Summary Unit 3- Marketing

Marketing objectives

SalesVolume
Sales Value

Market growth
Market Size

MarketShare
Sales growth
Brand Loyalty
Innovation

Survival

MarketResearch thesystematicandobjective collectionanalysisandevaluationofinformation thatis
intended to assistthemarketingprocess

name definition Advantages Disadvantages
PRIMARY collectionofinformation specific thebusiness
for expens
RESEARCH gatheredfirsthand
for the
specificpurposeofthe
latest information
accessthephycology
of acustomer Itakes
riskofbias
time
business
examples SURVEY OBSERVATION PRODUCTTRIAL FOCUS GROUP EXPERIMENTATIO


SECONDARY Information thathasalready sometimesfree mightbeoutofdate
RESEARCH beencollected foradifferent basedon largesamples notspecifictothebusiness
purpose done already expensive
specifictoyourindustry containsonlypositiveinformatio
notalwaysreliable
examples GOVERNMENTSTATS SPECIALISTAGENCIES INDUSTRYMAGAZINES INTERNET INTERNALSOURCES



MarketMapping illustratestherange
of takeinamarketbasedontwodimensionsthat
positionsthataproductcan
areimportantto customers
Sampling Gatheringdatafroma groupofrespondentswhoseviewsorbehaviourshouldberepresentativeof
the
targetmarket as awhole

givesthepercentageprobabilitythatan rangeofpossiblevaluesinfact
Confidenceinterval estimated
includes theactualvaluebeingestimated usually 951

, Correlation strength of a relationship betweentwo variables
Extrapolation usespastdatatopredictfuturetrends



STP
MarketSegmentationdividingthemarketintodifferentgroupsofconsumersthathavesimilarcharacteristics

Demographic canbehardto reachsegmentsonceidentifie


IIII
Geographic increaseprices limited customers
Income
Behavioural
Initial
bettermatchcustomerneeds takestimeandrequiresspecificinformation
alwaysvariationsevenbetweensegments
theirmarket
helpsabusinesstarget
efficienly

Market positioning whereyourproductstands inrelationtotheproductsorbrandsofotherbusinesses

Market Targeting theconsumermarketsegments towhomyouintenttosellyourproductorservice
decidingon



Name definition Advantages Disadvantages
morecustomers highlevelof competition
product toall highsales lowprofitmargins
MARIE Aiminga
market the highereconomies of scale ofvalue
can'taddlots
abletocapitaliseandbecomeworldwide needtocompeteonpriceor
lessrisk biggerpopulationofconsum differentiation
of
highlevel glocalisationneeded
to suitdifferentregions
canaddvalue chargemore notenoughcustomers
Targeting a productor lesscompetition likelytoattractcompetition ifsnc
NIKE service atasmallsegment higherprofitmargins vulnerabletomarketchanges

ofalargermarket onlyonetargetmarket lackofeconomiesofscale
riskofoverdependence on a
singleproduct


Marketing mix 7ps
1 Product 5 people
2 Price 6 process
3Place 7 Physical Environment
4 Promotion