Nisha, a school bag manufacturer decided to improve the product for the profit maximisation and thus added a water bottle holder to the existing design.
i. Identify the marketing management philosophy adopted by Nisha.
ii. Main focus and means and end.
i) The marketing philosophy adopted by Nisha is ‘product concept’.
ii) The main focus of business activity under this concept is continuous improvement in the quality of the product by adding new features, etc. Thus, under this philosophy, product improvement is the key to profit maximisation of a firm.
Here, means is improving the quality of product and ends, is profit maximisation.
'Though branding adds to the cost, it provides several advantages to the consumers'. In the light of the statement, state any three advantages of branding to customers.
Explain ‘Price’ as an element of marketing– mix. Also, explain any four factors that affect the fixation of price of a product.
Explain the following functions of marketing:
(i) Gathering and analysing market information;
(ii) Marketing planning;
(iii) Customer support services and
(iv) Physical distribution.
‘Though advertising is one of the most frequently used medium of promotion of goods and services, yet it attracts lot of objections. Explain any four such objections.
