Assignment : Principles of management

Roll number - 0095

B.Com – Finance
8/9/2020
Question: State the difference between marketing and selling?
Answer:
Basis Marketing
Scope Marketing is a wider term
and includes selling also.
It covers all the activities
concerned with identifying
and satisfying the wants of
the customer.
Focus It focuses on the needs of
customers
Objective It aims to earn profits
through customer
satisfaction.
Start and end It starts much before
production and continues
even after sales.
Emphasis It emphasises on
development of product
according to customer’s
needs.
Strategy used It involves strategies like
product promotion, pricing
and distribution.
Selling
It is only a part of
marketing process. It is
limited to exchange of
goods or services for
some consideration.
It focuses on transfer of
title of goods from seller to
buyers.
It aims to maximise profit
through increase in sales
volume.
It starts after production
and ends with sale of
product.
It emphasises on bending
the customers according
to product.
It involves efforts like
promotion and persuasion
for selling the product.
Question:

Explain the terms Needs, Wants and Demands. What is the

difference between them? Give examples for each

Answer:

Needs – Needs are the basic requirements of a human being, like food, cloth, shelter

etc. humans cannot survive lace of those requirements. Education and health care

are the extend part of needs in this modern world. According to marketing language,

human needs are state of felt deprivation. It is the basic underlying of marketing.

Different people have different needs some of them are as follows

physical needs- Food, cloth, house, safety etc.

Personal-needs - self-expression, discuss feeling etc.

Social needs - love, affection etc.

Ego needs : status, recognition and self-esteem

Wants – Wants are the satisfiers of needs. Specific products have the ability of

satisfy specific wants.

Wants are a form of needs and which are greatly dependent on the human needs.

Wants are unlimited. Customers want high value and satisfaction for money.

For example, we need to write, for this our choice will be the best pen. For write is

our needs but the best brand of pen is our wants.

Demands - Demands are wants for specific products. They are backed by

willingness and ability to buying power. Wants backed by money and willingness to

spend the money become demand.

For example, we need BMW car and we have the buying power, is our demand.

Difference between the above:

Need is a necessity without which a person cannot exist. E.g.; food, water and etc.

Want is something that you decide to get but without which you can survive and

exist. E.g.; car, cell phone and etc.

Demand is a state of mind which drives you towards fulfilment of your need or want.

Question: What is strategic marketing process?

Answer:

Strategic marketing can be explained as a process of planning to develop and to

implement operations so as to attain a competitive edge in a particular niche. This

process is very important for outlining and simplifying the goals and objectives of a

company and how they can be achieved. Businesses which want to secure a

particular share in the market should assure that their mission is clearly identified,

should survey the situation of the industry, define specific objectives and develop,

implement as well as evaluate the plan which guarantees that customers are

provided with products that they need and when they need it.
Question:

What all can be marketed? Give an example for each one of them

Answer:

What all is marketed ?

Goods
Services
Event IPL Olympics
Experiences Amusement Parks
Persons Sachin Tendulkar
Place MP, Gujarat Tourism campaign
Properties Housing projects
Organizations NGOs, CRY, UNICEF
Information Wikipedia, Encyclopaedia
Ideas Discouraging smoking, family planning
etc.