Post by Admin on Jun 19, 2016 11:39:19 GMT
Definitions
A market is all the people and places involved in the buying and selling of a product / service.
Marketing means identifying customers' requirements and making a profit.
Marketing mix
The marketing mix is a combination of marketing techniques that can be used to successfully satisfy consumers' requirements profitably. This includes the 4 p's:
- Place
- Product
- Price
- Promotion
Product development means create a new product or update or change a current product. It is in other words the process of creating a new product or altering an existing one.
USP = Unique Selling Point
Promotion
Promotion involves a range of activities by which the firm tries to influence the target market to purchases its product. Examples of promotion include:
- Sales promotion
- Public relations
- Advertising
Sales promotion: All activities other than direct advertising, that firms use to promote their products and increase their sales. For example, free samples, sponsorship, discounts, competitions and joint selling.
Public relations means establishing and maintaining a good company image in the mind of the public. For example, Donations and sponsorship.
A good advertising campaign should have:
1. Attention - Get the attention of the customer.
2. Interest - Create an interest in the product.
3. Desire - Should create a desire to have the product.
4. Action - You should go out then and buy the product.
Price
When choosing a price, you have to consider the cost of production and then making a profit from it. You also have to know what your competitors are charging.
Place
When considering where to sell the product(s), you have to think of a suitable channel of distribution.
Definitions
Target market - Group of consumers identified as being the people most likely to buy the product.
Market segmentation - Means subdividing the market into specific groups of people who have common characteristics.
Market research is the collecting, recording and analysing of information about a product and the market for the product.
Aims of market research
1. To find out what products customers want.
2. To get a name for your product.
3. To see what type of advertising you can use.
4. To see what would be a good price.
5. To see what type of competition there is in the market.
Types of market research
- Desk research: Use info that has already been collected or published. E.g. statistics, internet and reports.
- Field research: Gathering new info by going out into the market. E.g. questionnaires, observation, consumer panels.
A market is all the people and places involved in the buying and selling of a product / service.
Marketing means identifying customers' requirements and making a profit.
Marketing mix
The marketing mix is a combination of marketing techniques that can be used to successfully satisfy consumers' requirements profitably. This includes the 4 p's:
- Place
- Product
- Price
- Promotion
Product development means create a new product or update or change a current product. It is in other words the process of creating a new product or altering an existing one.
USP = Unique Selling Point
Promotion
Promotion involves a range of activities by which the firm tries to influence the target market to purchases its product. Examples of promotion include:
- Sales promotion
- Public relations
- Advertising
Sales promotion: All activities other than direct advertising, that firms use to promote their products and increase their sales. For example, free samples, sponsorship, discounts, competitions and joint selling.
Public relations means establishing and maintaining a good company image in the mind of the public. For example, Donations and sponsorship.
A good advertising campaign should have:
1. Attention - Get the attention of the customer.
2. Interest - Create an interest in the product.
3. Desire - Should create a desire to have the product.
4. Action - You should go out then and buy the product.
Price
When choosing a price, you have to consider the cost of production and then making a profit from it. You also have to know what your competitors are charging.
Place
When considering where to sell the product(s), you have to think of a suitable channel of distribution.
Definitions
Target market - Group of consumers identified as being the people most likely to buy the product.
Market segmentation - Means subdividing the market into specific groups of people who have common characteristics.
Market research is the collecting, recording and analysing of information about a product and the market for the product.
Aims of market research
1. To find out what products customers want.
2. To get a name for your product.
3. To see what type of advertising you can use.
4. To see what would be a good price.
5. To see what type of competition there is in the market.
Types of market research
- Desk research: Use info that has already been collected or published. E.g. statistics, internet and reports.
- Field research: Gathering new info by going out into the market. E.g. questionnaires, observation, consumer panels.