Write explanatory notes on the marketing concepts listed below: a) The production concept (4 marks) b) The product concept (4 marks) c) The selling concept (4 marks) d) The marketing concept (4 marks) e) The societal concept (4 marks)

Explanatory notes on the following marketing concepts a) The Production Concept This concept holds that consumers will favour or go for products that are widely available and low in cost Management should select products that are economical to produce and Read More …

Your organization has identified a need in the market, which it seeks to satisfy through new product. a) State and describe the stages in new product development. (12 marks) b) What factors contribute to the success of new product development? (8 marks)

Diversification refers to an organisation’s move to scale-up its presence through the introduction of new products in new markets Circumstances that may render it necessary for a company to diversify include: The need to achieve operating economies Growth opportunity Availability Read More …

Managers charged with putting a company on a growth trajectory can pursue its existing markets (customer sales) or enter new markets and can emphasize its existing products or develop new products. Using Ansoff’s classic product/market matrix, discuss the risks and rewards of the four growth alternatives.

Ansoff’s Product – market growth vector He analyzed potential growth strategies based on the extent to which new products and or new markets are sought. Market penetration Current products and current markets.  It involves achieving wider adoption of an existing Read More …

Marketing experts around the world have generally agreed that there are a number of clearly identifiable variables that comprise of building blocks of marketing. These variables have been labelled “Marketing Mix” elements. Identify these elements and discuss the concept of product as it relates to each of them.

A vital element in every marketing strategy is the marketing mix.  The mix may be defined as ‘the particular group of variables offered to the market at a particular point in time.’  These variables are principally: Product Price Promotion Distribution Read More …