NECO Marketing OBJ, Theory And Essay Questions and Answer – June/July 2017 Expo Runz
VERIFIED MARKETING OBJ
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)- 1. Receiving of Goods
2. Preparation of Record
1. Receiving of Goods :-
It is the basic important function of the warehouse. When goods are handed over by the producer, it accepts the goods and assumes the responsibility to deliver the goods. It issues the receipts of goods.
2. Preparation of Record :-
The warehouse keeper checks the items of each shipment and prepares the record. All the record is maintained properly to avoid any problem at the time of delivery.
3. Identification :-
After receiving the goods warehouse keeper marks the each items separately. He may use the code number or he may attach the tag for identification. Due to identification one can easily separate the goods of different firms.
4. Storing :-
It is the major function of warehousing. The goods are kept safely in warehouse. Today all types of fruits are available in each season due to the storing facility. There is a proper protection of goods like food crops in the warehouses.
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.
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.
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.
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.
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.
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 structurealso determines how information flows from level to level within the company
4b) “pick only two”
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 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.
The third main type of organizational structure, called the matrix structure, is a hybrid of divisional and functional structure. Typically used in large multinational companies, the matrix structure allows for the benefits of functional and divisional structures to exist in one organization. This can create power struggles because most areas of the company will have a dual management–a functional manager and a product or divisional manager working at the same level and covering some of the same managerial territory.
7a)- International marketing is simply the application of marketing principles to more than one country
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.
**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
**Saturated domestic demand
>When the domestic market experiences a downturn or reaches saturation, companies may turn to export markets to make good the shortfall. Domestic demand constraints drive many companies to expand their markets beyond the national borders. If the domestic market potential is fully tapped, the market for such products tends to be saturated.
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