Mr. Okon is planning to establish a noodle manufacturing company. He observed that the market for the product is large with many competitors. (a) List and e...

Mr. Okon is planning to establish a noodle manufacturing company. He observed that the market for the product is large with many competitors.

(a) List and explain four external marketing environmental factors that would affect his business.

(b) Explain four sales promotional tools he would use to introduce his new products to the market.

Answer Details

(a) Four external marketing environmental factors that would affect Mr. Okon's noodle manufacturing company include:

1. Economic factors: Changes in the economy, such as inflation and recession, can affect the demand for the product and the ability of consumers to purchase it.
2. Competition: The number and strength of competitors in the market can affect the company's market share and profitability.
3. Technological factors: Advancements in technology can impact the production process and efficiency, as well as the ability to market and distribute the product.
4. Legal and regulatory factors: Regulations and laws related to food safety, labeling, and advertising can affect the company's operations and marketing strategies.

(b) Four sales promotional tools that Mr. Okon can use to introduce his new noodle products to the market include:

1. Samples: Offering free samples of the product to potential customers can increase awareness and trial of the product.
2. Coupons: Providing coupons for discounts or special offers can incentivize customers to purchase the product.
3. Contests and giveaways: Holding contests or giveaways can generate buzz and excitement around the product and encourage customer engagement.
4. Point-of-purchase displays: Placing attractive displays of the product in stores can draw the attention of customers and increase the likelihood of purchase.