Commerce Exam > Commerce Videos > Business Studies (BST) Class 12 > Classification of Products and Price Determination - Marketing Management, Class 12 BST
Classification of Products and Price Determination - Marketing Management, Class 12 BST Video Lecture | Business Studies (BST) Class 12 - Commerce
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FAQs on Classification of Products and Price Determination - Marketing Management, Class 12 BST Video Lecture - Business Studies (BST) Class 12 - Commerce
| 1. What is the classification of products? |  |
Ans. The classification of products refers to categorizing products based on their characteristics and attributes. Products can be classified into four main categories: consumer products, industrial products, services, and ideas. Consumer products are goods that are purchased by individuals for personal use, such as food, clothing, and electronics. Industrial products are goods that are used by businesses to produce other goods or services, such as machinery and raw materials. Services are intangible offerings provided by businesses, such as banking and healthcare. Ideas refer to concepts or beliefs that are marketed to influence behavior or attitudes, such as social campaigns or political ideologies.
| 2. How are products classified under consumer products? | |
Ans. Consumer products can be further classified into four subcategories based on consumer buying behavior and characteristics. These subcategories are convenience products, shopping products, specialty products, and unsought products. Convenience products are those that consumers purchase frequently with minimal effort, such as toothpaste or snacks. Shopping products are goods that consumers compare and evaluate before making a purchase decision, such as clothing or furniture. Specialty products are unique or high-end items that consumers are willing to make a special effort to obtain, such as luxury cars or designer brands. Unsought products are goods that consumers are not actively seeking or aware of, such as life insurance or funeral services.
| 3. What factors determine the price of a product? | |
Ans. Several factors influence the determination of a product's price. These factors include the costs involved in producing and distributing the product, the demand and market conditions, the competition in the industry, the perceived value of the product, and the pricing objectives of the company. The costs of production, including raw materials, labor, and overhead expenses, play a crucial role in setting the price. The demand for the product and market conditions, such as supply and demand dynamics, also affect pricing decisions. Competition in the industry can impact the price, as companies may adjust their prices to gain a competitive edge. The perceived value of the product by the target market and the pricing objectives of the company, such as profit maximization or market penetration, also influence pricing strategies.
| 4. How can companies determine the pricing objectives for their products? | |
Ans. Companies determine their pricing objectives based on their overall business goals and market positioning. Pricing objectives can vary depending on factors such as the company's market share, profit goals, target market, and competitive environment. Some common pricing objectives include profit maximization, revenue maximization, market share growth, market penetration, and price leadership. Profit maximization aims to set prices that generate the highest possible profit margin. Revenue maximization focuses on maximizing total revenue rather than profit margin. Market share growth strategies involve setting lower prices to gain a larger market share. Market penetration strategies aim to attract more customers by setting lower prices. Price leadership refers to setting prices based on the industry leader to maintain or gain a competitive advantage.
| 5. How are industrial products different from consumer products? | |
Ans. Industrial products differ from consumer products in several ways. Industrial products are goods that are used by businesses to produce other goods or services. They are typically purchased in larger quantities and are not meant for personal consumption. In contrast, consumer products are goods that are purchased by individuals for personal use or consumption. Industrial products are often more complex and specialized than consumer products, requiring a higher level of technical expertise or knowledge to operate or evaluate. The buying process for industrial products is also more formal and involves more negotiation and evaluation compared to consumer products. Additionally, the marketing strategies and distribution channels for industrial products are usually different from those of consumer products, as they target business customers rather than individual consumers.
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