Chapter 11, Problem 22AA

To determine

To analyze: The effects of various marketing methods on a product.

Answer to Problem 22AA

Marketing is important as a product itself cannot go home to home and let the company earn profits, it is marketing which allows a company to spread information about their product. And helps their products to attract consumer.

Explanation of Solution

We have taken candy as an example to show how marketing methods affect a product.

Marketing Method	How effective would it be? Why?
Redesign Packaging	A better packaging helps in attracting consumers.
New uses for a product	Customers prefer those products which carry multiple uses to it as it satisfies their demands from a single product and they need not to spend money on different products.
New advertising	Advertising helps in informing the customers about the products available in the market.
Adding new ingredients	New ingredients would add to the flavor of the product thereby enabling the consumers to buy it more.

Economics Concept Introduction

Introduction: Marketing is an activity and procedure for creating, communicating information about products that have value for customers and society.