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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.
The organizations always try to keep a strategic fit with their environment. If a company does not strive it to keep its pace with the continuously changing environment becomes extinct. To cope up & pace up with the ever changing environment, the company should first conduct a comprehensive environmental analysis of its surroundings and thus formulate their strategies to deal with the challenges. Managers of the TQM era always keep an up to date knowledge of their environments. The organizations are spending millions and millions of huge budgets to generate needed, timely, and accurate information for the use of their managers.
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* Don't move to a different location as the company has built up a good relationship with customers, and has an excellent brand name where it's based already. * To make some changes to the Organisational Structure. * Give James more responsibility and flexibility. * Possibility of forming an alliance with other local businesses. * Create a website to market the products to a wider audience. TABLE OF CONTENTS 1. Introduction.......................................................................4 2. External Analysis................................................................4 2.1 The UK Chocolate Industry.......................................................4 2.1.1 Industry Size..............................................................4 2.1.2 Industry Structure........................................................4 2.1.3 Competitors...............................................................5 2.2 PEST Analysis.......................................................................5 2.2.1 Political and Legal factors..............................................5 2.2.2 Economic factors.........................................................5 2.2.3 Social factors.............................................................5 2.2.4 Technology / Innovation factors........................................6 2.3 Opportunities and Threats for small Chocolate manufactures................6 2.3.1 Opportunities.............................................................6 2.3.2 Threats.....................................................................6 3.
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Identifying consumer needs before actually producing and eventually selling. A marketer's job is to discover people's needs and wants, produce goods and services to satisfy those wants, using appropriate techniques to sell what has been produced, ensuring that both the buyer and the seller will benefit from such exchange relationships Definition of marketing "Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others." "Marketing is getting the right goods (or services) to the right place for the right customers at the right time and right price" "Marketing is the effective exchange of goods or services between suppliers and buyers, so that the needs and wants of consumers and industry are satisfied."
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Before any such venture is continued, it is vital that a detailed analysis and investigation of the surrounding target market is undertaken to ensure that there is a demand for such a business venture. If sufficient demand were established then the notion of such a business would be a viable option. Why This Coursework? I have chosen to this coursework because I feel that it is something that I can get very involved in. I regularly eat on Edgware Road with friends who all seem to complain about the lack of choice.
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* An understanding of emotional, non-rational processes involved in a topic. The techniques of qualitative research evolved to give researchers "real" answers, those that attempted to establish the thinking (rather than the behavior) of the community. Such techniques rely on sensitive, interactive learning, an approach beyond the scope of the tightly structured, rational instruments of quantitative research. Qualitative research has to deal with complex, emotional and non-rational data. This is the core reason why we are including a researcher in our interaction with the respondents. According to this report, 90% of the communication is visual and non verbal , this would be recorded and analyzed by our researchers.
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Some good examples of low order retail shops are wet market, fast food shops or bakeries. This geography coursework focuses on the comparison of the difference between the sphere of influence of a high order retail shop and that of a low order retail shop. Hypotheses In total, there are four hypotheses in this Geography Coursework. They are: Hypothesis 1: High order retail shop will have a further sphere of influence than that of a low order retail shop. Rationale: The number of high order retail shops than that of low order retail shops. High order retail shops are concentrated in CBDs like Tsim Sha Tsui, Central and Causeway Bay.
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Throughout this unit project my main aim is to develop a marketing strategy for a new product idea. I have based this project therefore on the marketing of a new and exciting product called the VRX-2000: Vinyl Recorder.
Commercial record companies stopped vinyl production, and the popularity of vinyl was taken over by the CD. So vinyl was forced even further underground. Throughout the club house boom of the late 80's, the evolution of techno / trance in the 90's, and throughout the continual standards set by the turntablists and hip hop / scratch DJ's that pioneered the art of turntablism, there is one consistent factor that has kept vinyl alive: Vinyl is the preferred format for the majority of the world's professional and more so non-professional DJ's.
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Japanese goods have become very competitive in UK markets. This means that expenditure on marketing has to increase. PRODUCT ORIENTATION * A Product oriented business means that it focuses on the production process and the product itself. They assume that the products will self itself. * Take the ex. Of the Concorde aircraft project. It was an absolutely new invention, and the developers assumed that the aircraft would sell itself. However this was not the case, because although the project was technically a success, its failure to take into account the needs of the market meant that it was not a commercial success.
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In this assignment we were asked to deliver a marketing strategy for are chosen product I chose to produce a marketing strategy for an improved, however existing Nike trainer.
Another disadvantage of primary sources is the cost of some methods of retrieving information such as conducting questionnaires. The reason for the high cost is because people have to be employed in order to conduct the questionnaires and large companies like Nike are likely to conduct questionnaires in wider geographical areas as opposed to smaller ones for they are bound to want feedback of a larger scale which is consequently time consuming and again a disadvantage. The second type of source is a Secondary source.
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For this project I have been instructed to come up with a marketing strategy for an existing company/product I have chosen to do Nokia communications, particularly the mobile phone sector of Nokia's business.
At the moment Nokia are the world's best selling phone company (see table below which shows market share). Nokia strengthened its lead as the No. 1 vendor in the market during 2000 with shipments growing 66 percent over 1999. Some of the company's success was attributed to a strong second half in 2000 when 59 percent of sales occurred. 1. Nokia 37.2% (34.7% 1Q02) 2. Motorola 17.3% (15.5%) 3. Samsung 9.8% (9.6%) 4. Siemens 8.5% (8.8%) 5. Sony-Ericsson 5.2% (6.4%)
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Phones, watches and other handheld devices will be powerful enough to show video on demand. Experts say that within a couple of years, more people will be connecting to the Internet on the move than via a bulky personal computer. TELECOMS SECTOR STARVED OF CASH Investors and banks are becoming increasingly aware about their exposure to telecoms firms. Their fears have been fuelled by a steady flow of bad news from the sector and a warning from the UK financial regulator. The Financial Services Authority (FSA) is writing to chief executives of banks, warning against lending money to the telecoms sector.
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The store manager has span of control over all the deputies who have span of control of their section. When some thing needs to be done the store manager would ask his deputise who would divide the work between other workers following the chain of command. Task 2 Aims are what businesses set out to do. Aims are set to be achieved over a long time. Objectives are specific targets, which businesses intend to achieve. Unlike aims, objectives are the steps in order to achieve an aim and it takes several steps to achieve an aim. Tesco PLC has several aims to be a successful Business, these are: * To make a profit.
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Positioning of Julmetive in UAE Market was done very well through its unique Tablet pack and suspension flavor. Still there is a need to give more efforts in the services offered from J.D.S to its customers buying J.D.S products in UAE market, so that J.D.S may become a star company in the drug market in UAE. Table Of Contents <------------------ TABLE -------------------> Julphur is a promising drug company in U.A.E market which competes through it products, other national and international drug companies products in its quality and price.
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Asking the general public which kind of car they drive created results for what car manufacturers the enterprise should specialise and invest in to maximise profits and increase turnover of stock. Although due to locational position it is more sensible to specialise in Audi and Vauxhall parts instead of other manufacturers which are in demand such as Mitsubishi, Toyota and Mazda. By asking the general public, questions about their driving vehicle preference, I was able to establish through quantitative and qualitative questioning, what the consumers would like to modify their cars with.
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It employs around 22,000 people in the US and Europe and has sales of an estimated $15 billion a year. Nike spends around $1.13 billion on advertising every year (Source: www.philly.com) to create a 'cool' brand image that appeals to young people everywhere. This 'cool' brand image is also shown with the companies 'Just Do It' logo and 'swoosh' motif. The company also sponsors many sportsmen and women that are in the public spotlight in order to promote their image.
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I would ensure methods of constant information gathering as well as data analysis in order for the big decisions to be made. Examples of this are given further into the project. Identifying - this involves these simple questions based towards the consumer: What, Where, When and How? This way we can keep in touch with our thoughts and perceptions about this market. This process plays a large role in this firm, as I will have to ask questions by the second to achieve the correct information at the right time in order for the business to be a success.
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I have decided to open a small sports shop in Wombourne called TMG Sports as a sole trader selling new, up to date clothing, trainers, sportswear, and sports equipment.
When a business is setting up, there are usually various legal documents, which need to be completed. As I am setting up a sole trader business, there are much fewer documents needed. However if I were to expand to a partnership in the future, then I would need to complete the Deed of Partnership. IJP Sports will not be my only competition. There are several major sports shops nearby in Wolverhampton, and at Merry Hill. These stores are usually huge companies and will have shops all over the country. As they buy their stock in bulk, they have the advantages of economies of scale.
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ITFC were formed as an amateur club in 1878, but became professional in 1936. After winning the Southern League and finishing third the following season, they were elected to the Football League on May 30th 1938.
Their current marketing mix needs to be updated as they have recently been relegated so are looking for ideas and are not willing to rely on their previous marketing mix. I have also decided to rely on secondary data, which will help me also word my questionnaire. This will also help me to determine form previous data what they had for their previous marketing mix and to determine what happened before when other teams have been relegated, with this data in mind I should be able to decide what to do to help them retain their profits even after being relegated.
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This will give a good overview of the company's marketing strategy. To add to the analysis, I will include a Boston Matrix of the brand, which will help determine the position of the company in the market. Following this, I will gather all the information to form a conclusion, which will include my own recommendations. Page 2 A Brief Introduction to Nokia Nokia started in the communications service in 1865 establishing itself in the newspaper business, the original medium of communication. In 1967, the Nokia Corporation was formed when The Nokia Company, originally selling newspapers, merged with the Finnish Rubber and Finnish Cable Works.
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Historical patterns of usage of in various trades is the actual basis for referring to various types of agent wholesalers rather than conceptual clarity or logic". With Europack considering closing the sales office in Paris it is fair to assume that the type of agent they would look to employ would be a selling agent to takeover from the closed sales office and takeover complete responsibility of sales in France. The assumption that a selling agent rather than a manufacturing agent would employed is based upon the likely function the agent would be expected to fulfil i.e.
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Also, I will be investigating the standard and quality of their promotional materials and techniques. I will also be investigating their research methods and how this helps them to improve their marketing activities and customer service of the organisation. Furthermore, I will be investigation the place, as in where one of their store is located and insert a map of the area and describe how a customer can get there by bus or train. I will also be looking at different prices for different products as in different types of holidays, insurance and so on.
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It will also try to find out as much as possible about its competitors. A firm's Marketing Dept. may do its own market research or it may hire a specialist research company. The Market is the place where buyers and sellers meet. It is where the consumers wanting to buy a product or service make contact with those who have goods to sell. The term 'Market' is also used for the group of people willing to buy a product of service. A particular product may have more than one market, e.g. a certain model of car may be bought privately or as a company car.
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This was for several different reasons. We wanted to make sure that there was enough money brought into the event both for a good prize fund and some money left over at the end to share between the organisers. The amount of teams that entered would determine the design of the league, whether it be a knock out or a league system. We had our own preferences and knew that if enough teams took part we would be able to commence with a knock out tournament.
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The Aims of a Marketing Plan. Possible Aims Include: - � To become the 1st choice shop for customers in the local area. � To at least break even after the 1st year in business. � To be able to afford to sell clubs cheaper than any other rival in the area. � To become the main stockist of the very best, brand new clubs in the area. � To increase the market share of the business per season for the 1st year.
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6. Compile all the Information into a word processed document in a report format 7. Produce a presentation, for the class, upon the work I've done. Using the Power Point software package. Week Plan 1 Research about Marketing 2 Research on Virgin Trains (Internal) 3 Plan the Questionnaire 4 Do the Questionnaire 4 Evaluate the Results 5 Secondary Research on Virgin 6 External Research on effecting influences 7 Possibilities which may occur 8 Write up 9 Implementing 2 The Importance of Marketing Marketing is THE key business function. Marketing is so basic it cannot be considered a separate function.
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