A new product refers to a good or service that is introduced into the market for the first time. It can be a completely innovative offering or a modification or improvement of an existing product.
(i) Idea Generation: This is the initial stage where ideas for new products are generated. It can involve brainstorming sessions, market research, customer feedback, or internal innovation initiatives. The goal is to come up with a pool of potential product ideas.
(ii) Product Concept Development and Screening: In this stage, the most promising ideas are developed into product concepts. These concepts outline the basic features, benefits, and target market for the new product. The concepts are then evaluated against criteria such as market potential, profitability, technical feasibility, and alignment with the company’s objectives.
(iii) Product Development and Testing: Once a product concept is selected, the development process begins. This stage involves designing and engineering the product, creating prototypes, and conducting extensive testing. Testing can include alpha and beta testing with target customers to gather feedback and make necessary improvements.
(iv) Market Launch: After successful product development and testing, the new product is ready for launch. This stage involves finalizing the marketing strategy, setting prices, establishing distribution channels, and implementing promotional activities. The goal is to create awareness, generate interest, and drive initial sales for the new product.
(i) Advertising is a subset of promotion. It focuses on creating and delivering persuasive messages about a product, service, or brand through various media channels. On the other hand, promotion encompasses a broader range of activities, including advertising, personal selling, sales promotion, and public relations.
(ii) Advertising primarily involves paid, non-personal communication aimed at a mass audience. It uses creative messaging and visuals to inform, persuade, and remind consumers about a product or service. Promotion, on the other hand, includes both advertising and other forms of communication, such as direct interactions with customers, sales promotions, and public relations activities.
ADVANTAGES OF TELEVISION:
(i) Visual Impact: Television allows for a powerful visual presentation, combining moving images, colors, and sound to create a compelling message.
(ii) Mass Audience: Television has a wide reach, allowing advertisers to target a large and diverse audience simultaneously.
(iii) Credibility: Television advertising is often perceived as more credible by viewers compared to some other media, enhancing the trustworthiness of the message.
(iv) Flexibility: Advertisers can choose from various formats such as commercials, infomercials, and sponsorships to suit their marketing objectives.
DISADVANTAGES OF RADIO;
(i) Lack of Visual Element: Radio lacks the visual impact of television, relying solely on audio, which may limit its ability to convey complex messages.
(ii) Limited Audience Reach: Compared to television, radio may have a more limited audience reach, especially for national or global campaigns.
(iii) Background Noise: In certain environments, like busy offices or public spaces, radio ads may compete with background noise, reducing their effectiveness.
(iv) Short-lived Message: Since radio relies on auditory communication, the message might be less memorable compared to visual mediums.
(i) Target Audience:
Understanding the characteristics, preferences, and behavior of the target audience is crucial in selecting the most effective promotion methods. Different demographic groups may respond better to specific promotion channels, such as social media for younger audiences or direct mail for older demographics.
(ii) Budget Constraints:
The available budget plays a significant role in determining the promotion methods. Some channels, like television and large-scale events, may require substantial financial resources, while smaller businesses may find cost-effective alternatives like online marketing or grassroots promotions more suitable.
A facilitator is an individual or a group that helps to make a process or activity easier, smoother, or more efficient. Facilitators do not typically take a direct role in decision-making but instead guide and support a group or individuals to achieve their goals.
ROLES OF FACILITATORS IN FOOD PROCESSING INDUSTRIES:
(i) Process Optimization: Facilitators in food processing industries work to streamline and optimize production processes, ensuring efficiency and quality in the manufacturing of food products.
(ii) Team Building and Training: They facilitate team-building activities and training sessions to enhance the skills of employees, promoting a collaborative and knowledgeable workforce.
(iii) Problem Solving and Decision Making: Facilitators play a crucial role in guiding teams through problem-solving sessions and decision-making processes, helping to resolve issues and make informed choices.
(iv) Quality Assurance: Ensuring compliance with quality standards and regulations is another role of facilitators in food processing industries. They help establish and maintain quality assurance processes to meet industry standards.
ROLES OF FACILITATORS IN BANKS:
(i) Strategic Planning: Facilitators assist in the development and execution of strategic plans for banks, helping teams align their goals and activities with the overall vision and mission of the organization.
(ii) Customer Service Enhancement: They facilitate training programs aimed at improving customer service skills among bank employees, ensuring a positive customer experience and loyalty.
(iii) Change Management: Facilitators guide banks through periods of change, whether it’s the implementation of new technologies, organizational restructuring, or other changes, helping employees adapt and embrace the changes effectively.
(iv) Conflict Resolution: In a banking environment, facilitators mediate conflicts and facilitate communication between different departments or teams, fostering a harmonious work environment and ensuring smooth operations.
(i) Distance and Geography:
The distance between the origin and destination plays a crucial role in determining the mode of transportation. For shorter distances, road transport might be more economical and efficient, while for longer distances, rail or sea transport could be preferred. Geography, including the presence of mountains, rivers, and other natural barriers, also affects transportation choices. For example, air transport may be preferred for international shipments, especially when crossing oceans.
(ii) Type of Product:
The nature of the product being transported is a critical factor. Perishable goods, such as fresh produce or pharmaceuticals, may require faster modes of transportation like air freight to ensure timely delivery. Fragile or high-value products may demand more secure and careful handling, influencing the choice of transportation mode. Bulk commodities, on the other hand, might be more cost-effectively transported via sea or rail.
Transportation costs, including fuel, labor, maintenance, and associated fees, significantly impact the choice of transportation. Air freight is generally faster but more expensive than sea or rail transport. Businesses need to balance speed with cost considerations to find the most economical solution. Additionally, factors like fuel prices, tolls, and taxes can influence the overall cost of transportation.
(iv) Time Sensitivity:
The urgency of delivery is a crucial factor. Some products require quick delivery to meet market demands or customer expectations. Air transport is typically the fastest mode, while sea and rail may take longer but could be more cost-effective. Understanding the time sensitivity of the products helps in selecting the right transportation mode to meet delivery deadlines.
(v) Infrastructure and Accessibility:
The availability and quality of transportation infrastructure impact the choice of transportation. Well-developed road, rail, air, and sea networks enhance accessibility and efficiency. Businesses often consider the infrastructure of both the origin and destination locations. For example, if a region lacks proper road connectivity, businesses may opt for rail or air transport. Similarly, the availability of ports and shipping facilities influences decisions regarding sea transport.
Marketing planning is the process of developing a comprehensive and integrated plan to achieve marketing objectives. It involves analyzing the market, identifying target audiences, setting marketing goals, and outlining the strategies and tactics that will be employed to reach those goals.
(i) Marketing research helps businesses gain a deeper understanding of the market dynamics, including customer needs, preferences, and behaviors.
(ii) It allows companies to analyze and assess the strengths and weaknesses of competitors, identifying opportunities and threats in the market.
(iii) Marketing research provides insights into potential product or service improvements, helping businesses tailor their offerings to meet customer demands.
(iv) Research helps in identifying potential risks and uncertainties in the market, enabling businesses to make informed decisions and mitigate risks.
(v) Understanding customer perceptions and preferences allows companies to create more targeted and effective marketing communication strategies.
(i) Surveys and Questionnaires: Collecting data through structured surveys and questionnaires helps gather quantitative and qualitative information from target audiences.
(ii) Interviews: Conducting one-on-one interviews with individuals or focus groups allows for in-depth exploration of opinions, attitudes, and perceptions.
(iii) Observational Research: Direct observation of consumer behavior in natural settings or controlled environments provides valuable insights into actual purchasing patterns.
(iv) Secondary Data: Utilizing existing data from sources such as government publications, industry reports, and academic research can supplement primary research efforts.
(v) Social Media Monitoring: Analyzing social media platforms for mentions, comments, and trends provides real-time insights into customer opinions and market trends.
(vi) Sales Data: Examining internal sales data, including purchase history, customer demographics, and geographic trends, helps in understanding past performance and predicting future market behavior.
A market union refers to a type of economic integration between multiple countries or regions. It involves the removal of trade barriers, such as tariffs and quotas, and the establishment of a common market where goods, services, and factors of production can move freely.
(i) Free Trade: Market unions promote the elimination of trade barriers, allowing for the free movement of goods and services among member countries.
(ii) Common External Tariff: Market unions often establish a common external tariff, which means that member countries apply the same tariffs on goods imported from non-member countries.
(iii) Harmonization of Standards: Market unions work towards harmonizing technical standards and regulations to facilitate trade and ensure consumer safety.
(iv) Common Market: Market unions aim to create a unified market where factors of production, such as labor and capital, can move freely across member countries.
(v) Economic Integration: Market unions foster economic integration by encouraging cooperation and coordination among member countries in areas such as investment, competition policies, and intellectual property rights.
(vi) Single Currency: In some cases, market unions adopt a single currency to facilitate trade and economic stability among member countries.
(vii) Joint Economic Policies: Market unions often coordinate economic policies, including fiscal and monetary policies, to promote stability and economic growth across member countries.
(viii) Political Cooperation: Market unions may also involve political cooperation among member countries to address common challenges, promote peace, and enhance regional integration.
Warehousing refers to the process of storing goods or products in a designated location, known as a warehouse, before they are distributed or sold.
(i) Public Warehouse: These warehouses are owned and operated by third-party companies that provide storage space and services to multiple businesses. They offer flexibility and cost-effectiveness as businesses can rent space as per their requirements.
(ii) Private Warehouse: Private warehouses are owned and operated by individual companies to store their own goods. They provide exclusive control and security over the stored products but can be more expensive to maintain.
(iii) Distribution Center: Distribution centers are specialized warehouses that focus on efficiently managing the flow of goods between suppliers, manufacturers, and retailers. They often have advanced inventory management systems and are strategically located for quick distribution.
(iv) Cold Storage Warehouse: Cold storage warehouses are designed to store perishable goods, such as food and pharmaceuticals, at controlled temperatures. They have refrigeration or freezing systems to maintain the required temperature conditions.
Internet marketing, also known as online marketing or digital marketing, refers to the promotion and advertising of products or services using various online channels and platforms. It involves utilizing the internet to reach and engage with a target audience, increase brand visibility, and drive conversions.
(i) Global Reach: Internet marketing allows businesses to reach a global audience without geographical limitations. Through various online channels, businesses can connect with potential customers worldwide, expanding their reach and market potential.
(ii) Targeted Advertising: Internet marketing provides the ability to target specific demographics, interests, and behaviors of potential customers. This targeted approach ensures that marketing efforts are directed towards the most relevant audience, increasing the chances of generating leads and conversions.
(iii) Cost-Effectiveness: Compared to traditional marketing methods, internet marketing is often more cost-effective. Online advertising platforms offer flexible budgeting options, allowing businesses to allocate their resources efficiently. Additionally, digital marketing campaigns can be easily tracked and optimized, ensuring that the marketing budget is utilized effectively.
(iv) Measurable Results: One of the significant advantages of internet marketing is the ability to track and measure the performance of marketing campaigns accurately. Various analytics tools provide insights into website traffic, user engagement, conversion rates, and more. This data helps businesses understand the effectiveness of their marketing efforts and make data-driven decisions for improvement.
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