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Marketing Management Answers

In: Business and Management

Submitted By muhammadushafi
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Semester-1
Marketing Management

Section A

Part One

1. Production concept. 2. Consumer. 3. Reference groups. 4. Product life cycle. 5. Brand identity. 6. Price discrimination. 7. Strategic channel alliance. 8. Transportation. 9. Informative Advertising. 10. Sales forecasting.

Part Two

1. Consumer is the most important person. The business revolves around the consumer.
So, while operating as a firm, it is essential for the firm to gain the good understanding of its market. 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 in the following ways;
• 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

2. Price A value that will purchase a definite quantity, weight, or other measure of a good or service is called Price. As the consideration given in the exchange for transfer of ownership, price forms the essential basis of commercial transactions. It may be fixed by a contract, left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course of dealings between the parties involved. In commerce, price is determined by what a buyer is willing to pay, what a seller is willing to accept, and what the competition is allowing to be charged. With product, promotion, and place of marketing mix, it is one of the…...

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