• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Studies Marketing Strategies

Extracts from this document...

Introduction

1. WHAT IS MARKETING? Marketing includes identifying unmet needs; producing products and services to meet those needs: and pricing, distribution, and promoting those products and services to produce a profit. The process of identifying and researching specific segments of a population for the purposes of selling them a product or a service. The importance of marketing to a business cannot be over - emphasised. Marketing is the engine that drives any business. There is no point having goods for sale if they are not wanted by the customers or if the customers do not know that what you are trying to sell even exists. Marketing means finding out what the customers want, what the customers require. Providing it and making sure, usually by advertising, that the customers know it is there. Marketing activities include: * Carrying out market research to find out the needs and requirements of the customers, * Developing products to meet these needs and wants, * Finding out what customers are likely to purchase the products, * Deciding upon a suitable place for where the products should be sold, * Working out what price should be charged, * Advertising and promoting the products so that customers are aware of them and persuaded to buy them. It is extremely important that a business considers each of these points before it launches a product onto the market otherwise it may find that it has wasted its money basically because the product will not sell. ...read more.

Middle

The only problem is, is that the secondary research may not be directly tailor made for our business. Examples of secondary research are: * Previous research reports, * Newspapers, magazine and journal content, * Government statistics. The main advantage that using secondary research has over using primary research is that secondary research is already completed for you and therefore, does not take up any valuable business time. However, the major disadvantage with secondary research is that you are using somebody else's research and therefore, the research may not be valid to your business. Basically, the secondary research may not meet all the needs to what you are attempting to find out. For example, if i am deciding to begin a hairdressing business, then i could use some other hairdressing business's research. However, their research may be different to what i wish to research. Therefore, i believe that the best method of research for my business is a primary one and out of the primary options, i believe that using a questionnaire will be most effective to help me achieve what i want to. I need to produce a questionnaire as this will help me find out about my market and exactly what market type i will be aiming at. The questionnaire itself, once created, will be handed out firstly to friends and family and then to some members of the public. I will try to ask varied types of people to make my market research more reliable and valuable. ...read more.

Conclusion

Here are some examples of promotion methods: * National Television, * Radio, * Cinema, * National Newspapers, * Regional / Local Daily Newspapers, * Magazines, * Posters And Billboards, * Leaflets, * Directories, * The Internet, Choosing the best method of promotion for my business will be based upon: * The cost, * The advertising of competitors, * The target audience. Therefore, i have realised that, as my business will be a reasonably small one and very local, the best methods of promotion for me to use would be: * Local Radio Stations, * Regional / Local Daily Newspapers, * The Internet, * Leaflets, * Posters. These methods would be very effective in attracting customers, and also very cost effective. I am carrying out market research to establish whether my opinions are correct. I could have opened up my retail shop without doing any market research but it would be very unlikely that i would have attracted any customers due to the factor of there being no correct promotion for my type of business. This would have have therefore resulted in no money coming in and no capital for the business to use. This would lead onto bills and expenses not being able to be paid for and eventually the business would start to make a dramatic loss. In the end, the worst possible outcome would be for the business to go bankrupt and this is why doing market research is so important to a businesses future. GCSE Business Studies Coursework / Coursework Title : "Marketing Strategies" / Section B ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Business GCSE Unit 1, A1

    * To expand. This means Alton Towers want to become more known and expand the park to attract the customers. They could expand by increasing goods and services, for example making a new ride, opening a new hotel etc. They could also sell a bigger variety of goods to the park.

  2. Business Studies Coursework

    Prices can vary from holidays, to cars or cash. Locals Markets: - small specialists such as butchers, bakers, greengrocers and pharmacies, as well as services such as hairdressers and post offices, offer convenience for customers. Market Segmentation: - this means dividing the market for a product into different types of consumers who share similar characteristics.

  1. With reference to your local area, would a new healthy fast food restaurant represent ...

    and were introduced to unhealthy food from a young age, which is why they find it hard to change to eating healthy foods. Opportunities- * There is a niche in the market as there are no healthy fast food restaurants open in the local area at the moment.

  2. I have been asked to produce a marketing strategy for an existing or new ...

    Dogs have low market share in markets where there is little growth. A dog is usually reaching the end of its product life. Unless the product is expected to grow, there is little point continuing to support it. There are also many disadvantages of the Boston Matrix, they are; * It is very difficult to define high and low.

  1. Throughout this unit project my main aim is to develop a marketing strategy for ...

    Swot Model A particularly useful approach to examining the relationship between Vestax and its marketing environment is a SWOT analysis. A SWOT analysis sets out to focus upon strengths, weaknesses, opportunities and threats that faces a company like Vestax at a given moment.

  2. For this project I have been instructed to come up with a marketing strategy ...

    Products, such as the Nokia Mediamaster 230 S, introduced Bluetooth-enabled interoperability to the home environment in the second half of the year. Dividend Nokia's Board of Directors will propose a dividend of EUR 0.28 per share in respect of 2002.

  1. Marketing coursework

    I will also use the internet so I can research about business on different websites and so I can also locate potential customers. I will also use the market research report to find information about opening a business in Malaysia.

  2. creating a marketing proposal

    I have answered and I think I have answered correctly to that question. So from this presentation I have learned to speak front of the class, if we have a chance to do another presentation than I think I will do better presentation than this.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work