NECO MAKERTING ANSWERS
INSTRUCTIONS: Answer four questions only
A product can be defined as a tangible item, service, or idea that is offered to satisfy a need or want of a customer. It can be a physical object, such as a smartphone or a car, or an intangible service, such as a consultation or a subscription.
(i) Consumer product refers to a product that is bought by individuals or households for personal use. Examples include food, clothing, cars, household appliances, etc.
(ii) Industrial products are goods that organizations buy for the purpose of production or resale. These include machinery, raw materials, parts, etc.
(PICK ANY TWO)
(i) Poor research and development: The success of any product depends greatly on thorough research and development. If the product fails to meet its proposed specifications, it may fail in the market.
(ii) Poor pricing: A product may fail if it is overpriced or underpriced. A product needs to be priced correctly in order to be successful in the market.
(iii) Poor packaging: Poor packaging can lead to poor product sales. If the product is not attractive and engaging, it may not be attractive to customers.
(iv) Poor promotion: Poor marketing strategies can lead to failure of the product. If the product is not marketed properly, it may not reach its target audience.
(v) Poor customer service: Poor customer service can lead to the failure of the product. Customers may hesitate to purchase a product if they receive bad customer service.
(i) Mobilization of workforce: Before marketing their products, firms need to mobilize their workforce. This involves hiring and training the necessary employees to carry out the marketing activities effectively. It also includes assigning specific roles and responsibilities to each team member, ensuring that everyone is working together towards a common goal.
(ii) Utilization of feedback: Firms need to use feedback from customers and other stakeholders to understand their preferences and the needs of the target market. This can help firms develop tailored marketing strategies, as well as make improvements to existing products or services.
(iii) Production of quality goods and services: Before marketing their products, firms need to ensure that their products meet the necessary quality standards. This involves assessing the various components of the product or service, such as design, materials used, and performance. It also involves ensuring adherence to industry regulations and laws.
(iv) Managing distribution network: Firms need to manage their distribution network effectively to make sure their products reach the target market. This involves selecting appropriate distributors, setting up distribution channels, and monitoring the effectiveness of the distribution network.
(v) Advertisement and promotion: As part of their marketing strategy, firms need to promote their products and services to the target market. This involves developing promotional campaigns and designing effective advertising materials. Additionally, firms may need to use different channels, such as radio, television, or print, to get their message out to potential customers.
(PICK ANY FIVE)
(i) Global Reach: Internet marketing allows businesses to reach a global audience, breaking barriers of time and distance. With a well-developed internet marketing strategy, businesses can target customers from different countries or regions, expanding their customer base beyond their physical location
(ii) Cost Efficiency: Compared to traditional marketing tactics, internet marketing is significantly more cost effective. Businesses don’t need to invest in physical infrastructure such as printing materials or television commercials. In addition, businesses can track the success of their campaigns with analysis tools, giving them insight on how to spend their marketing budget most effectively.
(iii) Measurement & Tracking: As mentioned above, internet marketing makes it possible for businesses to measure and track results. This helps businesses to understand customer behavior and gain insight into how their strategies are performing, allowing them to make adjustments accordingly.
(iv) Improved Conversion Rates: On average, internet marketing campaigns have higher conversion rates than traditional marketing methods. For example, email campaigns generally boast 25-50% conversion rates, compared to only 2-5% for direct mail marketing.
(v) Timely Delivery: As long as the customer has an internet connection, businesses can deliver content virtually instantly. This is quite different than traditional marketing methods, which can take weeks to reach customers.
(vi) Personalization: Unlike traditional marketing tactics, internet marketing allows businesses to personalize content for individual customers. This helps to create a more informative and engaging experience for potential customers.
(vii) Increased Visibility: Internet marketing helps businesses increase their visibility online. Businesses can use SEO (search engine optimization) tactics to increase their ranking in search engine results, leading to more organic traffic. Additionally, businesses can use social media to gain visibility and interact with their target audience.
The marketing name for the duty performed by Jane Uche is brand ambassadorship.
(i) Promoting Coca cola products: She actively engages with customers and encourages them to purchase Coca cola products.
(ii) Creating awareness: She helps spread awareness of Coca cola products to customers by providing information about them.
(iii) Distributing Samples: She gives away samples of Coca cola products to customers in order to draw their attention to the brand.
(i) Representation: She acts as a representative of the Coca cola brand by wearing the company’s T-shirt and name tag.
(ii) Promotion: She actively promotes the company’s products, encouraging customers to purchase them.
(iii) Distribution: She ensures that Coca cola products remain stocked on the shelves and are visible to customers.
(iv) Interaction: Jane interacts with customers and provides them with information about Coca cola products and their benefits.
Sales promotion refers to the activities undertaken by a company to promote the sales of its products or services. It typically involves offering incentives or extra value to customers to encourage them to make a purchase.
(PICK ANY SIX)
(i) To increase the trial of a product or service
(ii) To motivate people to try something new
(iii) To drive traffic to a store or website
(iv) To create an impulse purchase
(v) To encourage repeat purchase,
(vi) To build brand loyalty
(vii) To support other marketing efforts
(viii) To boost sales in the short-term.
(PICK ANY FOUR)
(i) Creating awareness of products and services,
(ii) Encouraging customers to purchase products and services,
(iii) Influencing customer opinion and preferences,
(iv) Educating customers about a product or service,
(v) Differentiating products and brands from competitors,
(vi) Building an emotional connection between a brand and customer, and
(vii) Reinforcing established brand equity.
Diagram of a simple hierarchical organizational chart for ABC Enterprises:
|_ Marketing Department (Headed by Marketing Manager) | | Secretary
| | Clerk | |_ Account Department (Headed by Account Manager)
| |_ Secretary | | Clerk
|_ Human Resources Department (Headed by HR Manager)
| |_ Secretary | | Clerk
|_ Production Department (Headed by Production Manager)
| |_ Secretary | |_ Clerk
consumer market refers to the group of individuals or households who purchase goods and services for personal consumption. This includes all individuals who buy products or services for their own use and do not intend to resell them.
(PICK ANY FOUR)
(i) To better understand customer needs and preferences
(ii) To identify new markets and opportunities
(iii) To track customer satisfaction
(iv) To improve product design and pricing
(v) To predict customer behavior
(vi) To measure the success of current campaigns
(vii) To develop targeted marketing strategies
(PICK ANY FOUR)
(i) Establishes objectives: Marketing planning helps to establish the objectives a business needs to achieve in order to grow and succeed.
(ii) Facilitates budgeting: Creating a marketing plan helps businesses allocate resources to the best possible use.
(iii) Improves decision-making: By understanding the competitive landscape, marketers can make informed decisions about which strategies will be most effective.
(iv) Enhances performance monitoring: Businesses can monitor performance and adjust tactics as needed using the marketing plan.
(v) Analyzes market trends: Trend analysis is essential for developing an effective marketing strategy.
(vi) Provides direction: With a comprehensive marketing plan, businesses can move forward with more confidence and greater efficiency.
Intensive distribution: Intensive distribution refers to a strategy where a company aims to make its product available in as many outlets as possible. The focus is on achieving widespread market coverage by distributing the product to as many places as possible.
Exclusive distribution: Exclusive distribution is a strategy where a company sells its product through a limited number of outlets. The aim of exclusive distribution is to focus attention and resources on fewer outlets in order to gain greater control over the pricing and image of the product.
(PICK ANY FOUR)
(i) Connecting Suppliers and Customers: Distribution channels play a crucial role in connecting suppliers and customers. Without these channels, sellers would have no way of reaching their target audience. By leveraging distribution channels, companies can get their products into the hands of consumers more quickly and efficiently.
(ii) Assisting with Promotions: Distribution channels also play an important role in helping to promote a company’s products. For example, retailers may display advertisements or promotional materials in their stores and online that are designed to attract customers. This helps to build brand awareness and drive sales.
(iii) Managing Inventory: Distribution channels are also responsible for managing inventory. Distributors ensure that products are delivered to the right place at the right time and facilitate the overall supply chain process.
(iv) Providing Logistical Support: Distributors provide logistical support to companies by coordinating the transportation of goods from one point to another. This helps reduce costs and ensures that products are delivered in a timely manner.
(v) Ensuring Quality: Distribution channels also serve the important function of ensuring the quality of products. They keep track of inventory levels and inspect shipments before they are delivered to customers. This helps to ensure that the customer receives the product in the best condition.
(vi) Enhancing Customer Satisfaction: Distribution channels have the potential to enhance customer satisfaction. As mentioned, they assist in getting products to the customer in a timely manner and in the best condition possible. This helps to ensure customer loyalty and satisfaction.
(PICK ANY FIVE)
(i) Cost of Production: The cost of production, including raw materials, labor, and other overhead costs such as energy, rent, and taxes, largely determines the price of a product.
(ii) Competition: The presence of competitors and the prices that they charge can affect the price of a product. Companies may need to adjust their prices in order to remain competitive in the marketplace.
(iii) Demand: The demand for a product is another important factor driving the price of goods. If there is a high demand for a product, the price is likely to be high as well.
(iv) Brand Value: Brand value also affects the selling price of a product. Consumers are often willing to pay a higher price for a product if it carries a reputable brand name.
(v) Product Quality: The quality of a product will also affect its price. Generally speaking, higher quality products command higher prices, while lower quality products are priced accordingly.
(vi) Economic Conditions: Economic conditions such as inflation or recession can also influence the price of a product. In periods of inflation, prices may increase to reflect the rising cost of living.
(vii) Taxes and Duties: The amount of taxes and duties imposed by the government can impact the price of products. This is especially true for imported goods, as the applicable tariffs and taxes can make the product more expensive.
(viii) Availability: The availability of the product also affects its price. If a product is scarce, it may be priced higher due to increased demand.
MARKETING OBJECTIVES SOLUTIONS
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