Author: KNEC notes and Past Papers

Price is a means of regulating the economic activities ie keeping the economy in balance. Price has a considerable impact on consumer perception i.e. a marketer can either increase the price and emphasize on quality or lower the price and Read More …

This is the amount of money charged for a good or service. This is the sum of value consumers exchange for the benefit of having or using a good or service. This is the market value of a product as Read More …

Marketers must understand this process in order to build an effective strategy for early market penetration. The Consumer Adoption Process This process describes how potential customers: Learn about new products, try them and Adopt or reject them. Adoption is an Read More …

1. BRANDING This is a name, term, sign, symbol or design or a combination of the terms intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. Basically, Read More …

1. Product Mix of a company refers to a set of all products, lines and items that a particular seller offers for purchase to buyers / consumers. Conversely, 2.A company’s product line refers to a group of products closely related Read More …

Core benefit – The fundamental service or benefit that the customer is really buying. Basic products – Is the physical/ tangible product Expected product – Set of attributes and conditions that buyers normally expect and agree to when they purchase Read More …

Inappropriate promotion being used. Stiff competition from the competitors. Highly priced commodities. Poor quality products. When the new product has not penetrated in the market fully. When the new product fails to meet the customer’s specifications. When the frequency of Read More …

1. Idea generation This is the creation of ideas .the ideas can be generated from; Customers i.e. Customer ways-this is where you ask customers their need and wants which are not being met. Focused group discussions-this is where you get Read More …

New products have three forms New to the world – this is a truly unique product that is there is no other product like that in the market. Improvement /revision to the existing products. These are products that are significantly Read More …

Introduction Like people, products go through a life cycle in that they are born, grow, age and eventually die or are replaced. Product life cycle refers to sales history of a product beginning with development ending with sales decline. 1. Read More …