*Verify 2017 Neco Marketing Answers*
MARKETING OBJ
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*Marketing*
1a)Warehousing
Is the action or process of storing goods in a warehouse and the building up of a holding of shares in a company by buying numerous small lots of shares in the names of nominees, in order to make a takeover bid while remaining anonymous.
1b)Functions of Warehousing:
1. Storage:
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 ware-houses.
number(3)
i) NEEDS :
The core concept of marketing is to understand or feel the “human needs” that denotes the state of felt deprivation. Therefore being the marketers you need not go for inventing these needs. Rather you should try to understand it. The needs are in-built in human nature itself and thus naturally existed in the composition of human biology and human condition. When the needs are not satisfied, a person will try to either reduce the need or look for a substitute object that has the ability to satisfy the need.
The need for food, clothing, shelter and safety are the basic physical needs and the needs of belongingness and affection are the social needs. The individual needs include the need for knowledge and self expression.
ii) WANTS :
Human wants are desires for specific satisfaction of deeper needs that means the needs become wants when they are directed to specific object that might satisfy the need. For example, a teenage may need water to quench his thirst but want to have a cold drink. Human needs may be few, but their wants are numerous. These wants are continually shaped and re-shaped by social forces and institutions such as families, collogues, office neighbours etc. Marketers need not to create needs because these needs pre-exist in the market. But they can influence the wants and suggest and inform the consumers about certain products and persuade them to purchase these by stressing the benefits of such products.
iii) DEMANDS :
People may have almost unlimited wants. But resources are limited in compare to the wants they have. Therefore they have to choose the products that are likely to provide the most value and satisfaction for their money. When backed by purchasing power, wants become demand. Thus, demands are basically wants for specific products that are linked /associated with the ability and willingness to pay for these products. For example, many desire a car such as Mercedes Benz, Toyota, BMW, Honda etc. but only a few are really willing and able to buy one. Therefore being a marketing executive you must measure how many people would actually be willing and able to buy your company’s products than how many of them want the products.
iv) PRODUCTS
To satisfy the wants and needs of people the company must offer their products in the market. That means people purchase the products to satisfy their needs and wants. Specifically, a product can be defined as an object, service, activity, person, place, organisation or idea. You can note here that the tangible items are known as product while the intangible items are known as service. The hidden use of a physical objects may be to provide the service. For example a lipstick is bought to supply service (beautify); toothpaste for whiter teeth – prevent germs or give fresh breath etc. Therefore it is the job of marketer to sell the service packages associated with the physical products. If you give a thought, you will realise that the importance of a product does not lay not so much in owning them than to use them to satisfy our wants. For example, we do not buy a bed just to admire it, but because it aids resting better.
v)
EXCHANGE
We have already got that marketing takes place only when people decide to satisfy needs and wants through exchange. So in the process of marketing there is exchange value between the two party’s i.e buyer and seller. The value for buyer is to obtain the desired object to satisfy its needs and wants while the value for the seller is generally the profit or the money. For example, hungry people can find food by hunting, fishing or gathering fruits. They could offer money, another food or a service in return for food. Marketing focuses on this last option. Kotler (1984) states that for exchange to take place, it must satisfy five conditions, namely:
(i) There are at least two parties.
(ii) Each party has something that might be of value to the other party.
(iii) Each party is capable of communication and delivery.
(iv) Each party is free to accept
(6a)
Transportation is indispensible function of marketing. Transportation provides the physical means of carrying goods and persons from one place to another. In other words, it is concerned with carrying the goods from the places of production to the places of their consumption.
6b)- Transportation links the different fixed facilities and markets and thus serves to neutralize the spatial separation of the facilities.
-As a marketing function, therefore, it increases the economic value of the products by creating time and place utilities and promoting possession utility.
-For the producer, the transportation aids in moving raw materials and other components from the suppliers to the plants and warehouses and from plants and warehouses to other plants. It also involves the movement of finished goods from the plants to the warehouses or distribution centers and to customers.
-The wholesaler transports goods from the warehouse or distribution centers to retailers.
7a)- International marketing is simply the application of marketing principles to more than one country
REASONS FOR INTERNATIONAL MARKETING
(1)Competition
Competition is a major driving force for taking your business
abroad. In a chosen target market, competition may be less abroad
than at home, in which case, better to go abroad.
(2)Domestic Non-availability
A nation trades because it lacks the raw materials, climate,
specialist labour, capital or technology needed to manufacture a
particular good. Trade allows a greater variety of goods and
services. For example, many countries import oil and natural gas,
metals, timber, tropical fruits, etc.
(3)Government policies and regulations -:
Government policies and regulations also motivate internationalism.
Many governments offer a number of incentives and other positive
support in order to encourage foreign investments. A restrictive
domestic government policy which limits the scope of business
expansion in domestic country and undermines their
competitiveness is also an important factor for entering overseas
markets.
(4)Product life-cycle effects
Where a product in the home market enters a mature phase, and
probably declining, or going out of fashion in a particular country,
the company concerned may be able to find new export markets
abroad where the product has not reached the same stage of
development. For example, most of the ‘tokunbo’ cars imported into
Nigeria are no longer the models in vogue in the advanced world.
8a)
Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea.
8b)-Awareness
– Information
– Persuasion
-Attitudes
– Awareness:
One of the important roles of advertising is to create awareness of the product or services such as brand name and price. The awareness of the product or services can be created through highlighting the unique features of the brand. Nowadays, due to intense competition it is not just enough to create awareness, but top of mind awareness is needed.
– Information:
Advertising helps to inform the target audience about the product. Providing information is closely related to creating awareness of the product. Potential customers must know about a product, such as product features and uses.
ADVERTISEMENTS:
Product information is very much required, especially when the product is introduced in the market, or when product modification is undertaken. Proper product information can help the consumers in their purchase decision.
– Persuasion:
When business firms offer similar products, the firm must not only inform the customers about the product’s availability, but also persuade them to buy it. Through persuasive messages, the marketers try to provide reasons regarding the superiority of their products as compared to others available in the market. Persuasion can be undertaken through creative advertising messages, product demonstration at trade fairs, offering free gifts, premium offers and organizing contests.
– Attitudes:
Promotion is required to build or reinforce attitudes in the minds of target audience. The marketers expect the target audience to develop a favourable attitude towards their brands. Positive attitude towards the brand helps to increase its sales. Through promotional techniques like advertising, the marketer can correct negative attitude towards the product, if any. Negative attitude can also be corrected through public relations and advertising.
4a) Organizational structure is a system that consists of explicit and implicit institutional rules and policies designed to outline how various work roles and responsibilities are delegated, controlled and coordinated. Organizational structure also determines how information flows from level to level within the company.
4b)
(1)functional structure
(2)divisional structure
Functional Structure
Functional structure is set up so that each portion of the organization is grouped according to its purpose. In this type of organization, for example, there may be a marketing department, a sales department and a production department. The functional structure works very well for small businesses in which each department can rely on the talent and knowledge of its workers and support itself. However, one of the drawbacks to a functional structure is that the coordination and communication between departments can be restricted by the organizational boundaries of having the various departments working separately.
Divisional Structure
Divisional structure typically is used in larger companies that operate in a wide geographic area or that have separate smaller organizations within the umbrella group to cover different types of products or market areas. For example, the now-defunct Tecumseh Products Company was organized divisionally–with a small engine division, a compressor division, a parts division and divisions for each geographic area to handle specific needs. The benefit of this structure is that needs can be met more rapidly and more specifically; however, communication is inhibited because employees in different divisions are not working together. Divisional structure is costly because of its size and scope. Small businesses can use a divisional structure on a smaller scale, having different offices in different parts of the city, for example, or assigning different sales teams to handle different geographic areas.
4c)
i)
Hierarchy :
The basic function of an organizational structure is to provide a clear chain of command and define which employees report to which managers. Many companies use multiple levels of management, where an associate reports to a manager who then reports to a director. The directors often report directly to the owners. The structure also shows who conducts performance evaluations for which employee: managers for associates and directors for managers, for example.
ii)
Teams :
Creating an organizational structure usually helps define teams who work closely together. These teams can be organized by department type, such as accounting or marketing, or by geographic region, such as all sales and administrative staff serving the Southeast. A team can also include all staff working on a specific project or product. The structure sets the teams, which typically report to the same manager or director. This helps ensure that all the staff members on the team are working toward the same goal, have well-defined job duties and can get to know each other to help balance each others’ strengths and weaknesses.
iii)
Decision Making :
Employees understand to take important decisions to their managers, who might escalate them up the ladder if necessary. A structure helps define exactly who is the correct decision maker for each employee, although some businesses allow employees more decision-making abilities than others. In retail businesses, employees might make customer service decisions within certain parameters, such as refunds up to $100. In a marketing department, the staff can order collateral pieces up to the project’s budget without management approval, for example. However, the organizational structure helps clearly define which decisions need management approval and who to go to for those decisions. Also, it shows who that manager reports to when decision appeals are necessary.
iv)
Advancement Potential :
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