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) Marketing Operations:

• Strategic Development: This entails defining marketing objectives and devising methods to attain them. It encompasses planning product introductions, promotional activities, and price determination.
• Market Intelligence: Companies need to comprehend consumer desires, competitive landscapes, and market trajectories. This facilitates well-informed decision-making.

(b) Influences on Pricing:

• Production Expenses: This establishes the foundational price point. It comprises costs related to manufacturing, packaging, and delivery.
• Value and Consumer Interest: Products offering greater utility and experiencing strong demand can command higher prices. Elevated utility and demand typically correlate with increased pricing.

Conclusion: Explanations for both sections have been furnished.