A market is any space within which trade takes place between buyers and sellers for a well defined product. This space can be a produce market, a shop, internationally between countries or over the internet. Marketing is all those activities that facilitate trade. These include activities that identify consumers’ needs such as market research and those…
Tag: Marketing
Marketing Activities
Market research – the process of gathering information about potential customers. Packaging – creating a suitable package for product usage and for advertising Branding – differentiating the product of a company from other brands and establishing loyal customers. Pricing – identifying the right price that will encourage sales Advertising – methods used such as the…
The Marketing Mix
The marketing mix also referred to as the 4 Ps of marketing, categorizes all the various strategies used in the marketing of goods and services. These categories are product, promotion, pricing and place. (1) Product this includes product designing, packaging, labelling and branding. (2) Promotion advertising, public relations and sales promotions. (3) Pricing includes various…
Market Research
Market research is the gathering, recording and analysing of data to address the marketing problems of a business. Market research must be specific to the problem of a business. The marketing problem must therefore be clearly identified so that the appropriate market research may be conducted. Types of Market Research Consumer Research – garners information…
Factors that Influence Consumer Behaviour
The following factors will cause consumers to either increase or decrease their demand for a product. -The price of a commodity Consumers can afford to buy more of a good when its price falls and less when its price rises. -The prices of other goods and services (substitutes and complements) Substitute products are those that…
Types of Market Structures
The term market structure refers to the level of competition experienced by businesses in an industry. This factor determines the nature of the product sold, how easy it for new businesses to enter that industry and the amount of information available concerning that industry. Monopoly A monopoly exists when only one supplier has control over…
How Price is Determined
The price of a good tells us the value of that product in terms of money. A rational consumer will try to get the greatest value for money spent on goods and services. He will therefore weigh and compare the prices of commodities before making a decision to purchase. Prices in a market economy are…
Packaging and Presentation of Goods
Packaging refers to designing and producing the container that holds the product. A good package must identify, protect and advertise the product. It must also make the product convenient to use. Therefore products such as toothpaste are best packaged in a tube as it has to be squeezed out. Milk must be pored from its…
Copyright, Patent & Trademark
Copyright is a form of intellectual property right that legally protects the creators and innovators of original works. Copyright protects creators’ expressions such as music, painting, movie, photograph, writings etc. Individuals who wish to use works that are copyrighted must request permission from its creator. Copyright law allows creators of original work to be paid…
Methods of Promoting Sales
Promotion includes all forms of advertising, public relations and sales promotion. Advertising is the paid presentation of goods or services through the media for the purpose of encouraging consumer patronage. The media refers to television, radio, magazines, newspapers, billboards, websites etc. The Purpose of Advertising -to attract attention -to inform customers -to increase sales Sales…