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We will look at: • • • • • • • • 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 • • • • • 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: • • • • • 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