MARKETING
(1a)
A new product is something that is recently created or introduced into the market. It could be a physical item, a service, or even a digital innovation. It’s all about bringing something fresh and exciting to meet the needs and desires of consumers.
(1b)
(i)Ideation: This is where ideas for new products are generated. It involves brainstorming, market research, and identifying opportunities for innovation.
(ii)Concept Development and Testing: Once ideas are generated, they are refined into concepts. These concepts are then tested with target consumers to gather feedback and assess their viability.
(iii)Product Development: In this stage, the chosen concept is transformed into a tangible product or service. It involves designing, prototyping, and testing the product to ensure it meets quality standards and consumer expectations.
(iv) Launch and Commercialization: After the product is developed, it is ready to be introduced to the market. This stage involves creating marketing strategies, setting prices, establishing distribution channels, and executing a successful launch to attract customers.
@examcheck_neco
NECO GCE EXAMKNG VIP GROUP:
(4)
(i)Distance: The distance between the origin and destination plays a significant role in determining the choice of transportation. For shorter distances, road transportation may be more cost-effective, while for longer distances, air or sea transportation may be more efficient.
(ii) Speed: The urgency of delivering the products can impact the choice of transportation. If time is critical, air transportation is often chosen due to its speed. On the other hand, if speed is not a priority, slower modes like sea or rail transportation may be more economical.
(iii) Cost: The cost of transportation is a major factor in decision-making. Different modes of transportation have varying costs associated with them, including fuel, maintenance, tolls, and fees. Balancing cost and value is crucial in choosing the most cost-effective option.
(iv) Nature of the Products: The type of products being transported also influences the choice of transportation. Perishable goods may require refrigerated trucks or air transportation to maintain freshness. Fragile or high-value items may necessitate more secure and specialized modes of transportation.
(v) Infrastructure: The availability and quality of transportation infrastructure, such as roads, railways, ports, and airports, can impact the choice of transportation. The accessibility and reliability of these infrastructures play a crucial role in determining the most suitable mode of transportation.
(8a)
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.
(8b)
(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.
@examcheck_neco
NECO GCE MARKETING
(7a)
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.
(7b)
(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.
@examcheck_neco
(9a)
International marketing refers to the process of planning, promoting, and selling products or services in multiple countries. It involves understanding the different cultures, preferences, and legal requirements of various markets and customizing marketing strategies accordingly.
(9bi)
Exporting: Exporting is a strategy where a company sells its products or services to customers in other countries. It is a common entry strategy for companies looking to expand internationally. Exporting can be done through direct sales to customers, or through intermediaries such as distributors or agents.
(9bii)
Joint venturing: Joint venturing is a strategy where two or more companies from different countries come together to form a partnership and jointly undertake a business venture. This strategy allows companies to share resources, knowledge, and risks in entering new markets.
(9biii)
Direct investment: Direct investment is a strategy where a company establishes a physical presence in a foreign country by setting up its own operations, such as manufacturing facilities, sales offices, or subsidiaries. This strategy gives companies greater control over their operations and allows them to tailor their products, services, and marketing strategies to the local market. Direct investment requires a higher level of commitment and investment compared to other strategies.
(9biv)
Standardized marketing mix: Standardized marketing mix is a strategy where a company uses the same marketing mix (product, price, place, and promotion) across different markets. This strategy assumes that consumer needs, preferences, and behavior are similar across countries, allowing companies to achieve economies of scale and cost savings by producing and promoting the same product or service globally.
@examcheck_neco
(5a)
(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.
(5b)
(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.
(5c)
(i)Surveys and Questionnaires
(ii)Secondary Data
(iii)Focus Groups
(iv)Direct customer Observation
(v)Interviews
(vi)Social Media and Online Analytics
