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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market5 Marks
Question
Name the methods used for pricing. Define marketing mix. Draw a chart showing the components and sub-components of the mix.
✓

Answer

Some methods and policies which are individually and collectively used in pricing decisions are as follows but will be discussed in detail in higher classes.
  1. Cost Plus Pricing Method.
  2. Variable Price Method.
  3. Base Price and Discounts Method.
  4. Market Rate Method.
  5. Skimming Price Method.
  6. Penetrating Pricing Method.
Marketing mix: The combination of product, price, promotion and place $($distribution$)$ activities needed to meet marketing objectives is said to be marketing mix. It is a set of controllable variables that the firm can use to influence buyers 'response'.
Components of Marketing Mix
Product
Price
Promotion
Distribution
$(i)$
According to needs of the customers.
$(ii)$
Saleable quality.
$(iii)$
Improving the quality.
$(iv)$
Attractive designing and packaging.
$(v)$
After sales services.
$(i)$
Paying capacity of customers.
$(ii)$
Fair pricing of the product.
$(iii)$
Credit facility.
$(iv)$
Discount and allowance.
$(i)$
Advertising.
$(ii)$
Sales promotion.
$(iii)$
Personal selling.
$(i)$
Availability at the right place.
$(ii)$
Availability through convenient outlets.

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