Markets and Market Share
Marketing Mix (The Four P’s)
Product – (product/service/design/target market)
Price – (price of product/cost of manufacturer/pricing strategies)
Place – (location/distribution/ecommerce-online shopping)
Promotion – (advertising/discounts/offers)
Market Research
Primary –Field Research
Secondary – Internet/books
Market Research is always:
-Conducted before start up -Research competitors (They’re pricing, what makes them successful, weaknesses and strengths, market leader, monitoring sales – are the growing? Shrinking?, market changes) -Location -Gap in the Market -Investigation target market (‘Needs and Wants’ of customers, Income-Spending Habits, Where they shop and when, Quality/Product Value, Latest trends/technology)
Marketing Objectives, Strategies and Tactics
Marketing Strategies – Is the plan detailing how the marketing objective will be fulfilled, will be influenced by the opportunities available in the market, will also be influenced by competitors, and will be different industry to industry.
S-smart M-measurable A-achievable R-realistic T-timed
Objectives and Effective Objectives
Objectives – General statements of purpose or aims ‘to make a profit’
Effective Objectives – Objectives that are more specific – will use with SMART targets e.g. ‘to make £5000 profit in the next 6 months’
Ansoff’s Matrix - ( 4different strategies that business us in relation to
marketing, businesses will uses these strategies at different times)
Marketing Penetration – Using this strategy, a firm tries to gain more of its existing market.
Marketing Development – This entails a firm selling its existing products in a new product. (Selling to more people to enhance the state of growth)
New Product Development – A firm pursuing this strategy develop new products to sell to existing customers.
Diversification – This strategy occurs when a firm offers a new product in a new market.
Why is it important?
Marketing Penetration – introduction to the market/encourage sales/development
Marketing Development – further increasing your market share
New Product Development – entering new markets/expanding/more variety (more products means less risk)/customer satisfaction
Diversification – expanding/more sales/more income/ enhancing image/reputation/entering new markets (expands business completely)/Restabilising themselves
Setting up a Business
-When a business sets up it will devise a mission statement and this will set out what they want to achieve (their aims)
What a mission statement might include:
-Creating value for customers -How can they make money? (Depending of the circumstance or type of market) -Trends/Seasons -Focusing on quality
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