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Marketing (Chp 33)
Transcript of Marketing (Chp 33)
Marketing (Chp 33)
Marketing refers to the activities undertaken by a business which aims to help it produce goods/services that the consumers want
These six stages identify the marketing mix - the
Four Ps of marketing
A market can be defined as the exchange of goods/services for payment
Today we're going to look at the
Chain of Distribution
Manufacturer of Finished Goods
The market exists for :
1. Raw materials
2. Finished products
The market includes labour, transport, telephone, electricty, advertising, insurance, education etc.
Goods/services often do not include face to face meetings.
Online, over the phone, by letter/forms
Market is often described a place where exchanges take place
Bank Shop Dentist Garage
Money Food Teeth care Cars
Can you guess how many stages there are to marketing ?
Six Stages of Marketing
1. Market Research
Finding what consumers want and what competitors are providing
Where to advertise and sell
Producing a product/service that consumers want
Packaging, size, quality etc.
Deciding on the best
channel of distribution
Sell through others or directly
Selecting a price that consumers will pay
Taking into account the production; competitors prices; incomes and profit
, personal selling, sponsorship, special offers, special displays etc.
6. Market Research
Finding out if the customers are satisfied with the
Changes will then be made if needed
Example page 220
Questions 1 to 5
Once the research has been done then a
The target market is the segment of the population at whom the product is aimed
New brand of clothing line?
New baby formula?
How would you carry out market research?
Two main ways:
1. Desk Research
2. Field Studies
Obtaining information from available resources (magazines, papers, internet etc.)
Information that is not available at a desk
Involves observing people, carrying out interviews, questionnaires
Market research is
Important that the right method is chosen and the right questions are asked
Questions should be simple but full of information
Only include questions related to what you need to know
Reporting on information received
All info is gathered
Marketing manager prepares a report
Company will do some
Good reaction = full production begins
Changes can be made or idea can be abandoned
Product development = bringing in new products to meet the changing needs/habits of consumers
plays an important role in product development
Replacing foreign good with Irish produced goods is
Giving of information, about a product or service, to consumers in the hope that they will buy the product
Reasons for advertising
consumers of availability of a product/service, prices changes or special offers -
people that they need to buy the product/service -
a difference between another business's product/service -
Method of advertising
In pairs, discuss the different ways to advertise (2 mins)
Target market is very important when thinking about advertising
Time for you to create your own advertisement !
You have been asked to design an article for a teen magazine.
You need to include:
Product name and description
Cost of product/service