Download Marketing - Business @ Beneavin College

Marketing
Mr. Poole Business Studies
Topics to Cover
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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.
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• There are many
types of markets
just as there is
many types of
goods and services.
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• Nowadays a buyer
and seller do not
have to meet in
order for goods
and services to be
bought and sold.
• E.g. Internet
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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.
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• Important to identify target market
to guarantee success. Must consider
• Age
• Location
• Season
• Gender
• Lifestyle
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Question Match the product to
their main target market
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Question continued-
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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
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• 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.
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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.
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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
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Questions
• Q1 Consider a product that uses its
packaging to portray a certain image?
Name and Explain!
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Questions continued……
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Match the appropriate P of
marketing with the appropriate
explanation?
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2.
3.
4.
Product
Promotion
Place
Price
(a) Cost of Production
(b) Design
(c) Advertising
(d) Distribution
Mr. Poole Business Studies
Market Research
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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
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Types of Market
Research
• Desk (Secondary
Research)assessing
information
already available.
Cheap and quick eg
Internet, CSO
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• Field (Primary
Research)- going to
market place obtaining
peoples views. More
expensive, time
consuming yet more
accurate eg
Questionnaire,
Observation
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Sampling
• Some sort of selection should be a
representative of market.
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Test Marketing
• A new product is tested on a small
number of people to find their
reactions
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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.
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Designing a questionnaire
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Must be carefully designed
Clear and simple
No leading questions
Should not suggest certain answers.
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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 □
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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!
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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.
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Advertising
• Giving of information about a product or
service. Successful advertisements catch
customers attention
• Attention
• Interest
• Desire
• Action
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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?
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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.
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Advertising Media
• Newspapers and
magazines
• TV and Radio
• Shopping bags
• Internet
• Billboards
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Selling Techniques
• Businesses use
several methods to
increase sales
• Often incentives or
bonuses offered
directly to
consumers called
sales promotion or
special offers
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• 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
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• 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.
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LOGO’S
• Particular logo known
as BRANDING
• Branding helps
differentiate a
product from that of
a competitor
• Very successful
method of encouraging
customer loyalty.
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Question
• Using the internet locate five famous
logos and explain the company or
product that they symbolise?
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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?
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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
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• 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?
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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.
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• 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.
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Mr. Poole Business Studies