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Customer Focus and the Marketing Mix
Transcript of Customer Focus and the Marketing Mix
and the Marketing Mix Customer Focus The Marketing Mix Summary A business must have enough customers willing to pay a high enough price for it to cover its costs and make a profit Key Term: The Marketing Mix is the
combination of factors which help
the business to take into account
customer needs when selling a
product. Watch the video on Tesco's.
Please summarise this lesson in ONE sentence. By the end of the lesson you will:
1. Be able to analyse a company's marketing mix
2. Be able to evaluate which part of the mix different companies should focus on It is all very well having a great idea but there has to be customers for a business to work So, a business must have an understanding of its customers' NEEDS Customer Needs Identifying Needs A business must understand what their customers WANT from a product. Eg, Some customers want cheap food from Jay's Store Anticipating Needs A successful business must know what a customer wants in advance Eg, a clothes shop must stay in fashion Meeting Customer Needs As well as identifying and anticipating customer needs, a business must also meet those needs Eg, a customer buying £2 fried chicken will not expect it to be gourmet quality, but they will expect it to be edible and be given
friendly customer service... Activity:
How have Apple identified, anticipated
and met their customers' needs
over the last 20 years?
Can you think of examples? The Four P's Product Price Place Promotion All of the Four P's must meet
the customers' needs Product - the good or service made by the company Price - the amount of money customers have to give up to buy the product Place - Where and when the product is available Promotion - How the business makes the customer aware of the product Activity Is it successful?
Why? Would Tesco's have a different Four P's to Porsche? Homework Over to you on p95 Starter Question:
1. Make a list of all the short term sources of finance available to a business. Lesson 2 - The Marketing
Mix Activity: Watch the video and write down how the Lauren has identified and met her customers' needs Marketing Marketing is a huge topic in Business.
In 2010, UK companies spent £16.6 billion on marketing! Recap: Identifying customer needs Meeting customer needs Anticipating customer needs The Four P's Activity How would the marketing mix for McDonald's differ from The Fat Duck (Heston Blumenthal's restaurant)? We have talked a lot about Price, Product and Place, but what about promotion? Promotion is very important for a business. It allows them to communicate details of their product to the customers. However, it is very easy to get wrong... Homework
Assignment: Create a promotion or advert
for a car. It can be in any format - video,
on a page, even a song... It must contain information
on the 4 P's Was she successful? 1. Identify 2. Anticipate 3. Meet I would like you to be able to explain how Tesco's has used the Four P's.
Eg: How are its products priced? Are they expensive, luxury goods? Or are they cheap and for a mass-market? Write it out in bullet points.