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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.
Fig has a Paul Mitchell Color Bar accreditation, offering best-in-class hair colour as well as Paul Mitchell products, and is a 365 salon - a guarantee of first class training and excellence. Product The owner states that their philosophy is ?If we style your hair we please you for a day. If we teach you to style your hair we make a friend?. This can be assured to be right as Fig provides high quality services that incorporate the use of speciality products that produce of organic and natural ingredients.
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Pizzas is mostly interested with what the customers think and to make sure that they are the first to be satisfied as they are Samia?s Special Pizzas first priority, to make sure that they are completely satisfied with their product that they purchase. For Samia?s Special Pizza we had decided to create a questionnaire and hand this questionnaire to 15 people randomly. This was a very good technique that we used because random sampling allows everyone to have an equal chance to be selected to answer the questionnaire.
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I believe Apple Inc. is more marketing oriented company than product oriented or sales oriented company
Today Apple Inc. is the largest company in the world with its stock value reaching $500 billion. Apple is known as company which have a huge reputation among the consumers. This is because of their high quality products produced in recent years. In 2011`Apple announced pre-orders of its iPhone 4S have topped one million in a single day` (Apple, 2012), that shows that company has a superior product which meets customer needs, satisfactions and the price of the market. What makes Apple so good? In 2007 Apple introduced their first revolutionary phone called iPhone. It was not just a phone, Apple have done brilliant research and developed a device that makes people`s life easier.
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In this report I shall be describing and explaining all of the different purposes for promotion/ advertising in a business
will also have radio, TV and coverage so more people will be aware of the festive, thus more people will be aware of the product/ service being promoted. Another effective method of raising awareness is by creating a funny/ interesting advert as people will start remembering the product more .If the advert is funny or interesting it will make people talk about the product increasing awareness by word of mouth. Many big products that exist were widely promoted to raise awareness as they started off for example; Apple Inc.
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Qualitative information: Information where an opinion or judgment is necessary, e.g. 'What do customers think about a particular product?' or 'Why do more men than women buy a certain company's products?' Both types of information can be gathered as a result of: 1. Primary research, or field research 2. Secondary research, or desk research Primary research Primary research is the collection and collation of original data. It involves direct contact with potential or existing customers. It will usually be planned and carried out by the person who wants to use the data; it is first-hand. There are various types of primary research: 1.
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Experimentation: Marketers often undertake experiments to measure how the use of one marketing variable affects another. The use of experiments has claims for many marketing decision areas including product testing, advertising design, setting price points and creating packaging. For example, a market researcher for a retail chain may want to study the effect on sales if a product display is moved to different locations in a store. Face to face surveys: personal interviews conducted face to face. A costly but good way to get detailed insights from an individual.
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Business to business: The business to business areas of B & O are the B & O Enterprise, The B & O Automotive and the B & O ICEpower A/S. The businesses which are cooperating with B & O are luxury hotels, car manufacturing companies such as Audi and Aston Martin and well known electronic companies such as Samsung.
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Mrs Butler can also tutor children for their 11+ to help them to get into selective schools as she may have also helped her children get into grammar schools and she knows which papers are the best and which will help their education most. Mrs Butler specifies that she is qualified for teaching Business Studies and general studies at AS/A2 Level and there is another company in her household so she knows how they work. She is a confident IT user and teacher ICT at a KS3 level.
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This gives you flexibility. Once marketing objectives are set next step is to determine how they will be achieved. A marketing strategy is to determine how the objectives will be delivered. It explains what marketing actions and resources will be used and how they work together. Marketing mix of McDonald?s Marketing mix and consists of various elements in the following way, which form the backbone of the company, the economic system and thus contributes to the achievement of marketing objectives. Marketing mix of services for McDonald's is as below 1. Product McDonald places a strong emphasis on developing a menu that customers want.
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He doesn?t give customers the option of having an adult birthday party service or a special occasions service. He assumes consumers want a children?s birthday party service. There are two main types of market research Tom could use. Primary research is when the data or information is collected first hand; consequently the business collects the information directly. Secondary research is when information is used that already exists. For example the internet and newspapers. Tom could use questionnaires and testing for his research.
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