GENERAL KNOWLEDGE

Detailed explanation-1: -Marketing drives a consumer economy by fueling marketing decisions. It creates a sustainable cycle by enabling companies to provide necessary services and products while creating jobs to allow more people to purchase additional goods and services.

Detailed explanation-2: -Penetration pricing is the practice of setting a low initial price for a product or service to entice customers. It is a competitive marketing strategy that aims to increase sales by attracting a wide number of customers to new products at initial low prices.

Detailed explanation-3: -To sum up, the marketing concept is based on the following pillars: (i) Identification of market or customer who are chosen as the target of marketing effort. (ii) Understanding needs and wants of customers in the target market. (iii) Development of products or services for satisfying needs of the target market.

Detailed explanation-4: -Option B is the correct answer. Marketing is a tool used to create awareness about the company’s products to increase demand for the products. This helps in increasing the company’s revenues. As the demand for the goods increases, the production activities will also increase, resulting in more jobs in the economy.