Unit 3 – Marketing

3.1 Marketing, competition and the customer

Functions of Ø Identifying consumer needs and wants 3.2 Market Research

Ø Satisfying consumer needs and wants 3.3 Marketing Mix
Marketing
Ø Anticipating changes in customer needs and wants 3.4 Marketing Strategy
Ø Creating and maintaining customer loyalty
Ø Generating revenues and profits

Marketing Ø Raise awareness of product or organization

Ø Improve image, design and quality of product/organisztion
Objective WHAT YOU NEED TO KNOW
Ø Develop and introduce new product
Ø Maintain or increase market share, sales and profit 1. Why do business compete? (5)
Ø Access new markets (home or abroad)
Ø Develop customer loyalty and repeat sales
2. What do business compete on? (2)
3. How do firms compete effectively? (8)
4. How accurate can market research be?
Market Ø Market Trends Ø Demand side 1. Price (price) 6. Population 5. What pricing strategy shall I use? (6)
Changes Short/Long Term Ø Supply side 2. Income (non-price) 7. Advertising 6. What distribution strategy shall I use?
3. Tastes 8. Availability of variety
Ø Competition Cause 4. Social attitudes 9. Spending patterns 7. What are the challenges access markets
Ø Competitive abroad? And how to overcome it?
• Economic Growth 5. Seasonal 10. Technology
Environment 8. What are the examples of legal control
• Rising incomes
• More differentiated product • New technology for marketing?
• High exp in product dev and • Savvy consumers Ø Competition Factors
marketing
• New firms in market Ø PED 1. Customer base
• More innovation in product 2. Sales revenue Marketing
and production Ø Technology 3. Market share Plan
• Freq change in product 4. Image
features and pric – price war 5. Profits Marketing
• Freq change in market share Strategy

Ø Marketing strategy objectives

Market Market Marketing Mix 1. Sales
Research Segmentation 2. Market Share
Ø Product Ø Product Lifecycle 3. Niche Market
Ø Qualitative vs. Quantitative 1. Income Ø Brand name, image, Loyalty 4. Status Quo
SWOT
Ø Market/Product-Based 2. Age Ø Cost-based (1)
Ø Price 5. Exit Market
3. Lifestyle Ø Competition (2)
1. Primary Research 1. Face-to-Face Ø Marketing budget
4. Location Ø Demand-based (5) Legal
2. Online/Telephone 5. Gender Controls
Socio-economic Ø Place
3. Postal Ø 5 Channels of Distribution
6.
4. Focus Group group
2. Secondary Research Ø Promotion Ø Advertising
7. Etc… Niche/Mass Target
3. Sampling 1. Govt. Stats • Above (10) /Below-the-line (7)
• Persuasive/Informative Markets Market/Population
(Random/Quota) 2. Market Report
• Technology
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