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GCSE: Marketing and Markets

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What is the 'marketing mix'?

  1. 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. 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. 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. 4 Place is where customers can buy the product and how it gets there. This can include supermarkets, boutique stores, online only etc.
  5. 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.

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  1. Marketing the Aston Martin DB9

    Aston Martin's main goal is uniqueness, power, soul and beauty. Starting with the product being the Aston Martin DB9, It is a niche market car and is one of a small amount of products they make. Making there products desiables. The DB9 has been on the market since 2004 so has been in sales for 5 years and have only sounds around 2500 units as an average, just shows how unique they are which is why they are so special to have.

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  2. Lucozade

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  3. Powerade

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  4. Differences between Persuasive and Informative Advertising

    The products advertised usually are luxury items such as mobile phone, perfume, aftershave, fashions and also food. The images for advertising the products are usually attack the psychology of the customers wants and needs, which means it show the customers a new way to solve problems.

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  5. Promotion and Advertising

    This is a very personal way of advertising whereby the advertisement is printed onto a brochure/ postcard/ leaflet etc and allows a company to directly target the right market, creating less of a need for a huge advertising campaign and, ultimately, saving the business money. Customers can be addressed by their names and the advertising can be made personal to them, appealing to them individually, making them desire the product more. The format and layout of the brochure/ postcard/ leaflet can be edited to appeal to a particular target market e.g.

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  6. Questionnaire Effectiveness

    Questionnaires are very important as, without gaining primary insight into a target market's wants and needs, huge losses could potentially be made due to the spending of large sums of money on creating an unsuccessful product/service and the business will be liable to bankruptcy. Furthermore, the better a firm knows their target market's wants and needs, the better suited the service can be to meet these needs and wants. This will ultimately maximise profits, turnover, market share and customer satisfaction, fulfilling the original business aims and contributing towards a more successful overall business.

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  7. Marketing Campaign (Promotion)

    Radio is cheaper than television, but has the disadvantage of not being able to put across a visual message. A sing or tune is often played with a radio advert to get the attention of the audience. The audience may not be as large as for television, but this may vary from country to country. Posters and billboards- These are large adverts which is usually placed at the side of the roads. They are permanent but can be easily being missed as people go past them.

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  8. Section 3 - Marketing

    * Basically I will be selling all products that pharmacies sell. * My shop will have special promotions on some products which will increase sales. 2. Place * My business will be in a shop on Leyton High Road, E10. * It is a small shop with an average sized storage area + the shop floor. * Good things about my shop's area are that: my shop is very close to lots of busses and the local tube station, and it is quite close to Leyton Mills Retail Park which has lots of large braded shops.

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  9. To what extent will Boots marketing objectives assist Boots in achieving its long-term strategy?

    Motivational techniques, such as the hierarchy of needs or the two-factor theory, should be fully utilised to ensure the workforce is productive and efficiently striving to meet the set objectives. Such objectives will tend to be to increase profitability by x% and to create a sound return for shareholders. Boots have a set corporate objective of international growth, outlined in their mission statement: "Boots aims to be the place for health and beauty customers. We want to secure market leadership in the UK & build on our brands' success internationally.'

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  10. Apple ipod Marketing Mix

    They will add a 65% profit margin to the cost of the product to gain efficient revenue. Price and quality interactions - In this way, price creates perception of quality. - High price attract an image of quality - This will allow Apple Ipod to increase its market share Promotion By promoting the Apple Ipod this will satisfy the needs of the customers and business. Consumers will gain better understanding of the product and how it can satisfy their needs, but on the other hand will help Apple Ipod increase their profits and market shares.

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  11. Marketing Research

    It is also necessary for researchers to segment the market because there will be young and old customers so they have to give supply to all the customers' needs. 3. The different methods available for market segmentation are: Age Gender Income Life-Cycle Stage Socio-Economic Groupings 4. Secondary Research - Secondary Research is when you look more into detail for consumer research, which are available through reports at libraries, trade associations and university research bodies. Other secondary research available includes: Internet Mintel Reports Newspapers and lifestyle mags Business ratio reports Teelephone directories and the yellow pages 5.

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  12. Business studies coursework

    questionnaire 19/06/08 24/06/08 I used excel to draw the graphs and showed the interpretations. 11 Define target market questionnaire 26/06/08 27/06/08 Used questionnaire to describe it 12 Explain why business undertakes competition survey Myself 28/06/08 28/06/08 Explained it with ease 13 Do competition survey www.yell.com 30/06/08 1/07/08 Got information and put it into a table. 14 Carry out location on map Map of town 2/07/08 2/07/08 Used map to note it all. 15 Produce neat colour coded map Map of town, competition survey 3/07/08 3/07/08 Coloured direct, indirect and friendly competition. 16 Assess strengths and weaknesses of all information. Competition survey, consumer survey 4/07/08 4/07/08 Used both surveys to identify the strengths and weaknesses.

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  13. Marketing Mix Cadbury's

    It may be necessary to support a product with further advertising and offers at this time to maintain sales against the competition. Saturation At this point the sales of the product are not growing at all, though clearly sales are still high. A business might be thinking about developing a replacement when saturation is reached, unless the life cycle itself can be extended. At saturation a product may need some new offers to keep sales high. Decline The final stage of the life cycle, here sales are falling and though the product may be given some support in the form of further promotional offers, consumers see the product as old and switch to those of the competitor.

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  14. Marketing plan

    Target Markets 2009 2010 2011 2012 2013 Potential Customers Growth Professionals 9% 124570 135780 148000 161320 175840 Housewives 8% 145440 157080 169650 183220 197880 Total 8.47% 270010 292860 317650 344540 373720 2.1.1 Market Demographics The profile for Monaco's customer consists of the following geographic, demographic, and behavior factors: Geographics * The immediate geographic target is Cape Town with a population of 2,500,000. * A 45 mile radius is in need of the products. * The total targeted population is estimated to be 127,000.

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  15. Business- Open retail store

    Name the textbook you use. Name the people who helped you. Name the organisations have you used. Give the address of websites that you use. WHEN WILL I FINISH IT? Put in dates for each task. DID I ACHIEVE IT? WERE THERE ANY PROBLEMS OR CHANGES? ANY OTHER COMMENTS? Explain any difficulties you had in getting information or completing the task by the date you planned. Task 2a) I need to decide on my business and its name. For my coursework I needed to investigate other business and what type of business would be the best to open I will make this information up 26-01-07 At first I could not decide what business to base my coursework on, but then I chose a bakery because I had also based my Information and Communications Technology coursework on.

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  16. understand the business online

    Domain name Domain name means an address for a website which also known as IP address; all websites have a domain name - which is normally the same as the organisational name, such as www.aol.co.uk. Ideally, for a business to set up online they will need to register a domain name which isn't very difficult to do but it may be hard to find a suitable domain name which isn't being used by another company and which is representing the company, also the name should be easy for the customer to remember and short, and as near to the operational name as possible.

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  17. Business Studies Market plan

    Once the researches have recognised that information is needed that is not currently available, they must decide from what source they can most effectively get the information. It is well worth checking secondary data sources first to see what has already been done. Types of Primary Research There are many different ways to gather primary research. These types are detailed below: Research methods The three most commonly used methods for collecting primary data are interviews & surveys, observation and experiments.

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  18. Aim - To increase a businesses market share

    For a nightclub it is incredibly important for a good crowd to be there as a going to a nightclub is after all a social event. Since there is not really anyone going it is unlikely that others will want to join in therefore sales and, in turn, its market share is unable to rise either. Market Research To study it fully I will undergo some market research Market research is the collection of information or data to better understand what is happening in the market place.

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  19. The marketing mix

    It has been linked more with the centre product. Customer service is connected with developing a bond with my customers in order to create long-term relationships that lead to advantages for all groups. It does not just happen. It is a process which involves pre transaction, transaction and post transaction considerations. importance upon customer service will change from one product to another. Process management This will involve all of the procedures, tasks, mechanisms and activities through which my service will be given to the customers. In my business the processes are a key part of the marketing mix, concerning on initial priorities and ways of meeting customer need.

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  20. A marketing plan to start-up a new entertainment business.

    Research is important so I know what the public or customers desire. I could use those ideas to improve my business and the customer's satisfaction. My report will cover a marketing plan, 4P's, my customer's needs and a conclusion. Section 1 - Background I am going to use a partnership ownership. The reason why I am doing a partnership ownership is because I can go on holiday but I have some one to look after the shop. I will also have someone (my partner)

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  21. Setting up an African restaurant on the Quayside in Newcastle.

    I have decided to situate my restaurant in Newcastle because Newcastle is capital of the north east where I live and recently has had one of the fastest growing tourism industries in the world. In the last five years it grown to be culturally diverse city and according to the BBC Newcastle has one of fastest growing metropolitan areas and is clearly a city which is completing the transition from being a major mining city to a largely an administrative and cultural centre with two universities - Newcastle and Northumbria.

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  22. Marketing Plan of Squench

    3. Pricing. Squench is affordable; its price is lower than any other flavored drinking water. Weaknesses As Squench enters the market of flavored drinking water, it had studied the successes and mistakes of its competitors. The 2 major weaknesses are: 1. Lack of brand awareness. Squench is just entering the industry and has not yet established its image and brand in the market. This weakness will be addressed by the use of extensive promotional activities. 2. Maintain the image. Though the product may establish an image in the market, it is essential for the company to maintain the promotional activities that it had started to deeply penetrate into the market.

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  23. Maketing - Primary research

    phone, mail, questionnaires or emails. The most likely sort of primary research we would use is questionnaires because we could hire out a business to make and distribute the questionnaires in public also the company would collect in the data for you and sort out all the facts and figures for you however with doing this there are disadvantages for example the business might ask the wrong question which has no relevance to the business or what it is trying to achieve.

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  24. business enter prices

    It also attracts people as it is very attractive to be surrounded by water, as there are nice views. The park uses the water to it's advantage on the rides too, I am tying to see how successful Thorpe Park is as a business. Thorpe park is located in Stains road in Chantey KT16 8PN Telephone +44 (0) 8704 444 466 (Advanced Sales and Inline). www.Thorpepark.co.uk Ticket Prices: There are many websites to buy tickets nearby accommodations, admission charges, opening times and much more the park offers 500 acres of family fun.

    • Word count: 878

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