- 1a)market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product
i)Market research- is about gathering
information concerning your target
ii)Promotion Most business owners are familiar with the idea of promotion.
iii)Selling While we tend to think of selling and marketing as being closely linked, selling is last on the list of the seven functions of marketing.
iv)Pricing Setting the correct price for your product or service can be a challenge.
government market is a group of consumers that consists of local, state and federal authorities.the government market spends the most money of any other consuming group, and so presents
an attractive marketing target for some businesses.
reseller market buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors.
Industrial marketing is the marketing of goods and services by one business
to another. Industrial goods are those
an industry uses to produce an end
product from one or more raw materials.
- problem recognition The acknowledgement and definition of an issue that does or may arise during the performance of a process.
- Information Search is a stage in the
- Consumer Decision Process during which
- a consumer searches for internal or
- external information.
- Evaluating Alternatives During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes.
- Purchase decision is the thought process that leads a consumer from identifying
- need, generating options, and choosing a specific product and brand.
- Post-purchase behavior is when the
- customer assesses whether he is satisfied or dissatisfied with a purchase.
standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment.
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation.
Money orders are a secure payment
method. They are convenient, affordable,
and widely accepted. Money orders are a
good way to send cash that never
I.O.U is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms
such as the time of repayment.
4) POLITICAL: legislatures, laws, economic policies make at all levels exercise a great influence on the marketing activities of an organization than any others indices.
Equally, the reaction, attitude and behavior of people, sociology critics, public opinion makers, etc Among others affect political environment
Iv) social: this connote that people and their socio-cultural belief and custom are fundamentally and basically what shape and determine the economy, political-legal system and technology. This factor affect how and why people live and behave as they do.
III) technological : thus connote how the technological invention, technical equipment and skills affect the way an economic resources are converted to output.
Iv) Economic : people’s existence has no meaning to the environment relief if they did not have money and are willing to spend it. In one words, economic factor influences the ability and willingness of individuals and organization to perform transactions with a view to acquire goods and services they needs, wants and desire.
3iii)A chain store is a group of similar retail shops
that sell the same type of goods. All these shops or
branches are under the control of the head office.
Branches are opened in different parts of the city
or even in different parts of the country.
Chain stores specialize in a particular product.
The same product is offered in different varieties
and in different models.
3iv)Mail order business is a kind of retail trade wherein
business is done through post. The seller gives
advertisements in newspapers, etc., and sends
catalogues, circulars, etc., to prospective customers
Communication is simply the act of
transferring information from one place to
i) Postal Services
ii) Telegraph Services
iii) Courier Services:
v) Internet Service
vi) Radio and Television
[5/5, 8:21 AM] THE GLOBAL LINKER: 3ai)A department store is a large outlet (a large shop ) that has several department under one roof, and each department sells a line (one type ) of goods.
V) 3v) A supermarket is a very large retail store that sells a range of regularly demanded house-hold goods; and it is operated on self service principle.
3)electronic marketing refers to the. application of marketing principles and techniques via
electronic media and more specifically the Internet.