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 NATURE and ROLE of MARKETS & MARKETING › Role of marketing in the firm and society The role of marketing Choice Standard of living Employment 1.Marketing can enhance business’s revenue and market awareness of products… how does marketing serve the interests of society, provide AT LEAST ONE SPECIFIC example of how marketing improves choice and improves standard of living (1-2 Paragraphs) YOUR TASK (5 mins)

 TYPES OF MARKETS RESOURCE Production of raw materials Sales of raw materials e.g. BHP Billiton, Rio Tinto INDUSTRIAL Where goods used as supplies in the production process are traded e.g. Car production (Toyota) INTERMEDIATE Wholesalers Retail businesses purchase products made/produced by other organisations CONSUMER Sales direct from business to consumer of product

RESOURCE Production of raw materials Sales of raw materials e.g. BHP Billiton, Rio Tinto INDUSTRIAL Where goods used as supplies in the production process are traded e.g. Car production (Toyota) INTERMEDIATE Wholesalers Retail businesses purchase products made/produced by other organisations CONSUMER Sales direct from business to consumer of product TYPES OF MARKETS Types of Consumer Markets Niche Market Mass Market Market Segment YOUR TASK 2MINS Match the type of consumer market with its explanation Explanations: 1.Business choose to focus on only one area of a particular market 2.A smaller section of a market segment; consumer base is more narrowONSUMER BASE MORE NARROW 3.Apply to Goods and services that appeal to all types of consumers CLASS TASK 5 MINS 1.Identify the products we have in class with its likely consumer market/s. Note these examples in your notes.

MARKETING ORIENTATION SELLING ORIENTATION PRODUCTION ORIENTATION WITH YOUR HANDOUT… Highlight or underline the key information/ and note : 1.Benefits of using each approach to marketing 2.Identify the important characteristics of each orientation (e.g. promotion to selling)

 Discuss; “THE CUSTOMER IS AT THE CORE OF ALL BUSINESS ACTIVITES” To what extent is this true? Where do you sit on the Human Continuum? The Marketing concept reflects the idea that a business’ ability to achieve its goals will depend on its ability to; Determine needs/wants of customers, and Deliver a product effectively, efficiently & to the highest standards of customer satisfaction

Read & summarise: TEXTBOOK PP Relationship Marketing Customer Orientation

1. Executive Summary 2. Situational Analysis 3. Establishing Market Objectives The framework used to allow businesses to examine its current position Provides description of current issues and intention of the report (its purpose) Looks at what the business seeks to change, achieve and in which direction it should head.

4. Identifying the target market 5. Developing the marketing strategies 6. Implementation, Monitoring and Controlling At this stage ‘how the four P’s’ (the marketing mix) will work together. To achieve the business’ identified objectives. Consider: Financials, HR needed to fund and the marketing plan. impact of strategy on sales, market share and brand awareness How the plan will be implemented, controlled and monitored. Identifying who in the community would be best to market product to; - which type of customer, -why will they buy the product, -to whom will its benefits appeal

› The establishment stage of the product life cycle is when the new product is first launched. › If a new product can begin to attract a core group of customers who display their loyalty to and satisfaction with the product by making repeated purchases then the business will enter the growth stage of the product life cycle. › Period of time when sales begin to slow and level out. A business must develop new ways to ensure continued success.

 There are four components of a situational analysis Market Analysis Product Analysis (life cycle) Competitor Analysis Swot Analysis

 SWOT  PRODUCT LIFE CYCLE

  AN EFFECTIVE BUSINESS will develop goals that relate to the specific needs of its organisation... But there are three general objectives that every business that most businesses may adopt…. OBJECTIVE ONE: EXPAND INTO NEW GEOGRAPHICAL MARKETS OBJECTIVE TWO: EXPAND THE PRODUCT RANGE OBJECTIVE THREE: INCREASE MARKET SHARE

Wedding Clip: 94JhLEiN0 Useful Link: marketing/marketing/marketing.html

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RESOURCE Production of raw materials Sales of raw materials e.g. BHP Billiton, Rio Tinto INDUSTRIAL Where goods used as supplies in the production process are traded e.g. Car production (Toyota) INTERMEDIATE Wholesalers Retail businesses purchase products made/produced by other organisations CONSUMER Sales direct from business to consumer of product Types of Consumer Markets Niche Market Mass Market Segment Market NOTE THE THREE DIFFERENT TYPES OF CONSUMER MARKETS AND PROVIDE TWO EXAMPLES OF BUSINESSES OR PRODUCTS THAT OPERATE WITHIN THESE MARKETS… For example: Niche Market: Fernwood Gym or Club Pink (womans’ only gym)

 Marketing segmentation is: › The process of breaking down a total market into small markets based on the similar characteristics of a customer group, or more specifically › the process of identifying niche markets within mass markets

Needs of the target market is more easily identified The preferred features of a product can be more easily identified More appropriate pricing and promotional, strategies can be identified Best distribution channels can be identified A general awareness of how to best gain and sustain interest in the product is achieved

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The marketing mix Blend of the mix depends upon:  Marketing objectives  Type of product  Target market  Market structure  Competitors behaviour  Global issues – economic environment/culture, etc.  Marketing position  Product portfolio › Product lifecycle

 What attracts people into clothes shops like Dotti, Sportsgirl and Cotton On? Is the price? Is it the place? Is it the product? Is it the promotion? Perhaps it is a combination of all four.

 Financial Forecast  Actual & planned results  Revising the marketing Strategy