Test: Marketing Management - 1 - Commerce MCQ

The word 'market' has been derived from the Latin word "Mercatus" which means to trade, merchandise or a place where business is transacted.

A need is a consumer's desire for a product's or service's specific benefit, whether that be functional or emotional.So a marketer first require to analyse what people need.If the marketer is unable to do so his product might fall short of demand. So marketer’s first role should be to realise the need and then do the needful to fullfil it.

The correct answer is B:

Selling, Marketing

Here is a detailed explanation:
Scope of Selling:
- Selling refers to the process of persuading customers to purchase a product or service.
- The scope of selling is focused on the actual transaction and involves activities such as negotiating, closing deals, and handling customer inquiries.
- The primary goal of selling is to generate revenue and achieve sales targets.
- Selling is typically carried out by sales representatives or teams within an organization.
- The scope of selling is more narrow and specific compared to marketing.
Scope of Marketing:
- Marketing involves a broader set of activities aimed at promoting products or services, attracting customers, and building brand awareness.
- The scope of marketing includes market research, product development, pricing strategies, advertising, distribution, and customer relationship management.
- Marketing focuses on understanding customer needs and wants and creating value for them.
- It aims to create a strong brand image and develop long-term customer relationships.
- Marketing encompasses a wide range of functions and activities that support the overall business objectives.
Comparison:
- The scope of selling is limited to the transactional aspect of persuading customers to make a purchase.
- The scope of marketing is much wider, encompassing various activities that contribute to the overall success of a product or service.
- While selling is an integral part of the marketing process, marketing takes a more comprehensive approach in terms of understanding the market, developing strategies, and creating customer value.
Therefore, the scope of selling is narrower compared to the broader scope of marketing.

Once a product is developed, the product is ready to be sold in the market. So after development of the product comes selling activities.

Marketing Functions:
- Marketing planning: This involves creating a strategic plan to identify marketing objectives, target markets, and marketing strategies.
- Product designing and development: This function involves creating and developing new products or modifying existing products to meet customer needs and preferences.
- Gathering and analyzing market information: This function includes conducting market research, collecting data on customer preferences and behavior, and analyzing market trends and competition.
- Bending the customers according to product: This is not a function of marketing. Marketing aims to understand and meet the needs of customers, rather than manipulating or forcing customers to purchase a product.
Detailed
Marketing is a broad field that encompasses various activities and functions. However, one of the functions mentioned in the options is not a part of marketing. Let's analyze each option to determine the correct answer:
A: Bending the customers according to product - This option suggests that marketing involves manipulating or forcing customers to purchase a product. However, marketing is about understanding and meeting the needs of customers, rather than coercing them into buying something. Therefore, this is not a function of marketing.
B: Marketing planning - This is a fundamental function of marketing. It involves creating a strategic plan to identify marketing objectives, target markets, and marketing strategies.
C: Product designing and development - This is also a function of marketing. It involves creating and developing new products or modifying existing products to meet customer needs and preferences.
D: Gathering and analyzing market information - This is another important function of marketing. It includes conducting market research, collecting data on customer preferences and behavior, and analyzing market trends and competition.
Based on the analysis above, the correct answer is A: Bending the customers according to product. This is not a function of marketing as it goes against the principles of understanding and meeting customer needs rather than manipulating them.

SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.

All of the concepts start from the factory as the customer wants the product to be well advertised and must have all the information about the product hence the selling concept.
The customers like to buy great quality products and expect that the product must be manufactured by the best quality raw material, hence the product concept and they’d like it a cheaper price and readily available, hence the production concept.

The product concept proposes that consumers will prefer products that have better quality, performance and features as opposed to a normal product. The concept is truly applicable in some inches such as electronics and mobile handsets.

Marketing Mix: Explained
The marketing mix refers to the set of tools and strategies that a company uses to promote its products or services to its target market. It is a combination of various elements that work together to create a comprehensive marketing plan. In this case, the correct answer is B: Marketing tools.
Here is a detailed explanation of the marketing mix and its components:
1. Product: This element refers to the actual goods or services that a company offers to its customers. It involves decisions related to product design, features, packaging, branding, and quality.
2. Price: This component focuses on the pricing strategy of the product or service. It involves determining the right price point that aligns with the target market's perceived value and the company's objectives.
3. Promotion: This element involves all the activities that a company undertakes to communicate and promote its products or services to the target audience. It includes advertising, sales promotions, public relations, direct marketing, and other promotional tactics.
4. Place: The place component refers to the distribution channels and methods used to make the product or service available to the customers. It involves decisions related to the selection of retail outlets, online platforms, and logistics to ensure efficient delivery.
5. People: This element focuses on the people involved in delivering the product or service to the customers. It includes the employees, sales representatives, customer service personnel, and other individuals who have direct contact with the customers.
6. Process: The process component involves the procedures and systems used to deliver the product or service to the customers. It includes order processing, customer support, after-sales service, and other operational processes.
7. Physical Evidence: This element refers to the tangible and intangible elements that customers perceive when interacting with the company. It includes the physical environment, packaging, signage, branding, and other factors that contribute to the overall customer experience.
By effectively managing and integrating these marketing mix elements, companies can develop a comprehensive marketing strategy that meets the needs and preferences of their target market. This helps in creating a competitive advantage and achieving business objectives.

According to mordern marketing is based on customers satisfaction and to keep in mind customer satisfaction we need perform all elements of marketing to stand in a long run