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We will look at:
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Marketing definition
Types of Markets
The Marketing Mix
Market Research
Methods of Market Research
Market Segmentation
Advertising
Sales and PR
Marketing
• Marketing means identifying consumer’s
requirements and identifying how to supply
these requirements at a profit. It is finding
out what a customer wants and making a
product to satisfy these needs profitably
A Market
A market refers to all the people
and institutions involved in buying
and selling a product. It is where the
buying and selling happens
Market Types
Online Market- Goods and
services are advertised
and sold online
Retail Market- Where goods and
services are sold to the public
Street Market- Sell
fruit, vegetables and
clothes
Market Types
Wholesaler Market- Goods and
services are sold to retailers
Stock Market- Where stocks
and shares are bought and sold
Export Market- Exporting to
other countries
Target Market
• A Target Market refers to all people who might
buy a particular good or service. The Target
Market will have something in common and are
targeted by the advertisers
• Example Target Market for Ed Sheeran tickets
would be Pop Music Fans or Soccer Jerseys would
be football fans
• http://youtu.be/kDTJd1OLPHw
Target Markets
• Who would be the Target Markets for the
following products?
Business Studies Website
Walking Sticks
Snapchat
Liverpool jerseys
The Marketing Mix
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The Marketing Mix is about:
The right PRODUCT
Sold at the right PRICE
In the right PLACE
Using the most suitable PROMOTION techniques
• We can use the marketing mix to examine all
products on the market and the marketing mix
that is involved.
Market Research
• One of the most important tasks in business is
to find out what products and services the
consumer needs and wants
• Market Research is therefore collecting
information about a product and its market
and then using that information to make
business decisions
Market Research helps:
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Find out the size of the market
The main competitors
Decide on a suitable selling price
Most effective advertising channel
To discover the most suitable name
Methods of Collecting Information
• Field Research- Going out and asking the
public information (going into the field)Examples include questionnaires, taste tests,
observations
• Desk Research- Information is collected by
looking up reports and the internet (at a
desk)- Examples include libraries and
government agencies.
Task
• In class, draft a survey that you will ask your
classmates around something of interest to
you.
Market Segmentation
• Some products or services, example Call of
Duty, are bought by particular groups of
people, while chocolate bars may be bought
by everyone. Therefore, businesses may
divide their target market into smaller groups
(or segments) and use these groups to
promote their product or service. This is
known as market segmentation
• Examples of segments- Boys/Girls...Income
Market Segmentation
• http://youtu.be/DUuirqtSqpg
• https://youtu.be/RcRFBVIvJHw
Promotion Mix
• Personal Selling- door to door/face-face
• Direct Mailing
• Sales Promotion- eg. 2 For 1, Buy one get one
free
• Sponsorship
• Public Relations
• Advertising
Personal Selling
Direct Mail
Sales Promotion
• Used to back up advertising to increase sales
Examples
Free Samples
Coupons
Special Offers
Money Off Vouchers
Sales Promotion
Take it for Free!!
Sponsorship
http://www.therichest.com/rich-list/the-biggest/10-of-thebiggest-sponsorship-deals-in-the-world/
Public Relations
• Presenting a good image of the company to
the public
Duties Include
Issue press releases
Arrange sponsorship
Arrange radio and tv coverage
Getting the brand name out there and generate a buzz for
product/service- publicity stunts
Publicity Stunt Example
• Regardless of what anyone’s reaction was, Miley Cyrus’ name
flooded numerous social media newsfeeds. The 2013 VMAs
was an opportunity for the young entertainer to make a
splash. In the past, Madonna and Britney Spears kissed on
stage, and Lady Gaga showed up in a costume made of raw
meat. Why should Miley Cyrus not take advantage of this
opportunity?
Other Publicity Stunts
Advertising Media
Advertising
Why Advertise?
• Inform the public
• Persuade to buy
• To Promote a product/service
• To increase sales
• Increase share of the market
• Respond to competitors
Types of Advertising
• Informative- Give information, example milk is
good for bones/ buy Irish
https://youtu.be/BC7urUfk81Q
• Persuasive- Chose our product
https://youtu.be/l8-Mr1Vf2iw?list=PL5FBsyODxxcU9c8fnTn2JlX-d050xztH
• Competitive- Make the switch
• Generic- Industry promotes the product, example
Irish Beef
Advertising Aims