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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 product is the basis of the whole marketing process. Each product has some features, which distinguish it from similar products. Manufacturers use these features to differentiate their goods, or make them different, from their rivals' products. For example: ~One clothes manufacturer may use better materials than its rivals. Another may have better workmanship. ~One computer manufacturer may install a 24-hour, unlimited-use hotline for its customers. Another may have its hotline functioning for only eight hours a day. ~ One computer manufacturer may give a one-year guarantee; another may give a two-year guarantee.
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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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This suggests that it may be more profitable for Virgin Trains to target the business traveller. An existing database holds information about companies who have previously booked first class seats on Virgin Trains. This will be used as a way of targeting existing customers and further lists will be bought from another source. Segmentation In order to maximise the effectiveness of the marketing strategy it is essential to segment, especially in terms of geographic location. It is important that the companies and business people targeted are geographically located along Virgin Train routes, as there is no point in communicating to companies who do not have easy access to Virgin Trains.
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Evaluate The Present Marketing Mix Of T-Mobile And Make Recommendations For The Development Of The Marketing Mix In The Future.
Background of T-Mobile is a mobile phone company. It is the UK network of T-mobile international. The group Deutsche Telekom AG owns it. It is one of four strategic divisions within the group. Over 96 million people throughout Europe and the USA use services provided by companies in which T-Mobile or Deutsche Telekom hold a stake. It is one of the largest Mobile phone companies in the world. T-Mobile was established in 1992 in Germany as a network operator. It grew and set itself up in Austria and the Czech Republic in 1996.
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-I will also conduct a survey in form of a questionnaire2 aimed at 16-24 year olds. This will be to get a better perspective of the situation, to understand the reason behind the low visiting rate by this age group, to understand their needs, and hopefully, as an eye-opener to the solution. Chester Zoo marketing strategy (4Ps-Marketing Mix) is fairly good but not efficient enough. The Zoo's product is what attracts most of the customers. These products are the animals and plants of the zoo. The zoo attracts and maintains customers by breeding new animals and plants and introducing new species of animals (every year it introduces new species like in 2004,it was a bear and has a surprise for 2005), which makes customers curious and go more frequently to the zoo.
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and name badge. MC's will receive an instruction manual and receive the appropriate training. MC's will be recruited both through newspaper advertising (Algarve Resident - 1 per week; Correio da Manha - 1 per month) and through a staff referral programme - �140 is rewarded to an MC who introduces another MC who subsequently achieves 100 leads in 3 months. If 100 leads are not achieved or are achieved but in more than 3 months, then the MC is not rewarded. Gifts to be offered include excursion tours such as Jeep Safari, water park tickets, �50 cash, holiday certificates, restaurant vouchers, car rental vouchers etc.
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This essay explores the idea that the use of e-marketing means that segmentation is no longer relevant.
This essay will first discuss segment action in the context of the 3 traditional marketing coverages. Different ways to segment markets in an e-marketing context include using: * cultural differences (Chaffey, 2000) * lifestyle-type segmentation. (Bickerton, 1996), (Morgan 2002) * behavioural traits (Lewis, 1997) * the customer's stage of the buying decision process (Berthon, 1998) * motivational factors (Kotler, 2000) The table below analyses a car maker's website and Maslow's hierarchy of needs that are being targeted. Car maker Maslow's hierarchy of needs being targeted BMW Esteem needs Volvo Australia The Study Guide suggests that Volvo targets safety and not self-actualisation.
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Integrated Marketing Communications Campaign to reduce levels of STI's and pregnancy in young people aged 11-18 in the Derbyshire area.
TACTICS - Discusses the communication tools, which will be used to send our message to our target market. Our key communications tools will be a hard-hitting radio advertising campaign, integrated with a parallel, direct mail campaign. ACTION - Details the resources we intend to utilise to achieve our objectives, including internal manpower, and external specialist manpower, such as advertising agencies. This section also includes a detailed budget plan and a project implementation plan. CONTROL - Finally, the report is concluded with details of the market research methods we intend to use to monitor and measure the success of our campaign both short and long term.
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It is a process that goes further than the simple idea of a simple transaction, because it implies multiple contacts with the consumers, which need to be logical and satisfactory for both parties. The marketing environment is made of 3 main parts that have a big influence on how the company approach its marketing strategy: the macro environment (which includes the economic, political, technological and social factors), the micro environment (consumers, suppliers, stakeholders) and the internal environment. This is illustrated by the following graph: Source : http://www.marketingteacher.com/Lessons/lesson_marketing_environment.htm In today's saturated market, the new challenges are pleasing, and entertaining a long-term relationship with costumers as well as managing information flux.
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Therefore, it is not appropriate for e-marketing to be seen as just a part of an organisation's e-business and e-commerce activities, without emphasising that it should have a central role to play in all of an organisation's activities. 'E-Business is concerned with all aspects of the business process and not just financial transactions. It is the broadest term' (Summers, 2002), (Chaffey, 2000). O'Brien defines e-business as the use of internet technologies to undertake electronic commerce, enterprise communication and collaboration within a company and with its customers, suppliers and other business stakeholders (O'Brien, 2002).
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Discover factors that led to success of relationship marketing, which is the key for firms to survive in the increasingly competitive environment
To set up continuous basic and power of development, and reach the goals of marketing strategy, marketers must deal with such relationship. Here the relationship marketing comes out. It is a social and administrating process to establish a stable and reliable relationship between individuals and organisations when they exchange products and values. Definition Relationship marketing can be defined in four factors. 1. Relationship is a kind of customer care and it is fixed in the position that to broaden the role of customer service, (John Bank, 1992).
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There has also been a realization that (Wilson, Gilligan 1992. P.190) 'A 5percent increase in customer retention can result in anything from a 25per-cent to a 125per-cent boost in profitability'. A marketing strategy strong in the area of customer retention has to be given serious consideration. Relationship marketing is aimed at creating long term customer and supplier relations. With this greater freedom of choice also comes a greater risk of making an incorrect purchase. (Gronroos 2000) points out that an ongoing relationship can offer customer security and a minimized purchasing risk vitally important in an ever diversifying and often confusing marketplace.
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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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To Coerce or Not to Coerce--That is the Question; Marketing Research and its Place in Business Strategy.
There may be a very thing line between conducting research to refine the development of a new bicycle design versus persuading consumers they should buy a new SUV they neither need nor can afford. Market-Driven Product Development In their above titled article, Stephen Butscher and Michael Laker extol the virtues of developing products that are market driven as opposed to those developed in a more insular fashion (2000). Citing examples of mistakes from good pedigree companies like Porsche, Volkswagen, and Mercedes, they aptly illustrate the pitfalls of misunderstanding what exactly a potential customer might want or pay for a particular product.
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The marketing 'Ps': some basics for satisfying customers. See below. 1. Physical Evidence: This means that potential customers perceive greater risk when deciding whether to use a service. Unlike a product, a service can't be experienced before it is delivered, which makes it intangible. 2. Process: Once there have set up there consistent. The processes involved in providing a service and the behaviour of people can be crucial to customer satisfaction. 3. Price: If you're up against larger businesses it may be impossible to compete on price, but you could look at how to add value to your product by
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Explain what is marketing. Why do you think it is important for an organization to engage in marketing? Explain also what the different marketing philosophies are.
of a product or service with customers, both existing and potential.3 It is quite different from the mass knowledge that marketing is just about promotion and the core concept of marketing is the "four Ps" - Product, Pricing, Promotion and Place.4 Product refers to the product management aspect of marketing deals with the specifications of the actual good or service, and how it relates to the end-user's needs and wants whereas Pricing refers to the process of setting a price for a product, including discounts.
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Describe what you feel are McDonalds key definitions of marketing and how they focus on the customer in their marketing approach.
McCaf� provides an avenue for McDonald's to target these consumers by offering high quality coffee served by specially trained caf� staff in a caf� style environment. Recently, in this crowded market place, McDonald's competitive lead came under pressure largely because many fast food outlets have either: * copied the trail-blazing ideas that previously set McDonald's apart and put it ahead of the field * promoted new ideas of their own e.g. urban supermarkets and petrol stations that sell convenient, portable mealtime replacements.
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Explain the marketing concept and its importance to an organisation making particular reference to developing relationships with customers.
This can be contrasted against other 'philosophies' for running the organisation: Sales orientation - sales is the main focus of the organisation. The product and customer are secondary. Production orientation - the organisation's main focus is on reducing production costs. By being the cheapest provider the organisation will be the cost leader and therefore successful. Product orientation - the organisation's focus is on making better quality products with better features, perhaps through research and development. Robert Craven observed in his book 'Customer is king': 'If you are the same as your competitors, why will anyone want to buy from you?'3 'The customer is king'.
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in aesthetic terms. This might be compared to Mills & Boon (Harlequin) where the product is constructed in relation to a market, that means more Consumer-led. No matter it's product-led or consumer-led, mutual-benefit should be found as marketing is ".the process of balancing the company needs for profit against the benefits required by consumers, so as to maximize long-term earnings per share." A. Baverstock. However, it's important to remember that marketing theory and practice also informs non-profit organizations such as charities. 2. The new economy: In order to satisfy the needs and wants of our customers, we should know more about the new economy.
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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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Some of the main reasons are: * They gain an advantage over rivals * Developing new and better products for customers * Allows them to assess how they're products are doing * Businesses may find that there are cheaper ways in producing products * Research and development also allows better products to be produced but at the same price for making them, so meaning the company can raise prices for that product Research development also has its risk. Even though research and development has been carried out to its fullest there is no guarantee that the strategy they have produced
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In market research this is called a survey. A survey may be done: face-to-face, telephone, post, e-mail or questionnaire. The survey which are most popular, are done by phone or face-to-face this method is often used for more in depth surveys for a wider spread of information which the business can use to interpret any way it wants to. The method is to ask specific questions and have a range or possible answers listed. You then tick or mark the answer you get. The survey can be optically read and the results calculated by computer.
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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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I asked the questionnaire to people who live near me. This shows that Tesco is the most popular supermarket. The smaller supermarkets like Netto and Kwiksave were unpopular among my respondents. The next question I posed was "How much do you spend at supermarkets each week?" The response was mixed. 2 people said they spent �0-�50, 4 people said they spent �50-�100, 3 people said they spent �100-�150 and 1 person said they �150-�200. This question could be related to how much people earn, because the more people earn the more they may spend at supermarkets.
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Examine the factors inherent in consumer buyer behaviour which marketing managers should consider in the marketing of consumer goods?
Thus, under the marketing philosophy, customers are consulted at every stage of the process, the marketing mix being varied accordingly. Consumer response may often be the ultimate test of whether or not marketing strategies will success. The marketing process is shown below: From the viewpoint of marketing stages, there are two key stages in modern marketing: the development of a marketing strategy and the implementation of a marketing programme. Marketing strategy is the identification of consumers to target and the positioning of a product or service, against competitors in the marketplace.
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