Question

(a) Explain the following functions of marketing:
(i) Marketing planning
(ii) Gathering and analyzing market information
OR
(b) Explain the following factors which affect the fixation of price of a product:
(i) Product cost
(ii) Utility and Demand

Hint:

Marketing planning focuses on strategy. Pricing depends on cost, demand, and consumer perception of value.

Answer 1

(a) Functions of Marketing:

• Marketing Planning: It involves setting marketing goals and outlining strategies to achieve them. It includes planning product launch, advertising, pricing, etc.
• Gathering and Analyzing Market Information: Businesses must understand customer preferences, competitors, and market trends. This helps in making informed decisions.

(b) Factors Affecting Price Fixation:

• Product Cost: This is the baseline for setting the price. Includes production, packaging, and distribution costs.
• Utility and Demand: If a product is more useful and in demand, consumers may be willing to pay more. High utility and demand often lead to higher prices.

Final Answer: Provided explanations for both OR parts.