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  • Marketing- section 1: Setting up a business
    • Marketing Mix
      • Four Ps
        • Price- good value for money
        • Product- fulfill customers needs and wants.
        • Promotion- to make customers aware.
        • Place- convenient location.
      • The marketing mix is different for different products.
    • Marketing Strategies
      • Used to maximize profit
      • Identify strengths and weaknesses
      • Market Mapping
        • business understand its location in the market.
        • High to low quality, High to low price.
        • Shows gaps in the market.
    • Market Research
      • Field Research
        • Primary research
          • Questionnairecustomer feedback.
        • Useful for finding new information
        • large sample is better BUT more expensive
        • Up to date, relevant, , BUT costly
      • Desk Research
        • Secondary Research
          • Market research reports,  newspapers, internet.
        • Wide range of data from the whole market
        • Easy, cheap, BUT not specific, out of date.
    • Product
      • Market-driven: Create a product after Market research.- more successful
      • Product-Driven: Create a product they try to sell it.
      • Target Market
        • Large companies cater to mass market
        • Smaller companies - niche market
      • Small Business
        • Easier to alter the product
        • smaller scale, cheaper production
    • Price
      • Demand and supply
        • demand curve- lower the price, higher the demand
        • Supply curve- as the price increases so does the demand
          • when prices are low less profit can be made, so the supply is small.
        • Equilibrium- When producers and consumers agree.
    • Promotion
      • Advertising
        • Makes consumers aware
        • Local Radio
          • Local newspaper
            • Leaflets,  junk mail.
              • Cheap, targeted
            • easy to target
          • Cheaper than tv, targets small regions
        • advertising place depends on-
          • Target Audience
            • Size/ location of market
              • budget size
    • Place
      • Convenient, easy access
      • E-commerce- allows small business to promote world wide
  • Identify strengths and weaknesses
  • Size/ location of market
    • budget size


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