Worksheet Solutions: Basic Marketing Concepts - 3 | Commercial Applications - Class 6 PDF Download

Fill in the Blanks

Q1: Marketing management involves decision making regarding pricing, publicity, distribution, and after-sales service based on the needs, wants, tastes, and fashions of ________________.
Ans: Customers
Marketing decisions are customer-centric and aim to meet customer preferences.

Q2: Marketing management represents the professionalization of exchange relationships and consists of principles for improving the effectiveness of ________________.
Ans: Exchange
Marketing aims to improve the effectiveness of exchanges between buyers and sellers.

Q3: The societal approach to the study of marketing focuses on the interactions between environmental factors (sociological, cultural, political, legal) and marketing decisions, emphasizing their impact on the well-being of ________________.
Ans: Society
The societal approach considers the broader societal impact of marketing decisions.

Q4: In the commodity approach, the study of marketing centers around a specific ________________ chosen for analysis.
Ans: Commodity
The commodity approach focuses on the analysis of a particular product or item.

Q5: The systems approach to marketing emphasizes the analysis of marketing flows and communication, recognizing the interconnections among the components of a marketing ________________.
Ans: System
The systems approach views marketing as a complex system with interconnected components.

Multiple Choice Questions (MCQ)

Q1: What is the primary focus of the institutional approach to the study of marketing?
a) Marketing flows and communication
(b) Decision-making processes
(c) Middlemen and facilitating agencies
(d) Societal well-being
Ans: (c) Middlemen and facilitating agencies
The institutional approach focuses on studying various middlemen and facilitating agencies in marketing.

Q2: Which approach to marketing examines the interactions between environmental factors and marketing decisions?
(a) Commodity Approach
(b) Functional Approach
(c) Societal Approach
(d) Managerial Approach
Ans: (c) Societal Approach
The societal approach examines how marketing decisions impact societal well-being.

Q3: In the functional approach, what is the primary emphasis?
(a) Specific commodities
(b) Decision-making processes
(c) Marketing flows
(d) Repetitive functions
Ans: (d) Repetitive functions
The functional approach focuses on the repetitive functions involved in marketing transactions.

Q4: What is the focus of the systems approach to marketing?
(a) Specific commodities
(b) Middlemen and facilitating agencies
(c) Marketing flows and communication
(d) Decision-making processes
Ans: (c) Marketing flows and communication
The systems approach emphasizes the analysis of marketing flows and communication.

Q5: Which approach to marketing considers marketing as the "business of buying and selling"?
(a) Commodity Approach
(b) Functional Approach
(c) Managerial Approach
(d) Institutional Approach
Ans: (b) Functional Approach
The functional approach views marketing as the business of buying and selling.

True or False

Q1: True or False: Marketing management focuses on adapting business to a changing ecosystem.
Ans: True
Marketing management involves adapting to changing market conditions and consumer preferences.

Q2: True or False: The commodity approach examines the functions performed by various marketing agencies.
Ans: False
The commodity approach focuses on a specific commodity, not functions performed by agencies.

Q3: True or False: The managerial approach to marketing focuses on the decision-making process at the level of a firm.
Ans: True
The managerial approach examines decision-making at the firm level related to marketing functions.

Q4: True or False: The systems approach to marketing primarily considers the role of middlemen in the distribution of goods.
Ans: False
The systems approach emphasizes marketing flows and communication.

Q5: True or False: The societal approach to marketing emphasizes profit attainment and growth as its primary goals.
Ans: False
The societal approach emphasizes the societal impact of marketing decisions rather than profit attainment and growth.

Short Answer Questions

Q1: Describe the key focus of the functional approach to the study of marketing and provide an example of a repetitive function in marketing.
Ans: The key focus of the functional approach to marketing is to study the various repetitive functions involved in marketing transactions. These functions can include selling, storage, transportation, and financing. An example of a repetitive function is "selling." Sales activities occur repeatedly as products are marketed to customers. Salespeople engage with potential buyers to persuade them to make a purchase.

Q2: Explain how the managerial approach to marketing differs from the functional approach, particularly in terms of its scope and focus.
Ans: The managerial approach to marketing differs from the functional approach in its scope and focus.

• Scope: The functional approach focuses on repetitive functions within marketing transactions, such as selling and storage. In contrast, the managerial approach zooms in on the decision-making process at the firm level. It involves analyzing the concepts, decision factors, alternative strategies, and techniques used for problem-solving in marketing functions.
• Focus: While the functional approach emphasizes repetitive functions, the managerial approach focuses on the micro-level of a business firm. It looks at how a firm manages its marketing functions, including analysis, planning, execution, coordination, and control, to create and distribute goods and services desired by the market.

Q3: Provide an overview of the societal approach to the study of marketing, highlighting its main emphasis and what sets it apart from other approaches.
Ans: The societal approach to the study of marketing views marketing not just as a means for businesses to meet their ends but as a means by which society meets its own consumption needs. Its main emphasis is on examining the interactions between various environmental factors, such as sociological, cultural, political, and legal aspects, and marketing decisions. This approach is distinct because it places a significant focus on societal well-being and considers the broader impact of marketing decisions on society. It may involve value judgments based on the accepted value system of society at a particular time, and it emerged in response to criticism of businesses solely pursuing profit and growth.

Q4: Explain the key focus of the commodity approach to the study of marketing and provide an example of a commodity that could be analyzed using this approach.
Ans: The commodity approach to marketing centers its focus on the analysis of a specific commodity or product, such as wheat, rice, or automobiles. It involves studying the sources and conditions of supply, demand, distribution channels, and the functions performed in relation to that particular commodity. For example, if we choose "automobiles" as the commodity, the analysis would include aspects like the sources of automobile production, the extent of demand for various types of cars, the distribution channels for automobiles, and the functions performed by dealerships, manufacturers, and financiers in the automobile industry.

Q5: Describe the systems approach to marketing and its emphasis on the analysis of marketing flows and communication. Provide an example of how this approach can be applied to a business context.
Ans: The systems approach to marketing is based on the concept of analyzing marketing as a complex system. It emphasizes the study of marketing flows and communication, recognizing the interconnections among the components of a marketing system. In a business context, this approach involves examining how products, services, money, equipment, and information flow between marketers and consumers. For example, a company can apply the systems approach to analyze its supply chain management, tracking the flow of products from manufacturers to consumers. By understanding these flows and communication channels, the company can optimize its operations and adapt to changes in the marketplace more effectively.