“`INSTRUCTION: ANSWER FIVE(5) QUESTIONS ONLY“`
A product is a tangible or intangible item or service that is offered to meet the needs or wants of a customer. It can be anything that is capable of satisfying a customer’s need or want including physical goods services ideas experiences or even a combination of these.
(i) Consumer Products: These are products that are designed and intended for personal use or consumption by individuals. Consumer products can be further classified into four subcategories:
– Convenience products: These are low-cost and frequently purchased items that require minimal effort for purchase. Examples include toothpaste snacks and newspapers.
– Shopping products: These are products that consumers spend more time and effort on during the buying process. Consumers usually compare different options before making a purchase. Examples include clothing electronics and furniture.
– Specialty products: These are unique products or brands that consumers are willing to make special efforts to acquire. These products usually have limited distribution and are associated with specific brand loyalty. Examples include luxury cars designer clothing and high-end electronics.
– Unsought products: These are products that consumers are not actively seeking or may not even be aware of. These products require significant marketing efforts to generate demand. Examples include life insurance funeral services and certain medical treatments.
(ii) Industrial Products: These are products that are used by businesses and organizations to support their operations or to produce other goods or services. Industrial products can be further classified into the following categories:
– Materials and parts: These are raw materials or components that are used in the production process. Examples include steel plastic and electronic components.
– Capital items: These are long-lasting and expensive products that businesses use to produce other goods or services. Examples include machinery equipment and buildings.
– Supplies and services: These are consumable items or services that businesses need to support their operations. Examples include office supplies maintenance and repair services and consulting services.
(i) Poor market fit: If a new product does not meet the needs or wants of the target market effectively it is likely to fail. This can happen if the product is launched without thorough market research or if the company misjudges the needs and preferences of their target customers. It is essential to understand the market and align the product features price and positioning with the target customers’ expectations.
(ii) Lack of effective marketing and promotion: Even if a product has excellent features and satisfies a genuine need it can fail if it lacks effective marketing and promotion. New products often require significant marketing efforts to create awareness generate demand and differentiate them from competitors. If companies fail to effectively communicate the value and benefits of the product to the target customers the product may struggle to gain traction in the market. Additionally insufficient promotional activities or targeting the wrong marketing channels can hinder the product’s success.
(i) Mobilization of Workforce:
Before marketing their products, firms need to mobilize their workforce effectively. This involves recruiting and hiring skilled individuals, training them in product knowledge and sales techniques, and organizing them into efficient teams. Mobilizing the workforce also includes setting clear goals and targets for sales and marketing activities, as well as motivating and incentivizing the employees to perform at their best. A well-trained and motivated workforce is crucial for successful marketing and sales efforts.
(ii) Utilization of Feedback:
Feedback from customers and other stakeholders is invaluable for firms when marketing their products. It helps them understand customer preferences, identify areas for improvement, and address any issues or concerns that may arise. Gathering and analyzing feedback can be done through various means, such as surveys, focus groups, online reviews, and customer support interactions. Utilizing feedback effectively enables firms to make informed decisions and tailor their marketing strategies to meet customer needs and expectations better.
(iii) Production of Quality Goods and Services:
Marketing efforts are only effective when the products or services being promoted meet high-quality standards. Before marketing their products, firms must ensure that their offerings are reliable, durable, and deliver on promised benefits. High-quality products not only satisfy customers but also generate positive word-of-mouth and repeat business. Quality assurance and adherence to industry standards are essential to build trust and credibility with customers.
(iv) Managing Distribution Network:
An efficient distribution network is crucial for getting products to customers in a timely and cost-effective manner. Before marketing their products, firms need to establish and manage distribution channels that facilitate the smooth flow of goods from production facilities to end-users. This may involve choosing the right distributors, wholesalers, retailers, or online platforms depending on the target market and the nature of the product. An effective distribution network ensures that products are readily available where customers want them, which is vital for successful marketing.
(v) Advertisement and Promotion:
Advertisement and promotion are the core activities of marketing that create awareness and interest in a firm’s products. Before launching marketing campaigns, firms need to carefully plan their advertising and promotional strategies. This includes selecting appropriate media channels (e.g., TV, radio, online, print), crafting compelling messages, and setting budgets. Different marketing channels and tactics may be used to target specific customer segments or geographical regions. The goal is to effectively communicate the product’s value proposition and generate interest among potential customers, ultimately leading to increased sales. Regular evaluation of the effectiveness of advertising and promotional campaigns is essential to make necessary adjustments and maximize their impact.
(i) Global Reach: Internet marketing allows businesses to reach a global audience. With a website and the right marketing strategies businesses can expand their reach beyond their local market and target customers from all over the world. This opens up new opportunities for growth and expansion.
(ii) Cost-Effective: Internet marketing can be a cost-effective way to promote products and services compared to traditional marketing methods. Online advertising platforms such as social media ads or Google AdWords often offer flexible budget options and allow businesses to only pay for actual clicks or conversions. This makes it easier for businesses of all sizes to allocate their marketing budget effectively.
(iii) Targeted Marketing: In internet marketing businesses can target specific customer segments based on demographics interests and behaviors. This means that advertisements and promotional content can be tailored to a specific audience increasing the chances of reaching potential customers who are more likely to be interested in the product or service being offered. This targeted approach can lead to higher conversion rates and better ROI.
(iv) Measurable Results: Internet marketing allows businesses to track and measure the effectiveness of their marketing efforts. With tools like website analytics and conversion tracking businesses can analyze data and metrics to understand how well their marketing campaigns are performing. This data-driven approach helps businesses make informed decisions about their marketing strategies allowing them to optimize and improve their efforts.
(v) Increased Interactivity and Engagement: Internet marketing offers various channels for businesses to engage and interact with their target audience. Social media platforms email marketing and blogging enable businesses to foster relationships with customers encourage feedback and reviews and provide valuable information or customer support. This direct engagement can help build brand loyalty and strengthen customer relationships in a way that traditional marketing methods cannot achieve.
The marketing name performed by Jane Uche is “brand ambassador.”
(i) Engaging with customers: She interacts with customers who approach the Coca-Cola product display, answering their questions, and providing information about the products.
(ii) Promoting Coca-Cola products: Jane actively promotes Coca-Cola products by wearing a branded T-shirt, which attracts attention and increases brand visibility.
(iii) Creating a positive brand image: By consistently standing near the Coca-Cola display and wearing the branded T-shirt, Jane helps reinforce a positive image of the brand, making it more memorable and recognizable to customers.
(i) Product promotion: As a brand ambassador, Jane’s main function is to promote Coca-Cola products. Her presence near the display shelf draws attention to the products and encourages customers to consider purchasing them.
(ii) Customer engagement: Jane’s role involves engaging with customers and potential buyers. She initiates conversations, listens to customers’ inquiries, and offers assistance, helping to create a positive shopping experience.
(iii) Brand visibility and awareness: By wearing the Coca-Cola branded T-shirt and consistently standing near the product display, Jane increases the visibility and awareness of the Coca-Cola brand. This exposure helps reinforce the brand’s image in the minds of customers, potentially leading to increased sales.
(iv) In-store marketing: Jane serves as a form of in-store marketing for Coca-Cola. Her presence and activities complement other marketing efforts, such as advertisements and promotions, by providing a personal and interactive touch to the brand’s promotion within the store environment. This approach can be more impactful in influencing purchase decisions.
Sales promotion refers to a set of marketing activities that are designed to stimulate consumer demand for a product or service.
(i) Increase sales volume
(ii) Encourage trial purchase
(iii) Attract new customers
(iv) Retain existing customers
(v) Increase brand awareness
(vi) Enhance product image
(i) Informing: Advertising is used to inform consumers about the features and benefits of a product or service.
(ii) Persuading: Advertising is used to persuade consumers to buy a product or service by highlighting its unique selling proposition.
(iii) Reminding: Advertising is used to remind consumers about a product or service and to reinforce its brand image.
(iv) Brand building: Advertising is used to build and maintain a brand’s image by creating a unique brand identity and personality.
The consumer market refers to the market of individuals and households who buy goods and services for personal consumption.
(i) To identify customer needs and preferences
(ii) To evaluate the effectiveness of marketing campaigns
(iii) To assess the potential demand for new products or services
(iv) To monitor changes in the market and identify new opportunities
(i) It helps firms to set clear marketing objectives and goals.
(ii) It provides a roadmap for achieving marketing goals and objectives.
(iii) It helps firms to allocate resources effectively and efficiently.
(iv) It helps firms to identify potential risks and opportunities in the market.
Intensive distribution is a distribution strategy that involves making a product available in as many outlets as possible. This strategy is commonly used for fast-moving consumer goods.
On the other hand, extensive distribution is a distribution strategy that involves making a product available in a limited number of outlets. This strategy is commonly used for high-end products.
(i) Facilitating exchange: Distribution channels provide a means for producers to get their products to consumers.
(ii) Providing a variety of products: Distribution channels offer consumers a wide variety of products and brands to choose from.
(iii) Reducing transaction costs: Distribution channels reduce transaction costs by providing a means for producers to distribute their products more efficiently.
(iv) Providing market information: Distribution channels provide market information to producers, such as changes in consumer preferences and market trends.
(i) Cost of production: The cost of producing a product is a major factor that determines its price. The higher the cost of production, the higher the price of the product.
(ii) Demand: The level of demand for a product is another factor that determines its price. If the demand for a product is high, the price will be high. If the demand is low, the price will be low.
(iii) Competition: The level of competition in the market is another factor that determines the price of a product. If there is a lot of competition, the price will be lower to attract customers. If there is little competition, the price may be higher.
(iv) Brand image: The brand image of a product is another factor that can affect its price. If a product has a strong brand image, customers may be willing to pay a higher price for it.
(v) Product quality: The quality of a product is another factor that can affect its price. If a product is of high quality, customers may be willing to pay a higher price for it. If the quality is low, the price will be lower.
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