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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 success of a retailer hinges on the correct combination of the retailing mix and other elements are every bit as important as location. In this report, the importance of location will be discussed and the role that location plays in retailers' success or failure will be identified. While addressing the role of location, other elements of the retail marketing mix will also be examined since all of them are interrelated and can not be treated separately. Discussion To make sure the conclusion drawn has some generality, two retailers differ greatly from each other are used in this report: Early
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This assignment is based on my knowledge of Marketing. Within this assignment you'll find reasons of why I have chosen to study marketing, what I believe marketing is and what is involved within the long chain of marketing
A customer's need is a basic necessity that a person has in order to survive whereas a want is desire for a certain product or service. For example food, drink, shelter and warmth are all needs and a want would be to have desires such as a big luxurious house, expensive restaurants and pricey bubbly champagne. Wants are unlimited as there is no limit to the amount of goods and services people would like to consume. The aim of the business is to convince customers and consumers that they cannot survive without their particular product or service.
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Distinguish between Marketing as functional areas of management and Marketing as an overall business philosophy.
The wants will depend on how people want to satisfy their needs and they will be shaped by their culture, religion, tradition and individual personality. Such an example would be I want a cheese burger from Mac Donald's to satisfy my hunger. Why not choose a chicken meal from KFC to satisfy your hunger instead? Demands on the other hand, are "Human wants that are backed by buying power." The major limitations regarding the demands are also whether the person can afford their wants.
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I am going to carry out feasibility into opening a Night Club. The Night Club will be named Club 40/40 and will be located in Central London.Central
We are all in same sector or industry however 40/40 Night Club will set it self-aside from other. I have carried out my market research and it shows that my main competitor are using price as a strategy to gain high level of market share. THE COMPANY Club 40/40 will supply quality leisure service to its customers, which will involve selling high quality service. We will be different from our competitors by producing very high service to customer and my customer service will be outstanding The elaborated dance club situated in a spectator setting, which comfortably accommodates 350 guests, will characterize the Nightclub.
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What is 'The Marketing Concept' and how has it developed over time? The marketing concept is a philosophy. The philosophy is that company's need to find out the needs and wants of their customers
This worked by companies only producing products that they could produce most efficiently. Companies then thought that by producing products, and lots of them, that were cheap that the product would then sell itself and therefore create a further demand for it all by itself. The production concept only had two questions that companies would ask themselves before producing a product, they were, can we produce the product? And, can we produce enough of it? This philosophy didn't work too badly at the time because most of the products that were being produced were of basic necessity to the customers and there was quite a high level of unfulfilled demand for these products.
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The following report is on Tesco and is focusing on their promotional campaign. There are four parts, which make up this task, there are as follows. Task 1a - Describe the business and its aims and objectives.
and 24-hour stores, the British Group, Tesco, is the king of supermarkets in Britain. Apart from being the national leader in the food sector, it is proud of selling everything to satisfy all its customers' needs (books, CD/DVD/mini-discs, hi-fi and household appliances, household equipment, flowers, wine, apparel). The list goes on and on. With an eye to the future, Tesco has adapted to the rapid technological changes. It makes an astonishing profit from its on-line sales site (Tesco.com). Tesco Express also owns petrol stations and provides financial services such as a joint venture with the Royal Bank of Scotland enables it to offer life insurance and general insurance e.g.
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This report also includes Government of India policies to support marketing in small business ventures. An evaluation of these marketing policies is also included in this report.
The efficiency of marketing determines the sales and profits of the entrepreneurial ventures. The small businesses are able to prosper with a very significant marketing system. The marketing mechanisms differ from one industry to other industry. The tiny and ancillary units adopt simple mechanism and medium and large scale organisations adopt full- scale marketing mechanism. In certain cases the marketing of goods or services is entrusted marketing agencies, specialised in marketing operations. Some of the main features of marketing are: * It is a creative function, * It promotes trade and employment, * It co-ordinates finance, production, distribution.
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After evaluating the local area of Moseley, I have realised there is a serious lack in exquisite restaurants. Moseley is a very respectable area, therefore I feel this has given me the opportunity to open a respectable restaurant
One of my main aims for my business is to make a lot of profit, maximum if possible. I must also make my business known through means of advertisement - leaflets, brochures radio and televised advertising. An adequate business plan is vital for my company, this will allow me to gain financial support form banks in order to provide me with the start-up capital I need. In order to conduct my research I must create a marketing strategy to conduct my marketing research.
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Explain why marketing is "everybody's business". Use examples from the tourism industry to explain your answer.
A human without these needs being met will not be satisfied and will not want or demand other products. Putting this example in place within the tourism industry, a customer whose hotel does not meet their requirements will not have their need of shelter sufficiently fulfilled. Humans also have wants; these are formed by an individual's culture and personality. Wants tend to be objects (hamburgers) that will fulfil one of the basic needs (food). Humans choose products that provide them with the greatest amount of value and satisfaction for their money. Demands are wants that are backed by buying power.
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The purpose of this report is to explain the four steps of the marketing research process and investigate and justify which of the steps is the most difficult to undertake
Assumptions In preparing the report, it was assumed that all information gathered for this report is relevant and unbiased. 1.6. Background During this century many factors have led to the need for mare and better information. Especially, in carrying out their marketing activities, managers continually need a great deal of information. Many companies have invested in quite sophisticated marketing information systems in order to provide managers with good information to assist their decision-making. Marketing research is an important part of marketing information system; therefore the discussion of the marketing research process is required.
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The purpose of this report is to explain what is marketing associated with fast-moving consumer goods companies, why it is important and the role it plays in the profitability of the company.
that the consumer usually buys frequently, immediately and with a minimum of comparison and buying effort. These goods are under the category of convenience products and belong to the non-durable products (Kotler, Brown, Adam and Armstrong, 2004, p.391). Consumers buy these goods on a regular basis, such as refined edible oil, toilet soaps and detergent powders. Goods, such as biscuits, magazines are impulse products. They are usually low priced and widely available. The major players involved in fast moving consumer goods industry include Protector and Gamble (P&G), Hindustan Lever Ltd (HLL) and Unilever (Unilever, 2004). 3 Definition of marketing "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods,
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Market research is usually done to investigate products already on the market.In order to carry out the market research investigation, it was necessary for me to check the market
This was important since I needed to use some of these products to develop my initial ideas. I compared Lacto Vegetarian products from three supermarkets, so that I could assess the prices and quality of there products.
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The marketing mix is the organization's overall offer or value to the customer. The 'Marketing Mix' is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group. Businesses need to make sure they are marketing: "the right product to the right person at the right price at the right place and at the right time." The aim of doing this is to gain a competitive advantage (De Wit and Meyer, 1998)
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Tactics: Includes features, accessories, installation, instructions, service, warranty, packaging, and brand names. Place (Distribution Channels) Getting the product or service to the customer. Strategy: The saying - location, location, location holds true for new products more so than any other type of product. If consumers don't know your product exists - how can they buy it?
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TABLE OF CONTENTS INTRODUCTION .....................................4 FINDINGS ..............................................5 I. New definition of marketing ...............5 II. Setting the Right Ambition ...................8 III. Distinctive Advantage ........................8 IV. Selective Resource Allocation ...............8 V. Increase Both Customer and Shareholder Value .....9 VI. Properties Of a Winning Value Proposition..........10 CONCLUSION 14 REFERECES 15 APPENDIX 17 INTRODUCTION This report redefines marketing in terms of creating exceptional value to both customers and shareholders. The report will also tell how exceptional value can be created for both customers and shareholders by using different marketing models and matrix.
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Glue Dots International (GDI), Keighley, has approached us to carry out Market Research for a new range to their product line, Glue Dots, within the Craft sector. However, in order to clearly understand how to target the right audience
It has now been decided to venture into the Craft Sector but as within the Industrial side only dealing direct with the Retail Outlets and not the end user. GDI have over the past few months attended several Craft Fairs and believe this is an un-tapped area of the market. The majority of GDI competitors still only deal with industry. So they have come to us for advice and recommendations. WHO ARE THE BUYERS One of the initial problems we need to look at is buying behaviour and understanding who the buyer actually is and the difference between the customer of a product and the consumer of a product.
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Then the paper emphasizes on services, its characteristics and how they differ from goods. This discussion leads to the introduction of the new scope of marketing, the services marketing, to support some of the distinct characteristics of the services. In the paper we also go through the concept of emergence and importance of service marketing in comparison with the earlier existence of product marketing. The stages of the evolution of the services marketing are discussed in brief. The paper then proceeds to discuss the current model of services marketing and how it differs from the traditional model.
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Report on Sony Corporation aims and objectives and how they relate a promotional campaign to achieve these aims and objectives and relate the promotion of a particular campaign to the marketing mix.
TTK was already being used by another company so a new name, Sony, was taken up by them. The name Sony derives from the Latin word sonus meaning sound and the English word sonny-boy - a term used by the Americans in the 1950's to denote a bright youngster. Although the name of the company was not officially changed to Sony Corporation until 1958, the first Sony branded product was the TR-55 transistor radio which went on sale in 1955.
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- Interests These would include sports, leisure activities and hobbies. - Attitudes Markets can be analysed and segmentated by attitude to politics, lifestyle, certain products. For example an example concerning chocolate and food be that some people would be willing to eat non-organic foods others don't. - Opinions Identifies group with similar opinions on political and social issues. Opinion polls are used to find the moods and feeligs of the target group and the products can be tailored to appeal to the target audience e.g Iceland appeals to consumers due to its no GM product policy.
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The marketing models I will evaluate will be SWOT and PEST analysis, the product life cycle, the Boston Matrix and the Ansoff Matrix.
This is the end of the product and its life cycle. The table below shows examples of where some of Cadbury's products lie in the product life cycle. Stage Example Introduction Snaps Growth Under 99 calorie range (Dairy milk) Maturity Dairy Milk, Twirl, Flake Decline Fuse The table shows that most of Cadburys products are in the maturity stage. This is beneficial to Cadbury because their sales for each product will have peaked, resulting in high profits. However, at this stage, there are many competitors with similar products and Cadbury must be careful the products don't become saturated and then, like the fuse bar, be declined.
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Here it can be seen the notes that I made that seemed to lead to M&S's decline in market domination. It is under this heading as these are the main points that I learnt about the company that were not known by me before
It is under this heading as these are the main points that I learnt about the company that were not known by me before. Seems that M+S Pushed customer away M+S had a Captive market Record breaking profit for 1998 in clothing The autumn clothing line was poor quality, all grey M+S had a strong customer loyalty The poor service was due to the lack of store staff within the branches.
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I am using secondary research because it saves time. I will not have to collect the data first hand, which will allow me time to evaluate the information found. I will research using the Internet, reports on Cadbury and magazine articles
This pie chart shows the value share of confectionery products. Cadbury is the largest with 29% of the share. This chart shows that Cadbury is leading the value share of chocolate. The UK confectionary market continued to show growth in 1999, driving sales of 5.5 billion. Chocolate sales account for around 70% of the confectionary market, at 3.5 billion, while the remaining 30% is made up of sweets, worth more than 1.75 billion. This chart shows the total confectionary market. It shows me that most confectionary products are bought for self eat (36%) and children's products make up 14% of the market.
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Background information about the companies is listed below: Comparative Company statistics EasyJet Ryanair Date of commencement 1995 1985 Date of IPO 2000 1997 Passenger Numbers 20.3m 15.7m Number of Staff 3,453 1,897 Aircraft 73 67 Routes served 109 133 Source: http://www.easyJet.com, http://www.Ryanair.com Comparative Key Financial Data EasyJet (�) Ryanair (�) Share Capital 758,461,000 563,732,000 Earnings per share 8.24pence 31.71cents Operating revenue 931.8m 842.5m Retained profit 32. 4m 239.3m Source: Company Accounts 2004 Both airlines have adopted similar business models and strategies.
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Price is also an essential tool of the marketing mix. A survey showed that 81% thought that the price of the gym was fair for the quality of service that is received by the customers. The other 19% believed the price was too high but were willing to pay for the facilities. A good pricing strategy is a must for a business to succeed, too high and customers will go elsewhere for the service. Too low and the business may not make enough profit to succeed in the long term.
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The marketing of the Bridge Cafe Buffets is aimed towards all age groups. As the Bridge is part of the church buffets are offered for weddings
With this type of relationship with the client it is hoped that they will use the service again. The buffet service prides itself on producing home made and home baked products fresh to the client, which is catered to all sized buffets. Buffets can be organised at short notice (twenty four hours) and still uphold the same home made traditions. The marketing in practice fits in with the definition "Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably" (The Chartered Institute of Marketing)
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