We will look at: Marketing definition Types of Markets The Marketing Mix Market Research Methods of Market Research Market Segmentation Advertising

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.

Product A product can be an idea, a service or a good. The product must be of merchantable quality and fit for purpose Among the issues to be considered concerning product include: Branding Product Design Product Packaging Product Life Cycle

The Product Life Cycle

Price Price needs to be at a level that generates sales Businesses need to be aware of factors such as costs, competitors, demand when setting price Examples of Pricing strategies are: Premium Pricing: High prices to reflect perception of product- e.g. Rolex Mark Up Pricing: Adding a profit to the cost price Bundle Pricing: E.g. Vodafone Internet/Phone Price Discrimination: Different prices for different markets- Eurosaver vs Happy Meals vs Large Meals

Place Place focuses on the Channel of Distribution. We will learn more about this in Enterprise 1

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-the-biggest-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

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

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=PL5F-BsyODxxcU9c8fnTn2JlX-d050xztH Competitive- Make the switch Generic- Industry promotes the product, example Irish Beef

Advertising Aims