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Pricing Strategies & Methods/Price Determinants

PRICING STRATEGIES AND METHODS/PRICE DETERMINANTS

WHAT IS PRICE?

Price represents the value of a good or service. It is a component of an exchange or transaction that takes place between two parties and refers to what must be given up by one party (i.e., buyer) in order to obtain something offered by another party (i.e., seller). In order words, a price is the amount of money that a buyer gives to a seller in exchange for a good or a service. When someone hands over N200.00 and receives a liter of oil, the price is straightforward observation: N200.00 per liter. [Read more…]

Types & Functions Of Distribution

TYPES AND FUNCTIONS OF DISTRIBUTION

WHAT IS DISTRIBUTION?

In marketing, distribution is the process of moving a product from its manufacturing source to its customers. It is the movement of goods and services from the source through a distribution channel, right up to the final customer, consumer, or user. [Read more…]

Merchandising – Features, Conditions & Functions

MERCHANDISING – FEATURES, CONDITIONS AND FUNCTIONS

MERCHANDISING

Merchandising is any practice which contributes to the sale of products to a retail consumer. At a retail store level, merchandising refers to the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase. [Read more…]

Role Of Advertising & Advertising Media, Electronic/Print Media

ROLE OF ADVERTISING AND ADVERTISING MEDIA, ELECTRONIC/PRINT MEDIA

WHAT IS ADVERTISING?

Definitions

In order to have a clear picture of what advertising is all about we shall examine definitions by three world class professional bodies.

American Marketing Association (AMA)

“Advertising is any paid up form of non personal presentation and the promotion of ideas goods or services by an identified sponsor.”

Advertising Practitioners Council of Nigeria (APCON)

“Advertising is a form of communication about products and services as paid for by a sponsor through the media”.

Advertising Association of United Kingdom

“Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them.” [Read more…]

Promotion – Functions & Benefits, Sales Promotion

PROMOTION – FUNCTIONS AND BENEFITS, SALES PROMOTION

WHAT IS PROMOTION?

Promotion is the element in an organization’s marketing mix that serves to inform, persuade, and remind the market of the organization and its products. It creates awareness of the organization, its goods and services. [Read more…]