November 25, 2021

FACTORS/CRITERIA TO CONSIDER IN SELECTING THE MOST APPROPRIATE MEDIA FOR ADVERTISING Cost element-refers to amount of money to be spent in advertising. select the most cost effective media. Frequency-this is the number of times the public will hear a single advert. the higher the frequency the better the impression created. Impact-this is the effect of […]

PROMOTION/INTEGRATED MARKETING/COMMUNICATION MIX. Promotion is a function of marketing mix and is a technique used in creating awareness on the company’s product as well as the company itself. ELEMENTS OF PROMOTION. 1.ADVERTISING. This is any paid form of non-personal presentation of ideas(goods or services) by an identified sponsor. QUALITIES OF ADVERTISING/ACTIVITIES INVOLVED IN DEVELOPMENT OF

FACTORS TO BE CONSIDERED WHEN SELECTING A DISTRIBUTION CHANNEL Customer characteristics-this include type of customer, geographic dispersion  of buyers ie location to manufacturers, customer buying habits and the outlets they purchase from. Product characteristics-this includes perishability, product usage(industrial-direct or household-indirect). Company characteristics-this includes a company objectives, financial status ,past channel experiences and the desired degree

PLACE/DISTRIBUTION/TRANSPORTATION CHANNELS OF DISTRIBUTION A channel of distribution is the route or path followed by a product as it moves from the producer to the consumer/final user. TYPES OF DISTRIBUTION CHANNELS USED. They are mainly classified into two main categories ie Direct/zero channel. Indirect channel. DIRECT MARKETING/ZERO CHANNEL(PRODUCER-CONSUMER). This is the distribution system where no

METHODS OF PRICING/DETERMINING PRICE LEVELS Cost-based pricing. Mark-up pricing-this involves adding a standard markup to the product cost .markups  are higher on seasonal items, slower moving items and items with high sewerage and handling costs a high mark up however may be disadvantageous if competitors prices are low.ie hotels peak mostly in holidays. Advantages of

PRICE /PRICING This is the amount of money charged for a good or service, This is the sum of value consumers exchange for the benefit of having or using a good or service. This is the market value of a product as it is offered in market. FACTORS AFFECTING PRICING DECISIONS/FACTORS TO CONSIDER WHEN PRICING.

 INDIVIDUAL PRODUCT DECISIONS This is a name, term, sign, symbol or design or a combination of the terms intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. basically, it is a company’s asset. The brand identifies the seller/maker.it can be a name,

STEPS IN NEW PRODUCT DEVELOPMENT IDEA GENERATION– This is the creation of ideas .the ideas can be generated from; Customers ie Customer ways-this is where you ask customers their need and wants which are not being met. Focused group discussions-this is where you get a group of customers and introduce a topic to them the