Pragati Limited has chalked out an action plan in order to increase its market share in the international market by 20% in the next one year. The action plan contains the details about how the production levels will be increased, promotional activities will be carried out and so on. Identify the type of marketing function being described in the given lines.
Gathering and analysing market information
Incorrect AnswerMarketing planning
Correct AnswerProduct designing and development
Incorrect AnswerPackaging and labelling
Incorrect AnswerExplanation:
- Gathering and analysing market information:
- Involves collecting data about market trends, customer preferences, and competitors.
- Helps in making informed business decisions.
- Marketing planning:
- Creating strategies to achieve marketing goals.
- Includes setting objectives and outlining actions like increasing production and promotion.
- ?? Correct Answer: Marketing planning.
- Product designing and development:
- Focuses on creating new products or improving existing ones.
- Involves design, technical specifications, and innovation.
- Packaging and labelling:
- Involves designing the physical packaging and creating labels for the product.
- Aims to attract customers and provide necessary product information.
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By: santosh