NECO GCE MARKETING ESSAY
A new product refers to any offering that is introduced into the market for the first time by a company. It can be a physical good, a service, or even a combination of both, which is aimed at satisfying customer needs or wants
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(i) Idea Generation: This stage involves brainstorming and gathering ideas for potential new products. Ideas can come from various sources such as customer feedback, market research, and internal innovation efforts.
(ii) Idea Screening: In this stage, the company evaluates the feasibility and potential of the generated ideas. This involves analyzing factors such as market demand, competition, technical feasibility, and profitability. Ideas that do not meet the company’s criteria are eliminated at this stage.
(iii) Concept Development and Testing: Once an idea is selected, the company develops a detailed concept for the new product. This includes defining its features, benefits, target market, and positioning. The concept is then tested with the target market through surveys, focus groups, or prototypes to gather feedback and refine the concept.
(iv) Business Analysis: In this stage, the company assesses the financial viability and profitability of the new product concept. This includes analyzing costs, pricing, sales projections, and potential return on investment. The company also considers potential risks and challenges associated with launching the new product.
(v) Product Development: Once the new product concept is approved, the company moves on to developing the actual product. This involves designing and engineering the product, creating prototypes, conducting lab and field testing, and refining the product until it meets the desired specifications.
(vi) Market Testing and Commercialization: Before the new product is launched in the market, it is important to conduct market tests to evaluate its performance and gather feedback from actual customers. This testing can help identify any necessary modifications or improvements. After successful market testing, the company proceeds with full-scale production, marketing, and distribution of the new product.
(i) Distance and Destination: The distance the products need to travel and the destination play a significant role. Longer distances may favor modes like air or sea freight for faster delivery, while shorter distances might be suitable for road or rail transportation.
(ii) Product Characteristics: The nature of the products being transported (fragile, perishable, hazardous, etc.) determines the suitable mode of transportation. For instance, fragile items might require careful handling, while perishable goods might necessitate faster transport options.
(iii) Cost and Economics: The costs associated with transportation—such as fuel, maintenance, labor, and infrastructure—impact the choice of transport. Sometimes, a balance between cost-effectiveness and speed of delivery is crucial in decision-making.
(iv) Transportation Infrastructure: The availability and quality of transportation infrastructure (roads, railways, airports, ports) influence the choice. Areas with well-developed infrastructure might favor certain modes of transport over others due to efficiency and accessibility.
(v) Environmental Impact: Increasingly, companies consider the environmental impact of their transportation choices. They might opt for greener modes like rail or sea transport instead of air freight to reduce carbon emissions and environmental footprint.
(i)Marketing planning is the process of setting goals, identifying target markets, developing strategies, and outlining specific actions to achieve marketing objectives within a specified timeframe.
(ii) Marketing planning involves analyzing market conditions, consumer behavior, competition, and internal capabilities to create a comprehensive plan that guides the allocation of resources and execution of marketing activities.
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(i)Understanding Customer Needs: Research helps in comprehending customer preferences, behavior, and expectations, aiding in the development of products or services that better align with market demands.
(ii)Market Segmentation: Research helps in dividing the market into distinct segments based on characteristics, allowing businesses to target specific groups effectively with tailored marketing strategies.
(iii)Competitive Analysis: Researching competitors provides insights into their strategies, strengths, weaknesses, and market positioning, aiding in the formulation of competitive advantages
(iv)Product Development and Improvement: Research guides the creation of new products or enhancements to existing ones, ensuring they meet consumer needs and stay ahead in the market.
(v)Market Trends and Opportunities: Research uncovers emerging trends, market gaps, and potential opportunities, enabling businesses to adapt and capitalize on shifting market dynamics.
(vi)Effective Marketing Strategies: Research informs the development of effective marketing campaigns, guiding decisions on pricing, promotion, distribution, and branding strategies based on consumer behavior and preferences.
(PICK ANY SIX)
(i)Surveys and Questionnaires
(iv)Direct customer Observation
(vi)Social Media and Online Analytics
(vii)Sales and Customer Records
A market union refers to a group or organization formed by workers or employees within a specific industry or sector to protect and advocate for their rights and interests. Market unions work towards improving working conditions, negotiating fair wages, providing employee benefits, and ensuring job security, among other things.
(PICK ANY EIGHT)
(i) Representing workers: Market unions act as the voice of the workers and represent their interests and concerns in discussions with employers.
(ii) Collective bargaining: Unions negotiate with employers on behalf of the workers to secure fair wages, benefits, and better working conditions.
(iii) Advocacy and lobbying: Unions lobby for legislative and policy changes that benefit workers, such as improved health and safety regulations or increased minimum wage.
(iv) Grievance handling: Unions help workers address workplace issues by providing guidance and support in filing formal complaints and pursuing resolution.
(v) Promoting workplace democracy: Unions ensure that workers have a say in decision-making processes at the workplace and are involved in shaping policies that affect them.
(vi) Providing legal support: Unions offer legal assistance and representation to workers facing unfair treatment or discrimination in the workplace.
(vii) Training and education: Unions provide training programs and workshops to educate workers about their rights, skills development, and health and safety guidelines.
(viii) Mutual aid and welfare: Market unions often establish funds or programs to support workers in times of financial hardship, illness, or unemployment.
(ix) Social and political activism: Unions engage in social and political campaigns to address broader issues like inequality, discrimination, or workers’ rights at a national or global level.
(x) Building solidarity and unity: Unions foster a sense of unity and solidarity among workers, encouraging collective action and support for one another in achieving common goals.
Warehousing refers to the process of storing goods or merchandise in a designated location, known as a warehouse. These facilities are specifically designed to safely and efficiently store various types of products before they are distributed, sold, or used.
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(i)Private Warehouses: Owned and operated by individual companies to store their own goods. These warehouses offer complete control over operations, customization, and management of inventory.
(ii)Public Warehouses: These are third-party facilities that offer storage and other related services to multiple businesses or individuals on a rental basis. Public warehouses provide storage space for short-term or seasonal needs without the long-term commitment of owning a warehouse.
(iii)Distribution Centers: Focused on efficient movement and distribution of products within the supply chain. They often handle large volumes of goods, serving as hubs for sorting, packaging, and redistributing products to various locations.
(iv)Climate-Controlled Warehouses: Specifically designed to maintain specific temperature or humidity levels suitable for storing perishable items, pharmaceuticals, electronics, or any goods sensitive to environmental conditions.
(v)Automated Warehouses: These facilities use automated systems, robotics, and technology for various tasks such as inventory management, order picking, and transportation within the warehouse. They are highly efficient and often used in industries where speed and precision are crucial.
Internet marketing refers to promoting and selling products or services using the internet. It involves leveraging online channels such as websites, social media, email, search engines, and other digital platforms to reach potential customers.
(PICK ANY FOUR)
(i)Targeted Marketing: Precise targeting is possible through various online tools and analytics, allowing businesses to tailor their marketing efforts to specific demographics, interests, behaviors, and locations of their ideal customers.
(ii)Cost-Effectiveness: Compared to traditional marketing channels, online marketing often offers lower costs. For instance, social media advertising or email marketing can be more budget-friendly while still reaching a substantial audience
(iii)Measurable Results: Internet marketing provides extensive analytics and tracking tools, allowing businesses to measure the effectiveness of their campaigns in real-time. Metrics such as website traffic, conversions, click-through rates, and engagement can be monitored and analyzed to optimize strategies.
(iv)24/7 Availability: Online marketing enables businesses to be accessible to customers round the clock. Websites, social media pages, and online stores operate continuously, allowing customers to engage or make purchases at any time, enhancing convenience and accessibility.
(v)Global Reach: Internet marketing allows businesses to reach a global audience, breaking geographical barriers and enabling access to customers worldwide.This is one of the most important benefits of Internet marketing.
International marketing refers to the application of marketing principles across national borders. It involves promoting and selling products or services in multiple countries, considering cultural differences, market characteristics, and varying consumer behaviors. Companies engaging in international marketing tailor their strategies to suit different regions, languages, regulations, and customer preferences to achieve success in global markets.
(i) Exporting: Exporting refers to the process of selling goods or services produced in one country to another country. It can be done through various means such as direct sales, agents, distributors, or online platforms, and it’s often an initial step for companies to enter international markets.
(ii) Joint venturing: Joint venturing involves two or more companies coming together to form a new entity or partnership to pursue a specific business opportunity. It allows them to combine resources, expertise, and market knowledge while sharing risks and profits.
(iii) Direct investment: Direct investment involves a company from one country making a substantial and long-term investment in another country. This can include establishing subsidiaries, acquiring stakes in existing companies, or building new facilities abroad.
(iv) Standardized marketing mix: The standardized marketing mix refers to a strategy where a company maintains uniform marketing elements (product, price, place, promotion) across different markets or countries. This approach assumes that consumer preferences and behaviors are similar globally, allowing for cost savings and efficiency in marketing efforts.