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

3. 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

4. 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

5. 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

6. 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

7. 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

8. Target Markets
Who would be the Target Markets for the following products?
Business Studies Website
Walking Sticks
Snapchat
Liverpool jerseys

9. 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.

10. 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

12. The Product Life Cycle

13. 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

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

15. 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

16. Personal Selling

17. Direct Mail

18. Sales Promotion Used to back up advertising to increase sales Examples
Free Samples
Coupons
Special Offers
Money Off Vouchers

19. Sales Promotion
Take it for Free!!

20. Sponsorship

21. 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

22. Publicity Stunt Example

24. 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

25. 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

28. 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.

29. Task
In class, draft a survey that you will ask your classmates around something of interest to you.

30. 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

31. Market Segmentation http://youtu.be/DUuirqtSqpg

32. Advertising Media

33. 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

34. Types of Advertising
Informative- Give information, example milk is good for bones/ buy Irish
Persuasive- Chose our product
Competitive- Make the switch
Generic- Industry promotes the product, example Irish Beef

35. Advertising Aims