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GCSE: Marketing and Markets
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What is the 'marketing mix'?
- 1 Businesses use the marketing mix to reach more customers. A common mistake of students is to concentrate on just one aspect of the mix (usually product or promotion) rather than realising that businesses use all four parts of it to meet the needs of its target market.
- 2 Product is every aspect of the product itself. This includes its features, appearance, design and the product range. Many businesses will look for a USP (unique selling point) which makes it different to its rivals. The product must be aimed at a particular target market and a business will need to decide this in advance.
- 3 Price is the amount that it charges customers. There are several strategies that can be adopted here e.g. competitive pricing (basing your price on competitor’s prices), cost plus pricing (adding a mark up to the cost of producing the product), penetration pricing (low price to encourage trial). The price should relate to the product i.e. high quality and high price.
- 4 Place is where customers can buy the product and how it gets there. This can include supermarkets, boutique stores, online only etc.
- 5 Promotion includes all the ways that the customer finds out about the product. A common mistake for students is to think it is only advertising but promotion might also include money off vouchers, sponsorship, public relations. Another common mistake is to not relate the promotion to the product. A small business is not going to advertise on TV.
- Marked by Teachers essays 7
- Peer Reviewed essays 8
Project Review Edexcel Diploma. The main objective for my project was to give kids a taste of playing a board game and then pass out questions do find out how they thought of my monopoly board. This will give me a true representation on whether or not kid
This will give me a true representation on whether or not kids are interested in board games. My Project would give due to do: * Better understanding on board games * Giving rise to an interest in board games * Make it look fun To ensure I am able to accomplish all these points, I will have to follow my project plan in order so I can finish my project in time and it will lead to my project being organised. To what extent were the objectives met I did manage to complete in making my monopoly board however there were a lot of adjustments needed in order to finish it.
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"Penetration Pricing" is also another technique which helps companies increase sales. This is when a product or service is new or is not very popular, therefore its price is set really low at the start. However once it has become more popular, the price is set higher so that companies and suppliers can increase profits. This technique is normally aimed at mid-class people who would be looking for cheaper deals, but would however be willing to spend a bit more if necessary.
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The growth of the economy in the recent months through favourable political measures has enabled the company to be back in the growth path. This was achieved through effective astute measures adopted by the company. And partly through the positive sentiment generated in the economy by the effective political measures adopted by the government have helped the company to achieve this growth. Economical: Economical issues would be related to availability of disposable income, unemployment in the country, inflation consumer price index, production levels, etc., The United Kingdom's economy has gone through the rough phase and is gaining significantly the inflationary
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Here are some important telemarketing strategies to enhance your business prospects. Telemarketing is a technique, where a salesperson tries to sell his products or services to the potential customers over the telephone. It is one of the most powerful sales tools to expand a business. Telephone is a mighty weapon to secure a booming business, only, if you use it in the right way. Follow well planned strategies, remain focused on the quality of your products and services, do not disturb people when they are engaged, make the conversation simple and as captivating as possible, and you can also be a successful telemarketer.
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Employees are trained to develop these skills because it is vital in the travel and tourism industry. Personal qualities and skills are essential when employing new members of staff into the industry. The most common skills which are taken into account are usually are literacy and numeric skills, there are also other skills which are highly recommended for potential travel and tourism staff such as communicational skills, organisational skills and most importantly customer service. However there are also other types of skills required as well as all the technical skills for instance stamina; staff must have the stamina to work long and flexible hours.
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Ice cream consumption is also becoming less seasonal, as the product is now serving as a snack throughout the year, sales are then likely to be stable rather than rising and falling through out the year. Growth in ice cream sales may also be attributed to rising levels of disposable incomes, allowing consumers to but non-essential foods frequently. Stability in sales is sales is a strength of the product as it has consistency. Whittakers' Honey and Nut ice cream range is a unique product on the market.
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Market research is also important to us as it will give us a idea of how successful our business could be, because if you do a questionnaire and from the results you find out people want cheaper prices for their medication and medical supplies they will go looking somewhere else for cheaper supplies and you will loose potential customers . My Market Research Questionnaire Why use questionnaires for market research? I have decided to use a questionnaire to conduct my market research because it is a good way to attract customers; I can find out what needs to be improved; and it is easy to analyse.
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There are many reasons why promotion is important and their main aims are: To persuade people to buy their products To create a good reputation and change peoples attitudes and views. To provide simple information and inform them of new or changed products. To maintain or increase sales. To try and keep your business in advance and ahead of other competitors. These are the main aims and to target these you have variety of promotional methods which are: Sales promotion: Is methods used when marketers decide to promote their products b directly encouraging people to buy them.
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4 I need to go into a kosher Bakery so that I can observe a current Kosher Shop. I then need to find out: 1 - The name of the shop, its type and its aims/objectives 2 - The shop's location, how important is this in the shop's success? 3 - The range of goods/services it offers 4 - What you consider the target market to be 5 - Are there any ways in which the 4th question has influenced the 2nd and 3rd question?
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Consequently, the more good, detailed research you do the bigger strength this is to your business. * Small finance I will start up as a small business, therefore meaning I will only have a small finance to pay. This is a strength because it means I won't have as many expenses to pay as that of my larger competing businesses, e.g. Accessorize, Claire's. This will minimise my chance of bankruptcy because the smaller the outflow from my business, the more likely the inflow of money, e.g.
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* Research and development - will help the business remain competitive by developing new goods and services and updating the existing ones. eWave functional areas eWave is a small firm. This does not affect their tasks. They still have to do all their tasks in order for them to survive. To be successful and to meet their targets E-Wave must carry out a range of functions. E-Wave does not have specific departments because it is a small business. However, members of the team must ensure that the functions are carried out.
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I want to see what their opinions are on cafes today to see if I can make changes and improvements to attract customers to my caf�. For my research, I have written a questionnaire. Normallu, questionnaires are designed to find out what customers want from a service or product. My aim is to ask people who often eat in cafes or coffee bars. I have taken into account the disadvantages of using this method. These include: * The information may be inaccurate.
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the Gulf and other states of the Middle East) * To ensure high quality customer service. * To employ highly qualified people to run NetLink. * To gain maximum revenue, and increase profit within a long period of time. * To create a friendly and enjoyable workplace for the employees' of NetLink. * To continuously improve current facilities, to keep pace with the steady advance of technology. * To build partnerships with other businesses in Oman. * Eventually, to become the market leader of the ISP market in Oman within a period of 5 years. Marketing Audit In Oman, there are two businesses that are ISP's. They are: 1.
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Using examples of your choice, explain the importance of segmentation as a marketing tool. Discuss its effectiveness in the context of a developing country of your choice.
With the increasing globalization of the business world, international segmentation becomes an ever more important concept in marketing. The globalization forces now at work push many companies to extend or reorganize their marketing strategies across borders and target international segments of consumers. It is the purpose of this essay to review the international market segmentation literature and to identify its future prospects while examines the case of Bangladesh. The Importance of Segmentation Concern about the benefits and opportunities which segmentation offer spans several decades and extends to both the practitioner and academic press (Beane and Ennis, 1987; Choffray and Lilien, 1978).
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A business will have various objectives that it hopes to achieve through its marketing. These could include: * To introduce a new product, * To increase sales of an existing product, * To target a new market segment, * To change the image of the brand. Marketing research falls into two main categories: primary research and secondary research. The distinction between them is fairly simple. Primary research is original work done with your particular study objectives in mind and secondary research is the use of previously existing resources to meet your research goals.
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This result is due to the ideal pricing of the new software, which was set slightly high. The result obtained from the second scenario, on an overall, total basis, is actual sales volume being fairly close to forecasted sales volume and profitably that is higher than the 5% target. The results obtained for each of the three target segments of the market are summarized in the chart below: Doctors IT Industry Banking Industry Total (including General Market) Forecast Sales Volume 60,000 70,000 70,000 215,000 Actual Sales Volume 65,330 68,500 70,500 219,330 Forecast Price $225 $245 $275 Profitability 9.65% 7.55% 8.92%
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A firm producing women's fashions products will be in indirect competition with one producing just women's under wear. Producers of teenager's magazines with DVDs. The magazines producer by having an exciting front cover and interesting stories may persuade teenagers to buy the magazine rather than DVDs. There is competition in Paddington area. There are many ways in which phones u like ltd may be able to compete with other mobile phone shops in the area by offering lower prices from other shops, additional features such as light weight or big screen, friendly service such as providing all required and important information about the mobile, taking in complaints and giving a faster response to it etc.
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Therefore, constant product improvement is the key to success. This is particularly true of the software supply chain, mobile phone and computer markets. Selling orientated businesses believe that unless consumers are targeted with large-scale selling and promotional techniques the product would not be sought or desirable. This is particularly true of businesses that employ salespeople that aggressively seek out their markets such as double glazing and door-to-door cosmetics salespeople. The aim of this concept is quite simply to get the sale, customer satisfaction rarely plays a part and long-term customer relationships are not a focus.
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In short tem Quality Craft Carpet Ltd should focus on direct marketing strategy to capture the potential customers and generate rapid purchase. Although they are new in foreign market but they had potential
Sales Strategy Short term strategy In short tem Quality Craft Carpet Ltd should focus on direct marketing strategy to capture the potential customers and generate rapid purchase. Although they are new in foreign market but they had potential to capture the customers on there quality and success in UK market. Profit margin should be minimizing. Mid term Strategy After making there place in the market, mid term strategy should be to stabilize the market. Huge advertisement is required to increase market share.
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To aid me in assessing the pricing policy I made a graph (see appendix 2). At period 0 price, marketing and sales were all on at an even level so our first decision we decided to keep areas 1, 2 and 3 at the same levels, with area 4 being the home area we reduced the price to keep our consumer in this area happy and in area 5, the common area, we upped the price to 62, this being the common area we decided raising the price would see whether the common market was prepared to pay more for our product.
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The success of a retailer hinges on the correct combination of the retailing mix and other elements are every bit as important as location. In this report, the importance of location will be discussed and the role that location plays in retailers' success or failure will be identified. While addressing the role of location, other elements of the retail marketing mix will also be examined since all of them are interrelated and can not be treated separately. Discussion To make sure the conclusion drawn has some generality, two retailers differ greatly from each other are used in this report: Early
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What is 'The Marketing Concept' and how has it developed over time? The marketing concept is a philosophy. The philosophy is that company's need to find out the needs and wants of their customers
This worked by companies only producing products that they could produce most efficiently. Companies then thought that by producing products, and lots of them, that were cheap that the product would then sell itself and therefore create a further demand for it all by itself. The production concept only had two questions that companies would ask themselves before producing a product, they were, can we produce the product? And, can we produce enough of it? This philosophy didn't work too badly at the time because most of the products that were being produced were of basic necessity to the customers and there was quite a high level of unfulfilled demand for these products.
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The following report is on Tesco and is focusing on their promotional campaign. There are four parts, which make up this task, there are as follows. Task 1a - Describe the business and its aims and objectives.
and 24-hour stores, the British Group, Tesco, is the king of supermarkets in Britain. Apart from being the national leader in the food sector, it is proud of selling everything to satisfy all its customers' needs (books, CD/DVD/mini-discs, hi-fi and household appliances, household equipment, flowers, wine, apparel). The list goes on and on. With an eye to the future, Tesco has adapted to the rapid technological changes. It makes an astonishing profit from its on-line sales site (Tesco.com). Tesco Express also owns petrol stations and provides financial services such as a joint venture with the Royal Bank of Scotland enables it to offer life insurance and general insurance e.g.
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Explain why marketing is "everybody's business". Use examples from the tourism industry to explain your answer.
A human without these needs being met will not be satisfied and will not want or demand other products. Putting this example in place within the tourism industry, a customer whose hotel does not meet their requirements will not have their need of shelter sufficiently fulfilled. Humans also have wants; these are formed by an individual's culture and personality. Wants tend to be objects (hamburgers) that will fulfil one of the basic needs (food). Humans choose products that provide them with the greatest amount of value and satisfaction for their money. Demands are wants that are backed by buying power.
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The purpose of this report is to explain the four steps of the marketing research process and investigate and justify which of the steps is the most difficult to undertake
Assumptions In preparing the report, it was assumed that all information gathered for this report is relevant and unbiased. 1.6. Background During this century many factors have led to the need for mare and better information. Especially, in carrying out their marketing activities, managers continually need a great deal of information. Many companies have invested in quite sophisticated marketing information systems in order to provide managers with good information to assist their decision-making. Marketing research is an important part of marketing information system; therefore the discussion of the marketing research process is required.
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