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Marketing

Marketing. Marketing. Marketing is... ‘ The management process responsible for identifying, anticipating and satisfying customer requirements profitably .’ Chartered Institute of Marketing. Market segmentation.

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Marketing

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  1. Marketing

  2. Marketing Marketing is... ‘The management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ Chartered Institute of Marketing

  3. Market segmentation • Splitting up the market into groups of people with similar needs and characteristics. • Products and marketing activities can be tailored to meet the needs of the segments. • Markets can be segmented by, for example, age, gender, lifestyle, income and geography.

  4. Market research Market research is the process of collecting data about customers and competitors. There are two types of market research: • Primary research – gathering first hand data e.g. through questionnaires and focus groups • Secondary research – gathering existing data e.g. through trade journals and government statistics

  5. Marketing mix The marketing mix refers to the elements needed for effective marketing. It is often referred to as the Four Ps: • Product • Price • Promotion • Place

  6. Product • ‘Product’ refers to the functions and features of a good or service • These should satisfy the needs of the customer • It may have a Unique Selling Proposition (USP) • ‘Product’ also includes a range of factors such as packaging, quality, warranties, after-sales service and branding

  7. Price The price of a product will depend on: • The cost to make it • The amount of profit desired • Other objectives of the business • The price competitors charge • The price customers are willing to pay • Is there a high demand? • Is demand sensitive to changes in price?

  8. Promotion The aims of promotion are to: • Raise awareness • Encourage sales • Create or change a brand image • Maintain market share Promotional activities include advertising, sales promotion, sponsorship, public relations and direct mail

  9. Place • Products should be conveniently available for customers to buy • ‘Places’ include: • Stores • Mail order • Telesales • Internet The use of e-commerce (promoting and selling on the internet) has grown massively over the last few years

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