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Marketing - Unit 1.3 SG Business Management What is marketing? Marketing is the process of learning about your customers and competitors, so that you can provide the right products at the right price in the right place, promoted in the right way to achieve your business objectives. Marketing involves the following range of activities: Knowing about the product or service and its market Knowing what to produce Knowing how much to charge Knowing how to persuade people to buy it Knowing where to sell it Knowing how to get the best mix of these Knowing how to deal with customers The Marketing Mix: Product Price Promotion Place - What is market research? Market research gathers information about consumers, competitors and distributors wihtin a firm’s target market. It is a way of identifying consumers’ buying habits and attitudes to current and future products. Market research can be numerical (such as what proportion of 16-24 year olds by The Sun every day?) or psychological (why do they buy The Sun). How is market research carried out? The following research techniques are commonly used: - Desk Research - Field Research Desk Research Desk research involves the use of existing information from: - government statistics, for example from the Census which is carried out every 10 years: Newspapers Magazines Published market research information – reports in various journals showing trends in a range of markets for different products. When should Desk Research be used? When market information already exists. When it is cheaper to access existing information rather than generate new information. When it is easier to access – saves time. Field Research Field Research can be carried out through: - the use of questionnaires – set questions are asked, face-to-face/by telephone/by post. Test Marketing – try out the product on a small section of the market Consumer panel – a group of people are given a product and asked to comment on it in detail. Place Product The Marketing Mix – 4 Ps Promotion Price Product It must be of the right quality to appeal to possible customers. Price The price must be set at the correct level If the price is too high customers may not buy the product If the price is too low customers may get the wrong idea – eg, poor quality The price should be determined by the economic concept of demand and supply Promotion The best method(s) of advertising – ie raising awareness – should be selected and may include: • newspapers • magazines • radio • endorsements • buses • special promotions • billboards • sponsorship • shop windows Place The product must be available for sale at the right place at the right time. This must be the kind of place where the kind of people for whom the product or service is designed are likely to shop. Possible options for the correct ‘place’ would include: Wholesale outlet – Makro Retail outlet – Woolworths Mail order – Kays Catalogue