Marketing

A market is any place where buyers and sellers come together – it does not have to be a physical place e.g. e-bay Marketing is not just advertising or selling – it is the whole process of identifying, anticipating and satisfying requirements profitably

The 4 P’s What price strategy do you use? Do you match competitors? Do you undercut them? Do you sell it cheaply at the launch to boost sales? Developing and designing a product to satisfy a need or want Product Price Promotion Place You must consider where you will sell it. How will you promote or advertise it?

Promotion can be ‘above the line' or ‘below the line’ TV ad’s Posters Newspaper ad’s E-mail marketing and pop-ups Below the line 20% off BOGOF Introductory offers Branding

A good advert will sell the benefits of the product to the user - 4 key elements A.I.D.A A – Gets peoples ATTENTION I – Gets the person INTERESTED – usually by highlighting a key benefit or making it relevant to the user. D – Develops a DESIRE- spelling out the key benefits and how it will satisfy a need/want A – Can lead to ACTION – the person needs to know where and how to but it so they can go and do it.

Before you do anything in marketing you first have to do Market Research – the gathering, recording, analysing, and presenting information relevant to the marketing process – there are two main types Secondary Research – uses data that already exists Web-sites Magazines Leaflets Catalogues Primary Research - First hand, collected yourself Questionnaires/Surveys Interviews Observations Experiments Consumer panels How will you select the people for your primary research? RAMDOM SAMPLING – how you should chose your market research audience – to avoid “bias”

Problems with PRIMARY RESEARCH? Unpredictable results Views and opinions change They might tell you what you want to hear People lie (age/income etc) Might not be a “random” sample – everyone has the opportunity to answer Not everyone will return a questionnaire – not a “real” view Can be expensive

Problems with SECONDARY RESEARCH? Not new information Is it up to date? Is it current? Is it carried out correctly? Could be misleading Could be based on a “biased” view May need primary research to back up the data!

Important TIPS of construction a Questionnaire Must be quick and easy to fill out Questions must be suitable for the user Questions must be clear and avoid confusion. You must firstly consider the info’ you want to find out – the questions must be designed to get this info’ You should use a mixture of open (no fixed answer) and closed questions (specific answer required) Closed questions a easier to analyse and should be used when possible Use tick boxes etc – easier to fill in.

Examples of good practice Please indicate your top three preferred choices, using 1,2,3 - from the list below Ford ….. Fiat ….. Volvo ….. BMW ….. VW` ….. I love marmite Strongly agree ….. agree ….. Neither agree or disagree ….. Disagree ….. Strongly disagree ….. What age are you? Under 18  18 – 25  26 – 35  36- 45  Over 45 

Examples of bad practice What age are you? 0 - 18  18 – 25  25 – 35  35- 45  45 - 100  What is your favourite car make? ………………….. You could ask 20 people and get 20 different answers which tells you nothing Where would you put 25?

TASK ... Pg 131 Advantages and Disadvantages for Research METHODS

Throughout the whole process you must consider the characteristics of your target customers – Market Segmentation Male/Female Age group Socio-Economic grouping – Occupation earning bracket etc Life style habits Geographical location Usage habits