Name: Bellen, JC-Ray H.

Grade and Sec ABM 12 2B - Hope

MKTG- Principles of Marketing

Learning Tasks no. 2

Discuss or explain for at least two (2) sentences each item being asked.

1. Do you consider marketing as an important human activity? Why or why not?

I think a great example of human activity is communication and marketing can do that.
Marketing benefits both the business and its consumers wherein the business communicates to the
consumer by appealing through their needs and wants and the consumer being able to satisfy that
need or want which is why I believe marketing is an important human activity.

2. What happens when the business firm fails to sell its products?

When the business firm fails to sell its products, the firm gains more losses than profits and
goes bankrupt. When this continues to be unresolved, the business will be able to sustain its
operations to function efficiently. Ultimately, it will close and terminate its operations.

3. In your own words, what is the marketing concept?

According to NetMBA Busines Knowledge Center (2010), the marketing concept is simply
where business firms find out the needs of their customers and do something and make decisions
to satisfy those needs. These decisions should be better than their competitors so that they can reel
in more customers.

4. What internal and external factors affect the marketing activities of the firm?

Internal factors that could affect the marketing activities of the firm would be the internal
environment such as the price set by the business firm on its products or business, human resources,
and firm culture. External influences or the external environment that could ultimately dictate the
marketing activities of the firm would be technology, competitors, and the economy.

5. What variables are included in the marketing mix? Explain.

According to Chanimal.com (n.d.), variables included in the marketing is called the 4Ps:
product, place, promotion, and price. Product refers to the service or the tangible good that satisfies
the target the customer’s wants. Second, place refers to placement such as where the product is
available for the target customers to buy it. Third, promotions include advertising, PR, event
marketing, direct marketing, personal selling, etc. Lastly is the price which consists of the policies
regarding competitive upgrades, reseller pricing, etc.

6. What is included in the term “product?

Included in the products are services or tangible goods that satisfy the target the customer
wants. This is the first essential that a target market is identified, quantified, and justified.

7. What does the firm do when it emphasizes “the place” in the marketing mix?

When the place is emphasized in the marketing mix, the firm emphasizes on the placement
of its products. This refers to having the product is available where and when the targeted
customers want to buy it.

8. How does the recession affect marketing?

Recession is a period of temporary economic decline during which trade and industrial
activity are reduced which is evident in the COVID-19 pandemic. According to Markletic.com
(2020), this affects marketing in a way that it adds pressure to the marketing department of the
firm to be more cautious of their investments, pressure proven returns on marketing expenditure
will increase. Moreover, value-based marketing will become more important for marketers need
to decline in consumer confidence which is an economic indicator that gauges how consumers
interpret the present economic environment and their expectations for the future.

9. What are the basic forms of competition? Discuss.

In free-market competition, according to Karen Collins in her book An Introduction to

Business, the four types of basic competition include perfect competition, monopolistic
competition, oligopoly, and monopoly. Perfect competition is where many consumers are buying
a standardized product from numerous small businesses. Monopolistic competition is having many
sellers (As we had in perfect competition) but they don’t sell identical products, instead, they sell
differentiated products. Differentiated products are products that somewhat differ but serve a
similar purpose) an example of this is Coke and Pepsi, two soft drink products that are quite
similar. Oligopoly means few sellers wherein; each seller supplies a large portion of all the
products sold in the marketplace where the cost in starting a business is usually high so the number
of firms entering it is low. An example of this would be large-scale companies such as airlines
where when one lowers a price other competitor are forced to follow suit to remain competitive.
Finally, we have Monopoly wherein there’s only one seller in the market in a geographical or
regional area and can control prices and falls into two categories: natural and legal monopoly.
Natural monopolies include public utilities such as electric companies and gas suppliers that inhibit
competition because they are important and are regulated by the government. Legal monopolies
arise when a company receives a patent giving it exclusive use of an invented product or process
for a limited time (this is usually allowed for the company to recover the heavy costs of researching
and developing products and technologies) an example of this would be polaroid. (Collins, n.d.)

10. What basic form of competition is most conducive to the use of the marketing mix?

The most conducive form of competition in the marketing mix would be the monopolistic
competition because of the even playing field for all sellers. This is because, in monopolistic
competition, there are many sellers and the marketing mix comes into play to determine the
success of a firm; unlike in the perfect competition, businesses may control its price to appeal to
the customers, unlike oligopoly, it isn’t costly to join the market and unlike monopoly, it isn’t
strictly government regulated.

References
Collins, K. (n.d). 1.5 Monopolistic Competition, Oligopoly, and Monopoly. Retrieved from An Introduction
to Business: https://2012books.lardbucket.org/books/an-introduction-to-business-v2.0/s05-05-
monopolistic-competition-oligo.html

n.a. (n.d). THE FOUR “P’S” OF THE MARKETING MIX. Retrieved from Chanimal:
https://www.chanimal.com/resources/marketing-basics/marketing-mix-
4p/#:~:text=The%20marketing%20mix%20is%20the,needs%20of%20the%20target%20market.

n.a. (2010). The Marketing Concept. Retrieved from NetMBA Business Knowledge Center:
http://www.netmba.com/marketing/concept/#:~:text=The%20marketing%20concept%20is%20
the,not%20always%20been%20the%20case.

Wolf, R. (2020, March 24). How Does a Recession Affect Marketing? Retrieved from Markletic:
https://www.markletic.com/blog/how-does-a-recession-affect-marketing/