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UNIT 3




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CONTENT:
1) MARKETING
-Market research

-Product trial and repeat purchase

-Product life cycle

-Boston Matrix

-Branding and differentiation

-Building a successful marketing mix

2) MEETING CUSTOMER NEEDS
-Design and research development

-Manage stock and quality

-Cost-effective operations and competitiveness

-Effective customer Service

-Meeting consumer protection laws

3) EFFECTIVE FINANCIAL MANAGEMENT…

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3.1 Marketing




Market research
Market research is finding out about your:

Customers
Competitors
Market
There are two types of market research:

Primary ­ research you carry out yourself e.g. questionnaires
Secondary ­ research that has been carried out by someone
else and you use it to make decisions e.g. internet,…

Page 5

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Most businesses have many products
The range of products they sell is known as the PRODUCT MIX
E.g




Product life cycle:

ALL products have a life-span/expectancy.

Businesses usually use the product life cycle to illustrate this
and work out how well products have done, or will do in the
future.…

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1. Introduction ­ introduction to the public, pre-orders etc.
2. Growth ­ sales begin and continue to steadily rise, product
becomes well known
3. Maturity ­ sales have peaked, product is well known and has
many loyal customers
4. Decline ­ sales are decreasing, losing customers and losing
money
o…

Page 7

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Problem Children/?'s Stars

- products having a low market share in a high growth Products in markets experiencing high growth rates with a
market high or increasing share of the market

- need money spent to develop them - potential for high revenue growth

- may produce negative cash flow…

Page 8

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Building a successful marketing mix

When a business is planning its marketing it will use the marketing
mix to ensure its marketing is effective.

The marketing mix is more commonly known as the 4 P's:

1) PRODUCT
2) PRICE
3) PLACE
4) PROMOTION




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Page 9

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Page 10

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3.2 meeting customer needs
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