Marketing
promoting a business and what it offers/process of teaching consumers why they should choose product/service of competitors/linked to sales
... [Show More] with the intention that a successful marketing campaign will pay dividends
Anticipating demand
looking at latest trends to anticipate demand on sales.
Recognising demand
keeping up to date with competitors and recognising demand for products/services and trends in consumer behaviour
Stimulating demand
finding different ways to promote the brand e.g online advertising,happy hour ,BOGOFs, offering vouchers for product lines from poor sellers.
Satisfying demand
ensuring stocks/ capacity can deliver a service that is sufficiently available to meet any demand generated making sure there is enough stock to cover items for the holidays.
BOGOF
Stands for Buy One Get One Free
Happy hour
selling products at reduced prices e,g to encourage customers to stay and eat when buying a cheaper drink.
marketing aims and objectives
these consist of: understanding customer wants and needs,developing new products,improving profitability by reducing costs, increase market share,diversification, increasing brand awareness and loyalty
market leadership
the position of a business with the largest market share in a given market for goods and services
scattergun approach
identifying purpose of products/services to establish a target market
product segmentation
determined by: age,gender and ethnicity and findings are presented in a piechart
brand personality
This can have a major impact of what the customer buys especially if it has a brand personality e.g sophistication and professional look of certain brands including: L'Oreal
brand image
This can stick in a customer's mind helping to link to products with a particular supplier/manufacturer e.g "beanz,meanz,heinz" - most successful advert campaigns ever. strong brand can portray an image which can bring success.
Once a brand becomes more successful, it can help the business to enter new markets or sell into existing markets with less risk of failure. if customer is satisfied will purchase again
Different methods to market services/products
these methods consist of: social media,word of mouth,email,billboard signs,pens,posters etc.
The future of marketing,mobile marketing and the impact of social media
social media has had a positive impact --> more ways of making advertising cheaper, done digitally, aiming to target a specific market (considering how valid/reliable to data is)
Primary research
information/data taken from the original source/ asking directly e.g surveys
Secondary research
information/data taken from a third party/ not directly asking source e.g reviews
Quantitative data
(opposite of qualitative data) data that can be measured and counted e.g how many boys are in a class
Qualitative data
(opposite of quantitative data) data that cannot be measured/based on different opinions e.g what is the food like in the canteen
Consumer behaviour
product decisions answered routinely everyday with the help of businesses marketing their product/service
the 7ps marketing mix
consisting of product,price,place,promotion,people,process and physical evidence
promotional mix
personal selling, sales promotion,publicity, direct marketing and advertising
branding
the identification of a logo/product/service which is instantly recognisable without any explanation needed
factors of branding
these are: awareness,consideration,preference,purchase,loyalty and advocacy
effective marketing strategies
these require careful planning and structure into overall identifying the purpose followed by the objectives to identify how the aims will be achieved.
objectives
the stated measurable targets of how to achieve business aims
SMART
Specific, Measurable, Attainable, Realistic, Timely
Marketing objectives focusing on selling the product and the 4 ps
Creating a product that has a USP (Unique Selling Point)
Targeting a particular consumer demographic (population,age,gender,income etc.)
Social media and public relations activities to support the company brand image [Show Less]