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MARKETING THEORY INSTRUCTIONS
You're to answer just 4 questions only
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BOOK KEEPING THEORY INSTRUCTIONS
You're to answer just 5 questions only
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(3a)
(PICK ANY ONE)
Product marketing is a strategic function within a company that focuses on promoting and positioning a specific product or service in the market to attract and satisfy customers.
OR
Product marketing is a strategic discipline that focuses on the promotion and positioning of a company's products or services to its target customers.It involves understanding the market, identifying customer needs and preferences
(3b)
(PICK ANY EIGHT)
(i) Utilize various advertising channels such as print media, television, radio, online platforms, social media, and digital ads to reach a wide audience.
(ii)Create informative and engaging content to educate potential customers about the new product.
(iii)Collaborate with influential individuals or industry experts who have a significant online following.
(iv)Leverage social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and YouTube to engage with the target audience.
(v)Build an email list of potential customers and develop targeted email campaigns to introduce the new product.
(vi)Issue press releases to relevant media outlets and industry publications to announce the launch of the new product.
(vii)Organize live demonstrations or product showcases at trade shows, industry events, or in-store locations.
(viii)Offer free trials, samples, or limited-time promotions to encourage potential customers to try the new product.
(ix)Implement referral programs that incentivize existing customers to refer the new product to their friends, family, or colleagues.
(x)Collaborate with complementary businesses or influencers to cross-promote the new product.
BOOK KEEPING THEORY ANSWERS
(1a)
A joint stock company is a company that has multiple owners, each of whom owns a share in the company and has limited liability for its debts or losses. The company's capital is divided into shares and held by shareholders, who elect a board of directors to manage the company's affairs. Joint stock companies can raise more capital than partnerships or sole proprietorships, making them a popular form of business organization for large-scale enterprises. Examples of joint stock companies include multinational corporations like Microsoft, Apple, and Google.
(1b)
(i)Ownership: Private limited liability companies are owned and controlled by a small group of people, while public limited liability companies are owned and controlled by the general public.
(ii)Legal Requirements: Private limited liability companies have fewer legal requirements and are not required to publicly disclose their financial information, whereas public limited liability companies have more legal requirements and must publicly disclose their financial information.
(iii)Size: Private limited liability companies are typically smaller in size and have a smaller number of shareholders, while public limited liability companies are typically larger in size and have a larger number of shareholders.
(iv)Trading of Shares: Shares of private limited liability companies cannot be traded publicly on a stock exchange, while shares of public limited liability companies can be bought and sold by the general public on stock exchanges.
(4a)
[PICK ANY FOUR]
(i) Product
(ii) Price
(iii) Place
(iv) Promotion
(v) People
(vi) Process
(4b)
[PICK ANY FOUR]
(i) Economic Factors: These include economic conditions exchange rates inflation rates and interest rates. These factors can affect consumers' purchasing power and can impact the marketing mix strategy.
(ii) Technological Factors: These include technological advancements that can impact the product pricing distribution and promotion. For example advancements in eCommerce have impacted the distribution strategy for many companies.
(iii) Social Factors: These include cultural demographic and social trends that can impact consumers' behaviors and preferences. For example companies have had to change their advertising campaigns to reflect social and cultural changes.
(iv) Political Factors: These include government regulations taxes and policies that can impact the marketing mix strategy. For example the implementation of a carbon tax may impact the pricing strategy for companies.
(v) Legal Factors: These include laws and regulations that can impact the marketing mix strategy such as consumer protection laws data protection laws and advertising regulations.
(vi) Environmental Factors: These include environmental issues and concerns that can impact the marketing mix strategy such as the use of environmentally-friendly materials in products and packaging and initiatives to reduce carbon footprint.
(2a)
(i)Need Identification: Mr. Oke recognized the need to purchase a television set for his family. This step involves identifying the requirements, preferences, and specifications of the product to meet his family's entertainment needs.
(ii) Research and Evaluation: After identifying the need, Mr. Oke conducted thorough research on different television models, brands, features, and prices. He gathered information from various sources
(iii)Decision Making: Once Mr. Oke had gathered sufficient information, he analyzed the available options and compared them against his requirements and budget.
(iv)Purchase and Post-Purchase Evaluation: After finalizing his decision, Mr. Oke proceeded with the actual purchase of the chosen television set. He identified the most reliable retailer and made payment.
(2b)
(PICK ANY FIVE)
(i)Organizational goals and objectives: The committee's buying behavior is influenced by the goals and objectives of the organization.
(ii)Budget and financial considerations: The financial resources available to the committee can greatly influence their buying behavior.
(iii)Organizational policies and procedures: Committees often have to adhere to specific organizational policies and procedures when making purchasing decisions.
(iv)Stakeholder input and influence: Committees are composed of multiple individuals representing various departments or functions within the organization
(v)Product specifications and quality: The specifications and quality of the product or service being considered will impact the committee's buying behavior.
(vi)Vendor reputation and relationships: The reputation and relationships with potential vendors can influence the committee's buying behavior.
(vii)Market trends and external factors: Committees also consider market trends, industry developments, and external factors that could impact their buying decision
MARKETING THEORY ANSWERS
(1a)
(PICK FIVE ONLY)
(i) Wholesalers purchase goods in large quantities from manufacturers or producers. They buy goods in bulk at discounted prices, leveraging their buying power to negotiate favorable terms and conditions.
(ii) Wholesalers maintain an inventory of goods to ensure a steady supply to retailers. They forecast demand, monitor market trends, and stock a wide range of products to meet the varied needs of retailers.
(iii) Wholesalers provide warehousing facilities to store and protect goods. They handle logistics, including receiving, storing, and organizing inventory efficiently.
(iv) Wholesalers may inspect, sort, and grade the products they receive from manufacturers. This ensures that the products meet certain quality standards and are appropriately categorized before being distributed to retailers.
(v) Wholesalers repackage products to make them suitable for retail sale. They may remove bulk packaging and repackage products into smaller units or create customized packaging solutions as per the requirements of retailers.
(vi) Wholesalers arrange for the transportation of goods from the manufacturer's location to their own warehouses and subsequently to retailers. They coordinate with shipping companies, freight forwarders, and other logistics providers to ensure timely delivery.
(vii) Wholesalers may offer credit facilities to retailers, allowing them to purchase goods on credit terms and pay later. This helps retailers manage their cash flow and inventory levels.
(viii) Wholesalers gather market intelligence and provide valuable insights to manufacturers and retailers. They monitor consumer trends, competitor activities, and changing market conditions.
(1b)
(PICK FIVE ONLY)
(i) Nature of Product: The nature of the product has a bearing on the choice of distribution channel. The durability of the product, unit cost of product, type of product must be considered while determining the distribution channel.
(ii) Nature of Market: The geographical width of the market, number of potential buyer, nature of competition has a bearing on selection of distribution channel.
(iii) Size of Business: The size of the business, financial strength of the concern determines the channel of distribution. A small producer may sell his product directly. While a large producer may use a longer distribution channel.
(iv) Cost of Channel: Distribution process involves cost of transportation, warehousing, storage insurance, material handling, distribution personnel’s compensation and interest on inventory carried at different selling points. Higher cost of distribution will result in the increased cost of product.
(v) Nature of Middlemen: The producer must select those middlemen who provide the best marketing services like storage, transportation, credit and packing etc. At the same time the middlemen should ensure various services to customers.
(vi) Distribution Intensity: The selection of distribution channel depends upon the intensity of distribution. If the marketer intends to undertake extensive distribution will make his products available through all distribution outlets.
(vii) Time of Distribution: The selection of distribution channel depends upon time taken by the distribution channel. The producer needs to compare the time taken by different distribution channels and should select the one that takes minimum time for delivery of goods to customers.
(viii) Government Policy: Government policies and regulations also influence the choice of distribution channels. The Government may impose certain restrictions on distribution of certain products like wine, narcotic goods.
MARKETING THEORY INSTRUCTIONS
You're to answer just 4 questions only
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BOOK KEEPING THEORY INSTRUCTIONS
You're to answer just 5 questions only
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