WAREHOUSING – TYPES, FUNCTIONS AND ADVANTAGES

WHAT IS A WAREHOUSE?

A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities and towns and villages. [Read more…]

TRANSPORTATION – IMPORTANCE, MODES AND CHOICE OF TRANSPORT MODE

MEANING AND IMPORTANCE

Meaning of transportation

Transportation is a means of moving goods and people from one location to the other. In marketing, it involves the movement of goods from the place of production to the place of consumption. Goods can be moved from the factories to the wholesalers and to the retailers where the consumers come to buy them. [Read more…]

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 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 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 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 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…]

MARKETING PLANNING AND RESEARCH

WHAT IS MARKETING PLANNING

Simply put, planning means deciding now what to do in the future including when and how you are going to do it. It is the process of anticipating the future, and determining courses of action necessary to achieve organisational objectives. [Read more…]

CONSUMER AND ORGANISATIONAL BEHAVIOURS

WHAT IS CONSUMER BEHAVIOUR?

Consumer behaviour or buyer behaviour is the observable actions and reactions of the consumer in relation to the marketing mix, his person, his society and other factors that make buy goods and services. [Read more…]

TYPES OF MARKETS

WHAT IS A MARKET?

A market is defined as an actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. [Read more…]