FULL MARKETING NOTES UNIT2

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MARKETING:
has
dir
e ct
ef
fect
on
sal
es
& £££
I.INTROU DCTI
O N
"The process of identifying, anticipating (predicting) and satisfying
customer needs profitably"
A.THE
PURPOSE
Identifying ­
fi
nd i
ng out
by using ma rk e t
ing r
esea r
ch abou t
current
pro ducts,
the
possibil
ity of
new produc t
s,
an d cur r en t
markets
an d
ne w ma rket
s
Anticipating (predicting) ­ analysing t h e data
coll
ected a nd using t
he
ma nagers sk i
l
ls
to j
udge wha t
mig ht
h a p pen i
n t
hese
ma rke ts
a nd
h ow t
h e
product
s mig ht
be
su i
ted
or chan ged ,
a d apted
or updated
Satisfying customer needs ­
ma ki
ng s ure
the per
s on,
bu siness or
governme nt are happy wi
th w hat
they
a r e
b uyi
ng,
w i
ll
not
c omp l
ain
an d
w i
ll
be
happy t
o b uy
again
if
approp r
iate
Profitably ­ addi
ng value
to
the
p roduc t
so whe n
sold,
the pr
ice of
the
product
i
s gr eater
than cost
of t
he i
npu t
Marketing is about making products consumers want.
T he
M funct
ion:
D et
ermines wh a t
market
w ant
s
D evelops
str
ate g i
es t
o achi
e ve
Ma r
ke ti
ng a n d Busi
n ess
ob j
ectives
D eli
vers
the
ac t
io ns
to achi
eve
o bj
ectives.
Effective marketing focuses on customers
T hey l
o ok f
o r
value:
me et
ne eds ,
reason abl e
pri
ce
Wi l
l
be l
oyal:
buss =
g r
e at
so u r
ce of
MR ,
pos i
ti
ve recomme nd ati
ons
T ast
e chang es
fre quentl
y t
hus for
ms t
o respon d q ui
ckl
y
Marketing Objectives
Set out
w ha t
bus i ness
w ant
s to
a chieve f
rom ma rket
ing
ac ti
vi
ti
e s
Need t
o be con si
stent w ith over
a l
l
aims and
objecti
ves o f
bu ss
P r
o v ide
focus f
or mark eti
n g mana g eme nt
Mar
ket
ing
segme nt
ati
on:
tech nique
used t
o enabl
e bus s
to
bett
er
tar
get
it
s pr
odu ct
s t
o r
ight
cust
ome r
s
Bases
a busi
ness
can use t
o segment
it
s market
ing

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C .
MASS
MARKETI
N G
Where a business sells into the largest part of the market, where
there are many similar products on offer
Mass marketing
Aiming at wider target market, Increased competition give `choice' to
opportunity to gain market share consumers so the business needs to
develop USP to stand out
Pricing of products low (penetration Assumes everyone is the same but
pricing strategy) everyone have different needs and
wants which is missed opportunities of
targeting
Benefits from economies of scale e.g.…read more

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I
I.DEVELOPI
N G AN EFFECTI
VE
MARKETI
N G MI
X
Thi
s i
s of
ten
know n
as "The
4 Ps"
(pr
oduct
,
pri
ce,
pr
omo t
ion
and
place)
and
it
i
s t
he
ter
m given
to
the
main
vari
ables
w i
th
w hi
ch a
fi
rm car
ri
es
out
it
s mar
keti
ng
str
ategy
and
me et
s cust
omers'
needs.…read more

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Some changes
in
the
ma r
keti
ng env i
ronment
ar
e har
mful
t
o cer
tai
n
compani
es but
benef
ici
al
to
other
s.
A n
effect
ive
ma r
keti
ng mi
x would
invo lve ensur
ing
that
the
4
Ps (
P r
oduct ,
Pri
ce,
Place,
Promot
ion)
w orked
together
t
o enabl
e t
he busi
ne ss
to
meet
it
s ai
ms
and
object
ives.…read more

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I
.P R ODU CT
A .…read more

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ENTER PR E N E U RIAL SKILLS Competition Technology
OF
MA NAG ER S & OWN ER S:
T echnological
de velop me nt
s
A comp an y mig ht mean
that
a
comp any can
S o meb o dy
w it
hin
the develop
a ne w pr
od uct now of
fer t
he
cu stome r
comp an y, us uall
y t
he i
n
resp ons e to
o ne ,
something t
h at
i
t…read more

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Testing:
Sma l
l
batch
of
pil
ot
product
s made,
market
r
esearch
int
o cust
ome r
react
ions ,
i
f
the
publi
c l
ike
it
t
hen t
he pr
oducti
on l
i
n e
is
tool
ed
up
to
ma ke
the
product
.…read more

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The
focus
on ma r
ket shar
e a nd
ma r
ket
growth
ign or
es i
ssues
such as
devel
oping
a sust
ainable
comp eti
ti
ve advant
ages
The
product
li
fe
cycle
vari
es
The
layout
can
va r
y,
for
examp le
Ma r
ket
share
ma y
be on
the
Y
or
X axi
s and
may be
name d di
ff
erentl
y such as
the
Probl
em ch il
d/Quest
ion
Ma rk
.…read more

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