MBA 1st Year Marketing Management Understanding Consumer Behavior Short Question Answer
MBA 1st Year Marketing Management Understanding Consumer Behavior Short Question Answer: MBA Very Important Short Question With Answers Model Practice Set Paper in the 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.
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 the 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 the needs of the 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 the present-day world, the organization’s main goal is not limited to production and delivery to needy people. But to make available economic and quality products 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:
- Consumer Research: Modern marketing activities are started from consumer research because the 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.
- Determination of Product and Price Policies: In present days, production has reached far olden techniques of the production system. Before starting productions the product is planned and tested appropriately. And before putting it on the 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 the actual meaning of the marketing function. Marketing covers three basic activities:
- The Discovery of consumer needs and desires reveals the marketing opportunities which can be exploited by a firm.
- Matching the organizational 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 society is the managerial function of the firm.
- Formulating and implementing the marketing program called the marketing mix, covering product, price, promotion, and distribution 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 marketers but they are an 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 Chinese food, South Indian food, etc-. Although people’s needs are few 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 ability, qualification, and willingness to buy them. Want becomes demand when supported by purchasing power. The marketer must not only be interested in knowing how people may want their product but, also how many have the purchasing power to purchase.
Q.4. Write a short note on the goods-services continuum.
Explain the concept of the 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, the end is services that are not associated with physical products. Products that are a combination of goods and services fall between the two ends.