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Market Environment is a term that is used to collectively identity all the elements that have some impact on the actual performance of a market. This includes events and factors that occur within the context of the market itself and also any elements that are based outside the market.
Marketing Mix is a general phrase used to describe the did dent kinds of choices organizations have to make in the whole process of bringing a product or service to market. Marketing Mix simply means putting the right product in the right place, at the right price, at the right time. It is often synonymous with for Ps: Price, Product, Promotion and Place.
Promotion Mix is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. Promotion Mix comprises elements such as: advertising, public relations, personal selling and sales promotion.
Government Market: The government market consists of government units at federal, state and local levels. Agencies at all levels purchase goods and services used in performing critical governments functions. Government are huge customers of all kinds of products.
Shopping Goods: These are goods/products consumers purchase and consume on a less frequent schedule compared to convenience products. Consumers are willing to spend more time locating these products since they are relatively more expensive than convenience goods. Examples are clothing products, personal services, electronic products and household furnishings.
Product life cycle refers to the length of time a product is introduced to consumers into the market until it’s removed from the shelves
(i) Introduction: This phase generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits.
(ii) Growth: If the product is successful, it then moves to the growth stage. This is characterized by growing demand, an increase in production, and expansion in its availability.
(iii) Maturity: This is the most profitable stage, while the costs of producing and marketing decline.
(iv) Decline: A product takes on increased competition as other companies emulate its success sometimes with enhancements or lower prices. The product may lose market share and begin its decline.
Bargaining is a type of negotiation in which the buyer and seller of a good or service dispute the price and the exact nature of the transaction with the goal of coming to an agreement.
(i) Communication: Essential communication skills include identifying nonverbal cues and verbal skills to express yourself in an engaging way. Skilled negotiators can change their communication styles to meet the listener’s needs
(ii) Active listening: Active listening skills are also crucial for understanding another’s opinion in negotiation. Unlike passive listening, which is the act of hearing a speaker without retaining their message, active listening ensures you’re able to engage and later recall specific details without needing information repeated.
(iii) Emotional intelligence: Emotional intelligence is the ability to control your own emotions and recognize others’ feelings, Being conscious of the emotional dynamics during negotiation can allow you to remain calm and focused on the core issues. If you’re unsatisfied with the current negotiation, express the need for a break so you and the other party can return later with refreshed perspectives.
(iv) Patience: Some negotiations can take a long time to complete, occasionally involving renegotiation and counteroffers. Rather than seeking a quick conclusion, negotiators often practice patience to properly assess a situation and reach the best conclusion for their clients.
(v) Planning: Negotiation requires planning to help you determine what you want. You should consider what’s the best possible outcome, what’s your least acceptable offer and what you will do if an agreement isn’t reached. The ability to prepare, plan and think ahead is crucial to a successful negotiation. Planning skills are necessary not only for the negotiation process but also for deciding how the terms will be carried out.
(vi) Problem-solving: Negotiation requires the ability to see the problem and find a solution. If a price is too high, how can it be lowered? If a resource is in short supply, what can be done to increase it? Being able to find unique solutions to problems may be the determining factor in compromise.
A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market
(i) It helps in avoiding future uncertainties.
(ii) It helps in management by objectives.
(iii) It helps in achieving objectives.
(iv) It helps in coordination and communication among the departments.
(v) It helps the customers in getting full satisfaction.
(i) Continuous process
(ii) Wide scope
(iii) Aid to decision-making
(iv) Uncertainty of conclusions:
(v) Applied research
(vi) Commercial intelligence
Market union are group of people that are responsible of coordinating and maintaining peace and order in the markets.
Primary products are the least- processed form of biological material that humans harvest for use e.g potatoes. WHILE Secondary products are product that are bought often in a routine manner without much though on regular basis e.g clothes
(i) They are responsible for settlement of disputes through negotiations,joint consultant and voluntary arbitration
(ii)They prevent market union from exploitation of personal and political interest
(iii)They also ensure availability of goods and services
(iv)They englighten customers about products and services
(v) They facilities communication between unions and its members
Neco Marketing Answers 2021
The long-awaited and highly anticipated 2021 NECO Marketing (Obj & Essay) Solution Expo Questions and Answer which is supposed to be written in July/August but now October/November is around the corner for Senior School Certificate Examination (SSCE).
Here is the schedule of the examination.
Tuesday 10th August 2021
- Paper lIl & ll: Objective & Essay – Marketing 10:00am – 12:40pm
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