Nqbm marketingJW & EC Jan 20091 Marketing is the anticipation and identification of consumer wants and needs. Marketing must satisfy these wants in order.

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Presentation transcript:

nqbm marketingJW & EC Jan Marketing is the anticipation and identification of consumer wants and needs. Marketing must satisfy these wants in order to make a profit. Learn this definition!

nqbm marketingJW & EC Jan This is done by…..  Carrying out research to find out what customers want  Researching and developing products  Deciding on suitable packaging  Deciding where to sell products  Deciding on a suitable price

nqbm marketingJW & EC Jan Role and Importance of Marketing The purpose of marketing is to:  Help raise awareness of products and services  Help raise the organisations profile  Encourage customers to purchase  Target new customers  Allow an organisation to know what customers want  Assist with monitoring changing tastes and trends  Allows an organisation to meet is strategic objectives

nqbm marketingJW & EC Jan Objectives of Marketing  Marketing is linked to the overall objectives of an organisation.  The objectives of marketing are to:  Target new markets ( new groups of people)  Increase profitability  Increase sales  Maintain current market share  Improve the image of the product or organisation

nqbm marketingJW & EC Jan Importance of Marketing  Marketing is important to all types of organisations.  A charity need to advertise to encourage donations  A council will advertise to encourage local residents to use services and promote the area  Private companies will use marketing to increase sales and profits

nqbm marketingJW & EC Jan Task  Read pages of the student notes  Create a mind map or spider diagram summarising the importance of marketing for different types of organisations.  Council  Charity  Private company

nqbm marketingJW & EC Jan  This is an approach to business where a company first produces a product and then tries to persuade customers to purchase it  The company does not conduct any market research before production commences  This is suitable where the product is unique and has no competition Product Led

nqbm marketingJW & EC Jan Market Led  This approach does market research to find out consumers’ wants and needs and then produces a product or service to meet those needs  The advantages of this approach are:  consumers are more likely to buy the product if it meets their needs  more likely to anticipate and meet changes in consumer demands  able to change its product or develop new products easily

nqbm marketingJW & EC Jan Market Share and Market Growth  Market share is a firms percentage of all the sales in the market (eg Coca Cola has 45% share of Cola drinks market)  Market growth takes place when the total number of people buying a product or service increases in the whole market.

nqbm marketingJW & EC Jan QUESTIONS FOR YOUR JOTTER 1.While doing research and development, a company discovered a glue which although sticky could be easily peeled off. They decided to develop this glue and it is now used for labels and ‘Postits’. a.Identify the type of orientation is this an example of. b.Justify your answer. c.Name another example of this type of orientation. 2.Before introducing a new chocolate bar, Cadbury’s carried out extensive market research. a.Identify the type of orientation is this an example of. b.Justify your answer. c.Describe the advantages of this type of orientation.