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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
This would increase sales with Man United fans and the publicity would be immense considering T-Mobile would be branded on every football kit and across the stadium. The Manchester United stadium alone supports over 76,000 people and this combined with viewers of TV coverage add up to an average of 8million viewers. Manchester United is renowned for reaching finals and in most cases winning them, the last champion's league final reached 14million viewers which means a phenomenal amount of publicity, almost 23% of the British population to be precise.
- Word count: 861
For example, 3,128,501copies of The Sun are bought daily. However, about 7,986,000 read the newspaper daily; this is because more than one person can read the one newspaper. Advertising in newspapers is quick; this is because they tend to be released daily. If one day, FLE see a promotion advert from their competition in a newspaper they are able to respond quickly with an advert of their own. Newspapers are also targeted, for example, The Sun is targeted at men and therefore had more male readers, FLE can use this information to decide whether a particular newspaper is suitable for them to advertise in.
- Word count: 1078
The primary research we conducted helped us to choose the correct style for the target market, so we could sell more. However, we should have asked more people in the questionnaire, to get a wider range of opinions. We only asked students from the lower end of the school, as we weren't attempting to sell to other pupils. These results showed that people would like to buy celebrity magnets, with images of their favourite celebrities and also would like magnets in the shape of letters.
- Word count: 1444
So how was this success compromised? Task 1 SEGMENTATION Sony endeavours to understand its customers as much as possible. The marketing segmentation makes the process more efficient and effective. It divides the market into small pieces and targets people who belong to the same group and feel the same desire for a product. Geographic: Sony visibly goes all out for to supply individual customers. The company concentrates its efforts in three key markets: USA, EU and Japan but it is also represented in 200 countries with support in 68 languages. Such a globally segmented market allows the organisation to focus specifically on the needs of their particular markets.
- Word count: 1933
The uses of such analysis to Nintendo are to an extent very valuable. By creating a scatter graph like the one above, Nintendo can spot trends and forecast future events. For example, they could estimate demand at a certain point in the coming year. One would expect demand to surge at Christmas time when people are buying each other gifts, and dip in January when (generally) consumers have less money due to spending so much on presents, and figures could be devised to estimate how many units will need to be produced. This allows Nintendo's operations department to build up stocks of goods beforehand in preparation, for example the 'Nintendo Wii' which was under stocked in all major retailers, and hence was selling on eBay (the online auctioning site)
- Word count: 955
Marketers can position their products based on the attributes or benefits their product offers and also position their products against a competitor, highlighting the advantages their product has over the competitor. Moreover, marketers can position their products based on usage, product classes or to cater for a certain class of users (Kotter, et. al., 2007). A core element of positioning is establishing a competitive advantage over competitors which is achieved through differentiating its offers via product, services, personnel or image differentiation (Kotter, et.
- Word count: 1598