Product Marketing Essentials: Levels & Classification
Introduction to Product Marketing
Marketing planning begins with the formulation of a product offering designed to meet the needs and wants of customers in the target market. Customers evaluate the market offering based on three basic elements: product features and quality, service mix and quality, and price. Thus, the product is a key element in the market offering.
Nature and Concept of Product
Generally, a product is perceived as a tangible offering, but the concept of a product is much broader.
Read MoreUnderstanding Bills of Exchange & Financial Lending Factors
Understanding Bills of Exchange
A bill of exchange is a financial instrument created for the purpose of transferring funds and serving as a payment mechanism. Its structure includes an endorsement clause, allowing the holder to transfer ownership of the document to another party, who in turn may transmit it to others, and so on.
Key Parties in a Bill of Exchange
- Drawer: The party who issues the bill.
- Drawee: The party to whom the bill is addressed and who is obligated to pay.
- Place of Drawing: The locality
Wage & Salary Essentials: Employee Compensation Concepts
Wage Characteristics and Significance
Key Features of Wages
- Convertible into money.
- Involves reciprocity (an exchange for work).
- Should produce enrichment for the worker.
- May involve alienation (from the product of labor).
Meaning and Implications
- Wages are not delivered as a gift; they imply an exchange for services.
- They represent enrichment to the recipient. Therefore, what an employer gives to a community or group of workers is not considered individual salary.
- Wages are payable in return for work performed.
Key Concepts in Entrepreneurship & Project Success
Women Entrepreneurship: Impact & Challenges
Concept of Women Entrepreneurs
A woman entrepreneur is a woman who initiates, organizes, and operates a business enterprise by undertaking financial, administrative, and social risks. According to the Government of India, a woman entrepreneur is one who owns and controls at least 51% of the enterprise and employs herself in the business.
Role in Economic Development
Economic Empowerment of Women: Women entrepreneurship helps in reducing gender inequality
Essential Marketing & Business Concepts
Management Orientations
Ethnocentric Orientation
Occurs when someone believes their own country is superior to others. This belief is often linked with national arrogance or assumptions of superiority, which may lead to a disregard for foreign markets, viewing only similarities across markets, and ignoring opportunities outside.
Polycentric Orientation
The opposite of ethnocentrism, this is the belief or assumption that each country in which a company does business is unique.
Regiocentric Orientation
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Read MoreNigeria Market Entry Strategy: Factors, Partnerships, Integration
Nigeria Market Analysis: Macro & Micro Factors
To successfully enter the Nigerian market, we must identify and analyze both macro and micro environmental factors.
Macro Environmental Factors
FACTOR | EXAMPLE |
Economic Growth | “Economic growth above 4% per year and an exponentially growing rate of consumption.” |
Infrastructure and Logistics | “Lack of infrastructure → complications in logistics.” |
Political Stability | “Corruption → political instability.” |
Population Size | “Giant of Africa” → |