Effective Marketing

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  • Created by: Soph
  • Created on: 26-05-14 15:07

Mass Marketing

Marketing is the process of identifying, anticpating, predicting and satisfying customer needs  profitably.

MM:

  • Where a business sells into the largest part of the market where there are many similar products on offer.
  • Attempts to create products or services with a univeral appeal
  • Leads to generic brands
  • Appeals to the entire market
  • Can be profitable despite high prices

Key features:

  • Associated with higher production output and capacity (economies of scale)
  • Success usually associated wtih low cost operationsm heavy promotion, widespread distribution or market leading brands
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Niche Marketing

  • Appeals to a small segment of the whole market
  • Sells relatively small volumes
  • Usually distributed via specialist retailers or directly
  • Appeal to distinctive needs, charge higher prices
  • Cannot benefit from economies of scale
  • Risk of over dependance on a single product or market
  • Likely to attract competition
  • Vulnerable to market changes
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Forms of Marketing

Consumer marketing: Carried out by firms that targrt their products at households and the general public.

Business to business marketing: the practive of businesses or governments facilitating the sale of their products to toher companies that can use them or resell them.

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The Marketing Mix

The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.

An effective marketing mix needs to meet customer needs, achieve objectives and creates a compeitive adv for the business.

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Influence on the Mix

  • Finance:

Marketing directors must decide how big a budget is required

  • Technology

Long term sucess in marketing requires firms to kepp up with changes and invest in technology

  • MArket Research

All firms need to be in contact with their customers and this is what makes it easier for small business to adapt to what a customer needs and wants

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