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Marketing (Chp 33)

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by

Miss Cummins

on 20 January 2016

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Transcript of Marketing (Chp 33)

Ms. Cummins
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
Shareholders

Manufacturer of Finished Goods

Wholesaler

Retailer

Consumer
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
Place
Bank Shop Dentist Garage
Good/service
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
2. Production
Producing a product/service that consumers want

Packaging, size, quality etc.
3.
Place
Deciding on the best
channel of distribution

Sell through others or directly
4. Price
Selecting a price that consumers will pay

Taking into account the production; competitors prices; incomes and profit
5. Promotion
Using
advertising
, personal selling, sponsorship, special offers, special displays etc.
6. Market Research
Finding out if the customers are satisfied with the
Four Ps

Changes will then be made if needed
Example page 220
Questions 1 to 5
page 227
Market Research
Once the research has been done then a
target market
is selected

The target market is the segment of the population at whom the product is aimed

New brand of clothing line?
Hearing aids?
New baby formula?
How would you carry out market research?
Two main ways:
1. Desk Research
2. Field Studies
Desk Research
Secondary research

Obtaining information from available resources (magazines, papers, internet etc.)
Field Studies
Primary research

Information that is not available at a desk

Involves observing people, carrying out interviews, questionnaires
Market research is
expensive
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
test marketing


Good reaction = full production begins
Changes can be made or idea can be abandoned
Product Development
Product development = bringing in new products to meet the changing needs/habits of consumers
Market research
plays an important role in product development
Replacing foreign good with Irish produced goods is
import substitution
Advertising
Giving of information, about a product or service, to consumers in the hope that they will buy the product
Reasons for advertising
1. To
inform
consumers of availability of a product/service, prices changes or special offers -
informative advertising

2. To
persuade
people that they need to buy the product/service -
persuasive advertising

3. To
highlight
a difference between another business's product/service -
competitive advertising

Method of advertising
In pairs, discuss the different ways to advertise (2 mins)
Target market is very important when thinking about advertising
Television
Radio
Newspapers
Internet
Magazines/journals
Billboards
Text messages
Facebook
Snapchat
Email
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
Target market
Attractive colours/drawings/shapes
Full transcript