Chapter 28: Effective Marketing. Purposes of Marketing Anticipating customers’ wants (Market research) Satisfying customers’ wants in a way that delights.

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Presentation transcript:

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 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 AdvantagesDisadvantages Large-scale production High revenues Barriers to entry Research & development Brand awareness Fixed capital Changes in demand Effects of standardisation Competition Adding value