Accounting technicians scheme west africa
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| C.5 Marketing Mix Marketing mix has to do with the variety of factors that need to be combined to execute a marketing programme. The marketing mix is made up of four key elements – (a) product, (b) price, (c) promotion and (d) place (distribution a) Product: This refers to anything offered to a market for consumption or use. Products are broadly classified as consumer products and industrial products. bi Price Price refers to the value placed on an item. c) Promotion: This refers to persuasive communication aimed at the consumer. Promotion covers advertising, sales promotion, public relations and personal selling. d) Place This has to do with all activities designed to make the product accessible to the consumer. 241 Figure 4.7: The Marketing Mix C.6 Product Products as mentioned already maybe broadly classified into two – Consumer and Industrial products. C.6.1 Consumer products As mentioned earlier, consumer products could be classified as (a) Convenience (b) Shopping, and (c) Specialty products (d) unsought products ab Convenience:bi These are products that consumers buy frequently. Most convenience products are relatively low priced and frequently purchased. Examples of convenience goods are cigarettes, pens, pencils, candies, groceries, flashlights batteries, sundry drugs, chewing gums, newspapers and flimsy shopping bags. Convenience products can be divided further into staples, impulse products, and emergency products. i) Staples are those product that consumers buy on a regular basis, such as bread, bath soap, beverages, toothpaste, etc, ii) Impulse products are those product that purchased with little planning or search effort, such as chocolate and magazine, iii) Emergency product is those when consumer need is urgent, e.g. umbrellas during a rainstorm etc. b) Shopping goods These are products which consumers usually compare prices, quality and features of alternative brands before purchasing. Examples of products conforming to 242 these features are household furniture, shoes, clothing and consumer durables such as fans, radios, television sets and tape recorders. c) Specialty goods: are products with unique characteristics and/or brand identification for which buyers are willing to make a special purchasing effort. Examples of specialty goods are expensive custom made clothing, wristwatches, wedding gowns, the services of brilliant lawyers/doctors and luxury home furniture. d) Unsought Products Unsought products are consumer products that the consumer either does not know about or knows about but does not normally think of buying. Most major new inventions are unsought until the consumer become aware of them through advertising. E.g. coffin, wedding gowns, Life Insurance and blood donations to the Blood bank. Consumer market can also be subdivided into three parts b) Download 3.37 Mb. Share with your friends:
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