PRODUCTAccording to marketingmix.co.uk This isthe 1st p which is the unit that anorganization wants to supply in themarket. It might be a tangible object or anintangible service. Tangible products areitems such as consumer goods (soaps,toothpaste, and spoons) while intangiblecan be services like tourism. This is themost crucial thing in an organization.
PRODUCTS CONT’D A firm will have to consider the following factors whenchoosing a product to produce.Size Terms of SalePrice Services offeredPackaging Brand NameColour Style and FashionThe image of the firm Type of CustomerQuality of the raw materials
CONCEPTS OF MARKETINGThere are three main conceptsthat businesses may use to satisfyconsumers’ wants. These are Sales Concept Marketing Concept Customer Concept
SALES CONCEPTThis is where the business tries tosell something before learningwhat the customers want.
MARKET CONCEPTThis is where the firms looks atwhat the consumers want andthen try to meet the demands ofthe customer.
CUSTOMER CONCEPTThis is where a firm tries to meetthe demands of customers despitehaving other goals in mind.
WHAT IS MARKET RESEARCHAccording to Karlene Robinson andSybil Hamil, this is the process offinding out about a particularmarketing problem or situation bygathering, analysing and interpretinginformation in a systematic way.NB. In order for a firm to find out whata customer wants they must firstconduct a market research.
BRANDING AND PACKAGINGBrand- According toDictionary.com, brand is thename, term, design, symbol, orany other feature that identifiesone sellers product distinct fromthose of other sellers.
BRANDING AND PACKAGINGCONT’DPackaging-is the science, art,and technology of enclosing orprotecting products fordistribution, storage, sale, anduse. Packaging also refers to theprocess of design, evaluation, andproduction of packages.
Label- An item used to identifysomething or someone, as a smallpiece of paper or cloth attached toan article to designate its origin,owner, contents, use, ordestination.BRANDING AND PACKAGINGCONT’D
PRICEThis is the amount that is askedfor a product. The price of aproduct should be attractive toconsumer, better than competitorsprice yet enough to cover the costof production at a profit.
PROMOTIONThis is where firm informs thecustomers about their product.This is done by: Advertising Sales Promotion Personal Selling Public Relations
ADVERTISING This is the method that businessesand companies use to promote theirgoods and services, in order toincrease sales.They are two forms of advertising1. Direct- e.g. free samples, circularetc,2. Indirect-e.g. Newspaper,television etc.
ADVERTISING CONT’D Make consumeraware of the product Increase sale Promotes demandwhich makes massproduction possible Through massproduction morepeople are employed They sometimedeceive the public byexaggeration The cost of advertisingis usually borne bycustomers Resources that couldbe utilized in a betterway are sometimeswastedAdvantages of AdvertisingDisadvantages ofAdvertising
SALES PROMOTIONThese are short term incentivesgiven to wholesalers, retailers orconsumer by a firm to promotesales.For example,Free samples, coupons,premiums, price discount, contestand sweepstakes, trade showsetc.
PERSONAL SELLINGThis is a presentation made byindividuals representing a sponsorto prospective buyers to persuadethem to purchase a product.
PUBLIC RELATION/PUBLICITYThis is the act of attracting the mediaattention and gaining visibility withthe public. Publicist that carries outpublicity while Public Relation is thestrategic management function thathelps an organization communicate,establish and maintain relation withthe important audiences, It can bedone internally without the use ofmedia
PLACE In marketing, place is seen as theway in which products aredistributed to reach the consumer.
CHANNELS OF DISTRIBUTIONWHOLESALER FRANCHISEERETAIL OUTLET importer/ retailer SALESdistributor AGENTPRODUCERCONSUMER
HOW ARE PRODUCTSTRANSPORTEDGoods are transferred by thefollowing:AirRoadRailPipelineSea
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COMPLETE THE FOLLOWINGSENTENCES The ___________ is the item to be manufactured. ______________ is the method of making theproduct known to the public The _________ is the monetary value customersare willing to pay for the item. This is done through___________, ___________,___________ and___________________ ____________ is the pattern of distribution to getcommodity top the consumer