Marketing Marketing is the management process of

Transcript:Marketing Marketing is the management process of:
Marketing Marketing is the management process of (i)finding out what customers want and (ii)then making a product that satisfy their needs and (iii)persuading them to buy that product. Ms. Marshall 6th Year Business 1 Marketing in your exam Marketing is frequently a full question in both Ordinary and Higher Level papers. It is at least 50% of a question every year. As you can see it always comes up in Part 2 of the Long Questions. Ms. Marshall 6th Year Business 2 Overview of Chapter 16 Ms. Marshall 6th Year Business 3 Marketing 1. Market Research 2. Market Segmentation 3. Marketing Concept 4. Marketing Strategy 5. Marketing Mix, Product & Price Overview of Chapter 17 Ms. Marshall 6th Year Business 4 Marketing 2 Promotion Place 1.Market Research For this topic you must be able to define the term, explain the two types with examples and give up to four benefits/ reasons for market research. Market research involves collecting, analysing and reporting information about marketing issues to enable (help) managers to make effective marketing decisions. Ms. Marshall 6th Year Business 5 Market Research The two main types of market research are field research and desk research. The choice of research depends on: What information is required The amount of detail and accuracy needed The costs involved in collecting it. The time and money available for the research. Ms. Marshall 6th Year Business 6 Field Research This involves the firm going out into the marketplace to gather new information directly from consumers. Field research is also known as primary research. Advantage: More accurate and detailed information, more relevant to your product. Disadvantage: Time-consuming and costly. Ms. Marshall 6th Year Business 7 Field Research Techniques Observation: involves watching and recording the behaviour and reactions of consumers. While this may show us what they buy, it does not tell us why. E.g. Supermarkets may have people observing customers as they choose between brands. Consumer Panel/Focus Group: groups of consumers who are regularly monitored to find out about their purchases and reactions to products. This may be face-to-face or written. E.g. Superquinn holds weekly consumer panels to listen to consumer opinion. Ms. Marshall 6th Year Business 8 Field Research techniques 3. Survey/Questionnaire: involves interviewing the consumer directly. Consumers can be contacted by phone (e.g. Vodafone Customer Service), mail, the internet (e.g. after a hotel stay) or in person (e.g. when you are stopped on Grafton