Author: KNEC notes and Past Papers

i) E – commerce – use of ICT, e.g. The Internet to market business activities and products ii) Focusing on the customer needs or satisfaction iii)       The need for meeting quality standards (KEBS) iv)       The need to address environmental standards Read More …

Market information can be gathered through: Asking customers. Reading relevant materials e.g. business pamphlets. Getting information from chamber of commerce Exhibitions/ shows/trade fairs. Listening to people talk.

Under the marketing concept, the firm must find a way to discover unfulfilled customer needs and bring to market products that satisfy those needs. The process of doing so can be modeled in a sequence of steps: the situation is Read More …

The marketing mix framework was particularly useful in the early days of the marketing concept when physical products represented a larger portion of the economy. Today, with marketing more integrated into organisations and with a wider variety of products and Read More …

Market components are commonly referred to as marketing mix. Marketing mix consists of the following components: i) Product Product refers to tangible, physical products or services that a business offers for sale. During the product design and development, an entrepreneur Read More …

A market refers to conditions that bring sellers and buyers together. This may be a physical location or any other medium such as electronic or print. A market can also be a group of consumers or an organisation that are Read More …

There are various types of records that may be maintained by a business depending on the size of the business. The following are some of the important business records: i) Purchases journal. This is a record of all daily purchase Read More …

A business enterprise can finance its operation from various sources. These vary with the size of the business and the stage of growth. Sources are categorised as either internal or external. Internal sources are generalised within the business while external Read More …

Financial management is important because:- It helps in planning business activities Decisions can be made to make any necessary corrections where there’s need. Evaluation of performance is necessary and proper management can be aided by the tools that have been Read More …

This is the process of controlling the financial resources within a business enterprise.  In order for the entrepreneur to be an effective manager he needs to develop tools that aid in decision making. Some of the tools that can be Read More …