Text Book Back Questions and Answers - Chapter 14 - Marketing and Marketing Mix - 12th Commerce Guide Samacheer Kalvi Solutions

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Samacheer Kalvi 12th Commerce Solutions Chapter 14 Marketing and Marketing Mix - Text Book Back Questions and Answers 

I. Choose the Correct Answer.

Question 1.
The initial stage of Marketing system is _________
(a) Monopoly system
(b) Exchange to Money
(c) Barter system
(d) Self producing
Answer:
(c) Barter system

Question 2.
Who is supreme in the Market?
(a) Customer
(b) Seller
(c) Wholesaler
(d) Retailer
Answer:
(a) Customer

Question 3.
In the following variables which one is not the variable of the marketing mix?
(a) Place Variable
(b) Product Variable
(c) Program Variable
(d) Price Variable
Answer:
(c) Program Variable

Question 4.
Marketing mix means a marketing program that is offered by a firm to its target _________  to earn profits through the satisfaction of their wants.
(a) Wholesaler
(b) Retailer
(c) Consumer
(d) Seller
Answer:
(c) Consumer

Question 5.
Which one is the example of an Intangible product?
(a) Education
(b) Mobiles
(c) Garments
(d) Vehicles
Answer:
(a) Education

II. Very Short Answer Questions

Question 1.
Define Marketing Mix.
Answer:
“Marketing mix is a price of four sets of variables namely product variable, price variable, promotion variable and place variable“ – JEROME Me. CARTHY.

Question 2.
Give any two internal factors affecting the price of product/service.
Answer:
Factors affecting Price of product/service
Internal Factors:

1. Marketing Objectives

2. Marketing Mix Strategy

3. Organizational considerations

Question 3.
Define Product.
Answer:
“A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need”, says Philip Kotler.

III. Short Answer Questions

Question 1.
What are the objectives of marketing?
Answer:

• Intelligent and capable application of modern marketing policies.
•  To develop the marketing field.
•  To develop guiding policies and their implementation for a good result.
•  To suggest solutions by studying the problems relating to marketing.
•  To find sources for further information concerning the market problems.
•  To take appropriate actions in the course of action.

Question 2.
What is the need for the market and explain the concept of marketing?
Answer:
The market is needed for the producers and consumers. For this there are various concepts:

1. The products produced are to be marketed in the market for sales.

2. First create a consumer and then create products.

3. Keep respect and love customers than the products.

4. Customer is the king of the business.

Question 3.
What are the factors affecting the Price of the Product?
Answer:
a. Internal factors:
Organizational objectives Marketing mix strategy (Jrgani/national consideration).

b. External factors:

• Market and demand
• Competition
• Customers
• Suppliers
• Legal factors
• Regulatory factors

Question 4.
What do you mean by Marketing mix? Describe any two elements.
Answer:

1. A list of important elements or ingredients that make up the marketing programme

2. The list of forces having bearing on marketing operations.

Elements of Marketing of Mix:

1. Product is the main element of marketing. Without a product, there can be no marketing.

2. Price is the value of a product expressed in monetary terms. It is the amount charged for the product.

IV. Long Answer Questions

Question 1.
Discuss the evolution of marketing.
Answer:
Marketing is one of the business functions. The development of marketing is evolutionary rather than revolutionary.
Evolution of Marketing:

1. Barter System: The goods are exchanged against goods, without money.

2. Production Orientation: This was a stage where producers, instead of being concerned with the consumer preferences, concentrated on the mass production of goods.

3. Sales Orientation: Selling became the dominant factor, without any efforts for the satisfaction of the consumer needs.

4. Marketing Orientation: Customers’ importance was realized but only as a means of disposing of goods produced.

5. Consumer Orientation: Under this stage, only such products are brought forward to the markets which are capable of satisfying the tastes and preferences of consumers.

Question 2.
Why marketing is important to society and individual firms? Explain. Importance of Marketing:
To the Society:
Answer:

1. Marketing is a connecting link between the consumer and the producer.

2. Marketing helps in increasing the living standard of people,

3. Marketing helps to increase the nation’s income.

4. Marketing process increases employment opportunities.

5. Marketing helps to maintain economic stability and rapid development in various countries. To the Individual

Firms:

1. Marketing generates revenue for firms.

2. Marketing gives information to the top management for taking overall decisions on production.

3. Marketing and innovation are the two basic functions of all businesses.

Question 3.
Narrate the Elements of the Marketing mix.
Answer:
Product:

• Product is the main element .of marketing.
• Without a product, there can be no marketing.
• Product – satisfy a want or need Price.
• Price is the value of a product expressed in monetary terms.
• It is the amount charged for the product.

Place:
The 3rd element price or physical distribution facilitates the movement of products from the place of production to the place of consumption at the right time.

Promotion:

• An excellent product with a competitive price cannot achieve the desired success and acceptance in the market.
• Unless and until its special features and benefits are conveyed [informed] or [advertised] effectively to the potential consumer.

Question 4.
What is Marketing?
Answer:
Marketing is the performance of buying activities that facilitate more flow of goods and services. It is one of the oldest professions in the world.
Objective: The traditional objective of marketing had been to make the goods available at places where they are needed.
“Later on this idea was changed from ‘exchange’ to “Satisfaction of human wants” Marketing is linking the consumer and the producer. Also, marketing helps to maintain economic stability and economic development.

Question 5.
State the advantages of warehousing.
Answer:

1. Goods produced may be stored till the time of demand. Hence the goods are stored in warehouses.

2. Also, the goods are stored till the goods have good quality.

3. Warehouses create time utility by storing the goods throughout the year and release them as and when they are needed.

Several types of warehouses are used for storing of goods.
They are as follows:

1. Public warehouse

2. Private warehouse

3. Bonded warehouse

Question 6.
How market information is helpful to the invention of a new product in the market?
Answer:
According to Clark and Clark, market information means “all the facts, estimates, opinions and other information used in the marketing of goods”.
From the above definition, the details about the market may be obtained from conducting market research and other inventory methods. Market research is solely concerned with the collection of information about the market. The following information may be collected:

1. Goods needed by the customers.

2. Time and want of the goods

3. Quality wanted

4. Size of the market

5. Means of transport

Use to Invent New product: Adequate and accurate information help in the formulation of policies. Based on the taste and preferences, demand, and supply of the products, the company can introduce new products. Also, the company has to increase the quality and number of products depending upon the information available.