The marketing mix, often referred to as the “Four P’s” of marketing, is a foundational concept in marketing. It represents the set of tactical marketing tools that a company uses to pursue its marketing objectives in the target market. These four crucial elements are: 1. Product: Product refers to what the company offers to its…
Packaging refers to the process of designing and producing the container or wrapper for a product. It involves enclosing and protecting the product for distribution, storage, sale, and eventual use by consumers. Packaging can range from simple wrappers or boxes to intricate designs with functional features. Functions of packaging:
Yes, packaging has acquired great significance in the marketing of goods. Its functions can be understood as: (i) Product Protection: Packaging protects the contents of a product from spoilage, breakage, leakage, pilferage, damage, climatic effects, etc. This kind of protection is required during storing, distribution and transportation of the product. (ii) Product Identification: Packaging greatly…
Packaging refers to the act of designing and producing the container or wrapper of a product. Here are four primary functions of packaging: 1. Protection: Packaging provides protection to the product from physical damage, dust, dirt, and other environmental factors during handling, transportation, and storage. It can also shield the product from climatic conditions like…
A food chain is a linear sequence that shows how energy and nutrients move from one organism to another within an ecosystem. At each level of the chain, organisms consume those below them to obtain energy and nutrients, and in turn, are consumed by those above them. A typical food chain can be described as…
The World Wide Web (often abbreviated as “WWW” or simply “the Web”) is an information system where documents and other web resources are identified by Uniform Resource Locators (URLs), which can be linked to via hyperlinks, and are accessible over the Internet. The resources on the Web can be in any medium, including text, images,…
Financial Management is concerned with efficient acquisition and allocation of funds. In simple words, it refers to the efficient acquisition of finance, efficient utilisation of finance, and efficient distribution and disposal of surplus for smooth working of a business organisation. Objectives of financial management are as follows: (i) Profit Maximisation: A finance manager should procure…
Relationship between planning and controlling: (i) Controlling takes place on the basis of standards developed by planning because if the standards are not set in advance, managers have nothing to control. (ii) Planning without controlling is meaningless because once a plan becomes operational, controlling ensures that events conform to the plans. (iii) Planning is prescriptive…
Planning and controlling are mutually interrelated and interdependent activities because: (i) Controlling is based on planning: Planning provides standards used in controlling to compare with actual performance. (ii) Planning without controlling is meaningless: Controlling ensures that commitments under the plans are fulfilled and events conform to the plans. (iii) Planning is prescriptive and controlling is…