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Objective & Essay – Marketing – 10:00am-12:40pm
(i)Intensive distribution strategy involves selling a product in as many outlets as possible.
WHILE Selective distribution involves selling a product at select outlets in specific locations.
(ii)Intensive distribution is appropriate for products such as chewing gum,candy bars,soft drink etc WHILE Selective distribution may be user for product categories such as clothing,appliances ,televisions etc.
(Pick Any Four)
(i)Nature of product: Nature of product on the selection of a channel of distribution. In the case of industrial goods like machinery and equipment, the manufacturer sells directly to industrial user, but in the case of tools, sales take place through middlemen.
(ii)Nature of Market: Choice of suitable channel of distribution also depends on the nature of market. Location of the market and the buying habits of buyers are also analysed.
(iii)Distribution expenses: If the producer makes direct selling, he will have to spend on distribution. But if, the product gets good response from the dealers, a producer will prefer to sell through them so reduce his distribution expenses.
(iv)popularity of goods: If the goods are popular among the consumers, the dealers themselves comes forward to buy. Then the producer may not like to open his own shops to sell the goods
(v)Prompt payment: A producer may not like to sell to retailer or big consumers because they insist to make purchase on credit ,He therefore ,prefer to sell to a wholesaler who purchase usually on ready cash.
A marketing plan outlines the specific actions you intend to carry out to impress potential customers and clients of your products or services and persuade them to buy the product or services you offer. A marketing plan may be developed as a stand alone document of a business plan.
(Pick Any Four)
(i) It prevent time wasting on ineffectual marketing activities
(ii) Marketing plan enables you to create guidelines for evaluating the effectiveness of different methods.
(iii)marketing plan help raise finance for capital expenditure.
(iv) It saves money by helping to ensure that the marketing budget is spent effectively.
(v) Marketing plan helps to identify prerequisites to planned activities
(Pick Any Four)
(i) Continuous process
(ii) Wide scope
(iii) Aid to decision-making
(iv) Uncertainty of conclusions:
(v) Applied research
(vi) Commercial intelligence
Product Life Cycle defines the stages that a product moves through in the marketplace as it enters, becomes established, and exits the marketplace. In other words, the product life cycle describes the stages that a product is likely to experience.
(i)Introduction Stage: In this stage, company profit is small (if any) as the product is new and untested. The introduction stage requires significant marketing efforts, as customers may be unwilling or unlikely to test the product. There are no benefits from economies of scale, as production capacity is not maximized.
(ii)Growth Stage: In the growth stage, sales revenue usually grows exponentially from the take-off point. Economies of scale are realized as sales revenues increase faster than costs and production reaches capacity.
(iii)Maturity Stage: In this stage, price undercutting and increased promotional efforts are common as companies try to capture customers from competitors. Due to fierce competition, weaker competitors will eventually exit the marketplace – the shake-out.
(iv) Decline Stage: In the decline stage, sales of the product start to fall and profitability decreases. This is primarily due to the market entry of other innovative or substitute products that satisfy customer needs better than the current product.
Bargaining is a type of negotiation in which the buyer and seller of a good or service bargain about the price with which to pay and the exact nature of the transaction that will take place , and eventually come to an agreement.
(Pick Any Four)
(i)Communication:Communication is the foundation of success in business, negotiation and relationships. Some of the most successful people in the world are the best communicators. Good communicators understand the other party and clarifies all doubts.
(ii)Patience: It can take time before you arrive at a conclusion that is beneficial to both parties. You’ll have to listen, take notes and comment on the other party’s problems and perspectives. And this can take up a lot of time. You’ll need to exercise patience while dealing with the other party to arrive at a worthy conclusion.
(iii)Body language: People tend to focus more on non-verbal skills than verbal skills. Nonverbal body language includes gestures, attires and postures. For instance, if the lead negotiator of a particular company turns up wearing a cap and t-shirt with unkempt hair and sits in a slouching position, it will create a negative appeal and the client is less likely to be persuaded into an agreement.
(iv)Communication: Communication is the foundation of success in business, negotiation and relationships. Some of the most successful people in the world are the best communicators. Good communicators understand the other party and clarifies all doubts.
(v)Etiquette: Having etiquette means managing your time effectively, addressing the other party with respect, being enthusiastic and communicating professionally. These are required to create a professional presence.
(vi)Presentation: Presentations should address the problems and solutions by putting forward a plan of action that can be easily implemented. It is vital that you use these in your negotiations.
Market union are group of people that are responsible of coordinating and maintaining peace and order in the market. They ensure availability of goods and services in the market.
Primary products are bought frequently by consumers but not in large quantities because they are non durable goods
secondary products are products that are bought often in a routine manner without much thought on regular basis
(Choose Any Five)
(i)They are responsible for settlement of disputes through negotiations, joint consultation and voluntary arbitration.
(ii)They prevent market Union from exploitation of personal and political interest.
(iii)They request for production of quality goods and services from the manufacturer.
(iv)They prevent inter union rivalry and Maintaining integrity of trade Union movement
(v)They develop positive public opinion regarding unions which will lead to their improved social status.
(vi)They encourage public regarding government plans and policies and to mobilize people’s participation for their effective implementation in society at large.
(i)Marketing environment: Market Environment is a term that is used to collectively identity all the elements that have some impact on the actual performance of a market. This includes events and factors that occur within the context of the market itself and also any elements that are based outside the market.
Marketing mix: Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. Marketing mix is often synonymous with the four PS : price , product ,promotion and place.
(7iii)Promotion Mix: Promotion Mix is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. Promotion Mix comprises elements such as: advertising, public relations, personal selling and sales promotion.
Government market: Government market is a market where the consumers are federal, state, and local governments.” Governments buy goods as well as services from the private sector. Government are huge customers of all kinds of product. They purchase the same kinds of products and services as the consumers of the private sector.
Shopping Goods: Shopping goods are goods/products consumers purchase and consume on a less frequent schedule compared to convenience products. Consumers are willing to spend more time locating these products since they are relatively more expensive than convenience goods. Examples are clothing products, personal services, electronic products and household furnishings.
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