Adventurer

  THE CONCEPT OF A MARKET The term market has more than one meaning: (a) A market is a place where people gather to transact business mainly to sell and buy commodities and other physical goods. (b) It can be used in respect of the network of institutions like wholesalers and brokers dealing in a product. (c) It can also be used to refer to the nature of demand for the product, as when we speak of the market for soap. (d) A market can be referred to as people with needs and wants, with enough disposable income to spend on goods and services provided to satisfy their special needs and wants and the willingness to expend their income on these goods and services. (e) Stanton (1981:65) defines a market as people with needs to satisfy, money to spend and willingness to spend it. 4.1        Market Segmentation Market segments refer to the sub-classes of the market reflecting sub-classes of wants and the process of conceptually distinguishin...

The Marketing Environment The marketing environment consists of three components, also called sub-environments, which are known as the micro-environment, market environment, and macro-environment. Each of these sub-environments consists of variables which can influence an enterprise, its workers and their families. A.     The Micro-Environment The micro-environment of an enterprise refers to all the activities that are executed by that enterprise. An enterprise must perform diverse activities in order to function properly and to attain the profit objectives that have been decided on. The variables in the micro-environment are discussed below: The Product: Managing the product entails planning and developing the right products and/or services to be marketed by the company’s executives. Price: Determining the right base price for company’s products is one of the crucial micro-variable factors to be considered by the enterprise. Promotion: Promotion entails...

Functions of Marketing The functions of marketing can be classified into three: namely merchandising function, physical distribution and auxiliary function. (A)   Merchandising Function 1. Product Planning and Development: Product planning starts with idea generation, idea screening and development of a prototype product. It also takes into consideration the purchasing power of the consumers, taste and market segmentation. Research and development is established for the analyses of ideas generated. 2. Standardisation and Grading: This is concerned with setting certain standards/levels to accomplish the produced goods. This is carried out by the production department and regulated by some government agencies, such as Standards Organisation of Nigeria (SON). For example, Sprite is 30 cl, Coke is 35 cl, etc. Standardization determines the condition of a manufactured product such as size, quality, performance, etc.   Goods that cannot be produced of a single size, wei...

MARKETING Here are some definitions collated from Ms Cohen and Messers Cyprian and Bhattacharya for your consideration. But more importantly, I would like to hear your definition by leaving a comment at the bottom. Mine is here too. Right at the end. The AMA says marketing is According to the American Marketing Association (AMA) Board of Directors, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. While the Chartered Institute of Marketing says… Marketing is “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”  The father of modern marketing says… Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, ...

  The term ‘Marketing’ has been defined in many ways by different authorities. It is useful to pause for a while and consult some of these definitions: -         Marketing consists of the performance of business activities that direct the flow of goods and services from producer to consumer or user (American Marketing Association). -         According to the American Marketing Association  (AMA) Board of Directors , Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. -         Marketing is the management function that organizes and directs all business activities involved in assessing and converting consumer purchasing power into effective demand for a specific product or service, and in moving it to the final consume...