MGT301 Midterm Themes 1-6

MGT301 · Theme 1 · Topic 1

Q. What is Marketing?

Marketing is a process of identifying customer need and full that needs.

Further term of marketing · Three Further term of marketing · • Need

A need is something that is necessary for living a healthy live.

E.g. Air, Water, Food

• Want

Want is the form that a human need takes as shaped by culture and individual personality, wish for it become want.

e.g Mineral water, Fast food

• Demand

Demand is the quantity of goods that consumers are willing and able to purchase at various prices.

e.g We have Rs. 2.5 lakh for purchasing a Car · Q. What is Exchange: · The process of getting what you want is called Exchange.

e.g we want to eat eggs in breakfast. So we go to the eggs shop and purchase some eggs.

Q. What is Transaction?

A transaction is an activity in which goods, services or money are transferred from one account to another.

Q. What is Marketing Offering?

A Marketing offering is any combination of products, services or information offered to the market to satisfy the need or want.

Virtual student support services provide academic (taleemi) services to the students throughout the world.

Q. What is Marketing mix?

Marketing is used not only by businesses but also political parties, and charity organizations as well. Actual task of marketing is to manage demand. The concept of marketing mix is very important in marketing. It includes four Ps:

• Product
• Price
• Place
• Promotion

As demand of any product that is offered for selling is never ideal so marketers face different demand situations and resultantly make different strategies for different demand situations. Different demand situations are:

Q. What is Negative demand?

Negative demand is a demand situation in which your product is facing biased or negative views of potential customers.

For example the society in which you are dealing with frozen food items, consider that only fresh food is good. Frozen food is unhealthy.

Q. What is No demand?

No demand is something that every business faces in the startup phase. People are not aware of your product then you will use creative / stimulating marketing which means you create the demand.

Q. What is Latent demand?

Latent demand is dealing in a product which people may demand but right now the demand is hidden.

Insurance policy which initially was introduced and had latent demand and people did not take interest in it.

Q. What is Declining demand?

Declining demand is when due to any reason the demand of the product starts declining. In such case remarketing is used; you may redevelop the product by adding some new features in it.

Q. What is Adequate or sufficient demand?

Full/ regular demand is when demand of the product is equal to the production capacity and this is also called adequate or sufficient demand.

Q. What is irregular demand?

Irregular demand is when demand of company product changes at different times. It increases in some season and decrease at some other time. It is called irregular demand.

Q. What is overfull demand?

When demand of company product exceeds the production capacity means company is facing overwhelming demand and is unable to manage demand it is called overfull demand situation and company uses de marketing strategy.