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Business Studies · 2024 · 4 marks
CBSE 2024 · Region 3 · Set 2 · Q25
(a) Explain the following functions of marketing: (i) Marketing planning (ii) Gathering and analyzing market information
(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
Marking-scheme solution
(i)
Marketing planning
Marketer develops appropriate marketing plans so that the
marketing objectives can be achieved.
Marketing planning includes plan for increasing production
level, promotion of the product etc.
(ii)
Gathering and analysing market information
It is necessary to identify the needs of the customer and
take various decisions for the successful marketing of the
product and services.
It is important to analyse available opportunities and threat
as well as strength and weaknesses of the organisation.
Q. Explain the following factors which affect the
fixation of price of a product:
(i)
Product cost
(ii)
Utility and Demand
(i)
Product cost
This includes the cost of producing, distributing and selling
the product. The cost sets the minimum level or the floor
price at which the product may be sold.
All marketing firms strive to cover all their costs,
at least in the long run. In addition, they aim at earning a
margin of profit over and above the costs.
(ii)
Utility and Demand
The utility provided by the product and the intensity of
demand of the buyer sets the upper limit of price,
which a buyer would be prepared to pay.
If the demand is elastic the price is on the lower side but
when the demand is inelastic, then the firm can fix a higher
price.
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CBSE Class 12 Business Studies past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.