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define marketing
management process of finding out what customers want and then making a product that will satisfy their needs and persuading them to buy it
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what is market research
collecting, analysing and reporting information about marketing issues to enable the manager to make effective marketing decisions
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what is field research
never been done before, primary research, collects new info directly from consumers, expensive, time consuming,
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techniques for field research
- >observation
- >consumer panel/focus group
- >survey
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what is desk research?
info that somone else has already found, inexpensive, may not exist, out of date
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sources of desk research
- >internal reports
- >government publications
- >internet
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importance of market research
- >can save the business money
- >reduces the risk of failure
- >helps improve advertising
- >helps manager decide best price, packaging and design to use
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define target market
specific segment within the overall market for a product that a business sets its sights on, chooses a particular segment to aim its product at
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define niche market
narrowly defined group of potential customers within a market for a product or service.. customers not satisfied with mainstream products
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what is market segmentation?
splitting the overall market into different groups
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main ways to segment a market?
- >geographic segmentation
- >demographic segmentation
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advantages of market segmentation:
- >establish a presence
- >increases sales
- >lowers marketing costs
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what is the marketing concept?
customer is the most important person to the business
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why is the marketing concept so important?
- >increased profits
- >better reputation
- >fewer returns and repairs
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what are the steps involved in a marketing strategy?
- >investigate the market to develop business opportunities
- >select a target market
- >develop a marketing mix
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define marketing strategy
written plan that sets out the business's marketing objectives and the means by which it will achieve these
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benefits of a marketing plan
- >acts as a roadmap towards increased sales and profits
- >helps business to control its progression
- >to show to potential investors
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define product
anything that can be offered to satisfy a need or want
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define product brand name
when a business gives its product a name and/or a symbol to make it easily identifiable and to make it stand out from its competitors products e.g. lacoste
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why do businesses give products a brand name?
- >can charge higher price...increase profits
- >increases sales.. recognise brand and buy it straight away
- >brand loyalty
- >new products.. people more willing to try
- >bargaining tool... shops must stock their products because customers expect branded products
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importance of packaging
- >protects product
- >gives an image to the product
- >used to make product convenient size
- >gives info about the product
- >method of advertising
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