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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.
3. The promotion of our product will include prize give-away's expanding our products life cycle and improving sales. The prizes for 1st, 2nd and 3rd will show how we think about more than one customer. 4. The small guide of general nutrition at the bottom left will allow the customer to find factors of nutrition like fat, salt or calories quickly from a first glance. 5. The weight of the crisp packet is located below the general nutrition values to show how much people are getting for their money.
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A corporate image is often designed to get interest among the consumers. A corporate image is not always created by the company. Caf� Fresco has a corporate image just to attract people with the style of the letters and the name. It says that it's an caf�, but stylish. Direct Marketing; Is an English term for making a commercial. It's actually approaching potential customers in a direct and personal way. It also includes direct mail and making telephone calls. The objective of such a campaign is to promote special offers till even get the opportunity to try new products.
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However they should make a button/space on the web site that should allow them to switch off the sound, if it becomes inconvenient for them. It may also need a search bar to help people select a specific product. Screenshots: This is Tesco's main web page. Although its structure may look slightly confusing at first, it is very easy to navigate on this page. The web site does not have a search/browsing bar, however it is still very easy to find what you may be looking for.
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"Penetration Pricing" is also another technique which helps companies increase sales. This is when a product or service is new or is not very popular, therefore its price is set really low at the start. However once it has become more popular, the price is set higher so that companies and suppliers can increase profits. This technique is normally aimed at mid-class people who would be looking for cheaper deals, but would however be willing to spend a bit more if necessary.
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You can also get cash back and exclusive discounts from selected retailers via the PayPal Offers site. www.paypal.co.uk 2. What difficulties might a small business have when selling online for the first time? A small business may have trouble selling online for the first times as people may not have heard of them, so the company should advertise on local directories. Customers will not purchase from a site unless they are convinced it has a secure payment system. The business needs to also make sure the site is secure so people can't hack into the site and change information and sell your ideas to other companies.
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From where the information will be gathered? I'll go to people and interview them and then go to the nearest areas and distribute questioners and then I'll evaluate. If market research is not successful then I will distribute broshers and leaflets in near residential areas. Brief definition of marketing? Marketing is the delivery of customer satisfaction at a profit. Marketing Management is 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 objectives.
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Using Customer questionnaires/Comment cards is a quick an easy way to gather feedback as you can leave some comment cards next do the door so when they leave the business they can fill it out this method is also easy as you do not have to approach the customer. Some businesses that use this method are Tesco's and Barclays. Customer questionnaire are used to collect more information from customers such as their age, gender, job and salary. Customer questionnaire and comment cards can be evaluated by looking at the level of sales the level of sales for each product group should be rising.
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The growth of the economy in the recent months through favourable political measures has enabled the company to be back in the growth path. This was achieved through effective astute measures adopted by the company. And partly through the positive sentiment generated in the economy by the effective political measures adopted by the government have helped the company to achieve this growth. Economical: Economical issues would be related to availability of disposable income, unemployment in the country, inflation consumer price index, production levels, etc., The United Kingdom's economy has gone through the rough phase and is gaining significantly the inflationary
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The liberalization movement in Europe began to end the monopoly and bring prices down to more competitive levels. EU legislation, Local Government (local airports) National, Government Interest (Olympic Airlines) all further helped in growth of Ryanair. Economic: The low unemployment rate reflected a relatively high growth rate of EU, and in this situation, consumers tend to spend more heavily because of higher disposable income and greater job security. (David 2004, p.133) However, the continuously high growth rate of economy might affect the market of low-price airlines.
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Therefore, building relationships with customers creates mutual rewards (Rapp and Collins, 1990, pp 45-189) that benefit both th? company and th? customer. By building relationships with customers, an organization can get th? quality of th? sources of marketing intelligence for better planning of marketing strategy. It is therefore important to examine empirically th? impact of th? foundations of relationship marketing customer loyalty. This agreement will contribute to better management of th? firm-client relationship and achieve ? higher level of customer loyalty. Th? study reported here examines th? impact of four bases of relationship marketing - trust, commitment, communication, conflict management and - in loyalty to th?
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Market research results. Testing opinion on whether a modern mens clothing store would be successful in Colwyn Bay and whether they are satisfied with my competitors in Colwyn Bay.
In compliance with my chapter 4 data the questionnaires were given out in the numbers given to those judged to be in the specific age categories. I collected the results and then transferred what I deemed to be the answers to the key questions from the questionnaire into a tally chart. These could be then compiled into graphs and pie charts which could easily be interpreted and analysed in order to draw some conclusions on the data colleccted. Analysis This first pie chart is very important for me as I attempt to break down again my target market in the
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It is also the second biggest theme park in the world. Good and Services Alton Towers Provide: * The theme park itself (rides) * Food Outlets * Water parks * Accommodation (3 hotels) * Well known Food Outlets (KFC, Burger King, Pizza Hut) Alton Towers also has customer services, where a help desk help customers in the case of being lost, loosing friends or loosing children. They also provide storage for visitors to put bags and belongings so they don't have to carry them round.
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Here are some important telemarketing strategies to enhance your business prospects. Telemarketing is a technique, where a salesperson tries to sell his products or services to the potential customers over the telephone. It is one of the most powerful sales tools to expand a business. Telephone is a mighty weapon to secure a booming business, only, if you use it in the right way. Follow well planned strategies, remain focused on the quality of your products and services, do not disturb people when they are engaged, make the conversation simple and as captivating as possible, and you can also be a successful telemarketer.
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The main reason being that this is vital ingredient which should always be built into the company's core product. Studies show that higher quality brands create greater market share and higher profitability than rival brands. This is true in the case of Coca Cola as it is infact the leading brand in the world. Changing customer tastes is one of the main reasons why quality control is a company's top priority when building a brand. Coca-cola is clearly showing that it is on top of this with the introduction of:- * Diet Coke * Coke with a twist of lemon * Coke with vanilla And so on, but not only that, Coca-cola distribute their 400 products in around 200
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- Page 7 * The Economy - Page 8 * Marketing Campaign- price, promotion strategies what is available what will I choose? - Page 9 * List of activities for marketing - Page 10 * Unique Selling Point - Page 11 * Costs - Page 12 * Different promotional activities - Page 13 * Sponsorship - Page 14 * Public Relations - Page 15 * Marketing Plan - Page 16 * Example of marketing - i.e. flyers, leaflets, radio script etc based on your choice of marketing activities - - Page 17 * Final costs of the campaign - Page 18 * Recommendations and Conclusions - Page 19 - Marketing campaign opportunities 1.
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> Rides - The main attraction are the rides. These can be for thrill seekers or for a family; Alton Towers offers rides for all people of all ages. This is the main reason for customers to go to the park. The rides themselves are the main service that the park has to offer, and these are which all of the customers are paying for when they enter the park. > Room and board (the hotel). Alton Towers offers an online booking service for customers.
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Marketing mix - price case study. L & C garage equipment services ltd. is a Sealey distributor. Sealey has a retail price which then L & C adds a 30% profit margin to. This is called cost plus pricing which is the most common form of pricing.
The down side of being the cheapest in a given market is that if L & C create a position of being the least expensive, they will have a hard time taking their customers with them when they want to move to the next financial level. They will lose out on a great deal of repeat business when L & C make their price change, if they ever do. No business can afford to ignore the price of similar products, and there are three basic options: cheaper, the same price or more expensive.
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My business will sell gym/combat sports equipmentBefore I start my business I will need to choose my businesses smart objectives, it is crucial for a business to have these SMART objectives.
types of staff will be hired T- I will have all these objectives done by 7-10 months in the 1st year of the business being set up Research methods- Internet, Business studies online, Revision guides Part Two Location of my business I have found a location for my business and have decided to locate my business at 5a New Road, Bromsgrove, Worcestershire, B60. I looked into many sources e.g. Internet, Estates agents (Andrew grant) etc in finding a suitable commercial property to locate my sports retail company.
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This would be used in a market that is very competitive. A product that may be put into this market is, washing powder because people will buy there favourite brand in whichever shop is selling it at the lowest price. Cost-based pricing: This can also be referred to as "cost plus pricing". This is also involves working out the business's total fixed and variable costs and then adding on a percentage profit. The business must consider the total numbers of items which it plans to produce and sell. Cost-based Price= Total + Profit Total Sales There is a big advantage of cost-based pricing.
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Product Even though, almost without exception, a new attraction is launched every year and the main launch communication will focus on that, general communication about the rest of the Park is required. Thorpe Park provides a whole day out and they are not just about the rides. They have many other attractions like: * Places to eat. * Games. * Photography. * And the atmosphere which plays an important part in delivering a great day out. Thorpe Park's Prices and ticket offers I did some research on Thorpe Park's website on the prices on how much their tickets would be to enter the theme park.
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It will be different to other pizza brands as I will have a home made recipe of tomato sauce and in my restaurant all our pizzas will be made form a wood fire over Aims, Mission Statement and Constraints. An aim is to attempt or intend to reach a certain goal. A mission statement is a brief statement of the purpose of a company, organization, or group. Companies use this as general objectives and principles of operation of an organization.
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In this assignment I will carry out both primary and secondary research to find out who my potential competition, sources of finance is and where to locate my business.
The range of goods/services it offers is: Computer games for all formats Computer consoles Computer accessories Computer magazines and books DVD's This shop's target market is young people and gaming lovers. I think this target market has influenced the location because the owners of Game Plc only want to put shops where it is convenient for their target audience and where there are a lot of people passing. The range of goods such as computer games are influenced by the target market because only the type of games which are most likely to be bought by the target audience is kept in stock because there is no point of having games in stock which are unlikely to be sold.
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If a sales representative is not familiar with a particular product they cannot sell, so it is important for them to have a wide knowledge of the products and services which the organisation is selling. They must be familiar with things like the extreme sufficient of how these products and services can be used and convince the customer of its value. Product knowledge is extremely essential for staff because this allows them to answer specific questions and also talk about queries which may be involved or arise, it will also help them deal with problems and engage with the customers a bit more.
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Employees are trained to develop these skills because it is vital in the travel and tourism industry. Personal qualities and skills are essential when employing new members of staff into the industry. The most common skills which are taken into account are usually are literacy and numeric skills, there are also other skills which are highly recommended for potential travel and tourism staff such as communicational skills, organisational skills and most importantly customer service. However there are also other types of skills required as well as all the technical skills for instance stamina; staff must have the stamina to work long and flexible hours.
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