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Marketing - Concepts And Functions Flashcards

1
Q

What is the real definition of market?

A

It is the sum total of the environment which resources, activities and attitudes of buyers and sellers affect the demand of a product or service.

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2
Q

What does market mean according to demand concept?

A

It refers to the aggregate demand of a product or service.

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3
Q

What is a wholesale market?

A

It’s a market where good are sold in bulk to retailers.

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4
Q

What is a retail market?

A

It’s a market where good are sold in small quantities to ultimate consumers.

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5
Q

What is a commodity market?

A

It’s a market where commodities (raw materials like cotton and jute) are bought and sold according to prescribed rules and regulations.

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6
Q

Difference between capital market and money market?

A

Capital market - specialised market for providing long term finance to business enterprises.

Money market - specialised market for providing short term finance to business enterprises.

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7
Q

Explain primary, secondary and terminal market?

A

Primary- producers sell their goods to wholesalers.
Secondary- Wholesalers sell goods to retailers.
Terminal- Retailers sell goods to ultimate consumers.

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8
Q

What’s a future market?

A

It is a market where buyers and sellers enter into future contracts without the intention of actual delivery of goods. Their purpose is to make profit out of the fluctuations in the prices.

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9
Q

Difference between Consumers’ market & Producers’ market?

A

Consumers’ market - Goods purchased for personal consumption.

Producers’ market- Goods purchased for use in further production.

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10
Q

What is marketing?

A

It is the process of discovering and translating consumer needs into products and services and then helping more and more people to enjoy more of these products and services.

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11
Q

How is the objective of customer satisfaction fulfilled?

A

Satisfying the needs of consumer is the primary objective of marketing and it does so by producing the right products and services at the right time, right place and right price.

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12
Q

Profits must be earned by a business enterprise otherwise it cannot survive and prosper, but profits should be achieved through ____________________.

A

Customer Satisfaction

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13
Q

Explain coordination and integration as an objective of marketing?

A

Marketing aims at bringing an effective coordination and integration between product, price, promotion and distribution. It also ensures coordination between marketing and business activities like manufacturing, finance, personnel, etc.

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14
Q

How is marketing helping a business enterprise to do a service to society?

A

Improving quality of life by providing a wide variety of quality products and services at reasonable prices.

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15
Q

How is marketing helping as a source of revenue?

A

Efficient marketing created demand and enlarges the market so that more revenue is earned for meeting costs.

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16
Q

How does marketing helping in reducing costs?

A

Through optimum utilisation of resources.

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17
Q

How does marketing increase employment and develop the nation?

A

Millions of people are employed in the transportation, warehousing, advertising, selling and distribution operations. It accelerates banking, research, insurance and other economic activities. It also increases the national income by increasing production and investment. It facilitates fuller utilisation of production capacity. It helps in integration of industry, agriculture and other sectors of the economy.

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18
Q

How does marketing improve standard of living?

A

By providing a wide variety of quality products at reasonable prices.

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19
Q

How does marketing help in decision making?

A

Marketing provides information and knowledge through research on the basis of which firms decide:
-what to produce
-how to produce
-when to produce
-how much to produce

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20
Q

What does concentration mean?

A

Concentration refers to procuring goods from different places and collecting them at a central point.

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21
Q

What’s dispersion?

A

Dispersion involves distribution of goods from a central point to ultimate consumers at scattered places.

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22
Q

What’s equalisation?

A

It means matching the supply of goods with their demand.

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23
Q

_______________ functions are concerned with transfer of ownership.

A

Exchange functions

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24
Q

What is buying?

A

Buying means the procurement of raw materials, components and finished products.

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25
Q

What is assembling?

A

It involves collection of goods already purchased from different sources at one common place.

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26
Q

_______________________ is essential for success in marketing.

A

Efficient and economical buying

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27
Q

_________________ involves the physical distribution of products and services.

A

Physical functions

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28
Q

A is a function which assists the process of exchange and distribution. Which classification of marketing function does it come under?

A

Facilitating or auxiliary functions

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29
Q

Which activities are involved in buying?

A

-determination of needs
-selecting source of supply
-ascertaining the suitability of goods
-negotiating the terms of purchase
-arranging for transfer of ownership

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30
Q

Assembling is essential in the case of __________________.

A

Agricultural commodities

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31
Q

What’s selling?

A

Selling is the process of finding the customers, creating demand and transferring the goods for value or money.

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32
Q

__________________ is the only source of generating revenue for business.

A

Marketing

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33
Q

What utilities are created by marketing?

A

Time, place & possession utility

34
Q

Marketing starts with ____________ & ends with ____________.

A

Research, feedback

35
Q

The path through which products move from the producer to ultimate consumer is known as?

A

Channel of distribution

36
Q

________________ refers to scientific and systematic investigation into all phases of marketing so as to find answers to various marketing problems.

A

Marketing research

37
Q

Which utility is created by transportation and which barrier does it remove?

A

Transportation creates place utility and removes barrier of distance.

38
Q

How does transportation create place utility?

A

Transportation creates place utility by carrying the goods to such places where they are needed. It also removes barrier of distance and helps to stabilize prices by matching supply with demand.

39
Q

What is storage?

A

Storage refers to the holding and preservation of goods from the time of production until the time of consumption.

40
Q

Which utility the storage create and how?

A

Storage creates time utility by bridging the time gap between production and consumption.

41
Q

Customers buy only those products which offer the maximum satisfaction or utility. In reference to this statement what should be the responsibility of the marketing department?

A

Design and develop the right type of products which will satisfy consumers.

42
Q

Another name for product planning and development?

A

Merchandising

43
Q

What does merchandising involve?

A

Merchandising involves decisions as to what products to produce or purchase for sale. The design, colour, size, quality and other features of the product should be decided keeping in view the needs and desires of the customers.

44
Q

What is standardisation?

A

Standardisation refers to the process of setting up basic measures or standards to which the products must conform and taking steps to ensure that the goods actually produced adhere to these standards.

45
Q

What is grading?

A

Grading is the process of sorting products into well-defined grade or lots on the basis of established standards

46
Q

__________________ means that the goods are of a specified and uniform quality.

A

Standardisation

47
Q

What is packing?

A

Packing refers to wrapping, crating, filling or compressing of goods to protect them from spoilage, pilferage, breakage, leakage, etc.

48
Q

What is packaging?

A

Packaging involves designing and producing appropriate packages for products. It is concerned with the determination of convenient size lots in which there products are to be put on the market and the creation of proper packages for different lot sizes.

49
Q

Expand the following terms:
ISI
AGMARK

A

ISI- INDIAN STANDARDS INSTITUTE
AGMARK- AGRICULTURAL MARKS

50
Q

________________ implies placing products in suitable packages for safe and easy handling during storage and transportation.

A

Packing

51
Q

What is branding?

A

Branding is the process of assigning a distinctive brand name or symbol to a product in order to be differentiated from competitive products.

52
Q

What is labelling?

A

Labelling implies putting labels or identification marks on the package.

53
Q

_____________ give a separate identity to the product.

A

Branding

54
Q

Any three examples of information that a label carries?

A

-Weight
-Size
-Price
-Date of manufacture
-Date of expiry

55
Q

___________ helps to create loyalty for the product and builds reputation of the producer.

A

Branding

56
Q

What is pricing?

A

Pricing refers to the process of fixing the price or money value of a product or service.

57
Q

If there is no label on a product, which right of the consumers is violated according to the constitution?

A

Right to be informed.

58
Q

Why is pricing an important function of marketing

A

It is an important function in marketing because it determines the sales volume and amount of profits.

59
Q

Name any three factors which affects the determination of the price of a product?

A
  • cost of production
  • nature of product
  • degree of competition
60
Q

What is advertising?

A

Advertising is the process of making the firm and its products known to people in such a manner that a desire to buy the product is created in them.

61
Q

What is salesmanship?

A

Salesmanship is the process of creating demand through personal contact between the buyer and the seller. It eliminates the gap between the products and the consumer.

62
Q

What does financing imply?

A

Financing implies the provision and management of money and credit necessary to get goods from producer to the consumer or industrial user.

63
Q

_________________ informs and educates people and persuade them to buy the product or service.

A

Advertising

64
Q

Why is advertising considered so important in determining sales and profit?

A

Advertising is considered so important because it retains existing customers and attracts new customers.

65
Q

What’s risk?

A

Risk means uncertainty of profits or danger of loss due to unknown and unavoidable future events.

66
Q

What are the different types of risks involved in marketing?

A

-Changes in demand
-Fall in prices
-Spoilage in storage and transportation
-Fire
-Theft
-Flood
-Earthquake
-Bad debts

67
Q

______________ act as friends and guides to customers.

A

Salesmen

68
Q

In order to understand and satisfy the needs of customers, relevant information should be collected about the markets. Which function of marketing will help us?

A

Marketing research

69
Q

____________ is a philosophy which aims at achieving organisational goals through satisfaction of customers.

A

Marketing

70
Q

_______________ is an operational approach that aims at increasing sales volume through promotional efforts.

A

Selling

71
Q

“questionnaires may be sent online and surveys maybe conducted to obtain the required information.” Which functional marketing is being discussed here?

A

Marketing research

72
Q

S limited is a company which manufactures fire extinguishers. Considering the fact that people generally don’t buy fire extinguishers, the company undertakes aggressive sales promotion efforts in order to create and maintain demand for the product. Identify the type of marketing philosophy described here.

A

Selling concept

73
Q

When we plan to buy a motorbike, we not only see its features like cost, mileage, etc but we also see shape, style, etc. Which functional marketing is highlighted here?

A

Product planning and development

74
Q

A telephone company started to use interactive sites on the Internet together customer views and opinions on the services provided by them as well as their expectations in order to make well informed decisions. Identify the type of marketing philosophy being discussed here.

A

Marketing research

75
Q

Dunkin’ donuts is the world’s biggest baked goods and coffee chain with more than 11,300 restaurants worldwide. Recently the company announced it would be changing its name to Dunkin’, dropping the donuts part. The company made this change to diversify the products that can come under it apart from donuts. Identify the function of marketing.

A

Branding

76
Q

Which function of marketing considers cost and location of target market?

A

Transportation

77
Q

______________ is the marketing function which is concerned with informing the customers about the firm’s products.

A

Advertising

78
Q

_____________ refers to the act of storing and assorting products in order to create time utility in them.

A

Storage & Warehousing

79
Q

Sandy limited has decided to market its products through the conventional network of manufacturer -wholesaler- retailer- consumer. Identify the function of marketing being discussed above.

A

Distribution

80
Q

U COMPLETED THIS CHAPTER WHAT SHOULD U SAY TO URSELF????

A

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