1. MARKETING
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2. MARKET RESEARCH
This involves finding out if a new product or service is likely to have customers and what those customers might want in terms of product and price. It is also carried out on established products to keep ‘on top of the game’ and to try to make sure that they keep and expand their number of customers
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3. TYPES OF MARKET RESEARCH(1)
PRIMARY/FIELD RESEARCH; this involves finding information from potential customers directly by means of:
Questionnaires
Surveys
Cold calling
Telephone surveys
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4. TYPES OF MARKET RESEARCH (2)
SECONDARY/DESK RESEARCH; this involves finding out information ‘second hand’ from sources such as:
CD-ROMS
CENSUS RETURNS
BOOKS, MAGAZINES AND OTHER PUBLICATIONS
ANALYSIS OF PRIMARY/FIELD RESEARCH
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5. TYPES OF MARKET RESEARCH(3)
PRIMARY/FIELD
ADVANTAGES:
MORE RELIABLE INFORMATION – ‘straight from the horses’mouth
SECONDARY/DESK
ADVANTAGES
CHEAPER AND QUICKER TO CARRY OUT
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6. THE 4 P’S OF MARKETING
PRODUCT
PRICE
PROMOTION
PLACE
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7. PRODUCT
A BUSINESS MUST PRODUCE A PRODUCT THAT CUSTOMERS WISH TO BUY. IT MUST BE DIFFERENTIATED FROM WHAT ELSE IS ON THE MARKET
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8. PRICE
THE PRICE MUST BE LOW ENOUGH TO ATTRACT CUSTOMERS AND HIGH ENOUGH TO MAKE A PROFIT AND INDICATE QUALITY. METHODS OF PRICING INCLUDE:
PENETRATION PRICING – a low price, maybe producing at a loss, to attract customers
CREAMING – a high price to suggest high quality
COST PLUS PRICING – all the costs of production are added together and a ‘mark up’ is added for profit
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9. PROMOTION
ALL THE WAYS OF BRINGING THE PRODUCT TO THE ATTENTION OF THE PUBLIC. IT MUST INFORM THE TARGET MARKET AND MUST BE AFFORDABLE FOR THE BUSINESS
DIFFERENT METHODS INCLUDE:
NATIONAL AND LOCAL TELEVISON, RADIO, NEWSPAPERS, AND MAGAZINES
THE INTERNET
LEAFLETS
BILLBOARDS
SHOP WINDOWS
‘WORD OF MOUTH’
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10. PLACE THE LOCATION MUST BE SUITABLE FOR CUSTOMERS,
SUPPLIERS AND THE BUSINESS ITSELF. IT MUST ALSO BE AFFORDABLE FOR THE BUSINESS
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