marketingmarketing. topics to cover market target market marketing mix market research & product...
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MarketingMarketingMarketingMarketing
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Topics to Cover• Market• Target market• Marketing mix • Market research & Product
development• Advertising• Selling techniques• Public relations• Export markets & Import substitution
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Market
• Market is a place or contact between a seller and buyer, where goods and services are bought and sold.
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There are many types of markets just as there are many types of goods and services.
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• Nowadays a buyer and seller do not have to meet in order for goods and services to be bought and sold.
• e.g. goods are bought and sold over the Internet
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Target Markets• Not all products and services suit
everyone, thus markets have to be divided. This is called market segmentation
• The particular type of market you aim the product or service at is known as the target market.
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• It is important to identify target market to guarantee success. Must consider:– Age– Location– Season– Gender– Lifestyle
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Question: Match the product to their main target market
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Question continued-
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Marketing Mix• Marketing is the process of
identifying and anticipating consumer needs
AND• Identifying products and services
that can be produced to satisfy these needs at a profit
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Marketing is consumer orientated. This means marketing is all about finding out what products consumers want, developing the product and then getting it to the market.
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Marketing Mix (4 P’s)• Product- deals
with type, design, size colour of product or service.
• Price- which deals with cost of production and selling price of product, e.g.€0.80
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• Promotion- deals with advertising, sales promotion and selling techniques. “Have a break have a Kit Kat”
• Place- deals with channels of distribution for a product and the final place of selling.
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5th P?• Sometimes it is suggested that there is
a 5th P?• Packaging does not just refer to the way
a product is wrapped but also refers to the image that a company will try to create for its product
NOTE:Only Price, Product, Place and Promotion are accepted as
answers for elements of the Marketing Mix for Leaving Certificate Business
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Questions
Consider a product that uses its packaging to portray a certain image?
Name and Explain!
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QuestionsMatch the appropriate P of marketing with the appropriate explanation?1.Product (a) Cost of Production2.Promotion (b) Design3.Place (c) Advertising4.Price (d) Distribution
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Market Research• Gathering, recording and analysing
information about the market.• Reasons for carrying out market
research:1. Consumer needs2. Market size3. Price, image, packaging4. Advertising and Promotion5. Competitors
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Types of Market Research
Desk (Secondary Research) - assessing information already available. Cheap and quick e.g. Internet, Central Statistics Office (CSO) http://cso.ie/en/index.html
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• Field (Primary Research) - going to market place obtaining peoples views. More expensive, time consuming yet more accurate e.g. Questionnaire, Observation
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SamplingSome sort of selection, should be a representative of market.
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Test Marketing• A new product is tested on a small
number of people to find their reactions
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Question
Which two of the following are different types of field research?•Collecting information on the internet•Observing consumer behaviour in a market place•Conducting interviews by phone•Researching magazines and newspapers.
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Answer
Which two of the following are different types of field research?•Collecting information on the internet•Observing consumer behaviour in a market place•Conducting interviews by phone•Researching magazines and newspapers.
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Designing a questionnaire
• Must be carefully designed• Clear and simple• No leading questions• Should not suggest certain
answers.
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Example of a questionnaire
Q1 Do you eat ice-cream Yes □No□Q2 What price do you usually pay for an ice-
cream? 20c□ 50c□ 80c□ €1□Q3 What type of ice-cream do you eat? Ice-lolly □ Chocolate □Vanilla□ Strawberry□ If others please elaborate?Q4 When do you eat ice-cream? daily□ weekly □ fortnightly □ monthly □
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TaskDesign a questionnaire (using the word processing programme or Google Forms/Survey Monkey) to research the market for a new chocolate bar called Chocolate Heaven? Consider the 4 P’s when designing the questionnaire!
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Product Development• Existing product redesigned
if necessary. Information collected on market research process.
• Helps ensure product or service is better than that of competitors and also that consumer needs can be met leading to greater sales and increased profit.
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Advertising• Giving of information about a product
or service. • Successful advertisements catch
customers:– Attention– Interest– Desire– Action
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Question TimeQ1 Using the internet and the website
www.youtube.com search the advertisements for Meteor, Coca Cola and Galaxy chocolate? Can you identify the target market for each advertisement?
Q2 Design a suitable advertisement on the computer keeping in mind the key elements of a successful advertisement?
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Different types of advertising
• Informative - gives consumers information about a product or service e.g. price
• Persuasive - trying to persuade customer to buy goods e.g. Special K
• Competitive - criticising other products or service e.g. ALDI/Tesco
• Generic - promote an industry as a whole e.g. need energy, drink loads of soft drinks, cheese/milk
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Advertising Media• Newspapers and
magazines• TV and Radio• Shopping bags• Internet• Billboards
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Selling Techniques• Businesses use
several methods to increase sales
• Often incentives or bonuses offered directly to consumers called sales promotion or special offers
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• Branding:a brand is a name/sign/symbol/design used by a firm to identify its products and distinguish them from other similar products, e.g.
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• Some businesses will offer certain goods at a reduced rate with often little or no profit margin. This is known as loss leader
• Loss leader is intended to attract customers to a store where they will buy more than the deducted item.
Can you think of any retailers that use this technique?
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LOGO’S and Branding• Using a particular logo
is known as BRANDING• Branding helps
differentiate a product from that of a competitor
• Very successful method of encouraging customer loyalty.
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TaskUsing the internet locate five famous logos, create a presentation and explain the company or product that these logos symbolise.
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Question: TRUE or FALSE?
Q1 Businesses use selling techniques to increase sales?
Q2 Giving a free gift with a product is an example of branding?
Q3 Businesses add logos to products so that they will be more identifiable to consumers?
Q4 A loss leader is a product which is sold at a higher price to encourage consumers to buy it?
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Public Relations
• Important for a business to have a positive image
• Most businesses have a PRO (Public Relations Officer) who looks after this area.
• A PRO makes contact with the public through press releases and press conference
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• A PRO maybe involved in sponsorship deals, where a firm pay money to have it’s name associated with something
• Name four companies and the sporting events/teams that they sponsor?
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Export Markets and Import Substitution
• Irish Market is quite small, which makes it difficult for some businesses to survive
• For this reason businesses try to sell products to other countries, called exporting
• Majority of Irish Exports are sold to the U.K.
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• Imports are goods brought into Ireland from other countries
• Import Substitution - businesses may try to develop goods in Ireland to replace foreign goods on the Irish Market, e.g. Fiacla toothpaste
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Goods/Services come to Ireland
Money flows out of Ireland to pay for the Imports €
Goods/Services leave Ireland
Money flows into Ireland €
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Recap• Market• Target market• Marketing mix • Market research & Product
development• Advertising• Selling techniques• Public relations• Export markets & Import substitution