MARKETING OBJ 1-10: EBBDBAAACB 11-20: BDEBBBAEED 21-30: BCACABDCBC 31-40: ADEEEBABAB 41-50: CAAAAEAEEB 51-60: DA-------- MARKETING THEORY No 2b 1. Finding the Best Distribution Channels Distribution is about deciding how you'll get the goods or services you want to sell to the people who want to buy them. Having an idea for a product is great, but if you aren't able to get that product to the customers you aren't going to make money. Distribution can be as easy as setting up shop in the part of a city where your target customers are – but in an increasingly interconnected world, distribution more often than not now means that you'll need to take your products or services to the customers. 2. Financing an Enterprise It takes money to make money. As a business owner, an important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services. 3. Deep Market Research Market research is about gathering information concerning your target customers. Who are the people you want to sell to? Why should they buy from you as opposed to a rival business? Answering these questions requires that you do some on-the-ground observation of the market trends and competing products. 4. Setting Prices Setting the correct price for your product or service can be a challenge. If you price it too high, you might lose customers – but if you price it too low you might be robbing yourself of profits. The "right" price normally comes through trial and error and doing some market research. 5. Product and Service Management Once you've determined the target market and set the price of your product or service, the goal becomes to effectively manage the product or service. This involves listening to customers, responding to their wants and needs, and keeping your products and services fresh and up to date. Waec 2019 (2a) Electronic marketing is a process of planning and executing the conception, distribution, promotion, and pricing of products and services in a computerized, networked environment, such as the Internet and the World Wide Web, to facilitate exchanges and satisfy customer demands. (2b) (i)Reduction in costs through automation and use of electronic media (ii)Faster response to both marketers and the end user (iii)Increased ability to measure and collect data (iv)Opens the possibility to a market of one through personalisation (3) (i)Long term marketing planning (ii)Lengthy and Time-consuming (iii)International forums (iv)Large scale operations (v)International marketing research. (i)Long term marketing planning: International marketing needs long term marketing planning. The need for long term planning in international markets is because the marketing situation in different countries changes due to social, economic and political factors. (ii)Lengthy and Time-consuming: International marketing is lengthy and time consuming due to long distances, restrictions imposed by different countries, payment difficulties because of the use of different currencies, and lengthy procedural formalities. (iii)International Forums: International trade is regulated by international forums like WTO and UNCTAD. International marketers should have a deep knowledge of the forums rules and regulations (iv)Large Scale Operations: International marketing is always conducted on a large scale. It is done on a wholesale basis and not on a retail basis, to get the advantage of large scale operations regarding transportation, handling and warehousing. (v)International Marketing Research: In international markets, it is required to know about customers, dealers and competitors. In international marketing, marketing research is a must due to different social, cultural, economic and political environment of far off markets. (4a) New product: is the process by which development of an item to compete with a particular product/service or may be done to improve an already established product. (4b) (i) Idea generation: company has to generate many ideas in order to find one that is worth pursuing. The Major sources of new product ideas include internal sources, customers, competitors, distributors and suppliers. (ii)Idea Screening: The purpose of this stage is to pare these down to those that are genuinely worth pursuing. Companies have different methods for doing this from product review committees to formal market research. (iii)Concept Development and Testing: As opposed to a product idea that is an idea for a product that the company can see itself marketing to customers, a product concept is a detailed version of the idea stated in meaningful consumer terms. (iv)Marketing Strategy Development: The strategy statement consists of three parts: the first part describes the target market, the planned product positioning and the sales, market share and profit goals for the first few years. (5ai) Physical Evidence: While offering your services, you can either do it without adding a personal touch or by differentiating your offerings by adding an element of delight to the customer. For example, would you prefer to visit a bookstore that only has a stack of books with a cashier nearby. (5aii) Productivity: A service is intangible and cannot be measured in terms of look, feel and other qualities present in a commodity. However, it can be customized to suit the user requirements and give a personal touch. In other words needs to be designed with the utmost care to increase customer satisfaction. (5aiii) Process: How efficiently your services are delivered to the customer is an important aspect of your service blueprint and you need to emphasize on setting up a process for doing so. You need to ask yourself “Do I want to have a process in place that is quick, reliable and easy to monitor. (5aiv) professionalism: identify the strategies and techniques of service used to attract customers to a business. In other words They determine pricing based on product demand and supply, help maximize a firm's profits, and grow market share for a business and services. (5av) Pro-activeness: is a form of service that allows for marketers to be agile, real-time, data-driven, and adaptable to the ever- changing space of what their customers could be seeking to render. 6a) 1. Storage: This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers. 2. Price Stabilization: Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided. 3. Risk bearing: When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses. 4. Financing: Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations. ======================!= 6b(i) the 3 mood of transportation are a. By land e.g car or lorries or train b. By air, e.g airplane c. By sea e.g ship and canoe ======================== (8ai) Demand: is the total amount of goods and services that all consumers are willing and able to purchase at a specific price in a marketplace. In other words, it represents how much consumers can and will buy from suppliers at a given price level in a market. ======================== (8aii) Need: is a consumer's desire for a product's or service's specific benefit, whether that be functional or emotional. ========================= (8aiii) Exchange: process is simply when an individual or an organisation decides to satisfy a need or want by offering some money or goods or services in exchange. ========================= (8aiv) Market: is the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions ======================== (8av) Transaction: is an activity in which goods, services or money is passed from one account or person to another; and act of doing business; an agreement, exchange, contract that takes place between two parties and establishes a legal obligation. *COMPLETED* ======================== 1a) Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business.
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Created at 2019-04-08 00:27:02

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