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SS3: COMMERCE - 1ST TERM

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  1. Business and Its Environment | Week 1
    2 Topics
    |
    1 Quiz
  2. Introduction to Marketing | Week 2
    6 Topics
    |
    2 Quizzes
  3. Consumer Protection | Week 3
    1 Topic
  4. Instruments for Protection | Week 4
    9 Topics
  5. Agencies that Educate and Protect Consumers | Week 5
    8 Topics
    |
    2 Quizzes
  6. Business Documents | Week 6
    3 Topics
    |
    2 Quizzes
  7. Means of Payment | Week 7
    5 Topics
    |
    1 Quiz
  8. Commercialization | Week 8
    4 Topics
  9. Privatization | Week 9
    4 Topics
  10. Deregulation | Week 10
    2 Topics



Lesson Progress
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Sales promotion can be defined as any activity that is used to stimulate sales of a product. It is a special promotion technique designed to encourage brand patronage. Sales promotion may be directed at customers in the form of consumer promotion or to middlemen as trade promotion.

Reasons for the use of Sales Promotion

  1. To encourage slow-selling hires
  2. To create a dealer’s interest and encourage stocking
  3. To encourage more frequent use of a product
  4. To stimulate off-peak period sales
  5. To introduce a new product
  6. To offer price competition 

Forms of Sales Promotion

  1. Consumer Promotion – examples are free sample distribution, special price sales, premium offers, competitions, trade fans
  2. Trade Promotions – examples are free-goods, special discounts, co-operative advert, sales competition for sales staff.

Branding:

Branding is a general term covering brand names, designs, trademarks, symbols, which may be used to distinguish one firm’s product from that of another. Branding is the act of giving a distinctive label or name to a product.

Packaging:

This involves the development of a container and a graphic design for a product. A package can be a vital part of a product. It can make the product more versatile, safer, or easier to use.

Evaluation Questions

1. Explain the meaning of marketing 

2. Mention three importance of marketing

3. Describe the marketing mix

4. Explain the methods of promotion and pricing  of products.

5. List and explain five functions of marketing.

6. Explain the following terms and concepts relating to marketing;

  1. Marketing 
  2. Marketing mix
  3. Consumer goods
  4. Industrial goods
  5. Place utility
  6. Time utility.

7. (a) Define marketing mix

(b) Explain the term marketing concept

(c) List and describe the four elements of marketing (WASSCE June, 2006)

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Question 7

7. (a) Define marketing mix

(b) Explain the term marketing concept

(c) List and describe the four elements of marketing (WASSCE June, 2006)

Solution

(a)  Marketing Mix : It comprises a group of control variables used in formulating the marketing policies and programme so as to influence the consumers and improve sales. It includes the product, price, place, and promotion as the controlling variables.

(b) Marketing Concept: This concept identifies the basis of establishing a firm which entails identifying the consumer’s need for creating a product that will satisfy the identified needs of the consumers and enhancing profitability.

(c) Marketing Mix elements

  1. Product
  2. Price
  3. Place
  4. Promotion

(1) Product: A product is anything or item that brings or gives satisfaction when consumed. A product must-have utility to be marketable. Products can be classified into consumer products or goods, which are meant for immediate satisfaction, and capital goods which are goods for creating further wealth or goods.

(2) Price: This is the money consideration for goods received and service enjoyed. The price mix comprises factors like credit facilities, allowances or discounts, mark-ups and margins, market nature, freight, etc.

(3) Place: This marketing mix is concerned with the distribution of manufactured goods and services to the right location where needed. The place mix considers mainly the nature of the product and the channel of distribution to be employed.

(4) Promotion: This marketing mix enables awareness of consumers on the goods and services as well as persuading consumers thereby increasing sales volume. It provides activities like sales promotion market research, advertising, exhibitions and trade fairs, public relations, product branding, and packaging.

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