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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market4 Marks
Question
Discuss briefly the factors affecting the marketing mix.
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Answer

While determining suitable marketing mix, following factors must be taken into consideration regarding consumers, dealers, competitors and government behaviour.
These behaviours are enumerated herewith:
  1. 1. 'Consumers' Buying Behaviour: Consumer's behaviour is studied with regards to,
  • Buying habits
  • Living habits
  • Purchasing power
  • Attitude and preferences
  • Local environment and situations
  • Number of consumers of the product.
  1. 'Dealers' Behaviour: The behaviour of wholesalers and retailers is studied with regards to,
  • Factors that could motivate them
  • Structure, practice and attitude of dealers
  • Financial strength of dealers
  • Expected change in their behaviour with change in incentives offered.
  1. 'Competitors' Behaviour: The following factors are considered while studying competitor's behaviour.
  • Size and strength of competing units
  • Number of competitors
  • Practices and attitudes of the competitors
  • Motives
  • Trends in demand and supply.
  1. Government Behaviour: It implies government controls regarding,
  • Products
  • Prices
  • Competitive practices
  • Restrictive trade practices
  • Advertising and promotion.

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