• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Section 2-Marketing

Extracts from this document...

Introduction

Section 2 - Marketing To make a successful business we needed to complete a number of marketing tasks to research into price, place and promotion. The marketing director was Charlie, who with help from the team researched thoroughly into each of these three subjects. At first the group's idea for a business was to make magnets and sell them in school. Many other ideas were considered, including a football tournament, fair games in the hall and other plans. We were aiming at the target market of lower school, as we were going to sell the magnets on the premises. We thought that the younger students would prefer the product than the older ones, and so needed to plan the product to attract their attention. Also, our market research showed there was more females than males interested, shown in the chart. We decided upon this idea for a number of reasons, including that we could not get permission to use the hall for other events. Furthermore, magnets would be a lot cheaper to make - consequently we could hopefully make more money. We conducted a small amount of primary and secondary research, but probably should have completed more, although the research we used was relatively useful to help us target the product. Primary research is research conducted by the company itself, whereas secondary research is taken from another source that has completed it. ...read more.

Middle

The corridors were the best place because people are constantly walking past there, and seeing that our business exists. We also had posters around where we were selling to make the stall look slightly exciting, and so people didn't have to ask too many questions if they wanted to buy something. The information included what the product was, price, materials and where you could buy them. These posters needed to be bright and bold with an easy to read font, so that they attracted maximum attention and made the business seem more interesting. Our method of promotion linked to our target market, as the colours, shapes and lettering were made to attract the younger students. We decided not to speak in assemblies or to go around form times as it was hard to gain the permission and nobody particularly wanted to do it. We could have improved our business by doing this, but it may have not appealed to our target market that tends to switch off in assemblies and our market research showed that most people did not like this idea, shown in the graph. Although everyone would have heard about our business this way, we rejected the idea which now we think was a mistake. This method could have been more effective, so we probably should have considered it for a longer period of time, and maybe visited at least one assembly to gain more attention for our business. ...read more.

Conclusion

The other material involved was the magnetic strip, with each magnet having a 10p piece stuck to the back. This made a whole magnet cost 17p to make. We didn't need to consider labour costs, as we were making the product ourselves. So then we had to decide what percentage mark up we would have on our product, keeping the price still quite low but enough to make a small profit. We eventually decided on 50p per magnet, which all people asked in our research said they would be willing to pay, with offers for the letter magnets for names. This meant we make 33p on every magnet sold. We didn't have any competition in the business, because no one else was making magnets, so we didn't have to take other prices into account when decided our price. But if new competitors came into the market, we would have our cost a little lower than them, as our market research concluded that most people would prefer that, shown in the chart below. However, we did have to think about our company's income. We only had a �50 loan from the school, and needed to use some of this for materials and advertising - and so the products had to be at a price where we could break even relatively quickly. As we made the products ourselves and sold them ourselves, tax costs did not come into our business. The three price plans we needed to consider were creaming, penetrating and skimming. ?? ?? ?? ?? Kat Gore ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Here's what a teacher thought of this essay

4 star(s)

****
The writer has covered many important areas and has combined good theoretical knowledge with practical application.

Marked by teacher David Salter 05/04/2012

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Marked by a teacher

    The Marketing Mix

    3 star(s)

    I will need a good company name that is memorable. I am thinking about calling myself 'Clicky's Caf�' With the font of the 'Clicky's' being a mouse lead. This will be quite a memorable logo. I will attract some customers at the beginning by introducing an offer for the first

  2. Peer reviewed

    Location factors for a business

    3 star(s)

    Greenfield sites are locations available for industrial or residential buildings, however the Greenfield site will agriculture or on developed piece of land which has never been built on before. These businesses may lose out when locating in Greenfield or Brownfield site.

  1. Differences between Market and Planned Economy

    * In planned, the gov't has the power to fix prices and quantities. This means that, where production is controlled by the gov't will not be changed with higher prices in order to obtain higher profits will not exist * In market economy, Economic freedom co-exists with political freedom for consumers.

  2. Fashion Marketing Concept. The function of Fashion Marketing.

    One company to take into account environmental factors is Marks and Spencer's. Second-hand clothing shops are becoming as common as new clothing shops. Last season's clothing is distributed in their shops. People that are environmentally conscious may prefer to buy from second-hand clothing shops rather than buying new as it is recycling.

  1. Discuss the impact of consumer behavior on marketing decisions.

    The ways in which consumers deliver this influence is through their buying power, consumer purchasing decisions. Marketers themselves aim to glean this information through many methods such as market research surveys and purchasing information databases. In order to effectively market its products it is vital for a business to understand its target market, the consumer segment.

  2. NIKE SPRINTS AHEAD OF COMPETITION, YET HAS A LONG WAY TO RUN"

    To stay updated with the current trends. Purchases can be because of the benefits offered by Athletic footwear such as Appearance, Quality, Design, Performance, Price, and image. Attitude and perception that the consumer holds towards a particular brand. Nike Shox when worn makes people say "walking on cloud nine with a spring with a spring in his step.

  1. Microsoft Market Research

    Desk Research Desk research involves the use of secondary data. This is information that is already available both within and outside the business. Information within the business Microsoft collects information routinely. Invoices for instance will tell them how much they sell and who they are selling to.

  2. Explain the marketing concept and its importance to an organisation making particular reference to ...

    Businesses have increasingly been targeting younger customers. This is because they feel if they can target young people, they may be able to keep their custom. This may seem obvious as people may see that a brand can be trusted and so they will keep buying their products.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work