Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be having a revision of what we learned so far in Marketing.
Revision time is always a time to be excited, as it reminds you that examinations are close by and promotion awaits you. So far, we have learned various topics in marketing from Marketing Mix, Personal Marketing Outlet, Selling and Bargaining Skills, Purchase, Supply And Merchandising, Concepts And Elements of Marketing to Distribution And Business Management.
Let’s look at some of these topics once again before your final examination.
Planning For A Personal Marketing Outlet
In life, before achieving anything great, it is recommended that we plan. There’s a saying that, “failure to plan is planning to fail.”
Overtime, humans have come to understand the significance of planning whether in business or academics.
Planning can either be strategic or tactical. Strategic planning is the process of determining an organization’s primary objectives and then adopting courses of action that will eventually achieve them while Tactical planning guides the implementations of activities specified in the strategic plan.
To run any business, you need money. Money is usually referred to as capital in business. In planning for a personal marketing outlet, it is important to know how to get money. Let’s take a look at some of the ways you can raise money.
Purchase, Supply And Merchandising of Goods
In every well established business organization, there is a purchasing and supply unit or department, others address it as a procurement unit ,their functions center around purchasing and supplying the right quality and quantity of materials at the right time, and the right quantity from the source at the right place to the right place.
They also monitor market prices not only of the product’s materials purchased but also of significant raw materials used in their organization.
Equally, they monitor suppliers’ prices, provide information or imminent price changes, participate in organizational planning, policy and decision making, supply the company regularly with raw materials to avoid stoppage or product delay and allow continuity, maintaining sound cooperative relationships and developing staff policies, procedures for effective running of an organization.
When we talk about the supply, purchase and merchandising of goods, we must remember that as we have laws governing our school, community and the country, there are laws regulating these also.
Selling And Bargaining Skills
One of the qualities a good procurement personnel should have is negotiation and bargaining skills which is the art of arriving at a common understanding through the use of deliberations, persuasion and communication on the essentials of purchase such as price, delivery, quality, specifications among other terms.
Bargaining strategy could take the form of what is known as a ”door-knob strategy“. This is when it seems as if the final offer would not be released if an agreement is not reached.
Another strategy is known as compromised concession strategy which is the settlement of differences in which each of the parties gives up or concedes something it has earlier requested. No compromise should be attempted merely to arrive at a quick settlement.
Bargaining is a type of negotiation in which the buyer and seller of a good or service dispute the price and the exact nature of the transaction with the goal of coming to an agreement.
Like negotiation skills, you can practice and improve your bargaining skills.
Bargaining is often positioned as a way for two or more parties to act as teammates seeking a common goal.
For example, if it costs a retailer nothing to engage and allow bargaining, he can divine the buyer’s willingness to spend. It allows for capturing more consumer surplus as it allows price discrimination, a process whereby a seller can charge a higher price to one buyer who is more eager (by being richer or more desperate).
Have you thought about what happens next after you decide to produce a good? The goods you buy from the market, how did they get there? Let’s examine this!
We can take distribution to be a process of making goods and services available to end users or customers who require them. Its primary objective is to efficiently store and handle the products and supply them in the best possible condition to consumers in different locations.
Remember how we started by talking about the goods you buy from the market. Distribution is the reason why Mama Chinedu has the same products in Enugu as Mama Bunmi in Ibadan.
Distribution refers to the flow of goods and services from the producer or manufacturer to the buyer or consumer.
Businesses can improve customer retention by ensuring that the products reach the consumers timely and easily.
The distribution channel is the chain of intermediaries or businesses through which the goods and services flow.
This channel can be long or short, depending on the number of intermediaries necessary to make the goods and services available to consumers in different regions.
Distribution management is fundamental to any business’s sales and involves various activities.
In summary, Distribution refers to the flow of goods and services from the producer or manufacturer to the buyer or consumer. Businesses can improve customer retention by ensuring that the products reach the consumers timely and easily.
Explain the following:
- Merchandising of Goods
What is the importance of Distribution in marketing?
Explain what you understand by Selling and Bargaining Skills
We hope you enjoyed today’s class. We wish you the best in your final exams!
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