Theory question 104
Promotion and Advertising(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.
Show the model answer
(a)(i) Needs: basic human requirements such as food, clothing and shelter.
(ii) Wants: the particular products people desire to satisfy needs, shaped by culture and personality.
(iii) Exchange: obtaining a desired product from someone by offering something in return.
(iv) Demand: wants backed by the ability and willingness to pay.
(v) Transaction: a trade of values between two parties, e.g. money for goods.
(b) The handbill should show: the firm's name, Okon Enterprises Ltd, as a heading; an attention-getting headline (e.g. 'GRAND PROMO: 15% OFF!'); the products named and pictured (blenders, television sets, radio sets); the message that they are new and the 15% discount; the full address (No. 4 Okeke Adamu Street, Lagos) and telephone number 06012345678; a call to action (e.g. 'Visit us today!') and the offer period if any; a neat layout, framed, with a slogan.
For (b), draw a neat, framed handbill containing every detail given in the question.