What is the definition of marketing? Marketing is

Transcript:What is the definition of marketing? Marketing is:
What is the definition of marketing? Marketing is more than just selling. It’s all about ‘identifying, anticipating and meeting customer needs’ What are the benefits of marketing for a business? It reduces the risk of product failure “because” you constantly try and identify, anticipate and meet customer needs “which means” there will be demand for the product “therefore” making it less likely to fail. Increases brand awareness “therefore leading to” greater customer loyalty “and” the possibility of increased repeat purchasing “consequently” increasing sales and profits It helps firms understand their customers better “which means” it can develop new products to meet their needs “leading to” more sales because they will be demanded more What are the three steps when carrying out market research? Step 1: carrying out the market research. Here the firm will make decisions about its aims and research methods Step 2: doing the research. Here the firm will need to decide on its sample size Step 3: analysing the research. Here the firm will need to decide how it’s going to use the information, have the aims been fulfilled and highlight any trends Knowledge Organiser - 3.1 Marketing What are the different research methods a firm could use? Market research methods can be either primary or secondary. Market research can also be quantitative and qualitative Disadvantages of carrying out market research? Cost – market research costs time and money “as well as” this there is no guaranteed benefit in it “because” you could spend time and money on the research and conclude that the product idea or business isn’t viable and therefore not doing Reliability – the results could be skewed and biased “which would then” make them useless in helping to make a informed decision. Is market research more important for a small or large business? It “depends on” the industry the firm operates in – if it’s dynamic then innovation and new product launces are important. It also “depends on” your customer base. Large businesses like Tesco have greater customer bases and therefore more customer needs that need to be met – market research therefore is important It also “depends on” finance – can the business afford to carry out detailed market research? Sampling and its methods It would be expensive and time consuming for a business to ask its entire target market therefore it instead takes a sample from it Method 1: Random sampling