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*NECO 2022 MARKETING-OBJ*
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SOLUTIONS
*MARKETING-ANSWERS*
(3a)
Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers . In other words, marketing mix is a combination of controllable variables such as price,product, distribution place and promotion which spells out the marketers strategy to satisfy the needs of the consumers and to increase the sales of the goods.
(3bi)
Demography:Demography in marketing is the study of human populations in terms of size, density, location, age, sex, race and occupation. Demographic environment is a term used by marketers to describe the characteristics of a population that can be used to influence the success of a business or commercial venture. The most important demographic factors for businesses include age, sex, income, education level, and occupation
(3bii)
Economic environment: Economic environment consists of all factors such as salary levels, credit trends and pricing patterns that affect consumer spending habit and purchasing power. This refers to the purchasing power of potential customers and the ways in which people spend their money. The four stages of the Economic cycles are prosperity, recession,depression and recovery.
(3biii)
Technological environment : Technological environment is the fastest changing factors in the economic macro marketing environment. This includes all development from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. It also requires a company to stay ahead of others and update their own technology as it becomes outdated.
(3biv)
Political legal environment: Political legal environment in includes all laws, government agencies and lobbying groups that influence or restrict individuals or organisations. It is important for marketers to be aware of these restrictions as they can be complex. Some products are regulated by both state and federal laws. As laws and regulations change opt n, this is a very important aspect for a marketer to monitor
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(8a)
Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market. In other word price is the value placed on a product which includes price level, discount and payment terms.
(8b)
(i)cost plus pricing
(ii) price skimming
(iii) premium pricing
(iv) penetrating pricing
EXPLANATION:
(i) Cost plus pricing: This is the simplest pricing strategy. The firm calculates the cost of producing the product and adds a percentage (profit) to that price to give the selling price.An advantage of this Approach is that the business will know that it's cost are being converted. The main disadvantage is that cost plus pricing may lead to products that are priced un- competitively.
(ii)price skimming: Price skimming involves setting a high p before other competitors come into the market. This is often used for the launch of a new product which faces little or no competition- usually due to some Technological features. Good example of price skimming include innovative electronic products such as the Apple iPad and Sony Playstation 3.
(iii) Premium pricing: Premium pricing is the practice of keeping the price of a product or services artificially high in order to encourage favourable perceptions among buyers, based solely on the price. The practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation ,are more reliable or desirable or represent exceptional quality and distinction
(iv)Penetration pricing: Penetrating pricing is when you set a relatively low initial entry price, hoping people will switch from a higher priced vendor. Companies working on how to gain market share tend to use penetration pricing. Penetration pricing has been a popular pricing model for internet companies, reasoning if they build the audience, they will figure out how to make money later.
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(6i)
Intensive distribution: In Intensive distribution, the product is sold to as many appropriate retailers or wholesalers as possible Intensive distribution is appropriate for products such as chewing gum,candy bars,soft drinks,breads, film and cigarette where the primary factor influencing the purchase decision is convenience. Industrial products that may require intensive distribution includes pencils,typing papers, transparency master's am nails.
(6ii)
Selective distribution: In selective distribution, the number of outlets that may carry a product is limited, but not to the extend of exclusive dealing. By carefully selecting wholesalers or retailers, the manufacturer can concentrate on potentially profitable accounts and develop solid working relationships to ensure that the product is properly mechanised. Selective distribution may be used for product categories such as clothing, appliances , televisions, stereo equipment and sports equipments.
(6iii)
Exclusive distribution: When a single outlet is given an exclusive franchise to sell the product in a geographic area,the arrangement is referred to as exclusive distribution. Products such as special automobiles, some major appliances, certain brands of furniture and lines of clothing that enjoy a high degree of brand loyalty are likely to be distributed on an exclusive basis. Exclusive distribution occurs more frequently at the wholesale level than at the retail level.
(6iv)
Direct channel of distribution: Direct channel of distribution is the means by which a company gets its product straight to the consumer without using any intermediaries. Some businesses may utilize structures that involve middlemen to handle the distribution of their goods. However, a company that is responsible for the sale, transportation and delivery of its products directly to the customer is using a direct channel of distribution. Direct channels of distribution also allow owners to maintain control over certain aspects of their business
(6v)
Indirect distribution channel of distribution: Indirect Channel of distribution involves intermediaries that perform a company's distribution functions. Indirect distribution frees the manufacturer from certain startup costs and responsibilities that can cut into the time it needs to spend on running the business.However, indirect distribution can also add new layers of cost and bureaucracy which can increase costs to the consumer, slow down delivery, and take control out of the manufacturer's hands.
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(9a)
Marketing research is the study of consumers demand by a firm in order to assist it in expanding its output and the marketing of its products. It is also the systematic and objective search and analysis of information to guide managers in production and marketing
(9b)
(i) introduction of new products or services
(ii) customers development
(iii) competition analysis
(iv) marketing/Advertising development
(9c)
(i)Wide and comprehensive scope: Marketing research has a very wide scope. It includes product research, packaging research, pricing research, market research, sales research, etc. It is used to solve marketing problems and to take marketing decisions. It is used to make marketing policies.
(ii)Systematic and scientific : Marketing research is conducted in a step-by-step manner. It is conducted in an orderly fashion. Therefore, it is systematic. Marketing research uses scientific methods. Thus, it is also scientific
(iii)Collects and analyzes data : Marketing research gathers data accurately and objectively. It first collects reliable data and then analyses it systematically and critically.
(iv)Continuous and dynamic process: The company faces marketing problems throughout the year. So, Marketing research is conducted continuously. It continuously collects up-to-date data for solving the marketing problems. Large companies have their own marketing research departments
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(4a)
Organizational markets are markets in which companies and individuals purchase goods for purposes other than personal consumption.
(4b)
(i) Producer markets: Producers buy goods and services and transform them into a sellable product, which they sell to their customers for the purpose of making a profit. Examples of producers are farmers, manufacturers and construction companies.
(ii) reseller market: Resellers buy finished products and resell them to their customers for the purpose of making a profit. Resellers do not modify the products they buy. Resellers can be wholesalers who sell their products to other resellers or retailers who sell their products to end users.
(iii) institutional market: Institutions are non-government organizations that buy goods and services to support their internal operations. The function of institutions is to better their communities, not to make a profit. Examples of institutional markets are churches, hospitals, and colleges.
(iv)government market: Governments buy goods and services to support their internal operations; they do not transform the goods and services or resell them to make a profit. Government markets usually buy their goods through a bidding process and include federal, state, county, and local governments.
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