The Nature of Marketing
market = any set of arrangements that allows buyers and sellers to exchange goods and services

before selling products, businesses try to find out customer preferences by using market research

marketing = marketing is the management process involved in identifying, anticipating and satisfying consumer requirements profitably.

Purposes of marketing

satisfy customers
identifying consumer requirements
anticipate consumers requirements (understand what consumers want in advance, anticipate and respond to changes in taste, etc.)
compete effectively
make a profit

product orientated businesses -> focus lies on production process and product itself
market orientated businesses -> a business which continually identifies, reviews and analysees consumers' needs, it is led by the market

mass marketing = business offers almost the same products to all consumers and promots them in almost the same way (large number of products sold, global marketing, business gains economies of calse, expensive, competition)
niche marketing = business targeting a product at a particular, small segment of a market (specialization -> focus on consumers needs, if successful -competition is attracted)

Market Research
market research = the collection, collation and analysis of data relating to the market and consumption of goods and services

Reasons for market research

descriptive reasons (identify what is happening in the market)
predictive reasons (predict future developments in the market)
explanatory reasons (explain a variety of matters related to the business' marketing)
exploratory reasons (investigating in new possibilities in a market)

Secondary Research or Desk Research
collection of secondary (already existing) data, can be internal data (existing market resear reports, sales figures, reports, stock movements) or external data (information from competitiors, government publications,...)

Advantages -> easy, quick, cheap, several sources may be used, historical data can show a trend over time
Disadvantages -> adapting data might be expensive and take time, data may be out of date/not relevant

Primary Research or Field Research
collection of data which did not exist before

Methods:

questionnaires
personal interviews
IT-based research
telephone interviews
postal surveys
observation
focus groups
consumer panels
test marketing

qualitative research = data about attitudes, beliefs, intentions, perceptions, habits (surveys) -> open to a high degree of interpretation
quantitative research = data that can be measured (sales figures, market share, ...)

sample = selection part of the population, which must be representative of the population to be effective -> open to less interpretation

	Created by Nija W over 10 years ago

Note on Marketing English, created by Nija W on 24/04/2016.

Marketing English