Introduction to Management

Question 1

Features of Marketing

Answer 1

1. Marketing is consumer oriented or consumer is the king of the market
2. Marketing begins and ends with the consumer
3. Marketing is continuous activity
4. Marketing is economic process
5. Marketing creates utility
   a. Form Utility : Raw material to finished goods
   b. Place Utility : Storing goods in the godown
   c. Time Utility : Distributing the final product to marketing at a proper time.
6. Marketing precedes and succeeds production.
   7.Marketing is the guiding element of business
   8] Marketing has dual objective.
   9] Marketing offers various goods and services to potential consumer.

Question 2

Features and Importance of Marketing Management

Answer 2

Features:
1. Functional areas of Business Management
2. Process
3. Satisfy needs of consumers effectively and efficiently
4. Goal Oriented
5. Marketing Research and Product Planning
6. Marketing Mix
7. Applies Ideas

Importance:
1. Helps in analysing market opportunities
2. Determining target market
3. Planning and decision making
4. Helps in increasing profit
5. Improvement in quality of life of consumer
6. Creates employment opportunities
7. Goal Oriented
8. Creation of Demand

Question 3

Scope of Marketing

Answer 3

1. Goods
2. Services
3. Experiences
4. Events
5. Persons
6. Places
7. Properties
8. Organizations
9. Information
10. Ideas

Question 4

Marketing Environments

Answer 4

Internal and External

Internal:
1. Production Process
2. Financial factors
3. Goodwill
4. Location of the company
5. Mission and Objectives
6. Organisational structure
7. Human resources

Question 5

External Environment

Answer 5

1. Micro 2. Macro Environment

Micro:
1. Supplier 2. Marketing Intermediaries. 3. Customer
4. Competitors 5. Public 6. Partners

Macro: 1. Demographic 2. Economic
3. Technological 4. Socio-Cultural
5. Political and Legal 6. Physical

Question 6

Define Marketing

Answer 6

Theodore Levitt - “ Marketing is getting and keeping the customer”

Question 7

Define Marketing Management

Answer 7

William J. Stanton - “Marketing Management is the marketing concept in action”

Question 8

Importance of Marketing

Answer 8

A. To the Society
1. Provides employment opportunities
2. Improves standard of people in the society
3. Increases National Income
4. Encourages entrepreneurs to take up new activities
5. Helps in efficient utilisation of the resources
6. Integrates various sectors of the economy

B. To the Firms
1. To earn a desirable profit
2. Marketing is the basis for decision making
3. Marketing is the source of market information
4. Helps in converting the latent demand into potent demand
5. Helps to expand market for the product
6. Marketing enables continuous flow of the goods
7. It provides working capital required by a firm