1. MARKETING

2. Marketing Marketing is the term used to describe the activities intended to attract a profitable demand for a product. Marketing is about identifying, anticipating and satisfying customer demands. It implies an ongoing process of researching, planning, implementing and reviewing strategies to meet customers’ needs. N.P.

3. Selling and Marketing The selling concept assumes that consumers have to be persuaded by vigorous selling techniques to buy non-essential goods and services. The marketing concept assumes that the producer’s task is to find wants and fill them, i.e. you don’t sell what you make, you make what will be bought. Practically, marketers also anticipate and create new needs, as well as satisfying existing needs. N.P.

4. Marketing Market Segmentation: marketing is based on the theory that similar people will buy similar products. Most common ways in which a market can be segmented are by: -Age (young vs old customers) -Gender (women’s clothes and jewellery) -Ethnic groups (food products) N.P.

5. Marketing - Income groups (buyers are divided into 6 socio-economic groups, according to their income) * -Area (different products in different areas) -Lifestyle (family/individial needs) -Amount of use (heavy users vs light users) N.P.

6. Marketing * Socio-economic groups: 1)Upper middle class: doctors, lawyers, company directors; 2)Middle class: bank managers, teachers, accountants; 3)A) lower middle class: shop assistants, secretaries, police officers; B) skilled working class: skilled manual workers as train drivers, electricians, cooks; N.P.

7. Marketing 4) Working class: semiskilled or unskilled workers as packers, assembly line workers; 5) The poorest: state pensioners, unemployed, casual workers. N.P.

8. Market Position Before planning future business strategies and in order to understand its position in the market, a business carries out a SWOT Analysis, i.e. Strengths and Weaknesses (inside the business, such as reputation and resources) and Opportunities and Threats (external factors, such as actions by competitors). N.P.

9. MARKET RESEARCH Before launching a product, most companies undertake market reasearch. They collect and analyse information about the size of the potential market and about the consumers’ reactions to particular products, as well as about competitors. They try to aswer questions like: -Who will buy my product? -What price will buyers be prepared to pay? -When is it best to sell it?/What type of promotion? / What about competitors? N.P.

10. MARKET RESEARCH They collect two types of data: quantitative and qualitative data. Quantitative market research produces numerical statistics (e.g. how many scooters were sold in 2013 or what percentage of teenagers buy a certain type of clothes); Qualitative market research looks into consumers’ feelings and motivation (e.g. what customers like about a product). N.P.

11. MARKET RESEARCH To this purpose there are two types of market research: primary market research and secondary market research. Primary market research involves collecting information directly from potential or existing customers. Most of this information is collected by market research surveys. N.P.

12. MARKET RESEARCH Surveys may be carried out: -by personal interview -by telephone -by post -by online questionnaire -in groups N.P.

13. MARKET RESEARCH Secondary Market Research : gathering information which has already been published (e.g. financial accounts, sales records, customer records, marketing reports, specialist journals, trade associations, government reports and statistics, the Internet). N.P.

14. MARKETING MIX The factors involved in marketing a product can be grouped into four main categories, (marketing mix) best known as the ‘Four Ps’ : product, place, promotion, price. N.P.

15. MARKETING MIX 1)Product: businesses have to take decisions as to: image, name, packaging, branding (i.e. brand name= registered name for a product). 2)Place: i.e. how the product is distributed; it includes factors such as distribution channels, locations of points of sale, transport, inventory size, etc. N.P.

16. MARKETING MIX 3) Price: a business has to take into consideration a) whether the price will cover production costs; b) what prices are charged by competitors; c) how prices can be used to increase sales. N.P.

17. MARKETING MIX 4) Promotion: it gives customers information about the product, its price and the place where it is sold. It concerns the way in which a firm persuades customers to buy. There are various techniques: advertising, personal selling, public relations, sponsorship of sports events and sales promotion. N.P.

18. Selling and Marketing Feedback: 1)What’s the difference between selling and marketing? 2)What does market research consist in? 3)Describe the ‘marketing mix’. N.P.