(iv)Analysing past sales figures/trends to anticipate future product needs.
(v)Devising a merchandise plan using the above techniques.
(vi)Relaying the merchandise plan to the buyer who, in turn, can decide on what products, styles, colours etc
(i)This era gave rise to marketing departments
(ii)The era gave rise to marketing companies.
(iii)It led the relationship marketing and social media
(iv)mobile marketing was introduced
(v)The use of technology in marketing
(i) Buying: It involves what to buy, what quality, how much, from whom, when and at what price. People in business buy to increase sales or decrease cost.
(ii) Selling: This is providing a way to give your customers what he wants. You can sell your product direct to customer or sell it at wholesale price to retailers.
(iii) Storage: It involves the keeping of goods in proper condition from the time they are produced until they are needed by customers.
(iv) Financing: This refers to how your business will. Obtain the money it needs to start operations and stay operable.
(v) Transportation: This is the physical means whereby goods are moved from the place where they are produced to where they are needed for consumption.
(vi) Processing: This involves turning a raw product like wheat into something the consumer can use. Eg bread
(vii) Promoting: A product or service is useless to your business if no one knows about it
product concept” is based upon the idea that customers prefer
products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.
Production Concept is a belief that states that the customers would always acquire products which are cheaper and more readily available (or widely available). The production concept advocates that more the products or
production, more would be the sales.
The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society
(i) Initial price of product = N4000
Selling price = N6000
Mark up = N6000 – N4000 = N2000
(iii) Percentage markup on selling price =
Mark up/selling price × 100/1
= 2000/6000 × 100/1
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.
(i)Basic human psychology.
(i)Establishing a Daily Routine: Many successful entrepreneurs develop, grow and maintain their business in different ways. Even though they have different methods that contribute to their success, there is one thing that all entrepreneurs have in common: A daily routine.
(ii)Exercising: Daily exercise is definitely something that you should include in your routine. Exercise is beneficial for both your physical and mental health, and taking time out of your day to run on a treadmill will boost your productivity.
(iii)Eating a Healthy Diet
Food: acts as fuel for your body. What you eat has a significant impact on how you feel throughout the day. It’s important that you maintain a healthy diet if you want to be alert and productive all day long.
(iv)Hiring an Assistant:
Most entrepreneurs are on a very tight budget when they get started, and hiring a staff is probably not a viable option. However, you should hire an assistant as soon as your company starts making a profit.
(v)Finding a Mentor: Mentors are extremely beneficial for young entrepreneurs. Even though the world of entrepreneurship may be new to you, there are people who have already gone through what you are going through.
use this no 5
Advertising is any form of non-personal communication through the mass media that is paid by an identified sponsor with the target to inform people about an idea, product or service.
(i) It is deceptive, in that the product may not actually possess the qualities it purports to have on the media.
(ii) It manipulates people to spend outside their purchasing will or ambulance.
(iii) It reduces small business employment.
(iv) It raises the cost of products and services as the cost of advertising are added up.
(v) It encourages monopolistic control.