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    Anusha Jose - A1904016095

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    This document contains responses to questions about marketing concepts. [1] It defines marketing as identifying and satisfying customer needs through exchange relationships. The important steps of marketing are selecting target clients, identifying their needs, shaping services to meet needs, communicating capabilities, proposals/pitches, and obtaining repeat business. [2] It defines professional services as occupations requiring special training like lawyers, accountants, consultants. Factors like skills, experience, and ethics impact selection of professional services. [3] The 4 P's of marketing are Product, Place, Promotion, and Price.

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    Anusha Jose - A1904016095

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    anusha jose
    37 views2 pages
    This document contains responses to questions about marketing concepts. [1] It defines marketing as identifying and satisfying customer needs through exchange relationships. The important steps of marketing are selecting target clients, identifying their needs, shaping services to meet needs, communicating capabilities, proposals/pitches, and obtaining repeat business. [2] It defines professional services as occupations requiring special training like lawyers, accountants, consultants. Factors like skills, experience, and ethics impact selection of professional services. [3] The 4 P's of marketing are Product, Place, Promotion, and Price.

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    ANUSHA JOSE_A1904016095

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    This document contains responses to questions about marketing concepts. [1] It defines marketing as identifying and satisfying customer needs through exchange relationships. The important steps of marketing are selecting target clients, identifying their needs, shaping services to meet needs, communicating capabilities, proposals/pitches, and obtaining repeat business. [2] It defines professional services as occupations requiring special training like lawyers, accountants, consultants. Factors like skills, experience, and ethics impact selection of professional services. [3] The 4 P's of marketing are Product, Place, Promotion, and Price.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views2 pages

    Anusha Jose - A1904016095

    Uploaded by

    anusha jose
    This document contains responses to questions about marketing concepts. [1] It defines marketing as identifying and satisfying customer needs through exchange relationships. The important steps of marketing are selecting target clients, identifying their needs, shaping services to meet needs, communicating capabilities, proposals/pitches, and obtaining repeat business. [2] It defines professional services as occupations requiring special training like lawyers, accountants, consultants. Factors like skills, experience, and ethics impact selection of professional services. [3] The 4 P's of marketing are Product, Place, Promotion, and Price.

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    ANUSHA JOSE (A1904016095)

    1. What do you understand by marketing ? What are the important steps of marketing?

    ANS : MARKETING - Marketing is the study and management of exchange


    relationships. It is the business process of identifying,
    anticipating and satisfying customers' needs and wants. At its
    core, marketing seeks to take a product or service, identify its
    ideal customers, and draw the customers' attention to the
    product or service available .

    STEPS OF MARKETING –

    STEP 1 : selecting the clients you want to work for

    STEP 2 : Identifying the needs of the target client

    STEP 3 : Shaping your service to suit the needs of the target clients

    STEP 4 : Communicating your availability and capability to the target client

    STEP 5 : Proposals , tenders and pitching

    STEP 6 : Delivering added value and obtaining repeat business

    2. What do you understand by professional services ?

    ANS : Professional services are occupations in the service sector requiring special
    training in the arts or sciences. Some professional services require holding
    professional licenses such as architects , engineers, doctors and lawyers. Other
    professional services involve providing specialist business support to businesses
    of all sizes and in all sectors; this can include tax advice, supporting a company
    with accounting, IT services or providing management advice.
    Professional services can be provided by sole proprietors,partnership or
    corporations. A person providing the service can often be described as
    a consultant.

    The marketing and selection of professional-service providers may depend on


    factors such as skill, knowledge, experience, reputation, capacity, ethics, and
    creativity. Large corporations may have a formal procurement process for
    engaging professional services. Prices for services, even within the same field,
    may vary greatly. Professional-service providers may offer fixed rates for specific
    work, charge in relation to the number or seniority of people engaged, or charge
    in relation to the success or profit generated by the project.
    3. What are the 4P’s of marketing ?

    ANS : a) PRODUCT : Product refers to an item or items the business plans to offer to customers.
    The product should seek to fulfill an absence in the market, or fulfill consumer demand for a
    greater amount of a product already available. Before they can prepare an appropriate
    campaign, marketers need to understand what product is being sold, how it stands out from
    its competitors, whether the product can also be paired with a secondary product or product
    line, and whether there are substitute products in the market.

    b) PLACE : Place refers to the distribution of the product. Key considerations include whether
    the company will sell the product through a physical storefront, online, or through both
    distribution channels. When it's sold in a storefront, what kind of physical product placement
    does it get? When it's sold online, what kind of digital product placement does it get?

    c) PROMOTION : Promotion, the fourth P, is the integrated marketing communications


    campaign. Promotion includes a variety of activities such as advertising, selling, sales
    promotions, public relations, direct marketing, sponsorship, and guerrilla marketing.Promotions
    vary depending on what stage of the product life cycle the product is in. Marketers understand
    that consumers associate a product’s price and distribution with its quality, and they take this
    into account when devising the overall marketing strategy.

    d) PRICE : Price refers to how much the company will sell the product for. When establishing a
    price, companies must consider the unit cost price, marketing costs, and distribution
    expenses. Companies must also consider the price of competing products in the marketplace
    and whether their proposed price point is sufficient to represent a reasonable alternative for
    1consumers.

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