Marketing can be defined as the performance of business activities that direct the flow of goods and services from the producer to the consumer or users in order to satisfy consumers and accomplish the company's objectives.
(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.
Promotion is an element of marketing mix that consists of all communications efforts aimed at generating sales and building a favorable attitude for an organization and it's goods or services. It also refer as a process of informing customers of new product features and persuading them to buy the product.
(i) Personal selling
(ii) Public relations
(iv) sales promotion
(i) Personal selling: Personal selling involves the direct personal contact of sellers with the potential buyers with view of making a sale. It can also be referred to as the face to face meeting of the sale men with the potential buyers in their houses, offices or market, e.g door to door selling.
(ii) Public relations: Public relations is another important aspect of promotion. This is a deliberate but sustained effort by a firm to establish a good image for the organization in the eye of its numerous public and by so doing create goodwill and favorable trading(business) environment for the company and its products or services.
(iii) Advertising: Advertising can be defined as any paid form of non personal communication which is directed to the consumers or target audience through various media in order to present and promote products, services and ideas. Advertising informs, educates and persuade people to buy the advertised goods and serves.
(iv) sales promotion: Sales promotion can be defined as any activity that is used to stimulate sales of a product. It is a special promotion technique designed to exchange brand patronage. Sales promotion may be directed at consumers in the form of consumer promotion or to middlemen as trade promotion. It usually lasts for a period of time.
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.
(i) Problem recognition
(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 in fact, 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.
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