(a) Explain the following terms in marketing: (i) needs; (ii) wants; (iii) exchange; (iv) demand...
(a) Explain the following terms in marketing: (i) needs; (ii) wants; (iii) exchange; (iv) demand (v) transaction.
(b) Okon Enterprises Ltd sells electronic appliances at his retail
outlet at No. 4 Okeke Adamu Street, Lagos. Telephone No.06012345678. He intends to offer 15% discount to encourage the sales of his newly introduced Blenders, Television and Radio sets. You are
required to design a sample of a handbill showing the products with the advertising message.
Explanation
(a) Explanation of Needs, wants, Exchange, transaction and demand:
(i)Needs: Needs are state of felt-deprivation of some basic satisfaction. They are things buyers desire; they are basic necessities of life.
(ii) Wants:These are desires for specific products that are not necessities of life
(iii)Exchange:This is the process of obtaining a desired product from someone by offering something in return.
(iv)Transaction:This is a trade of value between two or more partners.
(v)Demand: Demand is a specific want that is backed up with the ability and willingness to pay within a specific period of time.
(b) Okon Enterprise Limited Handbill: