MBA 1st Year Marketing Management Understanding Consumer Behavior Short Question Answer : MBA Very Important Short Question With Answers Model Practice Set Paper in English Language.
MBA 1st Year Marketing Management Understanding Consumer Behavior Short Question Answer | Index
MBA 1st Year Marketing Management Short Question Answer | Page 1
MBA 1st Year Marketing Management Question Answer | Index 2
MBA 1st Year Marketing Management Question Answer Paper | Index 3
MBA 1st Year Marketing Management Question Answer Paper | Index 4
MBA 1st Year Marketing Management Question Model Answer Paper | Index 5
SHORT ANSWER QUESTIONS (MBA Notes Study Material)
Q.1. What Is marketing? Briefly discuss its nature and scope.
Or What Is the nature of marketing? Briefly explain.
Ans. Marketing: Marketing is the performance of the business activities that direct the flow of goods and services from the producer to the consumer or end user. It is the process of getting right product to the right place in the right quantity at the right price and right time.
Marketing is the
economic process by which the goods and services are exchanged between the
producer and the consumer and their values are determined in terms of money
prices. The activities are concerned with the demand stimulating and demand
fulfilling efforts of the enterprises. It is the total system of interacting
business activities designed to plan, promote and distribute need satisfying
products and services to existing and potential consumers.
Natin-e of Marketing: Marketing provides the dynamic bridge between the producers of products, goods, services and ideas and their users or consumers. It establishes the vital link and forms the testing ground for acceptance or rejection of products, services or ideas by the users or consumers.
Marketing is finding out what customers need and delivering the products to their satisfaction. While selling concentrates on pushing the product to the customer, marketing deals with pulling the customer to the product by making it more relevant and satisfying. Thus, selling satisfies the need of the seller while marketing satisfies needs of buyer.
Good advertising contributes to marketing but it does not substitute for the whole of the marketing process that also includes appropriate product designing, pricing and providing accessibility.
Scope of Marketing: In present day world, the organisatiOn’S main goal is not limited upto the production and delivery to the needy people. But to make available economic and quality product to the society as per their requirements, is the main goal of the marketing.
Therefore the scope of marketing is very wide and is enumerated as under:
1. Consumer Research: Modernmarketing activities are started from consumer research because consumer is king in today’s world. Consumer’s requirements tastes, likings, habits, potentials and living places are surveyed, so that products may be planned and developed in accordance with the survey results.
2. Determination of Product and Price Policies: In present days, production has reached far olden techniques of production system. Before starting productions the product is planned and tested appropriately. And before putting it in market, pricing is estimated considering the suitability to the purchaser’s pocket.
Q.2. Explain in short, the activities of marketing.
Ans. Activities of Marketing: The statement given by Paul Mazur, is the real extract of the marketing process. This statement emphasiseS on the actual meaning of the marketing function. Marketing covers three basic activities:
1. Discovery of consumer needs and desires revealing the marketing opportunities which can be exploited by a firm.
2. Matching the organisatioflal resources and limitations (competitions government regulations, etc.) with the product. This process of matching the strengths and weaknesses of the firm with the product which is demanded by the society is the managerial function of the firm.
3. Formulating and implementing the marketing programme called marketing mix, covering product, price, promotion and distribution in order to accomplish the twin objectives of profitability and consumer satisfaction.
Q.3. Differentiate among needs, wants and demands. Can marketers create needs?
Ans. The marketing thinking starts with the customer’s needs. Today each marketer wants to retain and satisfy the customers because of the intense competition.
Differences among Needs, Wants and Demands
A human need is a state of felt deprivation of some basic satisfaction. Needs are basic like need of food, cloth and shelter. The needs are not created by marketer but they are the inseparable part of human biolOgy.
Wants are desires for specific satisfiers of these deeper needs. For example, for satisfying the hunger need, the persons may want a Chinese food, South Indian food, etc-. Although people’s needs are few but their wants are many. Human wants are continually shaped and reshaped by social forães and institutions.
Demands are wants for specific products that are backed by an ability, qualification and willingness to buy them. Want becomes demand when supported by purchasing power. The marketer must not on’y be interested in knowing how people may want their product but, also how many actually have the purchasing power to purchase.
Q.4. Write a short note on goods-sen6ces continuum.
Or Explain the concept of goods-services continuum.
Ans. Goods-services Continuum: It. enables marketers to see the relative goods/services composition of total products. A product-position on the continuum in turn, enables marketers to spot opportunities. At the pure goods ends of the continuum, goods that have no related services are positioned. At the pure services end are services that are not associated with physical products. Products that are a combination of goods and services fall between the two ends.