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Chapter 28: Effective Marketing Purposes of Marketing • Anticipating customers’ wants (Market research) • Satisfying customers’ wants in a way that delights customers (Marketing Mix 4 Ps – plan a suitable product, charge an attractive price, put the product into the right location or place, and use promotion to make customers aware of the product.) • Meeting the needs of the organisation (enables a business to satisfy its own wants – corporate aims and objectives) MARKETING – the anticipating and satisfying of customers’ wants in a way that delights the consumer and also meets the needs of the organisation. Marketing Objectives • The goals of the marketing function in an organisation • Types of marketing objectives: – Size (measured by sales or market share) – Market Positioning (a company’s appeal to particular market segments) – Innovation / Increase in Product Range – Creation of Brand Loyalty / Goodwill – Security / Survival Business-to-business (B2B) marketing • Where a firm sells its products to another business • Main features of B2B marketing: – Larger transactions – Specialist buyers and sellers – Quality – Informative advertising – Pricing – Buyer-seller relationships Niche Marketing • Targeting a product or service at a small segment of a larger market • Advantages: – Less competition – Costs – Small-scale production – Tailor-made products – Targeting customers • Disadvantages: – Lower profits – Changes in demand – Market entry Mass Marketing • Aiming a product at all (or most) of the market Advantages •Large-scale production •High revenues •Barriers to entry •Research & development •Brand awareness Disadvantages •Fixed capital •Changes in demand •Effects of standardisation •Competition •Adding value • In order to compete in a mass market, a business needs to make sure its product is different from competitors’ products. If consumers value this difference, it will benefit the firm in two ways: 1) Increased sales volume; 2) Greater scope for charging a higher **This is often achieved through Product Proliferation – when a variety of products are produced to serve different tastes