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THE EVOLUTION OF MARKETING From the Stone Age to the post-modern digital era, our civilization has undergone a fascinating evolution in human history. The world of marketing is no different. In a free-market economy, marketing is so ubiquitous that we do not stop to think about how it started and grew to what it is today. How did people discover products in the early 1900s? It is hard to imagine, for this social media generation, how old folks traditionally did their commercial activities without smartphones. Marketing, in and of itself, has seen dramatic transformation for centuries. It started as a distinct discipline that went through different periods of refinement. With economic forces at the helm, businesses were faced with the reality of competing for customers’ attention while ensuring that they lock in their return on investment (ROI).  1.1       Eras that Shaped the Evolution of Marketing         i. ...

  Introduction The term channel of distribution is used to refer to the various intermediaries who help in moving products from the producer to consumers. There are a variety of middlemen and merchants who act as intermediaries between the producers and consumers. Stanton (1981:283) defines a channel of distribution for a product as ‘the route taken by the title to the ultimate consumer or industrial users’. A channel always includes both the producer and the final customer for the product, as well as all middlemen involved in the title transfer. Even though agent middlemen do not take actual title to the goods, they are included as part of a distribution channel. This is because they play such an active role in the transfer of ownership. A channel of distribution is also defined as ‘a system designed to move goods and services from producers to customers, which consists of people and organizations supported by various facilities, equipment, and information resources’. Market...

  Differences between Intermediaries & Dealers in Marketing One of the most-challenging aspects of marketing a product is getting it to the consumer. If you are a baker baking and selling goods directly to customers on a local scale, you won't need to use intermediaries. However, if you want to expand your business and sell your product to a greater number of customers over a wider geographical area, you will have to set up a distribution channel of one or more intermediaries -- some of which may be dealers. Distribution Channels In marketing, a distribution channel refers to the chain of businesses that a product must pass through before it reaches the customer. For example, a bakery sells muffins to a wholesale distributor of baked goods; those muffins are then shipped by one or more trucking companies and resold to a specific supermarket or convenience store. Large manufacturers may rely on many channels of distribution, each of which are composed of intermediaries. ...

  Definition of Entrepreneurship by Different Scholars The study of the aforesaid definitions makes it clear that different Scholars or authors and economists have tried to explain the entrepreneurship in the different and broad sense in their own ways. Definition of Entrepreneurship by Different Scholars These views may be classified as follows: 1.      Entrepreneurship as risk-taking capacity. 2.      Entrepreneurship as an organization building ability. 3.      Entrepreneurship as group level reactiveness. 4.      Entrepreneurship as functions of organizations and coordination. 5.      Entrepreneurship as managerial skills. 6.      Entrepreneurship as the capacity for high achievements. 7.      Entrepreneurship as innovative functions and innovative ability, and 8.      Entrepreneurship as leadership...

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GROWTH  STR ATEGY A strategy is a consistent, appropriate and feasible set of principles or plan of action through which a particular entrepreneur hopes to achieve the objective set for his business. A strategy looks inwards at the entrepreneur’s business and also looks outwards at the competition, environment and business climate.             There are three major types of strategies available to an entrepreneur; these include Growth strategy, stability strategy and turn- around strategy . But in practice, every entrepreneur hopes to peruse expansion or growth in his business. One of the commonest strategies adopted by companies is the growth strategy , which implies growth in sales, assets, profits and other dimensions. Companies achieve a growth strategy by selecting a target growth rate and formulating a strategy for achieving it. Growth comes about in two ways. It is achieved through managing current product for gro...