The link between a consumer and the business. It is needed because people and businesses all specialise in different things . The various products and services supplied need to be sold.
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Mass marketing
Aiming a product at all or most of the market. "One size fits all approach" They are the biggest, the product is aimed at a huge market. It means mass production and heavy advertising.
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3 advantages of using mass marketing
Easy to interact with a large number of people at once as well as attracting new customers regularly. It saves time. Easy to make a fast profit
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3 disadvantages of using mass marketing
Peoples needs and wants vary. Extremely expensive. Does not factor in changes in the marketing environment
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Examples of mass marketing
Cadburys chocolate, Mcdonalds
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Niche marketing
Targeting a product or service at a small segment of a larger market
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3 advantages of niche marketing
Needs and wants of customers are clearly met. Less competition. Brand loyalty
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3 disadvantages of niche marketing
Labour intensive. Not suitable for a business that intends on growing. Hard to make a higher profit margin.
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Examples of niche marketing
Tailor made suits and wedding dresses. Hand made pottery.
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Targeted marketing
Targeted marketing involves breaking a large market into segments and concentrating all marketing efforts onto one or a few segments.
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3 advantages of using targeted marketing
Focusses all marketing activities. Makes the promotion, pricing and distribution of products/services a lot easier. More cost effective.
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3 disadvantages of using targeted marketing
Takes a lot of time to identify the target market. Expensive. Some potential customers may be left out.
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Examples of targeted marketing
Apple. Proctor. Gamble
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Product orientated marketing
A company that chooses to ignore customers needs and wants and focus only on efficiently building a quality product. They believe that if they can make the best 'mousetrap' that customers will come to them.
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3 advantages of using product orientated marketing
Produces quality products. Allows the business to invest in the latest technology. Benefits of economies of the scale.
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3 disadvantages of using product orientated marketing.
Products may become obsolete. Might miss out on some opportunities or products.
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examples of product orientated marketing
Ford. Mcdonalds
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Market orientated marketing
The business uses market research to find out about what the customer really wants or needs.The then analyse their findings and then build a product tailored around customers needs.
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3 advantages of market orientated marketing
Responds to customers demands and pleases them. Builds customer value and good reputation. Business is more likely to be a success.
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3 disadvantages of market orientated marketing
Exrensive and expensive research. increased costs. Operating in a very competitive market.
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Examples of market orientated marketing
Zara. Apple
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Other cards in this set
Card 2
Front
Aiming a product at all or most of the market. "One size fits all approach" They are the biggest, the product is aimed at a huge market. It means mass production and heavy advertising.
Back
Mass marketing
Card 3
Front
Easy to interact with a large number of people at once as well as attracting new customers regularly. It saves time. Easy to make a fast profit
Back
Card 4
Front
Peoples needs and wants vary. Extremely expensive. Does not factor in changes in the marketing environment
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