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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.
* Consumer trials / Free samples * Visiting the competition Secondary research is based on already existing information that has been collected by studies done from another business. There are also many different ways of finding secondary data, including: * Library * Internet * Company data * Published Information - e.g. yellow pages * Government publications * Newspapers Primary research is up-to-date and accurate as it is newly found. It can be used to find the answer to certain questions that are specific to your own business, making it a very popular and useful option.
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They manufacture in 15 different 15 sites and these sites have approximately 7000 members of staff. The confectionary market is normally split into 4 segments * Immediate Eat * Home Buy * Seasonal * Gift Cadbury's are about to spend �7million on a new Cadbury Dairy Milk marketing campaign. This is 'Project Jigsaw' (an extensive questionnaire). This has received 250,000 responses over the past 5 years. The prize on offer for this is a chocolate hamper and this acts as an incentive to return questionnaire. Databases are then built using the information from the questionnaires. This is vital to market research.
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Product refers to any type of good or service that the company wants to sell. The success or failure of the product depends on the product's features and design, branding and packaging. The product is the most important element of the marketing mix because if the product is not good enough and fails to satisfy the needs of the customers, then no amount of promotion, distribution and price-cutting will persuade them to buy it. Price refers to the amount of money charged for a product or service. Determining the price of the product is a very crucial part as it is one of the most important factors that affect the consumer's buying decision.
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Furthermore I am not in control of the external environment. If nobody buys the goods from our business, we are the people who will have to take the consequences. So I will have to do my job very well. But I can rely on the government. The UK is said to have an 'enterprise culture'. That means that the government has many offers to help entrepreneurs like me. E.g. I found in the school book that the government has the Loan Guarantee Scheme.
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These are the five stages: 1. Development is where the product ideas are brought together. This stage involves market research. 2. This is the launch stage, this is the stage were the product is first put on sale. This stage usually backs up with lots of advertising and promotion. 3. This is the growth stage, this is the stage where the sales and profitability gradually increases until the product becomes well established. This is called maturity. Firms continue advertising but much less frequent than at the launch.
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The target customers will probably be people who are health conscious, likely to include teenagers and adults however with its tempting taste it might even appeal to children. The target audience might include working people who have a very hectic lifestyle and yet prefer to be in good physical shape by eating low cholesterol food. The target audience may also include people who suffer from relatively high cholesterol and heart diseases and are in search for something with great taste and low cholesterol.
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It is a small shop and it is local business in the local area.\. Advantages * The firms are usually small, and easy to set up like the chosen newsagents. * Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost. * The wage bill will usually be low, because there a few or no employees in 'Shaheens newsagents' only 6-7 people work there. * It is easier to keep overall control, because the owner has a hands-on approach to running the business and can make decisions without consulting anyone else.
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Other Carrier Bags Carrier bags are seen by large numbers of shoppers. Carrier bags usually contain the name of the shop on the outside of the bag or perhaps some information about the shop eg. 25% off all walkers' crisps. This type of visual information is very effective and could potentially influence consumers when purchasing food products. The name of the shop on the bag may/may not persuade them to shop in that particular store eg. ASDA a large grocery shop or Mace a smaller convenience store.
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It is large and stands out so people can see exactly what it looks like and it makes it easier to find. 4. The Nestle logo is on the chocolate bar so no people who have made the chocolate bar so know if they like the chocolate bar they may like other goods by Nestle. This is good because, as Nestle sells more they will eventually become a household term. 5. The little joke on the bottom of the advert makes the reader feel more a part of the text as they are making it sound personal with a joke to 'break the ice'.
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(If this pulp were left as it is, then we would have to eat it with a spoon). Rubicon drinks aim to replicate a near perfect fluid version of the named exotic fruit and have the same number of calories as a 100% juice. Rubicon's USP (Unique Selling Point) are the drinks that taste like the real fruit, d***s that are strong, full-bodied, with a wonderful, satisfying mouth-feel, drinks that have an original and authentic taste is that the Rubicon does not anglicise its flavours and drinks that are recognisable exotic single-fruit juice drinks; they are not blended with commodity fruits.
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Another reason why I have decided to locate my business here rather than any other location is due to the fact that currently Langley has no hand car wash service. This has resulted in many car owners having to commute to other areas of Berkshire to get their car washed or by getting the car auto washed from any of the local petrol stations. However all my competition will be from hand car washes around Langley. This is because the distance between Langley and Slough is not very far so people will have no problem in getting to either of the towns.
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department of Elite Chocolates and I have been asked to investigate launching a new product on to the market in the form of a low fat chocolate bar. In order to do this I have given a number of tasks to do. I will do everything step by step. The background information on Elite chocolates is that they are a small company who have specialized in making exclusive, hand made chocolates for special occasions. In recent years they have investigated expanding their market and have therefore started to sell their product over internet.
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* Research and development - will help the business remain competitive by developing new goods and services and updating the existing ones. eWave functional areas eWave is a small firm. This does not affect their tasks. They still have to do all their tasks in order for them to survive. To be successful and to meet their targets E-Wave must carry out a range of functions. E-Wave does not have specific departments because it is a small business. However, members of the team must ensure that the functions are carried out.
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Price Skimming: Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. Manufacturers of digital watches used a skimming approach in the 1970s. Once other manufacturers were tempted into the market and the watches were produced at a lower unit cost, other marketing strategies and pricing approaches are implemented. Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise.
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I want to see what their opinions are on cafes today to see if I can make changes and improvements to attract customers to my caf�. For my research, I have written a questionnaire. Normallu, questionnaires are designed to find out what customers want from a service or product. My aim is to ask people who often eat in cafes or coffee bars. I have taken into account the disadvantages of using this method. These include: * The information may be inaccurate.
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Since my business is a clothes shop I will be targeting four major segments, they are age, gender, income and lifestyle. I will be using a mass market, as I will be producing many of the same clothes. I will not use a niche market as many of my customers will not be that wealthy and will not be demanding. Since I will be using these five segments there are different challenges I will need to address. Different ages will obviously want different styles and sizes of clothes. Females and males have different styles that I will need to address.
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With reference to your local area, would a new healthy fast food restaurant represent a sound business proposition?
Market research Market research is the collection of data on customer habits to help decision making in marketing. It is important that a business carries out this research before it begins production, so that time, money and effort are not wasted on products that people do not want to buy. My market research will be split up into two sections - primary research and secondary research. For my primary research I will put together a questionnaire about healthy food and restaurants and hand it out to fifty residents from the area where the fast food restaurant will open.
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the Gulf and other states of the Middle East) * To ensure high quality customer service. * To employ highly qualified people to run NetLink. * To gain maximum revenue, and increase profit within a long period of time. * To create a friendly and enjoyable workplace for the employees' of NetLink. * To continuously improve current facilities, to keep pace with the steady advance of technology. * To build partnerships with other businesses in Oman. * Eventually, to become the market leader of the ISP market in Oman within a period of 5 years. Marketing Audit In Oman, there are two businesses that are ISP's. They are: 1.
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Plannng and research. I would like to open a African restaurant, food from all over the continent Africa. My aim is to have different races come and try what real African food and try food from that side of the world
Comfort is emphasized, and Western themes are popular. Upscale steakhouses offer a more formal atmosphere and may serve larger cuts of meat of better quality than those served in miscalled restaurants. Upscale establishments offer guests more privacy and focus more on adult patrons than on families. I want to create a casual dining restaurant serving Ghanaian food. Casual-dining restaurants appeal to a wide audience, ranging from baby boomers to kids to Gen Hers to seniors, and they provide a variety of food items. Many successful casual-dining restaurants centre on a theme that's incorporated into their menus and d�cor.
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The company's managers strictly watch the quality of services offered in their franchised salons. Now with a strong brand image and considerable financial and informational resources, LOUIStylez is about to enter three absolutely diverse countries on different continents: Russia, Japan, and South African Republic. Market Analysis of Japan Japan has remained a major economic power in Asia and globally, their government-industry cooperation is working a strong ethic, mastery of high technology, and a comparatively small defense allocation help Japan advance with extraordinary rapidity to the rank of the third largest economy in the world after the US and China.
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Using the case-provided data on the frequency and cost of surgical complications, we have found that 100% adoption of Angiomax in high risk (HR) and very high risk (VHR) angioplasties could save hospitals $233 million per year based on Value-in-Use calculations. In terms of saving per procedure, compared to Heparin, Angiomax saves $666 per HR or VHR angioplasty per year. In order to evaluate the viability of targeting either the HR or VHR markets independently, we have also broken down the value calculations.
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Sport as mentioned above, which will be going to be located in Barking shopping centre. Barking is a new developing area compared to others such as Stratford and Eastham, some of the busiest. (2.1)Key terms: A new retail business (shop) (florist, nail bar, internet caf� or sports shop) is opening in your area. Other shops in the area sell similar products/services and these will be in competition with the new shop for the same local market. This means that the new business must have a very well thought out marketing campaign in order to compete successfully and persuade the customers to shop there.
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Information Needed How will I get this Information? Alternative Strategies Date Due Page # Marketing Definition, How it is used and why Text Books, Notes Web sites 07/02/03 3 Market Research (Questionnaire) Questions & layout. Asking Customers in local Salons. Ask Public in Local Area 09/02/03 4 Research Analysis What my Questionnaire has shown Looking at answers given by public. n/a 11/02/03 5 My Target Market Determined From Questionnaire What are their requirements? Looking at answers from Questionnaire Use target Group of similar business in area 13/02/03 8 Other Forms of Market Research What are they? What am I using?
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For example, sales of beef are declining in the UK because consumers have become health oriented, and want in return the sales of organic food is dramatically increasing. So if marketers from McDonalds used market research to acknowledge this information, then they could decrease the production of Beef Burgers and increase the non beef products, in return McDonalds will meet there customer needs and this will increasing sales. Always marketing helps makes customers aware of the products available to them.
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At �399 this unit was less than a quarter of the price of established market leaders. Within six months of its launch Amstrad captured 25% of the European personal computer market, and bought international recognition of its brand in the home and business computer sectors. In 1989 Amstrad launched the first mass market Satellite Receiver/Dish package for Sky TV and became the European number one supplier of satellite receivers. In the same year, Amstrad launched the first combined fax, telephone and answering machine acquiring 52% of the personal fax market. In most recent years Amstrad is leading the way in the digital satellite business.
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