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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 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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This means that they are flexible and adaptable to the demands of the market. They aim to change the product as necessary to satisfy their customers. I think with my coca-cola hooded sweatshirt I am going to be a bit product-oriented and a bit market-oriented, to try to get the best out of it. The marketing mix is central to marketing. It describes an interactive blend of factors contributing to successful marketing. Companies utilise the mix to define their strategies and provide a framework for a marketing plan. The marketing mix includes: ? Product ?
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The second aspect that I have decided to incorporate in to my magazine is the popular 'real life' article. This gives an entirely new angle to vogue, as reports such as these are not usually a feature. My decision to uses 'vogue' for my magazine allows me to already have the assurance of its success. If any changes I made to the magazine proved to be unpopular then I could easily return to the old frame of the magazine and know that it would still be profitable. It is important however to consider the marketing strategy in order to make informed changes.
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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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Different approaches to marketing Marketing concept. This approach stipulates that the product is moulded around the customer's wants, making the customer the reason for the company's existence. Subsequently, this concept requires that the company thoroughly researches the customers' wants, and then develops a product that meets these requirements, which can be sold at a profit. This approach implies that the customer is King, and goes hand in hand with the company's goal, which ultimately is to make a profit and stay in business, whilst purveying a caring image.
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orientated the firm will have to consider the following: 2.0 Market Analysis - External Audit In considering marketing analysis 'An external and internal audit is carried out as part of the broader process of market analysis to determine the opportunities existing in the marketplace (Gilbert, 1999).' To do this the company needs to gather information for the external audit. This information can be categorised using PEST analysis. This acronym stands for and considers the following issues that may affect the company: * Political including Economic * Environmental * Social including Cultural * Technological In addition to PEST analysis it would also be of use to review how the company's Competitors and Customers influence the external audit.
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This also makes the marketing process more manageable. SECTION 1 Marketing is very important, especially in financial services. Deregulation and technological developments (such as the telephone and Internet) have helped make entering the market easier. Subsequently there are many new entrants capitalising on this and intensifying competition. Marketing is an ongoing process that companies must do. Marketing of financial services is slightly different to that of soft drinks products for example. The main differentiating features are: * Fiduciary Responsibly. This is an important feature of the financial service sector.
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This was the main reason why I propose Go-Karting to be opened it Maidenhead. Even though opening Go-Karting is a risk I am willing to be an entrepreneur. The expected costumes? What the Pie chart suggest/shows This pie chart shows that many of the young -adults to the middle age adults thought that introducing Go-Karting to Maidenhead would be a good. This is because this is a new activity making it exciting because of it freshness to production. This will fill the market niche that is needed to be filled in maidenhead.
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The purpose of this marketing plan is to outline the situational analysis, marketing objectives, target markets, market strategies and how to monitor the marketing plan of Sydney Tower Restaurants Tourism Pty Ltd.
* When the Australian dollar isn't doing well, it's a desirable exchange rate for tourists THREATS * Terrorism is a perceived threat as Sydney Tower is one of the main attractions * The Summit restaurant (competitor) - also a revolving restaurant * Weather - Sydney Tower Restaurants depend on good weather, as the view is their main feature PRODUCT ANALYSIS The product analysis examines various issues relating to the different goods and services provided by the business. > Product Lifecycle COMPETITOR ANALYSIS Sydney Tower Restaurants' only valid competitor is The Summit Restaurant, but in comparison, is no real threat.
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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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of the company can be met relatively easily compared to if there was no sense of cohesion between one department and the next. A perfect strategy will take into account company objectives, customer requirements, the activities of competitors and a well looked into prediction of future market patterns that will affect the company. Another integral part of a marketing strategy is that it must be realistic. There is no point coming up with exaggerated plans that are impossible to meet within the company's current limitations.
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So a company wishing to gain a 10 per cent increase in market share must make sure that it has the the right product, at the right price, with an effective promotion and distribution policy. Factors influencing the market plan A marketing audit should identify the internal and external factors which affect a business. There is a number of possible factors that may fall into each nternal factors � The marketing mix. Of great importance to the internal audit will be an examination of the effectiveness of the marketing mix (1- unit 40).
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The clothes sold in the shop will manly be of an existing brand name so this mean that the stock they hold will already have desirability. These existing brands such as "Quicksilver" will there for have there own advertising which will mean that the business will have advertising for the clothes they sell but not the shop its self. This is the poduct life cycle Price Pricing strategy's can play a large part in the business as through this the company can create desirability about its products or its self.
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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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The general parameters which must be followed are the following: � Profitable size - The relative profit potential in a segment is directly related to the competitive strength and cost effectiveness of the company. Even a small market may be profitable if the company has competitive pre-eminence � Accessibility - A segment must be accessible through advertising, other promotional media, and distributive networks. � Self containment - Preferably a product launched at a market segment should not take demand from another product in the company's range.
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'With Specific reference to the marketing of sports development initiatives, discuss and evaluate the most important components of the marketing mix and consider their relevance to the customer'.
cost more to be a member due to its reputation and appeal, although the facilities may not be better than a regular course. The Promotion of a product is the 'communication' to the market - known as marketing communications. (Roberts, 2001) When marketing sports development initiatives it is important to use the marketing mix so that you are able to provide specifically for your target market. The type of consumer that is your target market very much affects the marketing mix.
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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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Since each store is ran as it's own small business, the managers are encouraged to take on the responsibility of a demanding job, but are rewarded accordingly with a percentage of the profit margin. This not only encourages increased revenue but also supports the branch managers with an employee-oriented motivation within the company. Another valuable strength is the fact that there are very few corporate personnel. This creates an environment of fewer layers of management to weed through in order to get an idea completed.
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which are: - Intangibility - Inseparability - Heterogeneity - Perishability Intangibility is the primary source from which the other three characteristics emerge. Service are said to be intangible because they are performances rather than objects. They can not be touched or seen in the same manner as goods. In this case, the goods which the company offers are car. Services are produced by people; consequently, variability is inherent in the production process. Rather, they are experienced and consumers' judgments about them tend to be more subjective than objective.
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The size of the marketing expenditure budget will depend on * The firm's overall financial position. The amount of money allocated to a particular function such as marketing will inevitably depend on what it has available to spend in total. In a successful year it is easier to have a bigger budget than in an unsuccessful year. On this basis the marketing budget is likely to be lower when sales are lower and bigger when they are higher. This is often what actually happens within organisations although in many ways this is not a particularly sensible way to budget.
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Take the main points of your marketing mix and explain how they tackle aspects of the PEST or how the pest will influence them.
Product Most of the products Futures offers are aimed mainly at women so to expand Futures customer base I will integrate both sexes into the services and keep generating profits. The questionnaire carried out on market segments indicate that the type of extra services that will be included are as follows - nails, make up, fake tan and manicures. With these services some will sold as package deals such as nails and make up or make up and hair. Make up service will require foundation, lipstick, mascara, eye shadow, blusher and eye liner.
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to fly domestically);computer reservation systems have simplified bookings; airport infrastructure improved within the Qantas terminals to improve pre- and post-flight aspects of travel, and investments by government agencies to improve flight navigational systems and air traffic control to advance the punctuality of all airlines. Marketing Planning Process Planning is an essential component for success in any business operation. In order for a business to infiltrate a marketing program, a business needs a plan which will put the objectives of the business in to prospect and makes them easier to achieve.
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Specific information needs to be defined before establishing a pricing policy. Detailed research and a close examination of each of the key factors needs to be completed before a qualified pricing plan can be implemented. Pricing is viewed differently by consumers than company's that set the pricing structure and it can be viewed as either a deterrent or reason to buy. Companies need to understand the effect that price can have on their overall marketing strategy. According to The Entrepreneur's Guidebook (2001), pricing objectives must take into account one or all of the following goals: * Increase sales volume *
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This matching process takes place in what is called the marketing environment. Businesses do not undertake marketing activities alone. They face threats from competitors, and changes in the political, economic, social and technological environment. All these factors have to be taken into account as a business tries to match its capabilities with the needs and wants of its target customers. An organisation that adopts the marketing concept accepts the needs of potential customers as the basis for its operations. Success is dependent on satisfying customer needs. What are customer needs and wants?
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