TYPES OF MARKET
Marketing consists of the performance of business activities that direct the flow of goods and services from the producer to the consumer or users in order to satisfy customers and accomplish the company’s objectives. It encompasses all activities aimed at…
MARKET RESEARCH AND MARKETING CONCEPT
MARKET RESEARCH Market research is the study of consumers’ demand by a firm in order to assist it in expanding its output and the marketing of its product. It is the systematic and objective search for and the analysis of…
ELEMENTS OF MARKETING MIX
Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers or consumers. In other words, marketing mix is a combination of controllable variables such as, product, price, distribution place and promotion which…
PRODUCT MIX
A product may be defined as a bundle of physical and psychological satisfaction that a buyer receives from a purchase, e.g. sugar. It can be an idea, service or goods. Products can fall into two categories: Consumer Product: These…
PRICE MIX
Price is the money consideration for goods and services, i.e ., the exchange value, whereas price mix is the placing of price on a particular product that will suit the customers and fetch higher revenue to the manufacturer. The components…
PLACE MIX
Place mix is concerned with the distribution of goods and services to the consumers at the required place. The components are selecting and managing the middlemen, choice of channel, establishment of a logistic system of storing, handling, transporting and channel…
PUBLICITY, PUBLIC RELATIONS AND PRODUCT DIFFERENTIATION
Publicity Publicity may be defined as news about products or companies, appearing in the form of editorial material without cost to the sponsor in the press, on radio or television etc. Large departmental stores use publicity for fashion related lines.…
SALES PROMOTION
Sales promotion can be defined as any activity that is used to stimulate sales of a product. It is a special promotion technique designed to encourage brand patronage. Sales promotion may be directed at customers in the form of consumer…
PERSONAL SELLING
Personal selling involves the direct personal contact of sellers with the potential buyers with view to making sales. It can also be referred to as the face-to-face meeting of the salesmen with the potential buyers in their houses, offices or…
DEFINITION OF PROMOTION MIX
Promotion mix deals with the communication aspect. The purpose is to make the goods and services known to prospective customers, i.e ., creation of awareness. It stimulates market interest in the product by determining the relative contributions to be made…
PACKAGING
Packaging involves the development of a container and a graphic design for a product. A package can be a vital part of a product. It can make the product more versatile, safer or easier to use. Packaging influences consumers’ attitudes…
Study Guide
