1. 11/11/2015 MARKETING Businesses produce goods and services. Production involves ensuring goods reach the shop/point of sale. Marketing involves ensuring the public are aware of the existence of the goods/services and go on to buy them. N 5.2

2. 11/11/2015 MARKET RESEARCH This involves finding out whether there is demand for new goods by the customer. You need to know what price the customer is willing to pay. The business must know if there is a particular target for sales of the goods and this will help with advertising/promotion. You need to find out where is the right place to sell the goods.

3. 11/11/2015 Different market research methods 1. PRIMARY / FIELD RESEARCH This means that the business is responsible for getting the information itself. It can do this by contacting the customer by different means :- Questionnaires Survey Asking people unannounced Telephone survey

4. 11/11/2015 2. DESK RESEARCH This means that the business finds the information from somewhere else :- *WEBSITES *CENSUS *BOOKS, MAGAZINES *ANALYSIS OF FIELD WORK *ANOTHER COMPANY

5. 11/11/2015 EVALUATION OF MARKET RESEARCH PRIMARY / FIELD ADVANTAGES: THE INFORMATION IS RELIABLE – 'straight from the horse's mouth' SECONDARY / DESK ADVANTAGES IT'S CHEAPER AND FASTER TO FIND.

6. 11/11/2015 THE 4 Ps OF MARKETING PRODUCT PRICE PROMOTION PLACE

7. 11/11/2015 THE GOODS A BUSINESS MUST PRODUCE GOODS THAT ARE IN DEMAND BY THE PUBLIC. THE BUSINESS MUST DIFFERENTIATE ITS GOODS I.E. MAKE THEM SPECIAL / DIFFERENT.

8. 11/11/2015 PRICE THE PRICE MUST BE LOW ENOUGH TO ATTRACT CUSTOMERS BUT ALSO HIGH ENOUGH TO SECURE A PROFIT FOR THE BUSINESS. THERE ARE DIFFERENT PRICING TECHNIQUES AVAILABLE :- PENETRATION PRICE – Low price to attract new customers. SKIMMING – high price to suggest high quality. ADDING TO A COST – finding the total production costs of the goods and then adding a percentage on top. PSYCHOLOGICAL PRICING – £9.99 instead of £10 etc. ASSOCIATED GOODS – cheap original goods but expensive partners e.g. printer and ink.

9. 11/11/2015 PROMOTION EVERY AVAILABLE METHOD TO INFORM THE CUSTOMER OF THE EXISTENCE OF THE GOODS. IT MUST HIT THE TARGET WITHOUT BEING TOO EXPENSIVE. NATIONAL AND LOCAL TELEVISION, RADIO, NEWSPAPERS AND MAGAZINES. THE INTERNET LEAFLETS BILLBOARDS SHOP WINDOW REPUTATION

10. 11/11/2015 PLACE THE LOCATION MUST BE SUITABLE FOR THE CUSTOMER, SUPPLIERS AND THE BUSINESS ITSELF. THE BUSINESS MUST BE ABLE TO AFFORD THE LOCATION.