Introduction to Marketing Very Short Answer Type Questions

Question 1.
State the functions of marketing?
Answer:
The functions of marketing are –
(i) Functions of exchange:

  • Buying and assembling
  • Selling

(ii) Functions of physical supply:

  • Transportation
  • Storage and warehousing

(iii) Facilitating functions:

  • Financing
  • Risk bearing
  • Standardization and grading
  • Market information.

Question 2.
What is selling?
Answer:
Selling is the process of informing the people to buy goods or services. It not only gives the information about the products but also inspire them to buy the goods or services. It is an important function of marketing.

Question 3.
State the approaches to the study of marketing?
Answer:

  • Commodity approach
  • Functional approach
  • Institutional approach
  • System approach

The study these approaches describe the marketing system.

Question 4.
Mention two objectives of marketing?
Answer:
Goals of marketing: As an economic activity, marketing has three objectives.

  • Creation of Utility.
  • Cost reduction.
  • Price stability.
  • Other Objects

Question 5.
State the basic difference between marketing and selling?
Answer:
The basic difference between the marketing and selling are:

  • Selling means transfer of product from seller to the buyer marketing means concentrated on consumer needs.
  • Selling has a narrow scope where as marketing has a wider scope.

Question 6.
Define marketing?
Answer:
Marketing means a set of all those activities which helps to transfer the goods from the producer to the consumer. According to Duddy “Marketing is the economic process by means of which goods and services are exchanged and their values determined in terms of money prices.”

Question 7.
Mention the goals of marketing system?
Answer:

  • To meet the consumer needs and demand of target market.
  • To maintain the current position.
  • To support new products
  • To improve market share.
  • To grow the existing business.

Question 8.
What is marketing process?
Answer:
Marketing process is the set of activities in attaining a particular goals of an organization. There are three process in marketing. They are Concentration, Equalization and Dispersion.

Question 9.
What is assembling?
Answer:
It means collection of goods purchased from different sources at a common point. This function helps for further work of an enterprises. It is the main function states immediately offer the function of buying.

Question 10.
Examine the need for customer oriented approach marketing?
Answer:
Customer oriented approach of marketing conciliates on the customers satisfaction and profits. Consumer is the main point to all the businessman. Therefore businessman tries to satisfy the customer needs and there by he wants to increase profit.

Question 11.
What are 4 p’s of marketing mix?
Answer:
Marketing mix is combination of 4 factors. They are –

  • Product
  • Price
  • Place
  • Promotion

Question 12.
What do you mean by social marketing?
Answer:
Social and cultural forces usually influences the welfare of human resources in the longrun. The new demands are created and old one’s are lost in due course. Change in our life style and social value depend on marketing is known as social marketing.

Question 13.
What is grading?
Answer:
Grading is sub function of standardization. It is the process of classing the products into groups having similar physical and chemical properties.

Question 14.
What is E-business?
Answer:
E-business is a way of conducting business electronically leveraging technology. Such as e-commerce, web based supply etc. This type of business is conducting on the internet.

Question 15.
What are the categories of internet?
Answer:
(a) B2B = Business to Business.
(b) B2C = Business to Consumers.
(c) C2B = Consumer tb Business.
(d) C2C = Consumer to Customer.

Question 16.
What is M-Business?
Answer:
M-Business is mobile business. M- Business means mobile phone is used for merchandise service or information.

Question 17.
What is Tele marketing?
Answer:
Telemarketing means a form of direct marketing in which seller uses the telephone to contact the buyers and to sell products or services. It is a practice of selling goods and services to customers by means of telephone.

Question 18.
Expand the term SMS and MMS.
Answer:

  • SMS = Short Message Service.
  • MMS = Multi Media Messaging Service.

Question 19.
What is Relationship marketing?
Answer:
Relationship marketing means marketing oriented towards strong, lasting relationships with individual accounts. It is an act of building a permanent relationship

Question 20.
What is CRM?
Answer:
CRM means customer relationship management. It is a comprehensive strategies and process of acquiring retaining and patterning with selective customers to create superior value for the company and customer.

Question 21.
What is business system?
Answer:
It is one of the dynamic process involving a set of interacting & Interrelated activities to reach customer. It receives input from the Environment in the form of valuable information & satisfy customer heeds & there by earn profit.

Question 22.
Define Marketing Management.
Answer:
Acc to Philip Kotler “Marketing Management is the process of planning & executing the conception, pricing, promotion & distribution of goods, services & ideas to bring about desired exchanges with target group that satisfy customer & organisational objectives”.

Question 23.
What is traditional concept of marketing?
Answer:
It implies that management firmly belives that if we have good product, customer response is bound to be favourable & we will need very little promotion efforts. This was the marketing philosophy till 1930. Under Production – oriented marketing concept, There is no need of marketing effort provided a product & its price is reasonable.

Question 24.
What is market penetration?
Answer:
It involves expansion of sales of existing products in existing markets by selling more to present customers or gaining new customers in existing markets. The firm can market its present products to existing markets. This is done through a more aggressive marketing mix. Customers from rivals or potential buyers can also be attracted. Existing buyers may be induced to increase their rate of use. We may have temporary price cut to raise the volume of sales and penetrate the market.

Question 25.
What is meant by concept marketing?
Answer:
Philosophy of an organsiation in relation to marketing is referred to as marketing concept or concept marketing.

Question 26.
What is buyers market?
Answer:
A buyers market is a market in which there is an abundance of a particular goods or service for sale.

Question 27.
Define green marketing?
Answer:
According to the American marketing association green marketing is the marketing of products that are presumed to be environmentally safe.

Question 28.
What is the reason for adoption of green marketing?
Answer:
Marketer should go for the adoption of green marketing for following reasons –

  • Opportunities
  • Corporate social responsibility
  • Government pressure
  • Competitive pressure
  • Cost or profit issues