INTRODUCTION

What is one of the shortest good definition of marketing?

Meeting needs profitably

What is the focus of marketing?

Marketing’s core focus is indeed the understanding and ongoing satisfaction of targeted
customers

What is the proper method of implementing marketing concept?,

The proper method of implementation may vary with each organisation’s size, product,
market and management style

PRODUCT PLANNING

What is product planning?

Product planning is the process of searching ideas for new products, it also involves the
formation of product policies and strategies.

What are the two ways in which a firm can obtain new products?

Acquisition and new product development

What improves the standard of living of consumers?

All the qualities of a product, for example, benefits, packaging, distribution, names:
improves the standard of living of consumers.

PRODUCT LIFE CYCLE

Who developed the product life cycle and why?

The product life cycle is an economic theory that was developed by Raymond Vernon, in
response to the failure of the Heckscher-Ohlin model to explain the observed pattern of
international trade. The theory suggests that early in a product's life-cycle, all the parts and
labour associated with that product come from the area in which it was invented.
Identify the stages involved in a product’s life cycle?

There are four (4) main stages in a product’s life cycle, they include; the market
introduction stage, the growth stage, the maturity stage and the saturation or decline
stage

What is Product Differentiation?

It is the process of distinguishing a product or service from others, to make it more

attractive to a particular target market. It involves differentiating from competitors’
products as well as a firm’s own products.

PRODUCT POSITIONING

What is product positioning?

It is a marketing strategy that aims to make a brand occupy a distinct position, relative to
competing brands, in the mind of the customer

What is a perpetual mapping?

It is a marketing research technique used to compare different product brands across the two or
more dimensions

What are the basis for positioning a product?

Positioning create an image of your company’s product in the mind of your target consumer

What is product repositioning?

Repositioning involves changing the identity of a product relative to competing products.

BRANDING, PACKAGING AND LABELLING

What is branding?

Branding, simply, is the process in which organizations use to distinguish their products from
competitors.

What are the two types of brands?

Manufacturers brand and Private brand
What is labelling

It is a display of information about a product on its container, packaging, or the product

itself. For several types of consumer and industrial products, the type and extent of
information that must be imparted by a label is governed by the relevant safety and
shipping laws.

PRICING OF PRODUCTS

What do you understand by the price of a product?

It is the value of a product expressed in terms of currency

What are the pricing objectives?

Profit maximisation, gaining market share, market skimming, sales growth, competitive
objective, maximising current revenue and achieving target profit

What factors do you think a firm should consider in determining the price of the product

They are: Selecting the pricing objective, Determining demand, Estimating cost, Analysing
competitors cost, prices and offers, Selecting a pricing method and Selecting the final price.

PRICING FACTOR

The complexity of the marketing environment and the human perceptions affect
pricing. What are those internal influences of pricing decisions?

The internal influences of pricing decisions are: (a) organisational objective (b) marketing
objectives (c) cost objectives

What are those external influence(s) of pricing decisions?

External influences are (a) customers and consumers (b) demand and price stability (c)
channel of distribution (d) competition (e) legal and ethical constraints
PRICING POLICIES

What is pricing policy?

Pricing policy is the policy of a company or business that guides the price setting of its
goods and services that are offered for sale.

What factors guide and inform the pricing decision of a company?

Pricing policies and strategies

What are the key terms associated with pricing of industrial products?

List price, Trade discount, Quantity discount, cash discount and geographical pricing.

PRICING STRATEGIES

Identify one importance of strategy

Strategies help to specify the role of pricing and its use in the context of the marketing mix.

What is the advantage and limitations of skimming strategy?

The advantage is that, it focuses on recovering the investment at an early stage by

generating more profits. The limitation of the skimming strategy is that more competitors
are attracted due to high profits

Mention the types of cost

Fixed cost, Variable cost, Total cost, Semi variable cost, Direct cost, Indirect cost and
Allocated cost.

DISTRIBUTION AND PROMOTION

What is physical distribution?

It involves the actual movement and the storage of goods after they are produced and
before they are consumed

What are the factors the affect the channel of distribution

Company, competition, the environment, product characteristics and consumers.

Identify ways in which the physical distribution system can be improved

Develop proper MIS system, standadise the procedure and integration

PHYSICAL TRANSPORTATION

What are the four elements that are interrelated with each other which affect decision making
in transportation.

Order processing, Warehouse, Inventory and Mode of transportation

What are the functions of distributors?

The distributors perform a number of functions to make possible the flow of goods from
producer to the customer. They make product available when, where and in the sizes
and quantities the consumers want it.

PURCHASING

What are the purchasing objectives?

Delivery and availability of goods and services, product quality, lowest price of the
product, services, supplier relationships

Who are the key players in buying organisation?

Top management, technical persons, purchasers, accounts/finance persons, marketing
people

Identify the modern purchasing activities

Just in time, single sourcing, value analysis and purchase committee

PROMOTIONAL ELEMENTS AND PROMOTIONAL MIX

What are the objectives of advertising?

Create awareness, Reaching inaccessible places, Improve sales, and Reduce cost
What is a selling process?

Selling process is the complete set of steps that must be taken in order to execute a sale
transaction from start to finish. They are prospecting, communicating, handling objectives,
selling and servicing

What is sales promotion?

Sales promotion is an activity used by companies to boost the immediate sales of a product
or service. It is used to increase the sales by impressing the customers, rewarding them and
also motivating the sales force to get more business

What are the methods of sales promotion?

Trade shows, catalogues, samples promotional letters, sales contest, seminars,

promotional novelties and entertainment.