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Chapter 28: Effective Marketing

Explore the essentials of marketing, from anticipating customer needs to meeting organizational objectives, including B2B marketing, niche marketing, and mass marketing. Learn to set and achieve marketing objectives to drive business success.

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Chapter 28: Effective Marketing

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  1. Chapter 28: Effective Marketing

  2. Purposes of Marketing • Anticipating customers’ wants (Market research) • Satisfying customers’ wants in a way that delights customers (Marketing Mix 4 Ps – plan a suitable product, charge an attractive price, put the product into the right location or place, and use promotion to make customers aware of the product.) • Meeting the needs of the organisation (enables a business to satisfy its own wants – corporate aims and objectives) MARKETING – the anticipating and satisfying of customers’ wants in a way that delights the consumer and also meets the needs of the organisation.

  3. Marketing Objectives • The goals of the marketing function in an organisation • Types of marketing objectives: • Size (measured by sales or market share) • Market Positioning (a company’s appeal to particular market segments) • Innovation / Increase in Product Range • Creation of Brand Loyalty / Goodwill • Security / Survival

  4. Business-to-business (B2B) marketing • Where a firm sells its products to another business • Main features of B2B marketing: • Larger transactions • Specialist buyers and sellers • Quality • Informative advertising • Pricing • Buyer-seller relationships

  5. Niche Marketing • Targeting a product or service at a small segment of a larger market • Advantages: • Less competition • Costs • Small-scale production • Tailor-made products • Targeting customers • Disadvantages: • Lower profits • Changes in demand • Market entry

  6. Mass Marketing • Aiming a product at all (or most) of the market • In order to compete in a mass market, a business needs to make sure its product is different from competitors’ products. If consumers value this difference, it will benefit the firm in two ways: 1) Increased sales volume; 2) Greater scope for charging a higher **This is often achieved through Product Proliferation – when a variety of products are produced to serve different tastes

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