Marketing obj
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1A. pricing is the process
whereby a business sets the
price at which it will sell its
products and services, and
may be part of the
business's marketing plan.
1B. The marketing concept is the philosophy that
firms should analyze the needs of their
customers and then make decisions to satisfy
those needs, better than the competition.
To better understand the marketing concept, it is
worthwhile to put it in perspective by reviewing
other philosophies that once were predominant.
While these alternative concepts prevailed during
different historical time frames, they are not
restricted to those periods and are still practiced
by some firms today.
there are different type of marketing concept which are :
i. The Production Concept: The production concept was the idea that a firm
should focus on those products that it could
produce most efficiently and that the creation of
a supply of low-cost products would in and of
itself create the demand for the products.
ii. The Sales Concept :
By the early 1930's however, mass production
had become commonplace, competition had
increased, and there was little unfulfilled
demand. Around this time, firms began to
practice the sales concept (or selling concept ),
under which companies not only would produce
the products, but also would try to convince
customers to buy them through advertising and
personal selling. Before producing a product, the
key questions were:
Can we sell the product?
Can we charge enough for it?
The sales concept paid little attention to whether
the product actually was needed; the goal simply
was to beat the competition to the sale with
little regard to customer satisfaction.
iii. The Marketing Concept: When firms first began to adopt the marketing
concept, they typically set up separate marketing
departments whose objective it was to satisfy
customer needs. Often these departments were
sales departments with expanded
responsibilities. While this expanded sales
department structure can be found in some
companies today, many firms have structured
themselves into marketing organizations having a
company-wide customer focus. Since the entire
organization exists to satisfy customer needs,
nobody can neglect a customer issue by
declaring it a "marketing problem" - everybody
must be concerned with customer satisfaction.
5a)
Sales promotion is one of the five aspects of the promotional mix. (The other 4 parts of the promotional mix are advertising, personal selling, direct marketing and publicity/public relations.) Media and non-media marketing communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates.
(5a)
Sale promotion may be defined as methods which
last for specified period adopted by manufacturers
aimed at bringing the existence of goods or
introduction of new ones to the knowledge of
consumers and to boost sales
(5b)
-To inform the public of the places prices and
method of obtaining the goods advertised
-It is also aimed at increasing sales and profits of
firm
-It is also used to informs the customers of the
benefits of goods advertised
-It informs the public about the existence of new
goods or service
-It is also used to create demand
(5c)
-It arouses the interest of the buyers
-It creates product awareness
-It gives rooms for demonstration
-It allows the buyers to negotiate for better prices
and other favourable terms
2a. A product is anything that can be offered to a market that might satisfy a want or need.
2b. Product is the concept of the physical or intangible thing that is going to be marketed, that is divided into three major (with subdivisions each) concentric circles.
1) Simple Product: What it is, color, substance, characteristics, need that satisfies.
2) Real Product: Packaging, image, advertising, public personality, shape, colors, semiology of all the above.
3) Amplified Product: all the differential advantages, as in guarantees, service, customer atention, etc.
Production on the other hand is the methods, processes and organization to develop and massively construct or build the product.
If its intangible this is just the same, only that is "just in time" either way processes must be designed prior to the sale.
2c (i) Timing
(ii) Not Living Up To The Hype
(iii) Prohibitively Strong Branding
(iv) Fixing What Ain't Broken
(v) Cross Contamination - Mixing
(vi) Two Successful Products Into One Big Failure
(vii) Not Making The Right Business Partners
4a)
Quality is a measure of excellence or state of being free from defects, deficiencies and significant variations
4bi)
Intensive distribution is a marketing strategy under which a company sell through as many outlets as possible, so that the consumers encounter the products virtually everywhere they go; supermarket, drug store etc
4bii)
In intensive distribution, the producers products are stocked in the majority of outlets. In selective distribution, the producer relies on a few intermediaries to carry their product
4biii)
Exclusive distribution is an extreme form of selective distribution in which only one wholesaler, retailer or distributor is used in a specific geographical area. When a firm distributes its brand through just one or two major outlets in d market, which exclusively deal in it and not all competing brands, it is said that the firm is using exclusive distribution strategy
4c)
i) Not Keeping Promises
ii) Poor Customer Service
iii) Rude Staff
iv) No Omni-channel Customer Service
v) Not Listening to Customers
vi) Low Quality of Products or Services
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