Commerce

Principle of Marketing: People as a Marketing Mix and their Importance

len Alfred Ajibola - Mon, 12th October, 2020 @ 07:32: AM

Topics in Commerce

Principle of Marketing: People as a Marketing Mix and their Importance Principle of Marketing: Positioning as a Marketing Mix Principle of Marketing: Packaging as a Marketing Mix Elements of Promotion in Marketing Mix Principle of Marketing: Promotion as a Marketing Mix Principle of Marketing: Place as a Marketing Mix Principle of Marketing: Price as a Marketing Mix Principles of Marketing: The 7 Ps of Marketing Mix Factors necessary for Division of Labour Disadvantages of Division of Labour Advantages of Division of Labour Outbound Marketing explained Inbound Marketing explained Production - Types of Production Commerce: Definitions and Scopes of Commerce Differences between Balance of Trade and Balance of Payments Balance of Payment Deficit and Balance of Payment Surplus Disadvantages of Foreign Trade Divisions of Foreign Trade Advantages of Foreign Trade


Academic Questions in Commerce

Please check out our Test Your Knowledge page to see all Questions and Answers

The followings are disadvantages of division of labour EXCEPT _____.

  • A. It becomes difficult to hold any of the workers accountable for poor sales
  • B. A worker may face the risk of unemployment
  • C. Limitation in the size of the market will affect division of labour
  • D. It can lead to loss of lives
  • E. All of the above
  • F. None of the above

The followings are principles of marketing mix except _____.

  • A. People

  • B. Positioning

  • C. Pressure group

  • D. Packaging

  • E. Promotion

  • F. Product

The followings are advantages of division of labour EXCEPT _____.

  • A. It promotes the use of machines in production industries
  • B. There is an increase in profit
  • C. It saves time and expenses of training
  • D. It fosters the spirit of division
  • E. It increases the production of quality goods and services in the market
  • F. It increases a country's economic growth

Which of the following statement is incorrect concerning division of labour?

  • A. It is the specialization of works
  • B. It can become monotonous
  • C. It is the specialization of processes
  • D. The nature of a job is not a condition for division of labour
  • E. A person performs only a part of the job
  • F. Division of labour has some of its drawbacks

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People as a Marketing Mix:

People are vital for the progress of any business and as such, they are highly considered as one of the 7 principles of marketing.

Recall that the principles of marketing mix refers to any process or activity carried out in business in order to gain more customers; thus making more sales or service delivery in the process.

Please read on an introduction to the Principles of Marketing mix here.

Apart from people (as one of the 7 principles marketing mix), others include:

It is important to state that without people, the other principles of marketing mix will not yield the goal of marketing; which is the sale of products and delivery of services.

The above statement is asserted on the fact that the process of  production, marketing, distribution, sales and eventual delivery of products and services must be done by one or more persons. In addition, customer support on products and services will also require people (and not robots).

Please read more on Division of Labour here.

Have you wondered why organizations tend to hire the best candidate for a position? The answer to this question is simply because they intend to deliver the best services or manufacture the best products. Infact, when qualified personnels (people) aren't hired by an organization; such organization will eventually fall.

You can read on Conflict Management in an organization here.

Note: All the people involved in an organization's functioning are regarded as a part of the staff and management team of such organization.

Please read on Management and Importance of Management here.

In simple terms, people as a marketing mix refers to everyone that had directly or indirectly played a part in a product's manufacture (and its eventual sale); or a service provision (and its eventual delivery); alongside the customer service relationships before, during and after the sale or delivery of such product or service.

As an instance, in the process of reading this article on Len Academy, you may admire the structure of the website and the manner at which the articles are written. To this end, you may encourage students and teachers to visit the website by sharing this article with them.

Through the above action of yours, you have acted as part of the 'people' who promotes education through the sharing of this website and its academic articles (via various social media platforms). This is true because the ultimate goal of Len Academy is to promote education and that's exactly what you've done.

Please read more on Marketing and Branches of Marketing here.

You can attempt Len Academy questions on various subjects here.

 

Importance of People in Marketing

  1. Without people, goods cannot be produced and services cannot be rendered.

  2. Without people, the other elements of marketing will not exist. This is so because these elements of marketing mix must be carried out by people.
    Please read on Packaging as a marketing mix here.

  3. A good product does not guarantee sales when the appropriate marketing, sales and delivery personnels are absent.

  4. People can help promote a product or service even without the knowledge of the producer or organization.

  5. People serve as a reference point for consumer interaction and feedback.

  6. Businesses are built on the qualifications and quality of people working with an organization.
    Please read on the Concept and Characteristics of Business here.

 

At this point, it is safe to say that the overall experience of a customer or consumer is largely influenced by one or more person (people) in the product's production (or service delivery); along side the customer service personnels.

In summary, it is the action of people that keeps existing customer, while also yielding a turnover of new customers; hence bringing into completion the cycle of marketing.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.


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Amazing facts in Commerce

Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.

Amazon's first profit was in 2003. Its founder 'Jeff Bezos' is the richest man in the world as at 2018/2019


NOTABLE POINTS IN Commerce

Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.

Commerce is crucial (important) to the life of any Nation for the following reasons:

  1. Commerce facilitates the exchange of goods and services which everyone can enjoy, regardless their location or whether the goods is produced within or outside their country.
  2. Commerce creates an awareness of the existence of goods and services through advertising.
  3. Commerce offers employment to a very large number of people in a Nation.
  4. Commerce promotes rapid transfer of both oral and written messages through communication.
  5. Commerce determines the standard of living in a Nation. This is because the extent of commercial activities is crucial to wealth of  a nation.
  6. Commerce makes for the protection against risk in day to day business operations.
  7. Through commerce, there is a steady supply of goods in a Nation. This is because commerce ensures that goods produced are stored until needed.

Please read on the functions and characteristics of commerce here

A public company is not owned by an individual; rather it's usually owned by groups or a large number of people.

The shares of a public company are traded freely on the stock exchange.

Below are some features of a public company:

  1. A public company must receive it’s training certificate to commence business.
  2. The minimum membership is two while the maximum membership is limitless.
  3. A public company has a legal status. It can sue and be sued.
  4. A public company files and publishes its annual reports, including its accounts.
  5. The liability of its members is limited.
  6. The shares are easily transferrable through the stock market.
  7. A public company can issue debentures to be secured as its assets.

Please read on Limited Liability Company, Its Advantages and Disadvantages here

There are seven elements of the marketing mix. These are:

  1. Product: Anything thing that satisfies a consumer’s need is referred to as a product. Product may come in the form of manufactured goods, raw materials or services.
  2. Price: Price is defined as the exchange value of goods and services supplied. In simple terms, it serves as a mechanism of exchange.
  3. Promotion: It involves all the processes that concerns with how business organizations should inform their customers about its product. If done properly, the demand of product will be increased. Promotions can take the form of advertising, search engine optimization, social media marketing, trade fairs exhibition and so on.
  4. Place: The place as a marketing mix concerns variables such as location and transport facility where the distribution of goods and services take place.
  5. Packaging
  6. Positioning
  7. People

Think of marketing mix as the set of marketing tools that an industry or company uses to drive or accomplish its marketing objectives in the target market

Please read on the Principles of Marketing Mix here