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Explain four functions of product labels. (8 marks)November 2022
Identification: Product labels are used to identify the product, including its name, brand, and manufacturer. This helps customers to easily identify the product on the shelf and makes it easier for them to find what they are looking for. Branding: Product labels are used to create a consistent imagRead more
- Identification: Product labels are used to identify the product, including its name, brand, and manufacturer. This helps customers to easily identify the product on the shelf and makes it easier for them to find what they are looking for.
- Branding: Product labels are used to create a consistent image for the product and to convey the brand’s identity. This helps customers to easily recognize the product and to associate it with the brand.
- Information: Product labels provide important information about the product, such as its ingredients, nutritional value, and usage instructions. This helps customers to make informed decisions about the product and to use it correctly.
- Safety: Product labels are used to provide safety information about the product, including any warnings or precautions that should be taken. This helps customers to use the product safely and to avoid any potential hazards.
- Legal compliance: Product labels are used to comply with legal requirements, such as labeling laws, which mandate that certain information must be included on product labels.
- Traceability: Product labels are used to provide traceability information that can be used to identify the product throughout the supply chain. This helps to ensure the safety and quality of the product and to identify any potential issues.
- Marketing: Product labels are used to market the product and to communicate its key features and benefits to customers. This helps to increase the product’s visibility and to create a positive image for the product.
- Packaging: Product labels are used to enhance the overall packaging of a product. They help to create an attractive and cohesive package design that stands out on the shelf and appeals to customers.
See lessOutline the steps that a firm should follow when positioning its products. (12 marks)November 2022
Conduct market research: The first step in positioning a product is to conduct market research to understand the target market, including their needs, preferences, and buying habits. This will help the firm identify the key features and benefits of their products that will appeal to their target marRead more
- Conduct market research: The first step in positioning a product is to conduct market research to understand the target market, including their needs, preferences, and buying habits. This will help the firm identify the key features and benefits of their products that will appeal to their target market.
- Develop a unique selling proposition (USP): Based on the market research, the firm should develop a unique selling proposition (USP) that differentiates their products from those of their competitors. This USP should be communicated in all marketing materials and used to position the product in the market.
- Identify the product’s target market: Once the USP is developed, the firm should identify the specific target market for their products. This will help the firm to determine the most effective marketing strategies and channels to reach their target market.
- Determine the product’s pricing strategy: The firm should determine the most appropriate pricing strategy for their products, taking into account the target market, competition, and the costs of production.
- Develop a marketing plan: The firm should develop a comprehensive marketing plan that includes all of the elements needed to reach and appeal to the target market. This should include advertising, promotions, public relations, and sales strategies.
- Implement the marketing plan: Once the marketing plan is developed, the firm should implement it, using the most effective channels and strategies to reach the target market.
- Monitor and evaluate the positioning: The firm should monitor the positioning of their products in the market to ensure that they are reaching their target market and achieving their goals. They should also evaluate the effectiveness of the marketing strategies and make adjustments as needed.
- Continuously improve the product: The firm should also continuously improve the product based on customer feedback, market trends and technology advancements.
- Communicate the positioning: The firm should communicate the positioning of the product in a consistent way across all its marketing materials, including website, brochures, packaging and more.
- Use Influencers and Ambassadors: The firm should use influencers and brand ambassadors to communicate the positioning of the product and create a buzz in the market.
- Use social media: The firm should use social media platforms to communicate the positioning of the product and engage with the target market.
- Encourage customer feedback: The firm should encourage customer feedback and use it to improve the positioning of the product and the overall customer experience.
See lessDescribe four forms of outdoor advertising that may be used in product promotion.(8 marksNovember 2022
Billboards: Large signs or posters that are typically located on busy roads or highways, used to reach a wide audience. Transit Advertising: Advertising on buses, trains, subways, and other forms of public transportation, used to reach a captive audience. Street Furniture: Advertising on benches, buRead more
- Billboards: Large signs or posters that are typically located on busy roads or highways, used to reach a wide audience.
- Transit Advertising: Advertising on buses, trains, subways, and other forms of public transportation, used to reach a captive audience.
- Street Furniture: Advertising on benches, bus shelters, newsstands and other forms of street furniture, used to reach people in high-traffic urban areas.
- Event Advertising: Advertising at events such as concerts, sports games, and festivals, used to reach a targeted audience of people with similar interests.
- Street teams: teams of people who walk around with promotional materials, handing out flyers or samples, or talking to people about the product.
See lessDodo Limited trains its channel members periodically. Explain six reasons why the firm trains them. ral le oe (12 marks)November 2022
Product knowledge: Training channel members on the features, benefits, and uses of the products will help them to communicate effectively with customers and to make informed sales decisions. Sales techniques: Training channel members on sales techniques will help them to effectively market and sellRead more
11.Teamwork: Training channel members on team-work will help them to understand how to work effectively with other channel members and to achieve common goals.
12.Problem-solving: Training channel members on problem-solving skills will help them to identify, analyze and solve problems that might arise in the marketing and sales of the products.
See lessExplain, five ways in which an organization may influence consumers attitude towards its products in order to increase sales. (10 marks)November 2022
Product positioning: The organization can position its products in a way that appeals to consumers' needs, wants, and values. Advertising and promotion: The organization can use advertising and promotion to create awareness and interest in its products, and to change consumers' attitudes towards theRead more
- Product positioning: The organization can position its products in a way that appeals to consumers’ needs, wants, and values.
- Advertising and promotion: The organization can use advertising and promotion to create awareness and interest in its products, and to change consumers’ attitudes towards them.
- Publicity and Public Relations: The organization can use publicity and Public Relations to create a positive image of the company and its products, and to change consumers’ attitudes towards them.
- Branding: The organization can use branding to create a strong, consistent image for its products that appeals to consumers’ emotions and values.
- Packaging: The organization can use packaging to make its products more appealing to consumers and to change their attitudes towards them.
- Personal selling: The organization can use personal selling to persuade consumers to buy its products, and to change their attitudes towards them.
- Sales promotion: The organization can use sales promotion to increase the perceived value of its products, and to change consumers’ attitudes towards them.
- Customer service: The organization can use customer service to create a positive experience for consumers, and to change their attitudes towards its products.
- Product modification: The organization can modify its products to meet the changing needs and wants of its customers and to change their attitudes towards its products
- Online reputation management: The organization can use online reputation management to monitor and shape the public’s perception of its products and to change consumers’ attitudes towards them.
See lessDescribe five strategies that a service firm may use to manage fluctuations in demand and supply.(10 marks)November 2022
Pricing strategies: The firm can adjust its prices to match changes in demand and supply, such as offering discounts during slow periods and increasing prices during peak periods. Capacity management: The firm can adjust the capacity of its resources, such as personnel and equipment, to match changeRead more
- Pricing strategies: The firm can adjust its prices to match changes in demand and supply, such as offering discounts during slow periods and increasing prices during peak periods.
- Capacity management: The firm can adjust the capacity of its resources, such as personnel and equipment, to match changes in demand and supply.
- Inventory management: The firm can manage its inventory levels to match changes in demand and supply, such as building up inventory during slow periods and reducing inventory during peak periods.
- Outsourcing: The firm can outsource some of its services or resources to manage fluctuations in demand and supply. This can help the company to quickly ramp up or reduce its capacity as needed.
- Flexible scheduling: The firm can implement flexible scheduling to match changes in demand and supply, such as extending hours during peak periods and reducing hours during slow periods.
- Promotion and Marketing: The firm can use promotion and marketing strategies to manage fluctuations in demand, for example by increasing advertising during slow periods and reducing it during peak periods.
- Diversification: The firm can diversify its products and services to manage fluctuations in demand, for example by introducing new products or services that are in high demand.
- Volume discounts: The firm can offer volume discounts to its customers to manage fluctuations in demand, for example by offering discounts to customers who place large orders or who order during slow periods.
- Cross-selling: The firm can encourage customers to purchase additional products or services to manage fluctuations in demand, for example by upselling or cross-selling.
- Lead time management: The firm can manage its lead times to match changes in demand and supply, for example by reducing lead times during peak periods and increasing them during slow periods.
See lessOutline five characteristics that highly satisfied customers exhibit. (10 marks)November 2022
Loyalty: Highly satisfied customers are more likely to be loyal to a brand and continue to purchase products and services from the company. Positive word-of-mouth: Highly satisfied customers are more likely to recommend a brand to their friends, family, and colleagues, providing valuable word-of-mouRead more
- Loyalty: Highly satisfied customers are more likely to be loyal to a brand and continue to purchase products and services from the company.
- Positive word-of-mouth: Highly satisfied customers are more likely to recommend a brand to their friends, family, and colleagues, providing valuable word-of-mouth marketing.
- Low price sensitivity: Highly satisfied customers tend to be less sensitive to price changes and are more willing to pay a premium for a product or service they trust and value.
- Forgiveness: Highly satisfied customers are more likely to forgive a company for mistakes or service failures, and are more likely to give the company a second chance.
- Positive feedback: Highly satisfied customers tend to provide positive feedback and constructive criticism, helping the company improve its products or services.
- High retention rate: Highly satisfied customers tend to stick with the company for a longer period of time, resulting in a higher retention rate.
- Repeat purchases: Highly satisfied customers are more likely to make repeat purchases, resulting in more revenue for the company.
- Higher profit margin: Highly satisfied customers tend to generate more profit for the company, due to their loyalty and willingness to pay a premium for products or services.
- Brand Ambassadors: Highly satisfied customers tend to act as brand ambassadors, promoting the company and its products or services to others.
- Low rate of switching: Highly satisfied customers tend to have a low rate of switching to competitors, which helps the company to maintain its market share.
See lessMambo Limited intends to select a supplier for its industrial products. Explain five factors that the firm may consider when selecting the supplier. Ene (10 marks)November 2022
Quality: The supplier should be able to provide high-quality products that meet the company's specifications and standards. Price: The supplier should be able to provide products at a competitive price, while still providing a reasonable profit margin for the supplier. Delivery: The supplier shouldRead more
- Quality: The supplier should be able to provide high-quality products that meet the company’s specifications and standards.
- Price: The supplier should be able to provide products at a competitive price, while still providing a reasonable profit margin for the supplier.
- Delivery: The supplier should be able to deliver the products on time and in the required quantities.
- Reliability: The supplier should be dependable and able to consistently meet the company’s needs over time.
- Financial stability: The supplier should have a stable financial position and be able to continue providing the company with products in the future.
- Reputation: The supplier should have a good reputation in the industry and be known for providing high-quality products and excellent customer service.
- Location: The supplier’s location should be convenient and minimize transportation costs.
- Responsiveness: The supplier should be able to respond quickly and effectively to the company’s changing needs.
- Quality certifications: The supplier should have any relevant quality certifications and be able to provide evidence of compliance with industry standards
- Flexibility: The supplier should be flexible and willing to accommodate the company’s special requests or needs.
See lessExplain five circumstances under which a manufacturer may modify an existing channel arrangement.(10 marks)November 2022
A manufacturer may choose to modify an existing channel arrangement for various reasons, such as: Changing market conditions: The manufacturer may need to adapt to changes in the market, such as shifts in consumer demand or the emergence of new competitors, by modifying its channel arrangement to beRead more
A manufacturer may choose to modify an existing channel arrangement for various reasons, such as:
- Changing market conditions: The manufacturer may need to adapt to changes in the market, such as shifts in consumer demand or the emergence of new competitors, by modifying its channel arrangement to better reach its target market.
- New product launch: The manufacturer may need to modify its channel arrangement to accommodate the launch of a new product, such as by adding new distribution channels or adjusting its pricing strategy.
- Improved efficiency: The manufacturer may aim to improve the efficiency of its channel arrangement by streamlining processes, reducing costs or increasing the speed of delivery.
- Increased market share: The manufacturer may attempt to increase its market share by expanding into new geographic areas or by targeting new customer segments through modifying its channel arrangement
- Brand Repositioning: The manufacturer may attempt to reposition its brand to align it more closely with the target market and its needs, for example by using different distribution channels or by adjusting its pricing strategy.
- Merger or acquisition: The manufacturer may choose to modify its channel arrangement following a merger or acquisition, for example by consolidating distribution channels or by rebranding.
- Legal requirements: The manufacturer may need to modify its channel arrangement in order to comply with legal requirements, such as changes in regulations or product labeling laws.
- Channel conflict: The manufacturer may need to modify its channel arrangement to resolve conflicts with existing channels, such as by adjusting pricing or by redefining the roles and responsibilities of its channels.
- Improved customer service: The manufacturer may aim to improve customer service by modifying its channel arrangement, for example by adding new distribution channels or by increasing the level of support provided to its existing channels.
- Channel performance: The manufacturer may modify its channel arrangement to improve the performance of its existing channels, for example by providing additional training or support, or by adjusting the terms of the relationship with its channels.
See lessSaka Limited is in the process of choosing brand elements for its products. Explain the criteria that the firm will use in choosing the eleménts. (10 marks)November 2022
Relevance: The chosen brand elements should be relevant to the product, the target market, and the overall brand identity. Distinctiveness: The chosen brand elements should be distinctive and easily recognizable, helping to set the brand apart from its competitors. Flexibility: The chosen brand elemRead more
- Relevance: The chosen brand elements should be relevant to the product, the target market, and the overall brand identity.
- Distinctiveness: The chosen brand elements should be distinctive and easily recognizable, helping to set the brand apart from its competitors.
- Flexibility: The chosen brand elements should be flexible and adaptable to different contexts, mediums, and channels, allowing the brand to evolve over time.
- Legality: The chosen brand elements should be legal and not infringe on any existing trademarks or intellectual property rights.
- Memorability: The chosen brand elements should be memorable and easy for consumers to recall, helping to build brand awareness and loyalty over time.
- Emotional appeal: The chosen brand elements should evoke an emotional response from the target market, helping to create a deeper connection with the brand.
- Re-enforcement of the brand promise: The chosen brand elements should support and re-enforce the brand promise, helping to communicate the brand’s value proposition to the target market.
- Cultural appropriateness: The chosen brand elements should be appropriate and respectful of the target market’s culture and values.
- Synergy: The chosen brand elements should work together in harmony, creating a cohesive and consistent brand identity.
- Scalability: The chosen brand elements should be able to scale with the company’s growth and expansion plans.
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