Question

Give one word/phrase for the following statements :
(a) The crucial decision area of marketing that has direct effect on demand for
the product and profitability of the firm.
(b) The component of marketing that relates to channels of distribution.
(c) The components that are combined to achieve the marketing goal.
(d) The goods and services offered by the organisation for sale.
(e) The ingredient of marketing mix relating to informing, persuading and
influencing a consumer to make choice of the product to be bought.

Answer 1

Answer:

I

n the previous lesson you learnt that marketing identifies consumers’ needs and supplies

various goods and services to satisfy those needs most effectively. So the businessman

needs to: (a) produce or manufacture the product according to consumers’ need; (b)

make available it at a price that the consumers’ find reasonable; (c) supply the product to

the consumers at different outlets they can conveniently approach; and (d) inform the

consumers about the product and its characteristics through the media they have access

to.

So the marketing manager concentrates on four major decision areas while planning the

marketing activities, namely, (i) products, (ii) price, (iii) place (distribution) and

(iv) promotion. These 4 ‘P’s are called as elements of marketing and together they constitute

the marketing mix. All these are inter-related because a decision in one area affects decisions

in other areas. In this lesson you will learn about the basic aspects relating to these 4‘P’s

viz., product, price, place and promotion.

OBJECTIVES

After studying this lesson, you will be able to :

• explain the concept of marketing mix and its components;

• explain the meaning of product and its classification;

• state the various factors affecting pricing decisions;

• describe different methods of pricing;

• state the meaning of channels of distribution;

• identify the various channels of distribution;

• state the factors affecting choice of a channel of distribution; and

• explain the concepts of promotion and promotion mix.

Answer 2

Answer:

the crucial décision area of marketing that has a direct effect on demand for the product and profitability of the firm

Explanation:

provide the exact terms of the following définition