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It can be attractive as the organisaion is able to build up expertise in one type of product or customer, can often avoid competition from large organisations as they view the small market as non profitable due to the small amount of customers. Often higher prices can be charged resulting in more profit margin per sale and it is normally associated with quality products/services.
However if the organisation becomes successful it may attract competition which would result in reduced sales and profit. There is a high risk of failure due to the small customer base. The business becomes heavily reliant on a small number of customers. Differentiated Marketing This is when a business produces a product or service to suit certain market segments.
For example some car manufactures produce different sizes of cars to suit large or small families. Industrial Markets This is where organisations purchase goods/services from each other to help them produce their own goods/services. Product Orientation This is when a business manufactures a product then tries to persuade the customer to purchase it. The company does not conduct any market research before production commences. Why do business spend large amounts of finance on market research. To anticipate changes in the market and customer tastes.
To keep ahead of competitors.
To meet customers needs.
To highlight a gap in the market.
To set correct prices and promotions.
To ensure product is sold in the correct places.
To attract new market segments.
To ensure selling methods are effective. Customer Markets This is made up of individuals who purchase goods/services from retailers for their personal use. Undifferentiated Marketing This is when a business produces a product or service to suit the market as a whole. Instead of aiming for particular market segments with a variation of products or services.
For example Heinz uses undifferentiated marketing as most of its products are targeted at the majority of the population. Random Samplling This is when individuals are pre-selected from a list, perhaps the telephone directory or electoral register. The interviewer makes a number of calls to randomly chosen people from the list. It is expensive to operate as the people who have been selected must be interviewed. Stratified Random Sampling This makes a random group more representative of the population as a whole. The sample is divided up into segments based on how the population is divided up. Quota Sampling This is when a researcher interviews a specific number of individuals with particular characteristics (e.g. age, sex, income). Its the researchers job to find the people who fit into the categories required. this is cheaper than random sampling. Into the Pipeline Promotions Point of sale materials - provide stores with posters, cardboard cutouts, shelving to display the product.
Dealer loaders - used to attract orders, i.e. buy ten boxes get one free.
Sale or return - allow retailer to return unsold stock after a certain time period.
Credit facilities - allow retailer to buy stock and pay for it at a later date. Out of the Pipeline Promotions Free offers - encourage customers to buy products by offering free items.
Coupons and vouchers - allow customers money off a future purchase.
Free samples - use to encourage purchases.
Competitions - customers have to purchase the product to allow them to enter.
BOGOFs - used in supermarkets on selected products for a limited period of time.