(i)Customers; The success of marketing strategy also depends on the customers of company’s product. The nature of customer such as b2c, b2b, international or local and the reason for buying the product will play a role in establishing the marketing strategy of company and how they approach the customers and serve them. The satisfaction of general public is a duty of organization.
(ii)Competition; Market competition exists when two or more firms sell same or similar products and services. The companies must take into account the way they approach the customers and sell their products to the customer, what price and product differentiation they have for their customer. These factors can be taken into account to get edge over their competitors.
(iii)Suppliers;Business success depends on the suppliers when they enjoy an authority. The supplier of a company holds the power when they are the only one in the market or when they are the largest supplier of the goods. The buyer is not essential to the suppliers business, as the supplier’s good is the core ingredient of the finished product of buyer.
(iv)Resellers; The success of companies marketing strategy also depends on resellers if the finished goods of a company is taken to market by market intermediaries or any other third party. These forces include wholesaler, retailers etc. For example, If the retail seller holds a reputable name in the market then their reputation can impact the marketing of company’s product.
(v)Technological; The organization must consider the technological factors as the knowledge and skills used in production of goods. The technology and materials used in production of goods and services helps in smoothing the process of business.
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. In other words Some marketing is done by affiliates on behalf of a company. And it can be used to describe efforts to produce, promote, package, and reclaim products in a manner that is sensitive or responsive.
WE CORRECTED NUMBER (2b) Take NOTE OF THAT. (2b)
(i) Consumer market
(ii) Industrial market
(iii) Producer market
(iv) Government market
(i) Consumer market: This consists of the Purchasers in the household who intend to consume or benefit from the purchased products and who do not buy the products for the main purpose of making profit.
(ii) Industrial market: This consists of individuals, groups or organizations that purchase a specific kind of product for direct use in producing other products or day to day operation.
(iii) Producer market: This consists of individuals or businesses that purchase products for the purpose of making profit by using them to produce other products. It can also be refer as businesses that make or create goods and services.
(iv) Government market:This consists of government units at federal, state and local levels. Agencies at all levels purchase goods and services used in performing critical government functions. Government are huge customers of all kinds of products.
situational analysis; is the potential customers, evaluates projected growth, assesses competitors and makes a realistic assessment of your business. It involves targeting the specific objectives in the business and identifying the factors that support or hinder those objectives. In other words is a set of methods used to thoroughly examine both internal and external factors of any business and their impacts
Marketing objectives; are a brand’s defined goals. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. Marketing objectives are a pivotal part of a marketing strategy.
marketing strategy; refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. In other words it specific on the types of marketing activities a company conducts and contains timetables for rolling out various marketing initiatives.
Budget; is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money. in other words is a financial document used to project future income and expenses.
marketing plan is a detailed road map that outlines your marketing strategies, tactics, costs and projected results over a period of time. In other words marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. And is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market.
promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. … The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
(i)Advertising; is any form of impersonal (one-way) paid communication in which the company is identified. Fun Town realized that it needed to have a good advertising campaign because this would allow the company to reach a large number of people effectively. Fun Town used television, radio, newspaper, social media and Internet ads to introduce the target market to a grand opening of the amusement park. The park also used giant billboards and e-mails to reach other local customers.
(ii)Public Relations; it helps build a positive public image for a company, supports new product launches and sales, helps a company to evaluate public attitudes and communicates the overall goals of the company. Fun Town has multiple days throughout the year where they donate a percentage of ticket sales to local charities. They also have days where they close the park down and invite disadvantaged youths to enjoy the rides for free.
(iii)Sales Promotion; is another tool in the promotional mix. It contains methods of stimulating consumer purchase and is usually based on a short-term or immediate goal. Examples of sales promotion items are contests, sweepstakes, giveaways, free samples or coupons. Fun Town has invested heavily in sales promotion. They have had contests, like the first 1,000 people in the park would get a prize. They also had giveaways of free Fun Town water bottles, t-shirts, hats and canvas bags.
(iv)Public Relations; Most firms in today’s environment are also concerned about the effect of their actions on people outside their target markets although it may include them. It is a planned effort by an organization to influence the attitudes and opinions of a specific group by developing a long term relationship. The target may be customers, stock holders, a government agency or a special interest group.
Service product; is when a business offers a service and a product or a good together as its practice. This is also called service-good mix, and it can refer to many different types of businesses in all different industries. in other words it takes place in inter-action between the customer and service employees and/or physical resources or goods and/or systems of the service provider,
Consumer product; also referred to as final goods, are products that are bought by individuals or households for personal use. In other words, consumer products are goods that are bought for consumption by the average consumer. From a marketing perspective, there are four types of consumer products, each with different marketing considerations.
Shopping product; refer to items that the consumers purchase less frequently and compare with available alternatives in the market. Consumers need time, planning and efforts to take the final decision whether to buy the product or not. In other words Consumers don’t buy these products very often but whenever buy they keep in mind different consideration like cost, time and efforts to take the final decision.
Industrial product; the goods are based on the demand for the consumer goods they help to produce. Industrial product are classified as either production goods or support goods. In other words higher purchase value Industrial product typically come with a higher price tag because of their complex nature and limited target market.
unsought product; is a product of which consumers are unaware or are not that interested in actively pursuing for purchase. A high degree of marketing, including heavy advertising and aggressive sales techniques, is often necessary due to consumer unawareness of the product or no real desire to purchase it.
Consumer behavior is the study of individuals, groups or organizations and the processes they use to select, secure, use and dispose of products, services, experience or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
(ii) Information search
(iii) purchase decision
(iv) Evaluation of Alternative
(i) Problem recognition : This can also be called awareness of need. Need is the most important factor which leads to buying of products and services. Need infact is the catalyst which triggers the buying decision of individual. The marketer must recognize the needs of the consumer as well as how these needs can be satisfied
(ii) Information search: In consumer buying decision process, information search comes second. In this stage, consumer searches the information about the product either from family, friends neighborhood, advertisements, whole seller, retailers, dealers or by examining or using the product. A successful information search leaves a buyer with possible alternatives.
(iii) Purchase decision: The purchase of a product or service is the fourth step in the consumer buying process. At this point, the consumer has considered all the factors relating to the product, and has shopped around for the best deal or option. Consumer have typically made up their minds about what they want to spend and where to spend it.
(iv) Evaluation of Alternative : This is where consumer start cutting down the possible options by comparing it with their criteria and what they want from the product /service. They evaluate the various alternatives available in the market. An individual after gathering relevant information tries to choose the best option available as per his need, taste and pocket.
(i) Achieving a Target Return on Investments
(ii) Price Stability
(iii) Achieving Market Share
(iv) Prevention of Competition
(i) Ability to pay
(iii) Profit maximization
(iv) Cost of Production
(i) Ability to pay : This is one of the basic factor that determine the price of a product. This is the ability of a consumer to pay for a particular product or service. It is an important factor that organization must put into consideration before setting the price of a product or services.
(ii) Competition: If there is a strong competition in a market, a consumer are faced with a wide choice of who to buy from. They may buy the cheapest provider or perhaps from the one which offers the best customer service. But customer will certainly be mindful of what is a reasonable or normal price in the market
(iii) Profit maximization: Maximising profits is said to be the objective of all firms. Managing of an organization should also not forget that they need to make profit from selling a product which is the main reason why the organization is set up
(iv) Cost of Production: Cost of production is the main component of price. No company can sell its product or services at less than the cost of production. Thus, before price fixation, it is necessary to compile data relating to the cost of production and keep that in mind.
In marketing, Transportation has to do with the movement of products from a source such as a plant, factory or workshop to a destination such as a warehouse, customer, or retails shore. Transportation helps in conveying raw materials from one place to another. Raw materials are generated at one place before they are transported to another place where they are processed or used to manufacture goods. Transportation also helps in mass production by distributing finished goods to various destinations.
(i) low maintenance cost: The cost of maintaining motor vehicle is low compared to ships or aeroplane
(ii) Flexible :There is high degree of flexibility since there is no fixed time schedule
(i) slow on long distance :it is slow when long distance is involved
(ii) prone to accident:Road transport is too prone to accident than other means of transportation.
(i) Nature of goods
(ii) Cost of transport
(iii) Type of Transportation available in the area:
(i) nature of goods: The nature of the goods to be transported will determine the means of transportation to be used. Perishable and fragile goods for example, are better handled by fast means of transportation like aircraft while bulky goods are better handled by ship or rail
(ii) Cost of transport :The overall cost of transport does determine the choice of means of transportation of goods. Air transport is costly while rail is cheap over a long distance and this will determine the choice of either of the two to use.
(iii) Type of Transportation available in the area: The choice of transport can also be determined by the type of transportation available in the area. In the riverine area eg Niger Delta in Nigeria, the best means of transportation is through water
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