FUNCTIONAL AREA. MARKETING. In this unit you will learn about. Difference between Market and Marketing Market Share and growth Objectives of Marketing The consumer Branding and Generic goods 4Ps. What is a market?. A meeting place for buyers (consumers) and sellers.
“…the process involved in identifying, anticipating and satisfying consumer requirements profitably”
The Chartered Institute of Marketing
Aims of marketing:
marketing – including charities.
The name given by a producer to a product or range of products is known as a brand.
The aim of branding is to distinguish the product from its competitors and to make it instantly recognisable to the consumer. A brand can be -
To brand a product a firm will use packaging and advertising.
Have a massive influence on purchasing decisions. So much so that the brands themselves are sold for considerable sums of money.
Nestlé purchased Rowntree Mackintosh to obtain Kit-Kat, Polo and Smarties.
Some customers are faithful to one particular product.
Marketeers strive to persuade customers that their product is better than competitors’ products and obtain brand loyalty which would allow them to charge higher prices.
Firms may add an existing brand name to a new product to increase the products chances for success.
Marketing decisions centre on four functional activities, known as the 4p’s.
When combined these four areas are known as the Marketing-Mix.
Mode of transport
We are born and introduced to the world.
Then we grow into teenagers.
Then we mature into adults.
Finally, we get old and our health declines.
known as the Product Life Cycle.
Product Extension Strategies
- change/modify product - new variants
- alter packaging - alter channel of distribution
- change pricing strategy - alter promotional support
CK be by Calvin Klein
Chocolates from Thorntons
Jeans from Marks and Spencer
Wholesalers who buy from manufacturers and then sell to retailers. For example Cash and Carry firms.
Retailers who buy from wholesalers or direct from manufacturers then sell onto consumers. For example, RS McColls.
We now use:
Sponsored events Newspapers
Network of shops/outlets Cinema
Radio: Ads are usually cheaper and you can still target listeners of particular programmes but it’s sound only and audiences are usually smaller.
Posters and Billboards: Ads have a high visual impact and stay in place for a long time. Can be seen by lots of people but usually only for a short time so they can’t contain much information.
Internet Sites: Ads can have a high visual impact, be interactive and link directly to buying the product.
Shops may hold sales to encourage customers to buy what they may not have purchased at the full price.
Sales may encourage customers who would not normally go to the shop to venture in.
When designing a questionnaire you
Markets are segmented into different groups
of people. The main segments are:
different ages -
You will need this information to prepare your study notes for the Marketing Topic.