Marketing

Marketing

The Marketing Mix
1. The Four P's
  1. product
    1. must forfill the customers needs/wants
  2. price
    1. value for money
  3. promotion
    1. customers must be aware the product exists
  4. place
    1. the location must be convenient for the customer
2. Marketing Stratergy
  1. before choosing a strategy firms need to analyse themselves and the market
    1. they need to look at their strengths and weaknesses
      1. they also need to analyse the market they are in
        to try and find a gap in the market
        research new products from other brands
        they create market maps to analyse their market
Market Research
1. finds out what the customers want
2. if finds out what customers are willing to pay and their current buying habitats
3. it can gather information about its competitors and their prices
4. it does cost money
5. Field Research
  1. primary research
  2. doing it all yourself
  3. questionnaires
  4. feedback
  5. surveys
    1. they can save money by doing this over the phone or the internet
  6. focus groups
6. Desk Research
  1. secondary research
  2. useful to look at the whole market
  3. uses newspapers, internet, past trends to predict future ones
  4. used by smaller businesses as cheaper
  5. not always up to date
  6. not specific to their products
Products
1. market-driven products are when they are what the consumers want/need
2. product-driven products are brand new and the firm is trying to sell their new idea
3. market-driven firms tend to be more successful
4. try and cater to people that don't use the mass market comanies
5. consider the costs of research and development and market research when deciding products to sell when first opening
6. smaller businesses find it easier to tailor their products to their consumers
Price
1. Demand
  1. rises as price falls
  2. the quantity of a product consumers are willing and able to buy
  3. a fall in demand and prices is bad news for a business
2. Supply
  1. rises as price rises
  2. at a high price a high quantity is supplied
  3. when the price is low very few producers will be able to make a big profit
3. Equilibrium
  1. where producers and consumers agree
Promotion
1. Advertisment
  1. Local Radio
  2. local newspapers
  3. magazines
  4. posters
  5. billboards
  6. leaflets
  7. business cards
  8. Junk mail
Place
1. target audience
2. size and location of the market
3. size of the budget - what property/advertisment you and afford
4. convienient for the consumer
5. if sold via retailers - sold in appropriate shops
6. internet is becoming more popular and convenient for small budget businesses

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	Created by Alice Rogers over 9 years ago