Question
Give the correct sequence for Marketing strategy.
(i) Promotion
(ii) Packing
(iii) Analysing
(iv) Developing
(v) Distribution
(vi) Pricing
Code :
The correct answer is
(iii), (iv), (ii), (vi), (v), (i)
Marketing Strategy Sequence Explained
A successful marketing strategy follows a logical sequence to ensure effectiveness. The correct order involves understanding the market, developing the product, planning its presentation, setting a price, deciding how to deliver it, and finally promoting it to customers.
Key Steps in Marketing Strategy
- (iii) Analysing: This is the foundational step. It involves researching the market, understanding customer needs, identifying competitors, and assessing the overall business environment (SWOT analysis).
- (iv) Developing: Based on the analysis, the product or service is developed. This stage focuses on creating value for the customer and defining the core offering.
- (ii) Packing: Packaging is crucial for product presentation, protection, and branding. It's developed alongside or shortly after the main product development.
- (vi) Pricing: Determining the right price is essential. It considers production costs, perceived value, competitor pricing, and profit goals.
- (v) Distribution: This step involves planning how the product will reach the target customer, including channels, logistics, and inventory management.
- (i) Promotion: The final stage involves communicating the product's value to the target audience through advertising, public relations, sales promotions, and personal selling.
Therefore, the correct sequence for a Marketing strategy is Analysing, Developing, Packing, Pricing, Distribution, and Promotion.
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Important Questions from Marketing mix
Which of the following statements represents marketing ?
Match the items of List - I with List - II and denote the code of correct matching :
List - I List - II (a) Acceptability (i) Convenience Aspect (b) Affordability (ii) Functional and Psychological Aspects (c) Accessibility (iii) Information and knowledge Aspects (d) Awareness (iv) Economic and Psychological Aspects - Which one is not a part of Marketing Mix ?
Match List – I and List – II and indicate the correct code :
List – I List – II a. Convenience goods i. Consumer purchases them frequently, immediately and with minimal effort. b. Shopping goods ii. Consumer compares them on the basis of suitability, quality, price and style. c. Speciality goods iii. These are goods with unique characteristics or brand identification. d. Unsought goods iv. Consumers are not aware of them and normally do not think of buying them. Codes :
- Match the pricing strategies in List - I with their appropriate explanation in List - II :
List - I List - II (a) Bundle pricing (i) Price for any product is deliberately fixed lower than the prices of competitors (b) Parity pricing (ii) Prices fixed for similar products and services are the same as competitor’s prices (c) Penetration pricing (iii) Price fixation is allowed at levels higher than competitors (d) Premium pricing (iv) Involves being the leader in fixing prices by benchmarking them (v) Set of products and services are clubbed together and charged at lower than the sum of individual elements in the mix
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