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MARKETING-OBJ
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INSTRUCTION: ANSWER FIVE(5) QUESTIONS ONLY
(1a)
[TABULATE]
=NEED=
(i) Basic necessities required for survival and well-being (e.g., food, water, shelter)
(ii) Essential for living and functioning properly.
=WANT=
(i) Desires or wishes for non-essential items that enhance comfort or pleasure (e.g., smartphone, luxury car).
(ii) Not essential; more about personal preference or status.
(1b)
(i) Value
Value refers to the importance, worth, or usefulness of something to an individual or society. It can be monetary or non-monetary and often influences consumer decisions. Value is subjective and varies from person to person depending on their needs and preferences. It also reflects how much satisfaction or benefit a person expects to gain from a product or service.
(ii) Exchange
Exchange is the process by which goods or services are traded between parties, usually involving money or barter. It is fundamental to economic activity, allowing individuals or businesses to obtain what they need or want by giving something in return. Exchanges help allocate resources efficiently and promote specialization and trade in an economy. Without exchange, people would have to be self-sufficient, limiting variety and growth.
(iii) Service
A service is an intangible product that involves a deed, performance, or effort provided by one party to another. Unlike goods, services cannot be stored or owned physically. Services are often perishable and consumed at the point of delivery, such as a haircut or legal advice. They play a vital role in the economy by meeting needs that physical products cannot satisfy, often requiring personal interaction and expertise.
(iv) Transaction
A transaction is a completed agreement between a buyer and a seller where goods, services, or money are exchanged. It involves at least two parties and signifies the transfer of ownership or provision of services. Transactions can be simple, like buying groceries, or complex, like signing a contract for a business deal. They are the basic units of trade and essential for the functioning of markets.
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The marketing environment refers to the combination of internal and external factors that influence a company’s marketing decisions and ability to serve its customers effectively. It includes elements such as competitors, consumers, economic conditions, technology, regulations, and social trends. The marketing environment is dynamic, complex, uncertain, and varies from one business to another. Understanding it helps companies adapt their strategies to stay competitive and meet customer needs.
(2b)
(i) Product:
A product is any good or service offered by a business to satisfy customer needs or wants. It can be tangible, like a smartphone, or intangible, like insurance. The product must meet quality standards and provide value to the consumer. It is central to the marketing strategy because it is what the customer ultimately buys.
(ii) Price:
Price is the amount of money customers pay to acquire a product or service. It reflects the product’s value and affects demand and profitability. Pricing strategies must consider costs, competition, and customer willingness to pay. Price also communicates quality and positioning in the market.
(iii) Place:
Place refers to the distribution channels and locations where a product is made available to customers. It ensures that the product reaches the target market conveniently and efficiently. Place decisions involve selecting wholesalers, retailers, or direct sales to optimize accessibility and customer satisfaction.
(iv) Promotion:
Promotion encompasses all the activities used to inform, persuade, and remind customers about a product. This includes advertising, sales promotions, public relations, and personal selling. Effective promotion increases product awareness, generates sales, and builds brand loyalty.
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(3a)
A market is a place or system where buyers and sellers come together to exchange goods, services, or information, usually through transactions involving money or barter. It can be physical, like a store or marketplace, or virtual, like an online platform. The market functions as a coordinating mechanism that uses prices to convey information and regulate production and distribution. For a market to exist, buyers must have the desire, ability, and authority to purchase, while sellers must be willing to offer goods or services.
(3b)
(i) Consumer Market:
Large Number of Buyers:
The consumer market consists of a vast number of individual buyers who purchase goods and services for personal or household use. This large population creates a wide variety of preferences and demands, which forces businesses to use mass marketing or market segmentation strategies to effectively reach different groups. For example, the market for smartphones targets millions of consumers with different models and price ranges to meet diverse needs.
(ii) Demand Based on Personal Needs and Preferences:
Purchases in the consumer market are driven by personal desires, tastes, and lifestyle choices rather than purely functional requirements. Emotional factors such as brand loyalty, social status, and personal satisfaction strongly influence buying decisions. For instance, a consumer might choose a particular brand of clothing because it reflects their style or social identity, not just because it is functional.
(3bii) Organisational Market:
(i) Fewer but Larger Buyers:
The organisational market is made up of businesses, government agencies, and institutions that purchase goods and services in large quantities for production, resale, or operational use. Although the number of buyers is smaller compared to the consumer market, each buyer typically places large orders, often involving long-term contracts. For example, a car manufacturer buying steel in bulk from suppliers.
(ii) Rational and Formal Decision-Making Process:
Purchasing decisions in the organisational market are usually made through a formal process involving multiple stakeholders such as procurement officers, managers, and technical experts. Decisions are based on careful evaluation of product specifications, price, quality, and supplier reliability to ensure cost-effectiveness and operational efficiency. For example, a hospital selecting medical equipment will evaluate technical features and after-sales service before making a purchase.
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(4a)
Consumer behaviour is the study of how individuals or households make decisions about selecting, buying, using, and disposing of products or services to satisfy their needs and wants. It involves understanding the mental, emotional, and behavioral processes that influence these decisions. This knowledge helps businesses predict how consumers will respond to products or marketing strategies. Essentially, consumer behaviour examines the actions and thought patterns before, during, and after purchase.
(4b)
(i) Psychological Factors:
These include motivation, perception, learning, beliefs, and attitudes. For example, a consumer’s motivation to buy a health product may arise from the desire to improve well-being. Perception shapes how consumers interpret marketing messages, while learning from past experiences affects future buying decisions. Attitudes and beliefs about a brand also influence preferences and loyalty.
(ii) Social Factors:
Social influences come from family, friends, social groups, and social roles. Consumers often seek opinions or approval from their social circles before making purchases. For instance, peer pressure can affect a teenager’s choice of clothing brand. Family background and cultural norms also shape buying habits and preferences.
(iii) Cultural Factors:
Culture, subculture, and social class play a significant role in consumer behaviour. Culture defines the values, customs, and traditions that influence consumption patterns. For example, food preferences vary widely across cultures. Subcultures, such as ethnic groups, have distinct buying behaviors, and social class affects access to resources and lifestyle choices.
(iv) Economic Factors:
A consumer’s income level, economic conditions, and purchasing power determine what products they can afford. During economic downturns, consumers may prioritize essential goods and reduce spending on luxury items. Price sensitivity and perceived value also affect buying decisions, as consumers seek the best balance between cost and benefits.
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(5)
(i) Market Demand:
Market demand refers to the willingness and ability of consumers to buy a product at various price levels. When demand is high, a business can charge higher prices because customers are willing to pay more. Conversely, if demand is low, prices may need to be reduced to attract buyers. For example, during festive seasons, demand for certain products rises, allowing for premium pricing. Understanding demand elasticity helps a business set prices that maximize revenue without losing customers.
(ii) Competition:
The pricing strategies of competitors significantly influence a business’s pricing decisions. If competitors offer similar products at lower prices, a small business may need to match or beat those prices to remain competitive. Alternatively, if the business offers a unique or higher-quality product, it might set higher prices. Monitoring competitors’ prices, costs, and marketing tactics helps in positioning products effectively in the market. For instance, a new bakery might price its cakes close to established bakeries to attract customers.
(iii) Economic Conditions:
Economic factors such as inflation, recession, consumer income levels, and overall economic growth affect consumers’ purchasing power and price sensitivity. In times of economic boom, consumers may be willing to pay more, allowing businesses to increase prices. During recessions or inflationary periods, consumers become more price-conscious, forcing businesses to lower prices or offer discounts. For example, during inflation, the cost of raw materials rises, which may lead to higher product prices.
(iv) Government Laws and Regulations:
Government policies, including taxes, tariffs, price controls, and regulations, impact pricing decisions. For example, increased taxes on certain goods can raise production costs, leading to higher prices. Price ceilings set by governments may limit how much a business can charge, while subsidies might allow lower pricing. Compliance with legal standards also adds to costs, which must be reflected in the price. A small business selling alcohol must consider excise taxes in its pricing.
(v) Distribution Channels:
The choice and structure of distribution channels affect the final price paid by consumers. When products pass through multiple intermediaries such as wholesalers and retailers, each adds a markup to cover costs and profit margins. This cumulative effect increases the end price. A small business that sells directly to customers can offer lower prices compared to one relying on several intermediaries. For example, a farmer selling produce at a local market can price lower than one selling through supermarket chains.
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(6a)
Distribution is the process of making a product or service available to the consumer or business user who needs it. It involves the movement of goods from the producer or manufacturer to the final buyer through various channels such as wholesalers, retailers, or direct sales. Distribution ensures that products reach the right place, at the right time, and in the right quantity to satisfy market demand. It includes activities like transportation, warehousing, inventory management, and logistics to facilitate efficient delivery.
(6b)
(i) Cost of Distribution:
The businessman should consider the total cost involved in using a particular distribution channel, including transportation, warehousing, and handling costs. Lower costs help keep product prices competitive and improve profit margins. For example, direct selling may reduce intermediary costs but increase logistics expenses.
(ii) Market Coverage:
The distribution channel chosen must effectively reach the target market. For mass markets, wider coverage through multiple intermediaries like wholesalers and retailers may be necessary. For niche markets, selective or exclusive distribution channels might be more appropriate to maintain control and service quality.
(iii) Nature of the Product:
The characteristics of the product influence channel choice. Perishable or fragile goods require shorter, faster channels to maintain quality, while durable goods may use longer channels. For example, fresh produce often needs direct or short distribution channels to reach consumers quickly.
(iv) Control Over the Channel:
The level of control the businessman wants over the distribution process is important. Direct channels offer greater control over pricing, promotion, and customer service, while indirect channels may reduce control but increase reach. For example, exclusive distribution allows a company to maintain high control but limits market coverage.
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(7a)
A marketing intermediary is an independent firm or individual that helps in the flow of goods and services from producers to end-users. They act as middlemen in the distribution process and include agents, wholesalers, retailers, marketing service agencies, physical distribution companies, and financial institutions. These intermediaries assist in promoting, selling, storing, transporting, and making products accessible to consumers efficiently.
(7b)
(i) Facilitating Distribution
Middlemen help bridge the gap between producers and consumers by ensuring that products move smoothly through the supply chain. They buy in bulk from producers and sell in smaller quantities to retailers or consumers, making goods more accessible.
(ii) Storage and Inventory Management:
They provide warehousing services, storing goods until they are needed in the market. This helps in maintaining a steady supply and reduces the risk of stockouts or overproduction for producers.
(iii) Promotion and Sales Support:
Marketing intermediaries often assist in promoting products through advertising, personal selling, and other marketing activities. They help create awareness and persuade customers to buy, increasing sales for producers.
(iv) Risk Bearing and Financing:
Middlemen assume risks related to holding inventory, transportation, and market fluctuations. They also provide financing by purchasing goods upfront and paying producers later, which helps producers manage cash flow.
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(8a)
Adaptation of marketing plans for international marketing refers to the strategic process where a company modifies its marketing strategies and plans to suit the unique needs, preferences, cultural beliefs, legal requirements, and social habits of foreign markets. This involves adjusting elements such as product features, promotion methods, pricing, and distribution channels to better satisfy the target international customers and comply with local conditions. The goal is to ensure the product or service fits the local market environment and gains competitive advantage abroad.
(8b)
(i) Exporting:
Exporting involves producing goods locally and selling them in foreign markets. It is a common entry method that allows Ogodo Enterprises to reach international customers without establishing operations abroad. Exporting can be direct, where the company sells directly to foreign buyers, or indirect, using intermediaries like export agents.
(ii) Licensing:
Licensing allows Ogodo Enterprises to grant a foreign company the rights to produce and sell its products in exchange for royalties or fees. This method reduces the risk and investment required for entering new markets while leveraging local partners’ knowledge and resources.
(iii) Joint Ventures:
A joint venture is a partnership between Ogodo Enterprises and a foreign company to create a new business entity. This method shares risks, costs, and profits, while benefiting from local market expertise, distribution networks, and regulatory knowledge.
(iv) Direct Investment (Foreign Direct Investment – FDI):
This involves Ogodo Enterprises establishing its own operations, such as manufacturing plants or sales offices, in the foreign market. Although it requires significant capital and risk, direct investment offers full control over marketing strategies, product adaptation, and customer service.
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(9)
(i) Securing of Funds
Money is essential for starting and running a personal marketing outlet. The business owner must raise sufficient capital to cover expenses such as renting or buying a location, purchasing stock, and acquiring equipment. Funds can come from personal savings, loans from banks, financial help from friends and family, or cooperative societies. Proper funding ensures smooth operations and reduces the risk of early failure.
(ii) Identification of a Good Location
Choosing the right location is critical for attracting customers and ensuring accessibility. A good marketing outlet should be situated where there is high customer traffic, easy transportation, and proximity to the target market. Factors like cost, security, availability of utilities, and competition in the area should also be considered. For example, a fast-food outlet near schools or offices benefits from steady demand.
(iii) Business Registration
After securing a location, the business must be legally registered with the appropriate government authorities. Registration gives the business a legal identity, allows it to operate officially, and helps build customer trust. It also enables the business to open bank accounts, obtain licenses, and access government support or loans.
(iv) Procurement of Tools, Equipment, and Stock
The business needs to acquire the necessary tools and equipment to operate efficiently, such as shelves, cash registers, or service equipment. Additionally, sourcing reliable suppliers for quality goods is vital to maintain customer satisfaction and ensure consistent stock availability. Good supplier relationships can also lead to better prices and timely deliveries.
(v) Staffing and Training:
Employing qualified and trustworthy staff is important for smooth operations and good customer service. The business should recruit employees who can manage sales, customer relations, and daily operations effectively. Training staff on product knowledge, customer handling, and business policies helps create a positive shopping experience, encouraging repeat business.
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