(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
(i) Product concept: This is a marketing concept that assumes that customers will favour those products that offer the most quality for the price and therefore it is paramount for companies and industries to produce quality products. Customers will always go for quality brands and products as it is easy for them to distinguish them.
(ii) Selling concept: Selling concept ensures that once a product is produced, it is backed up by some strategies on how to make it sell. For instance advertising and personal selling methods are used hence any strategy that will beat the competition in the market is adopted.
(iii) Production concept: This focuses on the idea that’s firm should focus more on those products that it can produce more efficiently; and as well the production of low-cost products. The concept focuses more on the ability to produces and less on the customer’s satisfaction, it assumes that customers will favour those products that are available and affordable. Hence, the major focus is production and distribution.
(iv) Social Marketing concept : This concept ensures that for a company to only focus on exchange relationship with customers might not be to sustain long term success. Hence the strategy works to deliver values to customers in a way to improve the customer’s and societal well being. Hence, social and ethnical considerations are maintained in production.
(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.
(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.
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.
This is the basic function of warehousing. Surplus commodities which are not needed immediately can be stored in warehouses. They can be supplied as and when needed by the customers.
(2) Price Stabilization:
Warehouses play an important role in the process of price stabilization. It is achieved by the creation of time utility by warehousing. Fall in the prices of goods when their supply is in abundance and rise in their prices during the slack season are avoided.
(3) Risk bearing:
When the goods are stored in warehouses they are exposed to many risks in the form of theft, deterioration, exploration, fire etc. Warehouses are constructed in such a way as to minimise these risks. Contract of bailment operates when the goods are stored in wave-houses.
Loans can be raised from the warehouse keeper against the goods stored by the owner. Goods act as security for the warehouse keeper. Similarly, banks and other financial institutions also advance loans against warehouse receipts. In this manner, warehousing acts as a source of finance for the businessmen for meeting business operations.
(i) The 3 mood of transportation are
(a) By land e.g car or lorries or train
(b) By air, e.g airplane
(c) By sea e.g ship and canoe
(1) A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee , the point of origin of the consignment, its destination, and route
(2) Consignment note
A shipping agreement between the consignor of a shipment and the carrier of the shipment, which records the receipt of goods for shipment to a specified destination. The consignment note also specifies the consignee of the shipment and the fee for shipment, but unlike a bill of lading, is not a document of title.
(3) A delivery note is a document sent with a shipment of goods that describes the goods and the quantities being delivered. A delivery note is crucial in the shipment of goods. It will list the products that are contained within the package. Delivery notes generally don’t include the prices of the goods being shipped.
Demand: is the total amount of goods and services that all
consumers are willing and able to purchase at a specific price in a marketplace. In other words, it represents how much consumers can and will buy from suppliers at a given price level in a market.
Need: is a consumer’s desire for a product’s or service’s specific
benefit, whether that be functional or emotional.
Exchange: process is simplywhen an individual or an organisation decides to satisfy a need or want by offering some money or goods or services in exchange.
Market: is the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions
Transaction: is an activity in which goods, services or money is passed from one account or person to another; and act of doing business; an agreement, exchange, contract that takes place between two parties and establishes a legal obligation