2019 NECO MARKETING ANSWERS
Marketing; refers to activities undertaken by a company to promote the buying or selling of a product or service.
(i)Intangibility; When you buy a car, you can see it, feel it, and even test it prior to purchase. In other words, products have tangible qualities that provide information to consumers so they can easily compare one product to another.
(ii)Inseparability; To continue using the automobile analogy, cars are produced at one location, sold at another, and used at yet another location. Services are unique because they are usually provided and consumed at the same time in the same location (e.g. a haircut or car tune-up).
(iii)Perishability; If a car does not sell today, it can be stored and sold the following day or at some other time in the future. Services, on the other hand, are often perishable, meaning that unused capacity cannot be stored for future use or sale. For example, a restaurant might be full one night and half empty the next.
(iv)Variability; Once you have decided to buy a Honda Accord, you know that there will be no variation in the quality of the Accord from one Honda dealer to another. Manufactured goods tend to have automated processes and quality assurance procedures that result in a consistent product.
Mass Marketing; is a market strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible.
Ambush marketing; is a marketing strategy in which an advertiser “ambushes” an event to compete for exposure against other advertisers. In other words is a marketing technique that raises awareness of a brand in covert ways.
Referral marketing; is the method of promoting products or services to new customers through referrals, usually word of mouth. In other words such referrals often happen spontaneously but businesses can influence this through appropriate strategies.
Green marketing; this is the process of selling products and/or services based on their environmental benefits. In other words such a product or service may be environmentally friendly in itself or produced in an environmentally friendly way, such as: Being manufactured in a sustainable fashion.
SMS marketing; is a technique that uses permission-based text messaging to spread promotional messages. In other word is to receive text message specials, new product updates or more information, customers are usually required to opt in to an automated system by texting an initial shortcode.
Product design is the process of efficient and effective idea generation and development with the goal of creating new products.
(i)Idea Generation: The design process begins with understanding the customers and their needs. Ideas for new products can come from a variety of sources both within and outside the firm. Internal sources include employees, research and development, market research sales force and reverse engineering.
(ii)Screening Ideas: The purpose of screening ideas is to eliminate those ideas that do not appear to have high potential and so avoid the costs incurred at subsequent stages.
(iii)Feasibility Study: Initial screening of the ideas is designed to stop the ideas, which are unsuitable for further considerations. In other words feasibility study consists of a market analysis, an economic analysis, and technical and strategic analysis.
(iv)Preliminary Design: design engineers take general performance specifications and translate them in to technical specifications.