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4 - Marketing

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  1. 4.1 Market research

    1. The purpose of market research: • to identify and understand customer needs • to identify gaps in the market • to reduce risk • to inform business decisions.

    2. Methods of market research: • primary research: - survey - questionnaire - focus group - observation - test marketing • secondary research: - internet - market reports - government reports.

    3. Use qualitative and quantitative market-research data, including averages, graphs and charts, to support business decisions. Understand the role of social media in collecting data and judge the reliability of market-research evidence.

  2. 4.2 The market

    1. Understand how marketing satisfies customer needs, builds relationships and loyalty, and uses market or product orientation, market-share calculation and analysis, and niche or mass marketing.

    2. Responding to changes in the market: • changing customer needs • changing customer/consumer spending patterns • increased competition.

    3. How businesses use market segmentation to target customers: • identifying market segments: - location - demographics - lifestyle - income - age.

  3. 4.3 The marketing mix

    1. 4.3.1Product

      Product: • development of a new product/service • the difference between goods and services • packaging and its importance • product life cycle – main phases and extension strategies • managing and reviewing the product portfolio (Boston matrix).

    2. 4.3.2Price

      Price: • the main pricing strategies and when they might be applied: - cost plus - penetration - competition - skimming - promotional.

    3. 4.3.3Place – distribution channels

      Place – distribution channels: • methods of distribution - retailers - e-tailers (e-commerce).

    4. 4.3.4Promotion

      Promotion: • promotion strategies for different market segments: - advertising - sponsorship - product trials - special offers - branding • above the line and below the line promotion techniques • public relations – improving company image/brand • the use of technology in promotion: - targeted advertising online - viral advertising via social media - e-newsletters • the importance of a brand.