(a) Explain the following functions of marketing:
(i) Product Designing and Development.
(ii) Standardisation and Grading
OR
(b) Explain the four important elements of marketing mix.
(i) Product Designing and Development.
(ii) Standardisation and Grading
OR
(b) Explain the four important elements of marketing mix.
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Solution and Explanation
(a) (i) Product Designing and Development:
Process: Idea generation → Concept testing → Prototyping → Commercialization
Example: Dyson's 5,127 vacuum prototypes
Key Aspects: Aesthetics (Apple's minimalist design), Functionality (Tesla's over-the-air updates), Ergonomics (Microsoft's ergonomic keyboards), Sustainability (Adidas' recycled ocean plastic shoes)
Impact: 70 percent of buying decisions made at design stage, Reduces returns by 30-40%
(ii) Standardisation and Grading:
Standardization: Uniform quality specifications
Example: ISO certification processes
Benefits: Consistent customer experience
Grading: Classification by quality/size
Example: USDA beef grades (Prime, Choice)
Benefits: Price differentiation
(b) Marketing Mix (4Ps):
1. Product: Core benefit (smartphone = connectivity), Augmented features (warranty, accessories)
2. Price: Psychological pricing (dollar 9.99 effect), Premium pricing (Rolex watches), Value-based pricing (Starbucks experience)
3. Place: Distribution channels (direct/indirect), Market coverage (intensive/selective), Logistics management
4. Promotion: Advertising (TV, digital), Personal selling (B2B salesforce), Sales promotion (discounts)
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