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Marketing Mr. Poole Business Studies Topics to Cover • • • • • • • • Market Target market Marketing mix Market research & Product development Advertising Selling techniques Public relations Export markets & Import substitution Mr. Poole Business Studies Market • Market is a place or contact between a seller and buyer, where goods and services are bought and sold. Mr. Poole Business Studies • There are many types of markets just as there is many types of goods and services. Mr. Poole Business Studies • Nowadays a buyer and seller do not have to meet in order for goods and services to be bought and sold. • E.g. Internet Mr. Poole Business Studies Target Markets • Not all products and services suit everyone, thus markets have to be divided. This is called market segmentation • The particular type of market you aim the product or service at is known as the target market. Mr. Poole Business Studies • Important to identify target market to guarantee success. Must consider • Age • Location • Season • Gender • Lifestyle Mr. Poole Business Studies Question Match the product to their main target market Mr. Poole Business Studies Question continued- Mr. Poole Business Studies Marketing Mix • Marketing is the process of identifying and anticipating consumer needs • Products and services that can be produced to satisfy these needs at a profit Mr. Poole Business Studies • Marketing is consumer orientated. This means marketing is all about finding out what products consumers want, developing the product and then getting it to the market. Mr. Poole Business Studies 4 P’s • Product- deals with type, design, size colour of product or service. • Price- which deals with cost of production and selling price of product. €0.80c Mr. Poole Business Studies • Promotion- deals with advertising, sales promotion and selling techniques. “Have a break have a Kit Kat” • Place- deals with channels of distribution for a product and the final place of selling. Mr. Poole Business Studies 5th P? • Sometimes it is suggested that there is a 5th P? • Packaging does not just refer to the way a product is wrapped but also refers to the image that a company will try to create for its product Mr. Poole Business Studies Questions • Q1 Consider a product that uses its packaging to portray a certain image? Name and Explain! Mr. Poole Business Studies Questions continued…… • Match the appropriate P of marketing with the appropriate explanation? 1. 2. 3. 4. Product Promotion Place Price (a) Cost of Production (b) Design (c) Advertising (d) Distribution Mr. Poole Business Studies Market Research • • 1. 2. 3. 4. 5. Gathering and analysis of information about the market. Reasons for carrying out market research Consumer needs Market size Price, image packaging Advertising and Promotion Competitors Mr. Poole Business Studies Types of Market Research • Desk (Secondary Research)assessing information already available. Cheap and quick eg Internet, CSO Mr. Poole Business Studies • Field (Primary Research)- going to market place obtaining peoples views. More expensive, time consuming yet more accurate eg Questionnaire, Observation Mr. Poole Business Studies Sampling • Some sort of selection should be a representative of market. Mr. Poole Business Studies Test Marketing • A new product is tested on a small number of people to find their reactions Mr. Poole Business Studies Question- Which two of the following are different types of field research? • Collecting information on the internet • Observing consumer behaviour in a market place • Conducting interviews by phone • Researching magazines and newspapers. Mr. Poole Business Studies Designing a questionnaire • • • • Must be carefully designed Clear and simple No leading questions Should not suggest certain answers. Mr. Poole Business Studies Example of a questionnaire Q1 Do you eat ice-cream Yes □No□ Q2 What price do you usually pay for an ice-cream? 20c□ 50c□ 80c□ €1□ Q3 What type of ice-cream do you eat? □ Ice-lolly □ Chocolate □Vanilla□ Strawberry□ If others please elaborate? Q4 When do you eat ice-cream? daily□ weekly □ fortnightly □ monthly □ Mr. Poole Business Studies Task • Design a questionnaire (using the word processing programme) to research the market for a new chocolate bar called Chocolate Heaven? Consider the 4 P’s! Mr. Poole Business Studies Product Development • Existing product redesigned if necessary. Information collected on market research process. • Helps ensure product or service is better than that of competitors and also that consumer needs can be met leading to greater sales and increased profit. Mr. Poole Business Studies Advertising • Giving of information about a product or service. Successful advertisements catch customers attention • Attention • Interest • Desire • Action Mr. Poole Business Studies Question Time Q1 Using the internet and the website www.youtube.com search the advertisements on meteor, coca cola and Galaxy chocolate? Can you identify the target market for each advertisement? Q2 Design a suitable advertisement on the computer keeping in mind the key elements of a successful advertisement? Mr. Poole Business Studies Different types of advertising • Informative- gives consumers information about a product or service eg price • Persuasive- Trying to persuade customer to buy goods eg Special K • Competitive- criticising other products or service eg ASDA/Tesco • Generic- promote an industry as a whole eg need energy, drink loads of soft drinks. Mr. Poole Business Studies Advertising Media • Newspapers and magazines • TV and Radio • Shopping bags • Internet • Billboards Mr. Poole Business Studies Selling Techniques • Businesses use several methods to increase sales • Often incentives or bonuses offered directly to consumers called sales promotion or special offers Mr. Poole Business Studies • Branding:a brand is a name/sign/symbol/design used by a firm to identify its products and distinguish them from other similar products eg’s Mr. Poole Business Studies • Some businesses will offer certain goods at a reduced rate with often little or no profit margin. This is known as loss leader • Loss leader is intended to attract customers to a store where they will buy more than the deducted item. Mr. Poole Business Studies LOGO’S • Particular logo known as BRANDING • Branding helps differentiate a product from that of a competitor • Very successful method of encouraging customer loyalty. Mr. Poole Business Studies Question • Using the internet locate five famous logos and explain the company or product that they symbolise? Mr. Poole Business Studies Question TRUE or FALSE? Q1 Businesses use selling techniques to increase sales? Q2 Giving a free gift with a product is an example of branding? Q3 Businesses add logo’s to products so that they will be more identifiable to consumers? Q4 A loss leader is a product which is sold at a higher price to encourage consumers to buy it? Mr. Poole Business Studies Public Relations • Important for a business to have a positive image • Most businesses have a PRO (Public Relations Officer) who looks after this area. • A PRO makes contact with the public through press releases and press conference Mr. Poole Business Studies • A PRO maybe involved in sponsorship deals, where a firm pay money to have it’s name associated with something • Name 4 companies and the sporting events/teams that they sponsor? Mr. Poole Business Studies Export Markets and Import Substitution • Irish Market quite small makes it difficult for some businesses to survive • Reason businesses try sell products to other countries called exporting • Majority of Irish Exports are sold to the U.K. Mr. Poole Business Studies • Imports are goods brought into Ireland from other countries • Import Substitution- businesses may try to develop goods in Ireland to replace foreign goods on the Irish Market. Mr. Poole Business Studies Mr. Poole Business Studies