1. what would happen if a business does not engage in market planning? 2. describe the importance of the…

1. what would happen if a business does not engage in market planning? 2. describe the importance of the product/service management function. 3. explain what might happen if businesses neglect the marketing - information management function. 4. why is pricing an important marketing function? 5. why is channel management important for successful marketing? 6. explain the importance of the marketing function of promotion. 7. how does the selling function benefit businesses, customers, and society?

1. what would happen if a business does not engage in market planning? 2. describe the importance of the product/service management function. 3. explain what might happen if businesses neglect the marketing - information management function. 4. why is pricing an important marketing function? 5. why is channel management important for successful marketing? 6. explain the importance of the marketing function of promotion. 7. how does the selling function benefit businesses, customers, and society?

Answer

Brief Explanations:

  1. Without market - planning, a business may face misaligned products with customer needs, inefficient resource allocation, and lack of competitive edge.
  2. Product/service management ensures quality, innovation, and customer satisfaction, which are crucial for business success.
  3. Neglecting marketing - information management can lead to poor decision - making, missed market trends, and ineffective marketing strategies.
  4. Pricing is important as it affects revenue, market share, and customer perception of value.
  5. Channel management is key for getting products to customers efficiently, enhancing customer convenience, and maximizing sales.
  6. Promotion function creates awareness, generates interest, and stimulates demand for products or services.
  7. The selling function benefits businesses by generating revenue, customers by getting products they need, and society by facilitating economic activity.

Answer:

  1. It may face misaligned products, inefficient resource use, and lack of competitiveness.
  2. Ensures quality, innovation, and customer satisfaction.
  3. Can lead to poor decision - making and missed trends.
  4. Affects revenue, market share, and value perception.
  5. Facilitates product delivery, enhances convenience, and maximizes sales.
  6. Creates awareness, generates interest, and stimulates demand.
  7. Benefits businesses with revenue, customers with product access, and society with economic activity.