Section 2-Marketing

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Section 2 – Marketing

To make a successful business we needed to complete a number of marketing tasks to research into price, place and promotion. The marketing director was Charlie, who with help from the team researched thoroughly into each of these three subjects.

At first the group’s idea for a business was to make magnets and sell them in school. Many other ideas were considered, including a football tournament, fair games in the hall and other plans. We were aiming at the target market of lower school, as we were going to sell the magnets on the premises. We thought that the younger students would prefer the product than the older ones, and so needed to plan the product to attract their attention. Also, our market research showed there was more females than males interested, shown in the chart. We decided upon this idea for a number of reasons, including that we could not get permission to use the hall for other events. Furthermore, magnets would be a lot cheaper to make – consequently we could hopefully make more money.

We conducted a small amount of primary and secondary research, but probably should have completed more, although the research we used was relatively useful to help us target the product. Primary research is research conducted by the company itself, whereas secondary research is taken from another source that has completed it. The primary research we conducted helped us to choose the correct style for the target market, so we could sell more. However, we should have asked more people in the questionnaire, to get a wider range of opinions. We only asked students from the lower end of the school, as we weren’t attempting to sell to other pupils.

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These results showed that people would like to buy celebrity magnets, with images of their favourite celebrities and also would like magnets in the shape of letters. This way they could spell out their own name or certain words to make the magnets seem less boring. Furthermore, people would prefer to see brighter and bolder colours than dull ones. This affected our decision because it made us decide to drop any other ideas, such as animals, which we then knew we wouldn’t be able to sell and would lose money on. We did not use any secondary research, such ...

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**** The writer has covered many important areas and has combined good theoretical knowledge with practical application.