Marketing Promotional Objectives
E4: Marketing Promotional Objectives An objective represents targets that need to be reached to achieve the company's aims. These objectives can affect the way businesses operate. Business organisations can achieve their set objectives in short periods or/and long periods. These are known as short-run objectives and long-run objectives. A short-run objective lasts up to one year, and it is used to achieve long-run objectives. A long-run objective last up to three or five years, and they are quite difficult to reach. Marketing objectives are objectives that can help to decide where share of the market- size and revenue is needed to achieve the company's mission and objectives. Marketing objectives also decides how the elements of marketing mix can help achieve these in each customer segment. Here are some examples of marketing objectives: . . To increase sales revenue 2. To maintain/improve product and brand image 3. To increase market share 4. To give quality assurance Promotional objectives are objectives that are used to draw customer's attention to a product or service, or even a business. Here are some examples of promotional objectives: . . To make consumers aware of a product or service 2. To remind existing customers of a product so, they might re-purchase the product 3. To reach a targeted audience which might be geologically dispersed 4. To develop
Marketing Research
Marketing Research Definitions . Market Research - Market Research is to simply find out. There are four main categories, the C's. Customers - The people you'll be selling products to. Consumers - The people who'll use your products. Competitors - Alternative suppliers of your goods etc. Costs - The amount you set on a product to start your business. 2. Market Segmentation - Market Segmentation is when businesses have to make a number of choices and decisions like, are the customers going to be young, old, rich or poor etc? But in order for this segmentation they have to take a process. The business will have to break down the market into various different groups or types of consumers as each group or segment will have its wants. 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
Market Research
Market Research What is Marketing? Marketing is such a wide-ranging topic that people often look on the subject from different viewpoints. To some extent such different viewpoints results from background or the area of employment of the person giving the definition. The following shows a list of sample of the wide range of definitions given for the subject: * Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. * Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in an environment through the creation, distribution, promotion and pricing of goods, services and ideas. * Marketing 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. * Marketing is the management process, which identifies, anticipates, and supplies customer requirements efficiently and profitably. Whatever the context in which the term is used, it generally implies a demand for a product or service. There are three factors for any product or service: . People with needs 2. Their purchasing power 3. Their buying behaviour A market, therefore, can be defined as people with needs to
Market Research
2. Market Research Market research is the process of gathering, recording and analysing data that will help you make better decisions in your business at any time, whether it being starting up or improving your business. This data can be taken from the consumers, competing businesses or secondary sources. Market research is vital for every successful business, as it can help to start or expand a business, update existing products, raise your profits, set prices, select a location for your business, launch a new product successfully, analyse and learn more about the number of consumers, e.t.c. There are 2 main types of market research - Primary and Secondary. Primary research is, simply, new data that has been collected by your own business. There are many different ways of finding primary data, including: * Questionnaires * Telephone interviews * Surveys * Observing the consumers * 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
Market Research
Market Research What Is Market Research? Market research means systematically gathering, recording and analyzing data about the market for goods and services. To find out what the customer wants, a wide variety of market research techniques are used. These involve asking various questions like: - * What is the target market? * Where are they? * What do they want? * When do they want it? * Can we satisfy them? * How can we improve it for them? Methods Of Market Research? A firm can employ either its own marketing department or get an outside specialist organisation. There are two main types of market research: * Desk Research. This involves using existing sources of information to research the market. This can also be called secondary research. * Field Research. This is the process of gathering new information about the market by going into the 'field' (like house-to-house etc.) This can be called primary research. For my business I will be mainly using field research by handing out questionnaires around my school and collecting the results and by interviewing DJ Chrissy-P from Scream Records and Marcus Akanbyi from Red Records. My research will tell me what type of age groups listen to what kinds of
market research
Marketing is the process used to make it as easy as possible to get the potential customer to buy your product or use their service. Market research is researching what people think about products and services. Market research is researching what e.g sells the best. You benefit from the research. Market research is either primary or secondary. Primary research is finding information that doesn't exist already. An example of primary research is questionnaires, telephone surveys, product resting and working with consumer groups. Advantages are that it provides data that is up to date, relevant and specific to you products. Secondary research is useful for looking at the whole market, and analysing past trends to predict the future. It's research on information that already exists. It involves looking at things like market research reports, or magazines and newspapers. Advantages are that it's cheaper than primary research, the data is found easily and it's instantly available. I will be using primary research as I will be looking for original information. I have rejected secondary because the information I would gather would be of existing cafes, so there would be no point because I would be basing my café on other cafes. 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 café. For my research, I have
Market Research.
Task 2 - Market Research Marketing (2.1) Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product. * Developing and designing a product customers desire, producing the right amount and to the right quality specifications * Using a price that they find acceptable but allows the business to make a profit * Finding out what types of promotional methods attract * Making sure that the product is on sale in places convenient for the customer to buy it Marketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. Marketing is also important as it helps a business identify potential profiting products that customers would purchase, it helps you to identify what types of products the customers would buy to see if you can charge a higher price - therefore profit becomes greater. Types of Market Research Marketing research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. (Alain Anderton, pg 129) It is where a person will go to find out information such as pricing strategies, placement, product and promotion techniques that
Market research
Finding out about what consumers want and need, and what makes them buy, is called MARKET RESEARCH. Market research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data. Why Research the Market? Businesses that are product orientated risk spending large amounts of money launching a product, which could be a failure. Research the market helps reduce this risk. It focuses research and design effort onto products, which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing. Market research attempts to find the answers to questions a business might have about its market. This information is collected via desk research and field research. The information is then collected and analysed. The business then decides about what to do in the light of the information formed. Desk Research DESK RESEARCH involves the use of SECONDARY DATA. This is information that is available, both within and outside the business: Internal Sources is such as sales invoices, reports and accounts. Government is published statistics, such as consumer spending figures; reports such as Monopolies and Mergers Commission Reports. The Media is reports in newspapers, magazines, on radio and on television. Trade Associations is statistics or
Market Research
Market Research Introduction Milo has been around since 1933. It is a chocolate malt flavoured beverage, which is fortified with several vitamins. Young and old love Milo simply for being energy- packed and its rich chocolaty taste. As a health food drink, it is full of vitamins and minerals. In fact, new improved Milo boosts optimum performance. This is what makes it different from its competitors who are; Ovaltine, Haulics, Lucozade, Nesqiuck and other chocolate drinks. Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g, 1kg refill packs and in ready-to-drink plastic bottles. You can also enjoy the goodness of Milo through the healthy and delicious Milo Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls. I am going to identify and explain the principles of marketing because it is the foundation at, which I'm going to use to create my marketing strategy. Marketing involves the anticipation, identification, satisfaction and creation of consumer wants for the purpose of generating income or profit. It also involves a variety of activities designed to raise consumer awareness, develop new products, increase market share and profit and to manage the effects of change and competition. In order for a business's marketing to be successful, it must be based on the principles of marketing, which are: * Understand customer needs * Understand and keep ahead
Market Research
Market Research by Christopher Currie 11D What is market research? Market research is the process of obtaining information about the market for new and existing products Businesses use a wide range of market research techniques to find out what customers want this involves asking the following questions: ) What is the target market? 2) Where are they? 3) What do they want? 4) When do they want it? 5) Can we satisfy them? 6) How can we improve it for them? By obtaining this information it then proves useful for deciding who to launch my product at, what age to launch my product at, which area to sell my product in, how many bars to sell there and how can I improve the product. Methods of Market Research A Firm may choose to set up its own marketing department or employ an outside specialist organisation to carry out market research. There are two main methods of market research: What is Desk Research? Desk Research involves using published information or secondary data. This information which is already available both within and outside the business. What kinds of Desk Research exist? ) Firm's own data - Records on how much certain customers spend and which areas have the best sales for particular products. 2) Government Statistics - On many topics such as population changes and consumer
