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Introduction to Marketing
Transcript of Introduction to Marketing
Marketing is process of learning about your customers and competitors.
What is marketing?
So your business can provide the right products at the right price in the right place, promoted in the right way to achieve your business objectives.
Check Facebook 08.20
Brand loyalty - being 'faithful' to a particular brand through repeat purchases.
Adverts targeted at those who use the bus services
High end product
Social networking has the changed the ways in which consumers shop - it has put pressure on businesses to adapt to these changes.
Everyone Eats, Sleeps and Drinks Marketing
Think about your morning...
Walk to the bus
Marketing has the power to start trends
Look at what else Marketing has done
Coca-cola are the ones responsible for Santa wearing red.
Market research conducted into what consumers want has led to many products being developed so they better meet our changing wants and needs.
It's because of marketing that everyone started to answer their telephone calls with the same greeting...
Product development also allows companies to keep up with the competition.
Business objectives normally include:
Increasing sales or market share
Marketing is all about communicating to your target market why your product meets their needs.
How does a business know what I want?
A business needs to be sure that there will be demand for their product(s) or business idea.
Market research allows a business to discover if there will be demand for their business idea or product and how they it can be adapted to better meet the needs of their target market.
The segment (group) of customers that their product is aimed at.
It is essential that all marketing messages are integrated and everyone works together to meet the business objectives
Using the findings from the market research, decisions are made on the "four 4's"
Unique Selling Point
Features of the product
Appeal to target market
How products are going to distributed
Where/how do consumers do their shopping?
The target markets income
What are competitors charging?
What pricing strategy will be used?
What sources of advertisement will the target market be exposed to the most?
Can sales promotions be used?
What happens if a business doesn't do market research?
The Sinclair C5 released in January 1985 and sold around 15,000 units.
What can successful marketing mean for a business?
Positive world of mouth
Improved business image
Can help achieve business objectives
Opportunities for further product development
Increased sales/product awareness
Marketing looks into buyer behavior and the thought process behind buying products.
Temperature of the shop
What consumers friends will think of them if they buy this product
Nationals in Business Management
HNC (Level 4)
HND (Level 5)
HNC (Level 4):
Managing Financial Resources
Managing Business Activities
Organisations & behavior
Managing communications knowledge and information
+ two opinions
HND (Level 5):
Contract & Negligence
Personal & professional
Business Decision Making
Working with and leading people
+ two opinions
Research task - What is marketing?
How has marketing affected your day?
How do they find this