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Marketing

Marketing. Marketing is the anticipation and identification of consumer wants and needs. Marketing must satisfy these wants in order to make a profit. Learn this definition!. This is done by…. Carrying out research to find out what customers want Researching and developing products

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Marketing

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  1. Marketing Marketing is the anticipation and identification of consumer wants and needs.Marketing must satisfy these wants in order to make a profit. Learn this definition! JW & EC Jan 2009

  2. This is done by….. • Carrying out research to find out what customers want • Researching and developing products • Deciding on suitable packaging • Deciding where to sell products • Deciding on a suitable price JW & EC Jan 2009

  3. Role and Importance of Marketing The purpose of marketing is to: • Help raise awareness of products and services • Help raise the organisations profile • Encourage customers to purchase • Target new customers • Allow an organisation to know what customers want • Assist with monitoring changing tastes and trends • Allows an organisation to meet is strategic objectives JW & EC Jan 2009

  4. Objectives of Marketing • Marketing is linked to the overall objectivesof an organisation. • The objectives of marketing are to: • Target new markets ( new groups of people) • Increase profitability • Increase sales • Maintain current market share • Improve the image of the product or organisation JW & EC Jan 2009

  5. Importance of Marketing • Marketing is important to all types of organisations. • A charity need to advertise to encourage donations • A council will advertise to encourage local residents to use services and promote the area • Private companies will use marketing to increase sales and profits JW & EC Jan 2009

  6. Task • Read pages 45-47 of the student notes • Create a mind map or spider diagram summarising the importance of marketing for different types of organisations. • Council • Charity • Private company JW & EC Jan 2009

  7. Product Led • This is an approach to business where a company firstproduces a product and then tries to persuade customers to purchase it • The company does not conduct any market research before production commences • This is suitable where the product is unique and has no competition JW & EC Jan 2009

  8. Market Led • This approach does market research to find out consumers’ wants and needs and then produces a product or service to meet those needs • The advantages of this approach are: • consumers are more likely to buy the product if it meets their needs • more likely to anticipate and meet changes in consumer demands • able to change its product or develop new products easily JW & EC Jan 2009

  9. Market Share and Market Growth • Market share is a firms percentage of all the sales in the market (eg Coca Cola has 45% share of Cola drinks market) • Market growth takes place when the total number of people buying a product or service increases in the whole market. JW & EC Jan 2009

  10. QUESTIONS FOR YOUR JOTTER 1. While doing research and development, a company discovered a glue which although sticky could be easily peeled off. They decided to develop this glue and it is now used for labels and ‘Postits’. • Identify the type of orientation is this an example of. • Justify your answer. • Name another example of this type of orientation. 2. Before introducing a new chocolate bar, Cadbury’s carried out extensive market research. • Identify the type of orientation is this an example of. • Justify your answer. • Describe the advantages of this type of orientation. JW & EC Jan 2009

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