June business operations!

Standardisation

Standardisation

Ensuring goods are produced to the same standards in terms of size/weight/colour with no differentiation.

Grading

Classifying products based on pre-determined quality standards.

Financing

Obtaining funds from financial institutions/investors to support business operations.

Risk Bearing

Sharing risks with another party to reduce losses in case of business venture failure.

Product Policy

Explains how a business develops new products, designs, and packages.

Pricing Policy

Setting prices based on market competition under imperfect competition.

Distribution Policy

Outlining how and where products will be distributed.

Communication Policy

Focuses on increasing sales and profitability through effective marketing communication.

Types of Consumer Goods

Convenience, Shopping, Specialty, Services, Unsought, and Industrial goods.

Steps in Product Design

Generating ideas, screening and evaluating, testing and developing the concept.

Packaging Examples

Immediate use, double use, resale, kaleidoscopic, speciality, combination packaging.

Pricing Techniques

Cost-based, mark-up, target-based, competition-based, promotional, penetration, psychological, bait, skimming prices.

Trademarks

Requirements include attractiveness, manufacturer details, differentiation from competitors; important for product identity and protection.

Different Types of Markets

Perfect competition and monopoly examples.

Direct and Indirect Distribution

Examples like manufacturer-consumer, manufacturer-retailer-consumer.

Sales Promotions

Short-term strategies to increase product sales and inform customers.

AIDA Principles of Advertising

Attract, Interest, Desire, Action to guide advertising strategies.

Personal Selling

Face-to-face selling to convince customers, improve relationships, and increase sales.

Publicity and Public Relations

Creating a positive image of the business and products through media coverage.

Production Function

Planning, loading, routing, dispatching, corrective action, workplace safety policy, SABS functions, TQM aspects, quality circles.