Lesson 1 – Marketing and Market Research

Complete the starter word search. Starter Activity Complete the starter word search.

Learning Outcomes – Today and Tomorrow All Most Some Understand the meaning of the terms ‘market’ and ‘marketing’ Understand the difference between ‘product orientation’ and ‘market orientation’ Classify products as being either market orientated or product orientated Appreciate that marketing is about understanding customer wants and needs and not just selling products Explain the four elements of the marketing mix and how they combine Understand and be able to use the ‘it depends on’ rule for a marketing related question.

What is a ‘Market’? A market is a place where buyers and sellers come together to exchange goods and services for money This means that it is necessary for the sellers to have something which the buyers are prepared to buy…

What is a ‘Market’? There are many different types of market. For example: A town market Any kind of shop is a market Phone, internet and catalogues World commodity markets i.e. oil, gold, diamonds, food, etc

What is ‘Marketing’? There is no point having goods for sale if they are not wanted by the customers or the customers do not even know they exist Marketing means finding out what customers need and want, providing it at the right price, making sure the public is aware of it and where they can buy it The four Ps of Marketing are: Product Price Promotion Place

Market or Product Orientation? A business must decide whether to concentrate upon: Providing products that customers want i.e. mobile phones now have cameras because customers indicated that they wanted them Providing products because they know how to produce them i.e. Dyson produced their product because they knew how to make bag-less vacuum cleaners, rather than because consumers had said they wanted one

Market or Product Orientation? A business must decide whether to concentrate upon: Market orientation - using market research to find out what customers really want and then producing a product to suit the customers Product orientation - there are some products (i.e. hi-tech goods) where it is important to produce a product and then persuade customers to buy it - they may not realise that they need it!

Group Activity In your groups choose one product that already exists. This can be anything at all. Using the pens and the paper create a presentation that explains: Briefly what the product is… Who the product is targeted at… Is the business market oriented or product oriented? How does the product meets the needs of it’s target market? Does the business knows the needs of it’s target market, if so how? If relevant how did the business persuade it’s target market that it needs this product? A grade: Only use business terminology! Be prepared to justify what you have written What might what you have written depend upon?

Activity Complete the market or product orientation exercise on the lesson worksheet. You may work in pairs if struggling.

Learning Outcomes – Today and Tomorrow All Most Some Understand the meaning of the terms ‘market’ and ‘marketing’ Understand the difference between ‘product orientation’ and ‘market orientation’ Classify products as being either market orientated or product orientated Appreciate that marketing is about understanding customer wants and needs and not just selling products Explain the four elements of the marketing mix and how they combine Understand and be able to use the ‘it depends on’ rule for a marketing related question.

What is the Marketing Mix? Probably the most famous phrase in marketing! It consists of at least four marketing tactics, usually known as ‘the 4 Ps’

What is the Marketing Mix? It describes all the activities that go together to make a customer decide to buy a product The business should ensure that the product is the right one, the price matches the product, the promotion tells the customer about the product and the product is on sale in the right place at the right time

What is the Marketing Mix? If a business gets all these factors correct, they should be successful in selling their products TARGET MARKET

Example of a Marketing Mix Camelot had to design a game that was: Easy to play Going to encourage lots of people to play, since this would affect the jackpot size Because the government wanted the game to appeal to everyone, the price had to be set low (£1.00) When the game was launched in Nov 1994 10,000 retailers were selling tickets By March 2002 this figure was 24,250 – due to the increased capability of the computer system £39 million was spent launching the ‘Largest new brand ever’

Market Research Recently I took part in some market research for TicketMaster: What aspect of the marketing mix were they focussing on? What do you think they might have asked me? How would the use this information?

Group Activity On your tables choose a product from the list below. Write the name of the product in the middle of the sheet of paper and, like I set out like I did with the lottery example, create a poster that explains what the business does for each of the four Ps: Apple watch Thomas Cook holiday to Barbados Flymo Lawnmower Tesco Finest Pizza Nikon digital camera Coca Cola Extension: For each P explain what data your business may have collected and how they might have collected this.

What is the Marketing Mix? It is important to point out that every marketing mix is different, depending upon the product or service being offered Imagine the marketing mix as an artist’s palette – the marketer mixes the prime colours (product, price, place and promotion) in different quantities to deliver a particular final colour

Take timed turns listening, sharing and responding Think, Pair Share Take timed turns listening, sharing and responding Five new things that you have learnt today and yesterday Think time – 1 minute Who goes first - wait for start In pairs, Partner A shares, Partner B listens Time up Partner B responds by summing up what Partner A has said Partners switch roles – wait for start

Marketing and the Marketing Mix Using the key terms below. Write between one and two sides in your book explaining what you have learned yesterday and today. It may help you to write this about one specific business: Market oriented Product oriented Target market Needs Wants Market research Data analysis and interpretation Product Price Promotion Place A-A* - include what you think the success of the four Ps depends on.

10 Mark Questions Write out this question in your books: Using your knowledge of business, assess the importance of ‘giving celebrities free handbags’ in allowing Mulberry to develop a successful marketing mix. Do not begin to answer it yet. Using the 8/10 mark question sheet I have given you discuss in your groups what you think this question is asking you to do. Consider the following points: What is an advantage and a disadvantage of giving celebrities free handbags? What might be a better approach for Mulberry to take? Which do you think is the better option? Why do you think this? What might the success of your answer depend upon? How could you give this answer context?

Homework Your homework can be found at the following link: http://ardenbusiness.weebly.com/5th-june-homework.html This is due in 12th June. Have a look over the weekend and if you cannot get on come and see me on Monday. I will not accept the excuse that you couldn’t get on or find the homework!!!

Learning Outcomes E Grade C Grade A/A* Grade Understand the meaning of the terms ‘market’ and ‘marketing’ Understand the difference between ‘product orientation’ and ‘market orientation’ Classify products as being either market orientated or product orientated Appreciate that marketing is about understanding customer wants and needs and not just selling products Explain the four elements of the marketing mix and how they combine