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Business Studies Marketing Strategies

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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.


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.


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.

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