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Chapter 28: Effective Marketing

Chapter 28: Effective Marketing. Purposes of Marketing. Anticipating customers’ wants (Market research)

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Chapter 28: Effective Marketing

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  1. Chapter 28: Effective Marketing

  2. Purposes of Marketing • Anticipating customers’ wants (Market research) • Satisfying customers’ wants in a way that delights customers (Marketing Mix 4 Ps – plan a suitable product, charge an attractive price, put the product into the right location or place, and use promotion to make customers aware of the product.) • Meeting the needs of the organisation (enables a business to satisfy its own wants – corporate aims and objectives) MARKETING – the anticipating and satisfying of customers’ wants in a way that delights the consumer and also meets the needs of the organisation.

  3. Marketing Objectives • The goals of the marketing function in an organisation • Types of marketing objectives: • Size (measured by sales or market share) • Market Positioning (a company’s appeal to particular market segments) • Innovation / Increase in Product Range • Creation of Brand Loyalty / Goodwill • Security / Survival

  4. Business-to-business (B2B) marketing • Where a firm sells its products to another business • Main features of B2B marketing: • Larger transactions • Specialist buyers and sellers • Quality • Informative advertising • Pricing • Buyer-seller relationships

  5. Niche Marketing • Targeting a product or service at a small segment of a larger market • Advantages: • Less competition • Costs • Small-scale production • Tailor-made products • Targeting customers • Disadvantages: • Lower profits • Changes in demand • Market entry

  6. Mass Marketing • Aiming a product at all (or most) of the market • In order to compete in a mass market, a business needs to make sure its product is different from competitors’ products. If consumers value this difference, it will benefit the firm in two ways: 1) Increased sales volume; 2) Greater scope for charging a higher **This is often achieved through Product Proliferation – when a variety of products are produced to serve different tastes

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