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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.
This coursework entitled "Marketing" is about creating a marketing strategy for a new or existing product. The product I have chosen to do is the new Audi A6.
There are currently 131 Audi Centres in the country. Audi UK has helped establish the reputation of the Audi brand making it a member of the prestige group. The new Audi A6 The Audi Company say about the new A6: "The creation of a class-leading executive saloon calls for a broad range of abilities. Supple ride comfort, but with precise and clear feedback; power, but with fuel efficiency; an exhilarating driving experience, but with luxurious accommodation for four. The new A6 triumphantly reconciles these apparent opposites through advanced technology and design.
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The information provided is secondary data, but it can be very informative on enriching my knowledge about Nintendo's console and marketing via the abundant sites devoted to Business Studies such as Biz/ed (www.bized.ac.uk) and Business Teacher (www.businessteacher.co.uk). * Primary Data: this type of data can be collected through observation and by carrying out primary research methods such as questionnaires, telephone interviews and personal interviews. These will be useful as specific information can be extracted from the public. * Information From Books: lots of information can be found in books about businesses and marketing.
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I have been asked to produce a marketing strategy for an existing or new product on the market in the U.K. The strategy will be based on the four P's, Price, Place, Promotion and Product.
I am going to use primary and secondary research to enhance my report. I will analyse my strategies to see if they are appropriate for the consumers needs and wants. 2 Procedure I am going to use the following sources for the my report. 2.1 Text When I am writing this report I will use textbooks, newspapers and magazines. Theory books are going to be a lot of use in this report as they will have a lot of information which will prove to be of great use. 2.2 Electronics The internet is going to be a lot of use in this report as I will be able to access and use secondary research from the internet.
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A study of 62 Australian operations multinational companies, 42 by the U.S or Europe and 20 by Japanese firms. The study revealed that factories owned by Americans and Europeans contained equipment that was manufactured in a wide variety of countries, unlike the Japanese-owned factories whereby the overwhelming majority of equipment came from Japan ( Herbig & Milam, 1994) For a business considering exporting to Japan or setting up a base in Japan, information like this would be critical to its success. This demonstrates how imperative it is to conduct Qualitative, exploratory research in order to determine consumer/business behavior and social psychology.
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DATA The data for this review is obtained from various sources. The data on company's financial performance is taken from the annual report for the financial year ending 31 December 2002. The information on market shares and regulatory issues is obtained from the Malaysian Communication and Multimedia Commissions and Ministry of Energy, Communication and Multimedia and the population data is from the Statistics department. COMPANY BACKGROUND Before I proceed on to the analysis part, I would like to provide a brief description of the company I choose for the assignment. Maxis was incorporated in Malaysia on 19 October 1986 under the name of Binariang Sdn Bhd as a private limited company.
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One way of gaining the information is by carrying out market research. There are many types of market research, and I have to decide what kind of market research methods is most likely to give me the information I need. The business will be market/customer orientated where in order for the firm to survive in the long term and make profit, l must find out the genuine needs and wants of specifically defined target markets and then produce the goods that satisfy customer requirements.
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This will tell me how they run and will give Jack tips on how to run and let him know what he's competing against. To inform Jack about his target market's behaviour and shopping patterns I am going to conduct a field research in the form of a questionnaire, I am going to ask 20 people in Hounslow high street questions about their shopping patterns, what they like e.t.c. I will analyse the market research and make suggestions to Jack about setting up his business using this.
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At the beginning is the core benefit, the fundamental service or benefit that the customer really buying. The most fundamental level is the core benefits; what the customer really buys. In British Airways customers buying flight tickets to satisfy their basic need which is to flight from one destination to another. 2. The second level is the basic product, were customers book their seat on a schedule flight to a particular destination. British Airways flies to the busiest airports in Europe in 95 different cities and to 58 other destination across the world. It is by far the busiest Airways company in the world operating a big number of airplanes 3.
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In the same time frame that power dental accessories rose 21%, manual toothbrush sales declined by 8% (Neff, 2002). Manual toothbrushes provide a large amount of profit for Colgate-Palmolive and Procter & Gamble and thus these two companies must be keep in mind that cannibalization of their own line of products could lead to upsetting results in the future. INTRODUCTION The sources listed in this report were primarily obtained from the databases provided by Dalhousie University's library. The databases searched most frequently were ABI Inform Global as well as ABI Inform Trade & Industry.
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A marketer can segment the market by any number of single or a mix of fixed segmentation variables. Fixed Variables such as: geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation, are assessed, divided and mixed; the variables are analyzed together, separately, and in a number of different combinations to come up with the best mix for the most viable target group. But before going there, we must see first the importance of market segmentation. II. Market Segmentation It is in market segmentation where the marketer starts to choose the best way of selling their products, and the best people to sell to.
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This will also help in solving cases where more than one individual vies for the same project. The allotment process will be carried out in the following manner. After the IPM of each student has been collected, all the projects will be displayed under the above-mentioned categories. Each student will be asked to give preferences for four projects. Then the IPM scores of each student will be calculated. The Project will be allocated on the basis of both the IPM score and the project preference Choosing of the partner Suppose a person who has the highest score for project "A" has to choose his/her partner.
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But it is less valuable because it is often out of date and does not always cover the specific theme of study. This is mainly obtained using the Internet. For my coursework I believe it would be best to use a collaboration of the two types of market research available to me. With both types of market research I would almost definitely get the best indications to whether setting up a reflexology boutique would be successful. For my secondary research I used the Internet to find out where my competition was located, to do this I used the Yellow Pages web site (yell.com)
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But now with the internet marketing researchers can gain access to their chosen target area a lot easier, an example of this is; if you are a member of Hotamil.com (E-mail database) you are required to fill a registration form in including certain personal information about your self such as age, gender and location etc. Once this information has been subjected you become part of an immense data-base that only authorised parties can gain access. So marketing researchers can gain information through this example I have given, but this is just one and there are literally millions of other forms to gain information on 'The Information Highway'.
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Identify a marketing strategy for the Lydiard Travel Inn, Beefeater Restaurant, and Pub and Touch base, for the future success of the Beefeater restaurant.
* To asses the appropriateness of current strategies employed by the Lydiard, and to recommend strategies for the future. Whitbread's leading brands hold powerful positions in three of the fastest growing sectors of the �172 billion UK leisure market - hotels, eating out, and health and fitness. In the restaurant there are meals served from several menus. In the bar there is a wide range of beers and real ales as well as having bar snacks available all day, every day.
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One of the fundamental procedures involved in any successful business operation is creating and implementing a marketing plan.
As a result it saves time and creates opportunity to choose. STATEMENT OF MISSION This school intends to provide a dramatic indo- srilankan cultural activity and keeps its motto to serve the interested public a value added service at its best. "Unity is diversity" is the basic principle of this school and always remains the best in its performance at all levels of its service. BUSINESS PORTFOLIO INDO - SRILANKAN CULTURAL SCHOOL Main features offered: Spiritual and philosophy / psychology Classes: Hinduism, Buddhism. Classical Instrument Classes: Mridangam, Vina, Flute, Violin, Sitar, Tabala.
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This will be put on Somerset's house's web site and it will also be sent to Somerset house's customers and schools by post. This will enable the customers to plan for the events in advance. There will also be a copy of the brochure at Somerset house for who have visited for the first time. In order to find out and solve the above I will have to carry out research. I will use the internet to find out information about Somerset house's competitors, what products they have to offer and what prices they charge.
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Investigate the different types of media that would be available for a small scale campaign to open a new retail business, the market research that could be undertaken to decide upon the marketing campaign and marketing.
If SOS is to open an outlet there, it has a good chance of being successful in the present market and current economic climate. A small scale marketing campaign is to be carried out to prove this. Festival Walk, Kowloon Tong Overall Business Aims The main objectives for SOS by the year ending 2005 are: > Maintain a high level of investment expenditure in research, production and distribution > Sustained competitive advantage through differentiation > Make a profit of at least 50% of the cost of capital by the end of the first financial year > Expand in the future
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As life expectancy increases, and our population ages, people are increasingly refusing to 'act their age'. Sizeable segments of the over-65s, over-75s and indeed over-85s, are much less set in their ways to imagine. Within this age brackets are some increasingly divergent lifestyles, values and purchasing behaviors - so those generalizations based on age alone are increasingly dangerous. In fact, increasingly life expectancy has in many ways revolutionized the expectations of the older generations. This seismic shift has gone relatively undetected by mainstream marketers, and yet offers great potential. With dramatically longer life expectancy, getting to 70 is no longer a rare achievement.
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However implausible it seems though the needs of the customer have not always been at the heart of what has driven a business. Until more recent times it is has been production orientation that has driven many businesses. 2.1 Production Orientation This describes a business which manufactures what it believes the customer wants without really having knowledge or understanding of the customers needs. Goods are produced to an optimum quality and cost on the basis that customers would buy the product on these factors alone.
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The aim of this investigation is to explore the feasibility of opening a Men's shoe shop, which will aim at wealthy consumers who are willing to pay a higher price for quality shoes.
The shop will be called "Edge Footwear" and it will have a contemporary design, in order to appear trendy and upmarket. Type of Business For my business I had to choose the type of ownership I wanted. This is a very crucial part of the business, because it will decide who will be the owners of the firm and who will finance the firm. There are 4 different types of ownerships I could've chosen from which are: * Sole Trader * Partnership * Private limited company * Public limited company From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up.
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The product is also complex from a process perspective as it is the totality of the many services that make up the overall tourism experience. Some such services may be contracted out by the tour operator, such as airport transfers or excursions, while the visitor, such as taxi, selects others bars and cafes or tourist information centres. Third, an inclusive tour is difficult to assess at the point of sale but easy to evaluate during the holiday itself. To assist the prospective buyer and ease the purchase decision, inclusive tour operators need to provide tangible clues about their product offers and to use design or "physical evidence" to support the service delivery and provide satisfaction with the holiday during consumption.
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The aim of this assignment is to study the present marketing mix of Poppets and depict a possible, future strategy.
Background Poppets are small chocolate covered confectionary and come in a number of flavours including mint, cookie, raisin and toffee. They come in two sizes, a 50g box and a larger ???g bag. They were firstly produced by George Payne & Co, a private limited company. Once George Paynes & Co had sustained their place it the market they brought a factory in Bedddington, London to house their business. Soon they had a good name for quality confectionary. In 1937 the first Poppet was produced, these were popular and accompanied Just Brazil Nuts and also non chocolate, Just mints.
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(See Appendix 5. They are likely to have a secure job and higher income among the other age group. The other main customers are people who like takeaway meals. The delivery service for meal attracts anyone that does not have a car or desire a meal but leaving their home. Aims & Objectives Aims The aim of this investigation is to prepare a market strategy for Lucky Restaurant, so that volume of sales can be increased. Sales have declined within the last two years due to fierce competition and customers being spoiled for choice, due to the variety number of fast food outlets.
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Market share A proportion of the total sales/use in a market obtained by a given facility or chain. Marketing The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing channel A set of institutions necessary to transfer the title to goods and to move goods from the point of consumption. (Vendors, publishers, library facilities.) Marketing mix The mix of controllable variables that the firm/library uses to reach desired use/sales level in target market, including price, product, place and promotion- 4 P's.
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Nevertheless the motives behind co-operation in the marketplace can vary significantly in terms of its purpose and effect. Co-operation between two firms could either have a more transactional direction where it is only necessary to create the transaction (Transactional analysis). This approach merely focuses on the efficiency of the exchange whilst a Relational approach (Behavioural analysis) is a more socially embedded route, concentrating more on aspects such as trust, commitment, co-operation, mutuality and equity between the two firms. Therefore the two types of analysis have different approaches. The Transactional approach is geared towards gaining control over partners or competition with disregard to co-operation, essentially striving to improve its economic position.
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