Effective Marketing

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Key Terms

  • MARKETING- the anticipation and satisfaction of customer needs in an efficient and profitable matter.
  • MARKETING OBJECTIVES- the goals of the marketing function in a firm.
  • BUSINESS-TO-CONSUMER MARKETING (B2C)- where a firm targets individual consumers with their products or services.
  • BUSINESS-TO-BUSINESS MARKETING (B2B)- where a firm sells its products or services to another business.
  • NICHE MARKETING- targeting a small segment of a larger market.
  • MASS MARKETING- aiming a product or service at all of the market.
  • PRODUCT DIFFERENTIATION- the extent to which consumers view your product or service as being different from those of your competitors.
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the purpose of marketing

marketing is about anticipating and satisfying customer wants and a firm will need to carry out market research to better understand its customer base.

A business will adjust the four different elements of the marketing mix in an attempt to delight the customer and to make a profit for themselves.

A business will also need to ensure that it is trying to acheive their marketing objectives, which are the goals of the marketing function.

They will need to ask who are their target market and what share of the market are they hoping to acheive?

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business-to-consumer marketing (b2c)

this marketing format occurs when a business aim their product/service especially at the general public as their customer base.

 

the size of the customer base is extremely large and a firm will use a variety of both persuasive and also informative promotional techniques to attract and engage potential customers.

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business-to-business marketing (b2b)

not all marketing is aimed at the end customer and instead is aimed at attracting other businesses to purchase their products and services.

There are some important differences in the way in which b2b marketing is carried out. These include:

  • transaction sizes are substantially larger
  • promotional methods need to be informative
  • the use of specialist buyers and sellers
  • quality and price are very important factors
  • buy-seller relationships are established
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niche marketing

niche marketing is when a business et out to target their product/service at a small segment of a larger overall market.

Advantages

  • less competition
  • tailor-made products(USP)
  • more accurate targeting of customers

Disadvantages

  • smaller market
  • less competition
  • few economies of scale
  • lower profits
  • vulnerable to changing tastes and fashions
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mass marketing

mass marketing is when a firm makes the decision to target their product or service at the whole market population.

Advantages

  • larger customer base
  • economies of scale
  • higher revenue potential
  • increased brand awareness

Disadvantages

  • high competition
  • less added value
  • standardised products (no USP)
  • high investment costs
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