As a project work in business studies subject, the commerce students of XYZ school thought of setting up a recycling - Business Studies - Important Videos

Question

As a project work in business studies subject, the commerce
students of XYZ school thought of setting up a recycling plant to
recycle all the waste papers from the school and prepare registers
and exercise books to be used by the school students They
approached their principal who not only appreciated the idea but
also gave consent on the same The school also decided to donate 50%
of the revenue generated to the nearby blind school
(a)Explain any two marketing mix decisions which the children have
to take
(b) Suggest any two factors children should keep in mind while
choosing the right name for their registers
(c) Identify the two messages communicated to the society on this
project of XYZ school

Mehak Garg · Accepted Answer

Dear Student,

(a) The two marketing mix decisions which the children have to take
are -
1 Product : A product refers to any good
or service that offers value and satisfies needs of a customer In
marketing, a product relates not just to the physical product but
it also includes the satisfaction of various needs and utilities of
the customer For example, consumption of a product (recycled paper)
benefits a consumer in the form of satisfaction of consumers(school
students)’ functional needs, social needs and psychological
needs Such benefits also form a part of product In addition, a
product also includes the after sale services such as taking
feedbacks, redressing consumer complaints, etc Important decisions
regarding a product relate to its designing, quality, features,
labelling, branding and packaging
2 Price : Price refers to the money paid
by the customers(school students) to obtain a product(register or
book) Price of a product affects its demand As the price of a
product increases, its demand falls and vice versa The children's
must analyse properly the various factors that determine the price
and decide a suitable price for the product
(b) The factors children should keep in mind while choosing the
right name for their registers are -
1 It should be short, attractive, simple and unique
2 It should be suggesting something about product quality

(c) The two messages communicated to the society on this project of
XYZ school are - Initiativeness and Waste Management

Regards