MARKETING

What is marketing ? Matching a product With its target markets ______________________ I want....

This is done through appropriate Packaging, Pricing, Promoting “BUY ME” And Placing Where will we sell it? to induce the customer to__________________________

The need for marketing In the beginning of trade people took what they had grown or made to market, set up a market site and traded it there, so there was little need for “marketing” as the makers of the product sold it directly to the buyer. As the producers began to produce ____________________________________________ ____________________________________________t he relationship between the producer and the consumer began to diminish, and the need for marketing arose

Today’s society and marketing  Today it is hard not to experience any marketing anywhere we are. The main way we experience this is through_____________________________. Thing about the advertisements you may see on a daily basis, radio, television, facebook, posters, billboards, etc. Advertisements are everywhere!  However marketing is more than just_______________________, it also includes the product features and its packaging, its ________________and the place where it is sold in.

Market Research  In order to know how to market our products we must conduct market research to find out about our customers to then give our product the best chance of becoming successful

Market Research  Research: Needs to be done to find out if there are any gaps in the market; that is, any consumer wants or needs that are not being satisfied. Example?

Market Research  Society: Society is continually changing around us, and the marketing manager needs to investigate whether any of these changes might affect customer attitudes towards a product. Example?

Market Research  Competitors  Finding out about changes to competitors’ products or what customers think of competitors’ products is important.  Any benefit seen in a competitor’s product over the business’s product needs to be acted on quickly and the product changed to match or better the competitor. Example?

Data collection tools and techniques  Primary data –  Secondary data –

Primary Market Research Questionnaire data collection ( asking people ) - Observational data collection (observing peoples behaviours) - Experimental data collection (changing variables) - Quantitative Qualitative

Secondary Market Research Internal data sources (inside the business) - Research reports - - Annual reports - Sales figures - - Management Reports External data sources (out side the business) - Australian Bureau of statistics - - Industry reports -