advertising
3. Advertisements are standard in form and cannot be modified as per different consumer group requirements.
4. The effectiveness is low as there can be a large number of advertisements.
List five shopping products purchased by you or your family during the last few months.
The following products were purchased:
1. Watch
2. Mixer Grinder
3. Electric Iron
4. Clothes
5. Laptop Accessories
A marketer of colour TV, having 20% of the current market share of the country, aims at enhancing the market share to 50 per cent in the next three years. To achieve this objective, he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
The most important activity that a marketer needs to develop is an appropriate marketing plan that will help in achieving the objectives. In this question, it is marketing planning that needs to be implemented so as to decide on the strategies that should be put into action for achieving the objectives.