Business - Marketing

Business - Marketing

1. Market Research

   • Is any kind of activity that gives a business information about its product or service, its customers, its competitors or the market it operates in.
   • Main aim is to provide information about markets that the business can use to make better informed decisions.
     • Information gathered can be in different forms and many different types e.g. covering the consumer, competition, market and wider economy.
       • May look at past or possible future.
       • Allows businesses to understand consumer behaviour and to make decisions that make them more responsive to customers' needs and increased profits.
   • Product and Market Orientation
     • Refers to where a business focuses its priorities.
     • Product Orientation
       • Means that a business concentrates on the production process and the product itself.
         • Businesses place their efforts into creating and developing a technically impressive product and then trying to sell it to the consumer.
       • Aspects
         • Product Research
         • Product Testing
         • Product Focus
     • Market Orientation
       • When a business concentrates on the wants of the consumer and is led by the market.
         • Focuses on the wants and needs of the customer means that the business is much more likely to produce a product or service that the customer will want and will therefore buy.
           • Gives the business a competitive advantage over rival businesses, that may not be so focused on customers.
             • If the customer is kept satisfied by the business, then brand loyalty may be created and the customer is more likely to purchase more products or services from the business.
       • Aspects
         • Market Research
         • Market Testing
         • Customer Focus

2. Market Positioning

3. Markets

4. Marketing: Products / Service Design

5. Marketing Strategy