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Business Studies · 2024 · 4 marks
CBSE 2024 · Region 5 · Set 1 · Q30
Explain the following functions of marketing:(i)Product Designing and Development(ii)Standardisation and GradingExplain the four important elements of marketing mix
Explain the following functions of marketing:
(i)
Product Designing and Development
(ii)
Standardisation and Grading
Explain the four important elements of marketing mix
Marking-scheme solution
$\displaystyle 20$ Q. Product Designing and Development
§ The design of the product contributes to making the product attractive
to the target customers.
§ A good design can improve performance of a product and also give it a
competitive advantage in the market.
(iii)
Standardisation and Grading
§ Standardisation refers to producing goods of predetermined
specifications, which helps in achieving uniformity and consistency in
the output.
§ Grading is the process of classification of products into different
groups, on the basis of some of its important characteristics such as
quality, size, etc.
Q. (b) Explain the four important elements of marketing mix
The four important elements of marketing mix are:
(i)
Product (ii) Price (iii) Place and (iv) Promotion
(i)
Product
The concept of product includes not only the physical product but also include
the extended product or what is offered to the customers by way of after sales
services, handling complaints, availability of spare parts etc. The important
product decisions include deciding about the features, quality, packaging,
labelling and branding of the products.
$\displaystyle 21$ Q. (ii) Price
To fix a price for the firm’s products, the marketers have not only to decide
about the objectives of price setting but to analyse the factors determining the
price. Decisions have also to be taken in respect of discounts to customers,
traders and credit terms, etc., so that customers perceive the price to be in line
with the value of the product.
(iii)
Place or Physical Distribution
It includes activities that make firm’s products available to the target
customers.
Important decision areas in this respect include selection of dealers
or intermediaries to reach the customers, providing support to the
intermediaries, managing inventory, storage and warehousing and
transportation of goods from the place it is produced to the place it is required
by the buyers.
(iv)
Promotion
Promotion of products and services include activities that communicate
availability, features, merits, etc., of the products to the target customers and
persuade them to buy it. Organisations undertake various promotional
activities through tools such as advertising, personal selling and sales
promotion techniques etc.
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CBSE Class 12 Business Studies past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.