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Question : 39
Total: 39
Radhika was a student of Business Studies of Class XII. Her father was a farmer who grew different varieties of rice and was well-versed about various aspects of rice cultivation. He was also selected by the government for a pilot-project on rice cultivation. As a projectwork in Business Studies she decided to study the feasibility of marketing good quality rice at a reasonable price. Her father suggested her to use internet to gather customer's views and opinions. She found that there was a huge demand for packaged organic rice. She knew that there were no pre-determined specification in case of rice because of which it would be difficult to achieve uniformity in the output. To differentiate the product from its competitors, she gave it the name of 'Malabari Organic Rice' and classified it into three different varieties namely-Popular, Classic and Supreme, based on the quality. She felt that these names would help her in product differentiation.
Explain the three functions of marketing, with reference to the above paragraph.
Explain the three functions of marketing, with reference to the above paragraph.
Solution:
Marketing is made up of numerous activities known as marketing functions. Following are the functions of marketing:
(i) Gathering and analysing market information: One of the important function of marketing is to collect adequate, reliable and timely information i.e. to conduct market research. Market research is concerned with studying market conditions to determine needs, priorities and preferences of the consumers. As in the given case Radhika is using internet to gather information about customer's views and opinions.
(ii) Standardisation and grading: Standardisation means product according to certain specific detail and grading implies classifying the goods into various classes or groups based on size, quality, etc. In the given case, Radhika found that there is no specifications regarding the rice in the market. Thus, she decided to classify her rice under three different names based on the quality. Thus, she performed the function of standardisation and grading her rice based on quality.
(iii) Branding: Branding refers to giving a special name to the product. In marketing the firms have to decide by what name the product should be sold in the market. Brand name distinguishes the product from competitor's product and helps in building Customer's loyalty. As in the given case Radhika decided to give Rice as Malabari Organic Rice as brand name.
(i) Gathering and analysing market information: One of the important function of marketing is to collect adequate, reliable and timely information i.e. to conduct market research. Market research is concerned with studying market conditions to determine needs, priorities and preferences of the consumers. As in the given case Radhika is using internet to gather information about customer's views and opinions.
(ii) Standardisation and grading: Standardisation means product according to certain specific detail and grading implies classifying the goods into various classes or groups based on size, quality, etc. In the given case, Radhika found that there is no specifications regarding the rice in the market. Thus, she decided to classify her rice under three different names based on the quality. Thus, she performed the function of standardisation and grading her rice based on quality.
(iii) Branding: Branding refers to giving a special name to the product. In marketing the firms have to decide by what name the product should be sold in the market. Brand name distinguishes the product from competitor's product and helps in building Customer's loyalty. As in the given case Radhika decided to give Rice as Malabari Organic Rice as brand name.
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