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Marketing Coursework

Extracts from this document...

Introduction

Task 2 - Definition of Marketing Marketing is the process of interesting potential customers and clients in your product or a service that you are offering. It is also fundamental to the growth of any business. Marketing is mistaken as just simply advertising. This is not the case as there are four main aspects of marketing (the four P's). These are price, promotion, place and product. This is also called the marketing mix. There are also other aspects of the mix that are less important; which extend the mix. These include things such as people and the process involved. The price segment is based on how much customers are willing to pay for the product. This would vary and depend on the quality of the product and the value for money. It also includes how much the product/service costs to produce. The main aim is to keep your costs as low as possible so that you can maximize your profits. Also, you need to know and research the prices that competitors are charging for the same or similar products. Then that would mean you could price your product/service appropriately. There are various different pricing strategies. Different businesses use different strategies. This depends on how they want to approach the market. For example, a new business would use penetration or competition pricing. This would ensure that their products are at or cheaper than the competition which would give them a better chance of selling. More established companies would use strategies such as skimming and destroyer pricing. Skimming would emphasize the quality whereas destroyer pricing will eliminate the competition. Promotion is the part of the marketing mix that mainly concentrates on advertising. It comprises of the many methods that are used to bring a product to the attention of the potential customers. This will widen the appeal of the product meaning more sales and inevitably more profit. ...read more.

Middle

Some people visited a sports shop for equipment and others for leisure. Very few people went there just to generally browse the shop or other such things. These results tell me that I should focus my shop on Sports clothing, equipment and footwear. Although people visit the shop for other reasons, the areas listed above are the main reasons why customers visit a sports shop. Question Six For this question, I produced a pie chart which shows me the brands of the items that people normally buy. This is part of the "product" segment. These results help me decide which brands I should include in my shop. As you can see from the pie chart, over a third of goods bought are either branded by Nike or Adidas. Puma also takes up a larger segment. The rest of the chart shows lesser brands such as Patrick and Umbro. This tells me that I should predominantly sell items in my shop that are Nike, Adidas or Puma as they are bought more frequently. I will still include the other brands but not heavily. Question Seven I also constructed a pie chart for question seven. This is part of the "place" segment as the results will tell me where the customers would like the shop to be located. The results show that people either want the shop to be located in the town centre or on the high street. This is because it is quite easy to get to. Only a few people said they wanted it to be located in an outlet park. This is probably because it would be quite difficult to get to. Question Eight Question eight looked at the amount people spend in a sports shop per month. As you can see, the data is spread quite evenly between the three categories. Most people spend between �0 and �10 while almost equal amounts of people spend either between �10 and �25 or �25+. ...read more.

Conclusion

As with the previous advertisement, I found this advert in a magazine. Advantages of advert * It is colourful * Shows some of the products on offer which are appealing * Includes a website * Looks professional Disadvantages of advert * Doesn't tell you the location of the shop * Also doesn't show what other products are on offer * Doesn't give contact details other than the website The final advertisement is for a sporting memorabilia shop. I found this in a directory. Advantages * Gives an address of where the business is located * Contact information e.g. telephone number * Shows some of the most famous products e.g signed Brazil Football shirt Disadvantages * Doesn't look very professional * It doesn't give examples of other types of products * It might not appeal to many people and might be ignored as it is quite small. Task 6 - Marketing Plan Product There are a few reasons for why I have set up a sports shop. The main reason is that I can see that there is a gap in the market for a sports shop in the town of Hitchin. There is only one main competitor; Aro sports (which is a specialized running store). My store will be more of a generalized sports shop. Through secondary market research, I found out that more and more adults are now getting into sports. This shows that a sports shop will be a suitable investment. The nearest competitors are in towns such as Stevenage; which would require the local people of Hitchin to make a short journey via either train or car. My questionnaire also shows that most people visit one of the Stevenage sports shops. I feel that my shop will take away some of that business as more people in Hitchin would go to a local sports shop if they knew that the quality of products was of a good standard. In my store I will sell a range of sporting goods to appeal to my big target market. Price Place Promotion ?? ?? ?? ?? -1- ...read more.

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