CHAPTER-11 MARKETING MANAGEMENT

APRIL 29, 2020
DAY 2

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GOOD MORNING BOYS!

YESTERDAY'S CASE STUDIES ANSWERS:
1. Dimensions of Business Environment are- Social, Economic, Political and Technological Environmemt.
2. i) Technological Environment
    ii) Business Environment includes both specific and general forces and It is dynamic in nature.
     iii) It helps the firm to identify threats and early warning signals.
           It helps in planning and policy formulation.
 3. a) Features of Business Environment are Dynamic nature, Uncertainty and Complexity.
     b) Impact of government policy changes are Increasing Competition, More Demanding Customers and Market Orientation.
     c) It helps the manager in coping with rapid changes.

FOR THE TIME BEING, WE WILL START PART -B, CHAPTER 11 NOW.
THIS IS VERY IMPORTANT FOR YOUR PROJECT WORK.

OUR FIRST TOPIC IS MEANING OF MARKETING AND ITS FEATURES.

LEARNING OUTCOMES- At the end of the lesson, students will be able to:
1) Describe the meaning of marketing.
2) Explain the features of marketing.

I AM INTRODUCING THIS TOPIC WITH THE HELP OF A SHORT VIDEO. PLEASE WATCH IT FOR BETTER UNDERSTANDING.

Now, take down the notes:


CHAPTER-11
MARKETING MANAGEMENT

Q.1 What is meant by marketing? Explain its features.(5)
Ans-  Marketing is the process whereby people exchange goods and services for money or for something of value to them. Features are as follows-
1) Needs and wants -
a) It involves satisfying customer needs and wants better than the competitors.
b) A marketer's job in an organisation is to identify needs and wants of the target customers and develop products and services that satisfy such needs and wants.
2) Creating a market offering-
a) Market offering refers to a complete offer for a product or service  like size,  quality, taste, etc  at a certain price, available at a given outlet or location and so on.
b) A good product is developed after analysing needs and wants of the potential buyers.
3. Customer value -
a) The buyers will purchase a product only if it is perceived to be giving greatest value or benefit for the money.
b) The purpose of marketing is to generate customer value at a profit.
4  Exchange mechanism-
a)The process of marketing involves exchange of goods and services for money  or for something of value to them.

Q.2 Explain the functions of marketing. (6)
Ans- 1. Gathering and analysing market information-
a) It is necessary to identify the needs of the customers and take various decisions for successful marketing of products and services.
b) Market information to gather customer's views and opinions is collected through interactive sites on the internet, SMS, etc
2. Market Planning-
a) Markerting plans helps to achieve the marketing objectives of the organisation.
b) A complete marketing plan will include important aspects like increasing the level of production, promotion of products, etc.
3. Product designing and development-
a) It helps to make the product attractive to the target customers.
b) A good design can improve performance of a product and also give it a competitive advantage in the market.
4. Standardisation and Grading-
a) Standardisation refers to producing goods of predetermined specifications which help in achieving uniformity and consistency in the output .
b) Grading is the process of classification of products into different groups like quality, size, etc. It ensures that goods belong to a particular quality and helps in realising higher prices for high quality output.
5. Customer Support Services-
a) It includes services like after sales services, handling customer complaints and adjustments, maintenance services, technical services, etc.
b) These services are very effective in bringing repeat sales from the customers and developing brand loyalty for a product.
6. Packaging and Labelling- 
a) Packaging means the act of designing and producing the container or wrapper of a product and putting the product into it.
b) Labelling is the process of designing the label and putting it on the package to provide information regarding the product, its contents, method of use, etc

I HAVE SENT 6 POINTS OF FUNCTIONS OF MARKETING. REMAINING 6 POINTS WILL BE DONE TOMMORROW ALONG WITH THE EXPLANATION.

GOD BLESS YOU ALL!