a. Distinguish between; (l) primary product and secondary product (ii) market facilitator and market union b. List four market facilitators and state one function of each in aiding the activities of marketers
Explanation
a. i. Primary product is a type of product that is obtained from nature and forms the basis of the production of secondary products while a secondary product is a product that has undergone processing ii. Market facilitator is an individual or company that enhances the operations of the business of other people but does not participate in the business while market union is a group of sellers of common product in the local market place. b. (i)Warehousing companies (ii) banks (iii) Advertising agencies (iv) marketing research development agencies (v) Insurance companies (vi) Communication companies etc. Functions of Facilitators: Transportation companies:
They enhance the distribution of goods from factories to the customers of marketers They enable goods to be imported and exported globally by marketers They enhance the conveying of of marketers marketers and their goods from one place to another
Banks:
They collect deposits from marketers and their customers for safe keeping They grant credit facilities such as - loans and overdraft to marketers They act as agents to marketers through the provision of standing orders and status enquiry to third parties They offer foreign exchange services to marketers They grant credit facilities such as loans and overdraft to marketers They make automated tellers enquiry to third parties
Communication companies;
They enhances the speedy deliveries of orders from customers' to marketers They provide an avenue for products promotion through the internet, SMS and other types of advertising media They aid in bringing to the attention of customers any improvement made on marketers products.