-1 Services are intangible wares that can't be touched, felt, tasted, etc. Meanwhile goods are considered tangible objects. Let's take AT&T company as an example, it offers cell phones as goods, and it offers as well internet subscriptions, whether pre.paid or post-paid ones, as services for customers -2 A Customer need is a generic desire or problem that consumers seek to fulfill or solve e.g. .Transportation A want is the concrete form in which a need is .being shaped e.g. flashy motorcycle A demand is the want backed by the money to .achieve it e.g. a customized automobile -3 Customers and consumers are used frequently to define the same individual but there is a difference.
The difference between a customer and a consumer
is determined by the path of the product after it is purchased. If the individual purchasing an item is the one who will use it, they are the consumer. If the customer is giving the product as a gift or purchasing it for someone else for any reason, the person who will use the product or benefit from its .purchase is the actual consumer -4 Marketing is the management process through which goods and services move from concept to the customer. It includes the coordination of four :elements called the 4 P's of marketing Identification, selection and development of a (1) .product .Determination of its price (2) Selection of a distribution channel to reach the (3) .customer's place Development and implementation of a (4) .promotional strategy Marketing concept is the management philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and .wants Marketing
:Q2) State the elements of promotional mix
An organization develops an effective promotional mix which is a combination of strategies and a costeffective allocation of resources to reach its .promotional goals -1
Advertising is a form of nonperson promotion. It is
when companies pay to promote ideas, goods, or services in a variety of media outlets. It can be found everywhere. With advertising, a company engages in a one-way communication to the .prospect or customer Examples: magazines, newspapers, television, .websites, city buses, etc -2 Personal selling is one-to-one communication between seller and prospective purchaser. It generates direct contact with prospects and customers. It is one of the most expensive forms of .promotion Examples: personal meetings, telemarketing, e.mails, and correspondence -3 Sales promotion represents all marketing activities other than personal selling, advertising, and public relations. Sales promotions are used to stimulate purchasing and sales and the objectives are to increase sales, inform potential customers about new products, and create a positive business or .corporate image Examples: coupons, product samples, point-of.purchase displays -4 Publicity is a non-personal stimulation of demand for a product, service or business unit by generating commercially significant news about it in published media or obtaining favorable .presentation of it on radio, television or stage Examples: Magazine and Newspaper articles/reports, radio and television presentations, charitable contributions, speeches, issue .advertising, and seminars -5
Corporate image: It is important to create a good
image in the sight of general public as the Image of an organization is a crucial point in marketing. If the reputation of a company is bad, consumers are less willing to buy a product from this company as they would have been, if the company had a good .image -6 Direct marketing is reaching the customer without using the traditional channels of advertising such as radio, newspaper, television etc. This type of marketing reach the targeted consumers with techniques such as promotional letters, street .advertising, catalogue distribution, fliers etc -7 Exhibitions provide a chance to try the product by the customers. It is an avenue for the producers to get an instant response from the potential .consumers of the products
:Q3) Define the following
Market: An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or .instruments, for money or barter Strategic plan: A broadly-defined plan aimed at creating a desired future. See also long term plan, .short term plan, and strategic business plan Marketer: A person whose duties include the identification of the goods and services desired by a set of consumers, as well as the marketing of .those goods and services on behalf of a company