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Discuss the various elements of the marketing mix.

Discuss the various elements of the mark | Class 12 Business Studies Chapter Marketing, Marketing NCERT Solutions

Welcome to the NCERT Solutions for Class 12 Business Studies - Chapter Marketing. This page offers a step-by-step solution to the specific question from Exercise 4: Extra Questions, Question 4: . With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.

Question 4:

Discuss the various elements of the marketing mix.

Answer:

The marketing mix consists of four key elements known as the 4Ps: Product, Price, Place, and Promotion. Each element plays a vital role in developing effective marketing strategies.

Product: This refers to what a company offers to satisfy customer needs. It includes not only physical goods but also services, features, quality, branding, and packaging. Understanding customer preferences is crucial for product development.
Price: Price involves determining how much customers are willing to pay for a product. Pricing strategies can include discount pricing, competitive pricing, or premium pricing based on perceived value. Price affects demand and profitability.
Place: Place refers to how a product is distributed and made available to customers. This includes selecting distribution channels (e.g., online platforms, retail stores) and logistics management. Effective placement ensures that products reach consumers efficiently.
Promotion: Promotion encompasses all activities aimed at communicating with potential customers about the product. This includes advertising, sales promotions, public relations, and personal selling strategies. The goal is to raise awareness and encourage purchases.

By effectively managing these four elements, businesses can create a cohesive marketing strategy that meets customer needs while achieving organizational objectives.

Other Questions of Chapter Marketing

For buyers of consumer durable products, what ‘customer care services’ would you plan as a manager of a firm marketing new brand of motorcycle. Discuss.

Explain the term 'product life cycle.'

As the marketing manager of a big hotel located at an important tourist destination, what societal concerns would be faced by you and what steps would you plan to take care of these concerns? Discuss.

What is marketing mix? What are its main elements? Explain.

State any two advantages of branding to marketers of goods and services?

What are industrial products? How are they different from consumer products? Explain.

How does branding help in creating product differentiation? Does it help in marketing of goods and services? Explain.

Define market segmentation.

Define advertising? What are its main features? Explain.

A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)

Popular questions of class 12 Business Studies

What are the steps taken by management in the planning process?

Why is management considered to be a multi-dimensional concept?

Explain the procedure for selection of employees.

Indian Railways has launched a new broad gauge solar power train which is going to be a path breaking leap towards making trains greener and more environment friendly. The solar power DEMU (Diesel Electric Multiple Unit) has 6 trailer coaches and is expected to save about 21,000 liters of diesel and ensure a cost saving of Rs 12, 00,000 per year. Name the objectives of management achieved by Indian Railways in the above case.

The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.

This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.

a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization.

How would you characterize the business environment? Explain with examples, the difference between general and specific environment.

Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.

Define scientific management. State any three of its principles.

Explain the qualities of a good leader? Do the qualities alone ensure leadership success?

National Digital Library of India (NDL India) is a pilot project initiated by the HRD ministry. It works towards developing a framework of virtual repository of learning resources with a single-window search facility. It provides support to all academic levels including researchers, life-long learners and differently-abled learners free of cost. State the dimensions of business environment highlighted above.

Recently Viewed Questions of Class 12 Business Studies

What is the role of NGOs in Consumer Protection?

Why is understanding the business environment crucial for managers?

Discuss the role of SEBI in regulating the financial markets in India.

What is the role of the Central Consumer Protection Authority (CCPA)?

A company manufacturing sewing machines set up in 1945 by the British promoters follows formal organisation culture in totality. It is facing lot of problems in delays in decision making. As the result it is not able to adapt to changing business environment. The work force is also not motivated since they cannot vent their grievances except through formal channels, which involve red tape. Employee turnover is high. Its market share is also declining due to changed circumstances and business environment. You are to advise the company with regard to change it should bring about in its organisation structure to overcome the problems faced by it. Give reasons in terms of benefits it will derive from the changes suggested by you.

State the different networks of grapevine communications.

Kaul Consultants have launched www.naukaripao.com exclusively for senior management professionals. The portal lists out senior level jobs and ensures that the job is genuine through rigorous screening process.

a. State the source of recruitment highlighted in the case above.
b. State four benefits of the above identified source of recruitment.

Why are rules considered to be plans?

Can a large sized organisation be totally centralised of decentralised? Give your opinion.

Explain how management is both an art and a science.

Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

Read the question carefully and focus on the core concept being asked.
Reference examples and data from the chapter when answering questions about Marketing.
Review previous year question papers to get an idea of how such questions may be framed in exams.
Practice answering questions within the time limit to improve your speed and accuracy.
Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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