Accounting technicians scheme west africa
C.1.1 Analysis of the Marketing Process
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- 237 C.2 Marketing Functions
- Distributing the product
| C.1.1 Analysis of the Marketing Process (i) Identify needs of customers that company can satisfy. ii) Design a Product (bundle of benefits) that satisfies those needs - better than existing products. iii) Promote / communicate these benefits in order to motivate purchase. iv) Price at the right level so that consumers are willing and able to buy the product and the firm’s profit goals are met. v) Make the product available at the right place so that exchange is facilitated. 237 C.2 Marketing Functions Agbonifoh, et al (2007) identified the following functions performed by atypical marketing department ab Marketing research – systematic gathering, analysis and interpretation of data to aid decision-making in areas such as the type of products to make, the price to charge, how to distribute and promote the product. Marketing continuously identifies the needs and wants satisfying products or services which can propel the people to do an extra to earn money which can be exchanged for the desired products or services. ab Planning and guiding the development of new products or modification of existing ones: Organisations through their marketing activities have been able to create and increase demand for all types of goods and services. b) Pricing the product: Marketing sustains the company by bringing in profits through effective pricing of its products. Marketing is the only activity that brings revenue to the firm, whereas other activities incur expenditure. If the company’s products or services satisfy the customer’s requirements, then the satisfied customers will keep the company in business by repeat orders and recommending other profitable customers. Thus marketing is the driving force behind a successful company. c) Distributing the product: Intermediaries (wholesalers and retailers) do not only distribute products throughout the country, but have contributed a lotto the adoption by rural dwellers of urban tastes and purchasing habits, thus widening the potential market for manufactured goods in the country. b) Download 3.37 Mb. Share with your friends:
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