Marketing

• The marketing concept involves identifying customer needs and wants and meeting them through appropriate strategies and tactics.
• Marketing is the process by which companies create, communicate, deliver, and exchange offerings that have value for customers.
• Marketing is the process by which companies create, communicate, deliver, and exchange offerings that have value for customers, clients, partners, and society at large.
• Marketing is defined as "the management process responsible for identifying, anticipating, and satisfying consumer requirements profitably."
• Marketing Activities involves identify, creating, communicating and delivering value to consumers in order to generate sales
• Product - A good or service that is produced by a business and sold to consumers.
• Price - The amount of money that a consumer is willing to pay for a good or service.
• Place - It is where the consumer buys or discovers the product
• Penetrating Pricing is when a company offers a lower price than their competitors to gain market share
• Cost plus pricing is a pricing strategy that involves adding a fixed percentage to the cost of the product to determine the selling price.
• Price skimming is when a business sets a high price for a product and then lowers it
• Psychological pricing is the use of psychological factors to influence consumer behavior.
• Price discrimination is a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to.
• Competition base pricing is when a business sets its price based on the market price of a product.
• Loss leader price - A price that is set so low that it is not profitable for the business
• A consumer is a person or business that buys goods and services for their own use or consumption.
• Consumer behavior is the study of how consumers make decisions about what to buy and how to use the products they buy. It looks at their buying habits and spending patterns and what influences them
• Factors that affect consumer behavior: Price, Product quality, Durability, Tradition, Tate, Service ability
• Packaging is the preparation of a product for appropriate transportation and storage.

  Purposes of packaging: To keep the product fresh, To make the product look attractive, To enable the branding of the product, To protect the product from contamination, To provide details on how to use the product
• Branding is the process by which an organization creates a name, symbol or design that identifies and differentiates its product from those of competitors.
• Marketing mix is the combination of elements used to promote a product or service. The marketing mix includes four P's; Product, Place, Promotion, Price
• Negative aspects of packaging: - Packaging can be expensive - Packaging can be difficult to dispose of
• Forms of packaging: glass, paper boxes, paper sacks and bags, metal cans, plastic, cardboard, wooden boxes
• Branding - It enables a company to create a unique image for its products and services.
• Methods of promoting sales:

  Advertising - Providing information, Persuading customers to buy the product, Communicating brand identity

  Promotion

  Public Relations: refers to the process and activities used by the business to build a positive

  image in the minds of its customers. It is a very cost-effective way of gaining free publicity.

  Sales Promotion

  Personal Selling
• Sales promotion - Short-term incentives designed to stimulate immediate purchase of a product
• Personal selling - Direct communication with potential buyers about a product
• Types of Sales promotions: Competitions, Free gifts, Loyalty schemes, Coupons, Samples, Discounts, Trade shows
• Competition - A prize draw that encourages consumers to enter their name into a competition to win something valuable
• Free gift - An item given away with another product as an inducement to make a sale
• Direct marketing - A form of advertising that targets specific individuals or groups through direct mail, telemarketing, email, faxes, etc.
• Free gift - Offering something extra when buying a particular item
• Coupon - A voucher offering discount on a product or service
• Sample - A small quantity of a product which can be tried out without any obligation to buy
• Public relations (PR) refers to the process and activities used by the business to build a positive image in the minds of its customers.
• Public relations is a cost-effective way of gaining free publicity.
• Some of the tools used in public relations include sponsorship of activities at the community or national level, press releases, scholarships for employees or their children, and uniforms provided to members of staff.
• Marketing involves identifying what customers want, while selling is the process of getting customers to buy the product or service that you are offering.
• Packaging serves four functions: it protects, contains, informs, and sells.
• Protection in packaging is crucial as it ensures the product's safety and integrity.