Q.(a) Write about the evolution of Marketing. (Any five)

(a) Marketing evolved through the Production, Product, Selling, Marketing and Societal marketing concepts. (b) A valid endorsement must be on the instrument and signed, of the whole instrument, by the holder, with the signature matching the name, and completed by delivery. (a) Evolution of Marketing — any five concepts (stages): 1. Production concept: the earliest stage, emphasising large-scale production and wide availability of low-cost goods, on the belief that consumers prefer cheap and available products. 2. Product concept: emphasis shifts to producing high-quality products with better features and performance, assuming customers favour superior products. 3. Selling concept: with rising output and competition, firms concentrate on aggressive selling, advertising and promotion to push their products onto buyers. 4. Marketing concept: the focus turns to the customer — first finding out consumer needs and wants and then satisfying them better than rivals, so that profit comes through customer satisfaction. 5. Societal (holistic) marketing concept: the latest stage, where the firm satisfies customer needs while also safeguarding the long-term welfare of society and the environment. (b) Requisites for a valid endorsement — any five: 1. On the instrument and signed: it must be written on the negotiable instrument itself (or on a slip attached to it, called an allonge) and signed by the endorser. 2. Of the entire instrument: the endorsement must be of the whole amount/instrument; a partial endorsement is not valid. 3. By the holder or maker: it must be made by the holder (or the maker/payee) who has the right to negotiate the instrument. 4. Signature matching the name: the endorser must sign exactly as their name appears on the instrument (spelling as written). 5. Completed by delivery: signing alone is not enough; the endorsement is complete only when the instrument is actually delivered to …