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Marketing Management
Marketing Management
1 Introduction
Thus chapter entails the process of commercialization of the machine right from conceptionof the idea
to marketing the machine.
Ideas are conceived by looking at political, economic, social and technological aspects. Inthis case, the
focus was mainly on the technological aspect. The existing technology for sandsieving was critically
analyzed and it was discovered that there was need for an appropriatetechnology for efficient and
effective sand sieving to produce quality sand for construction activities.
The machine can be bought by anyone who can afford it. It was designed for sieving sand for
construction activities. However, the use of the machine can be extended to sand sieving for other
activities like casting. It can be customized for anyone depending on the amount of sandthey want to
process hence the price varies depending on the capacity of the machine in termsof the quantity of sand
it can process in a single operation.
Due to the existence of new technologies around the world, there is great competition among products.
This concept of marketing is of ultimate importance since it helps to determine thenumber of customers
who are willing to buy the idea. For the success of the product, it must be well marketed in order to
attract as many customers as possible.
1.4.1
(a) Product.
The product must be of high quality standards so as to attract customers andmeet their expectations.
(b) Price.
The price of the product must cover the production cost and yield some profit tothe manufacturer. It
should not be too expensive for customers to afford as this willonly discourage them from purchasing it.
(c) Promotion.
The product must be properly promoted for its success. Customers should be informed about it and
persuaded to purchase it. The product can be promotedthrough means like Media, billboards and trade
shows among others.
(d) Place.
The machine construction firm should be strategically located in an area that isconvenient for
customers. The product can also be distributed to customers by the manufacturer.
a) It should be customer-oriented.
c)It should aim at finding out possibilities in both improvement and needs that have notyet been met.
d)Continuous altering, adopting and developing the product in order to keep pace with
This is the ascertainment of cost and the analysis of savings and losses compared to the previous
expenses. A cost is expenditure and therefore should be defined in terms ofeconomic resources such as
labor and materials used for the production process or as anopportunity cost in terms of an alternative
foregone.The important costs to consider are:
c)Standard costs. Costs which involve the pre-determined costs and are relevant toforward planning.
e)Direct costs. These involve costs physically realized such as material costs, machiningcosts and costs
for purchasing machine components.
f)Indirect costs. These are not physically realized for example the energy used,electricity, machine
depreciation costs and others.