IB business 4.1 and 4.2

Advantages for niche markets

- There are better marketing focus on specific market segments or targeted by contrast to mass-market -since there is less competition businesses can charge higher prices or their products -firms can become highly specialize in markets needs and wants of their niche markets this can help deliver first-rate customer service encourage customer loyalty Disadvantages most niche markets are small and hence limit the number customers that can be in the market by contrast mass-market here for a wide base -due to the small size businesses operating in niche markets have fewer opportunities to exploit economies of scale -successful and profitable niche markets can attract new entrance into industry. The threat of larger firms entering niche markets might endanger the survival of the business

how to increase the market shares

- the promotion of their brands - product development -establish property rights -use more efficant distribution

Processes in marketing of services include:

----------Payment methods-businesses may offer their customers the convenience of different payment methods such as credit card and debit this process makes it more convenient for the customers ---------waiting time-there can be a large opportunity of cost of business if they do not manage the waiting time of the customers. These consequence include poor image and complaints and disgruntled customers. Some pizza joints give out discounts if they could provide the product late --------customer service-this refers to the degree of attentiveness and politeness of the staff towards the customers. Feedback can be obtained from customer service satisfaction surveys suggestion schemes are common cards ---------after sales care-a business can gain a competitive edge if it provides after sales service these services include maintenance technical support and warranties.

The effectiveness of people can measured in these ways

-Appearance and body language-all the staff uniforms and formal clothing are worn in many occupations a professional attire for example McDonald's employees show he smiled policy to ensure that their customers feel welcome at their locations. -Aptitudes and attitudes-managers will ask a range of questions concerning the capability and behavior of their staff. Such as whether the staff has sufficient knowledge of the products to sell it for their proof for their pro active whether a alternative is needed for the clients. If the if the answers to these questions are positive that it is highly likely of the customers will be happy with the service that is being delivered -Feedback- comments made by various stakeholders the group can also provide useful information regarding the effectiveness of the people in delivering good customer service. Skills scheme such as employee of the month suggestion schemes and records of complaints can also provide us useful feedback -Efficiency-staff to not eat customers waiting and do not make mistakes will help the business to gain better reputation. Restaurants in cinemas often have staff to assist the customers to their seats by contrast late deliveries and long wait times under import customer care

Effective questionnaires have this

-Avoid biasIn order to collect meaningful and useful data. The wording of the question should not be stored the answers of the respondents -Avoid jargon, so that respondents understand the questions this minimizes misrepresentation of answers -allow the objectives of the questionnaires to the Met by gathering only relevant data e.g. unnecessary question should be avoided in the length of the questionnaire should be limited as far as possible

Advantage of the segmentation

-Better understanding of the customers -Segments can allow them to better understand the needs and wants of various customer groups clear marketing strategy therefore reduces the waste marketing product on the wrong place -Higher scale-Being able to cater for a wider range of customers can help the business help or products and hence earn more profits -growth opportunities- effective segmentation and help a firm and identify new opportunities at home and abroad -support product differentiation- having to better understanding of different market segments business to efficiently differentiate its products and separate the risk

The marketing of physical goods include

-Correcting mistakes-it can be relatively easy to correct mistakes made during the manufacturing of physical goods albeit costly perhaps. However the provision of services can be dipped very difficult to correct mistakes. A poor image caused by a substandard customer service might be irreversible enter 2.Measuring Productivity-service jobs all provide a service although it can be difficult to measure their productivity in the same way as measuring the output of worker in manufacturing a physical product hence it can be difficult to reward those whowere more productive test Center three. 3. People management the provision of service jobs tend to be labor-intensive, which can be costly to an organization. Lawyers architects and accountants are paid well for the skills and expertise. In service industries that require large workforce, such as supermarkets fast food it might be difficult for managers to ensure all staff are consistent in their delivery of customer services. The lack of motivation from one worker, for example, could be enough to tarnish the reputation of business managing people and such professions require effective leadership

Pros and cons of differentiated marketing

-Customers enjoy a more satisfying experiences tailored market makes centers and cater to the individual needs and wants -Risks are spread by focusing on several market segment and state decline in one market segment one impact the whole business Disadvantages -selective marketing is costly and only large companies with have a lot of financial resources can do it -Marketing economy is still cannot be fully exploited since there's additional marketing costs and catering for different markets -excesses differentiation can drain a firm's resources and confuse customers

Segmenting by demographic

-Demographics of history characteristics of the human population within a certain area or region it looks live range of variables -Age- each age group has different wants and needs -Gender-Mills and fume over very different wants and needs -Race and Ethnicity- different races of people have different cultures which affect the demand of products. For example Chinese people have rice is a sample for their diets, -marital status-More and more people are delaying marriage to soaring costs the wedding -Religion- Jewish people by kosher food and Muslim don't eat pork. -Language- businesses may cater different languages and cultures. For example IB courses examinations exist in three languages English Spanish and French. Many famous towards destinations such as the stone hedge in UK in Tokyo Disneyland care for international visitors -income and socioeconomic class- very wealthy people tend to buy differently than the word people

Some marketing stratagems include

-Maintain or increase market share this can be done Through market penetration strategies -Market leadership firm strives for the greatest market share -product positioning attempts to change the image of a product -customer satisfaction involves ensuring the customers are content with the quality of product -market development selling existing products in new markets -diversification refers to the objective of successful marketing leverage selling new products and you work with markets this is highly risk or intends to be financially stable business - new product development selling new products to existing markets -product innovation first of the objective of launching in original or new idea into a market that can help them are the current gain the first blueprint bandage and establish itself = height market standing market staining her first league sent to which a firm's has a presence in the marketplace is largely based on an organization image and reputation can be maintain or enhance by effective marketing strategies

Advantages of primary research and disadvantages

-Up-to-date-secondary research data tends to be more dated and therefore is less reliable than primary findings -relevance primary research is carried out for a specific purpose And so directly addresses the questions that need to be answered. Secondary data is not always formatted so can be easily used by the firm -Confidential and unique-since the research is done firsthand no one else including rivals of the access to the info -objectivity-primary research data and information can help provide hard facts and figures to aID decision-making ------------------------- Disadvantages------------------------------------------------ Time-Consuming-It can be very tedious and lengthy task to collect primary data that is accurate and representative. This can delay decision-making and lead to loss in market decision time and opportunities -costly-collecting primary data is often coffee this might be due to the time involved to collect the data or the data is difficult to collect. Hence many businesses hire specialists or research agencies to do it for them and that cost a lot of money -Validity- faults in market research e.g. for questionnaire design or two small sample size, will lead to misleading results. In addition, people are not always honest and the responses to certain questions such as age income level or their ability to pay certain prices for products. Cultural differences in people suspicions of interpretation of the researchers might also of fact the results

Drawbacks of market research

-Your findings are only as good as the research methods you used. This is known as garbage in garbage out whereby an unreliable or inaccurate input data generates poor quality output information. For example pointless results with can degenerated the customer ask whether they are willing to pay high prices there's part of smokers are asked if smoking should be banned in public areas. - Data and information can be also inaccurate and unreliable due to bias for example the company annual report of companies websites will understandably report the most more positive aspects of the businesses performer interviewer bias can also distort research findings. -The cost of a good market research is often very high for instance postal and telephone questionnaires can be highly expensive. Data analysis also needs time and money to generate and analysis

Segment

A segment refers to a distinct group of customers With similar characteristics Such as age and gender, these people have similar wants and needs by dividing the market into different segment it easier for a business to analyze which groups of the customers will buy the products and went to target the market statistically

Benefits of market orientation And cons

Advantages- -Flexibility, firms can respond quickly to changes in the market and have access to relevant data and information. Market oriented businesses are also are also able to anticipate changes in the market and hence prepare for such things -less risk-firms can be more confident that their products will sell and be successful. This is because they arty know the market conditions. Without research the sales are gamble Disadvantages- market orientation to be a very expensive because of the research that is necessary -and there is no guarantee that this research is correct and there's no certainty of the future

Advantages and disadvantages of secondary research

Advantages- -if data it or information exists is usually cheaper to get and analyze then probably a research -there is a huge range of sources that the researchers can use making secondary data usually more accessible than primary data -often provides insight to changes and trends in the industry such as whether customers are spending more money on household goods, automobiles and quarrelsome. This allows businesses to develop strategies in response to these changes -Could be less biased than primary research Disadvantages------- -secondhand data might be out of date or obsolete really quickly -the data or information might be an appropriate format for the researcher as it has been collected for another p purpose so it needs to be further adapted and manipulated to meet the specific needs of the firm -unlike primary reserves the data and information is widely available to competitors so they can use it to

Advantages and disadvantages of product orientation

Advantages- -quality over quantity -it allows the firm can have control over what it wants to produce -not as much emphasis on market research, and market research is expensive Disadvantages- -the company assumes that they know about the customer although they do not -they need to market -more risk

Market leaders

Are firms that dominate the market share in a particular market. The business that has the largest market share in an industry, as measured by value or volume of sales, is called the market leader.

Customer profile

Are the characteristics of the customer and the consumer and different markets, such as age, gender, income and purchasing habits. Knowledge of the customer provides a help for businesses to identify the needs and wants of themAnd satisfy the segments.

Questionnaires

Are the most common method of primary research questionnaires a document that contains a series of questions used to collect specific data for specific purpose, for example -Self compelled questionnaires are completed by a sample of people -personal questionnaires are conducted face-to-face rather rather like an interview-this info can Identify trends -telephone questionnaires are similar to personal questionnaires that rather they are conducted face-to-face interview the interview uses telecommunication technology. The benefit of this is you can reach a larger number of people a wire geographical spread can be covered in research. The main drawback is relatively high cost in such research and low response rate in large numbers -Postal questionnaires were sent out people's homes offices for them to complete in their own time. One drawback is people might simply treat the questionnaires of junk mail and hence ignore him. To complete create an incentive for people to return postal questionnaire firms often provide free postage and offer gifts and prizes.

Market orientation

As a marketing approach adopted by businesses that are outward looking. They focus on marketing products that they can sell rather than selling products that they can make. It focuses on customers in order to identify and develop and the product. For instance pricing decisions are done after looking at the incomes of the customers. Thus marketing research is key. The Internet has led to an each of which businesses are forced to be sensitive to the needs and wants of the customers, if they aren't they lose competitiveness over the competition

drastic factors price

Demand-the higher the ability and willingness to of the customers to pay the higher the price will be for example airline tickets prices soared during the summer because a high demand Rivalry-the higher the degree of competition the more price competitive firms tend to be Aims- charities and nonprofit organizations will price differently than firms that are seeking maximum profits to do this dissimilar business objectives Supply-below are the supply of a certain product the higher the price will be. Diamonds have a low supply sold a higher price because it scares Time-the price of a product such as consumer electronics falls over time when you products, available. private products rise in price over time due to their scarcity Image-businesses with prestigious exclusive images can charge higher prices for the products such as Gucci Lamborghini Cost of production-the higher the cost of production higher blood prices will lend to be these are the numerous pricing methods

Constraints on achieving market strategies

Finance- size of firms marketing budget determined the marketing activity that can undergo cost of production firm's cost determines the capacity to compete for the quality -the size of the firm firms that do not have high market standing be unable to achieve market objectives as their relatively unknown -social issues that those society that can also dictate the level success of any marketing strategy for example it might not be socially acceptable to market products to cigarettes and children's workplace -time issues there is a delay in between organizations marketing of activities and expenditures having impact on the customer test means that he can face short-term liquidity problems-activities and reaction of, editors -rivals might launch new or improved products which hinder the success of the business of marketing and in addition rivals will respond to the pricing -The state of the economy is much harder to start a business during global recession -political and legal environment- government rule and regulation can limit the extent in whichMarketers can achieve their targets for example it is not possible for fast food firms to operate in theDavid European Union to advertise on children television

Market research

Firstly market marketing activities designed to discover the opinions beliefs and feelings of potential or existing customers i.e. served so I did and I anticipate the wants to the customer marketing research involves collecting data information to gain some insight and understanding of specific markets. For example to assess the current situation facing businesses and future outlook it might be necessary to gather information on competitors be stable economy and the level of demand. There more to there are two main types ad hoc market research and continuous market research.

Marketing ethics

Firstly moral aspect of the first marketing strategies unethical marketing exist when moral codes of practice are not adhered to and when such" offense to members of the general public. -examples of unethical behaviors include: hEALTH FRAUD- overnight cures for diseases get quick rich schemes- using promotional activities that offer people the opportunity get rich travel fraud- involving misleading information being given to travelers such as descriptions of hotel facilities with with steam rooms when in fact are not explication of weaknesses- using fear tactics toPrey on people's current vulnerability such as limited stocks available wrong claims- using promotional dec declarations that cannot be proved such as nine out of 10 454 out of five this pester power- Using children to pastor their parents to buy certain products such as voice fast food confusing marketing involve involving businesses whomping customers with excessive price information being on dude with confusing information prevents customers from making informed churches with the aim of the customer won't be bothered into switching to Rival product is commonly found in marketing mobile phone subscription and mortgage deals Offensive things

Focus groups

Focus groups getting it involves getting a small group together to i gain insight To the actors and behaviors of the bond and fear this group is typically made of participants who share similar customer profile. They can provide information to process for analyzing and redefining its marketing strategies. For example, there are often when a firm plans to launch a new product. The focus group might be asked to discuss the merits and alternated advert will give feedback on the prototype of the product. It arguable that by using the approach detailed questions can be answered in dissidents are more likely to be engages discussion to generate insightful information to aid research analysis observations or audio original recordings of the discussion and behaviors of the group participants are often used. Variation of focus groups are customer panels these small groups of customers within business target market are used regular market research. By using a panel it saves money from getting new response every time. Also panels usually specialists they practically useful are conducting research

Bait and switch

For example bait and switch marketing techniques are considered to be unethical these conversational marketing method used to entice customers by advertising deals that are simply too good to be true once customers are hooked to deal (the bait|), They discovered that it is no longer available in charge purchase another pricey expensive Alternative(the switch). High-pressure sales tactics are used to ensure that the target market that makes the switch example businesses that use means which include: -$10 airline tickets there only limited amounts and most of these tickets are sold to the staffAnd customers pay more than was what was advertised -Mobile phone retailers edifies a new product but it is limited in supply or stock customers end up buying higher priced models - Real estate firms launching new development using claims such as apartments for just $2500 when in all actually only one apartment is being sold at the price. In fact it is likely to have been already been sold before the advertisement even printed

Segmentation by geographic factors

Geographic location of the customers have implications and segmentation because demographic factors can largely influenced by geographic issues such as racially language and religion. Geographic factors effective market segmentation all under two broad categories -Location- different areas and regions and countries may have different cultures and aptitudes so a business might cater for a specific country and location -Climate- the typical weather in area can have a large impact in business activity for example warm clothing products and scarves and hats aren't likely to be the needs of people in warm areas

Premium brand

High quality high price. They appeal to richer people then other brands.

Qualitative research

Involves getting non-numerical answers opinions from respondent. As calmly used as primary research. The main purpose is to understand the behaviors and attitudes and perception of the customers. Soft answers rather than hard facts. This might be done by in-depth interviews by asking open-ended questions that main type of qualitative methods are focused groups and in-depth

Secondary research or desk research

Involves the collection of secondhand data information that already exists in another form. This means that the data and information such as reports newspapers and journals have been gathered by others. Secondary data tends to be cheaper and faster to collect cousin Artie is available. However is not been specifically collected for the study in question so only has some remote relevance. Furthermore secondary data and information can be outdated and the reliability of source might be questioned. Secondary research collected from internal and external sources. Intel sources are the ones that have gathered for organizations itself such as company's annual reports are sales records. Research come from outside the business government information.

Market position

Is a analytical tool that ranks different products and services are firms according to the views of the general public for example in cosmetic and straight Chanel's is higher quality and price compared to randomly. The three stages the position include: -identifying competitive advantages - Decide on which aspects of the strengths should be marketed -implement that this desired marketing positioning by using appropriate market mix

Marketing mix2

Is a combination of the elements needed to successfully market any product in use to review and develop market strategies and is the heart of market planning. It encompasses the 4P's and 7ps for services

Market strategy

Is a medium to long term plan to achieve both firms market objectives

Market

Is a place that where customers and supliers come to trade, A market exists when there is a particular demand exists there are two types of markets -consumer markets that sell to the general public and Industrial markets that that sell to other business there are likely to be many competitors at one market

un differentiated markets Or massmarketing

Is a strategy that ignores target individuals in segment instead, different markets and segments are targeted to maximize sales and volume

A position map

Is a visual tool that shows the customer's perception of a market product or brand in relation to the market the thing is a graph that plus customers perception using variables such as pricing quality major branches of perception mapping this simplicity in presenting potential complex murder research findings the maps are quick and easy to interpret by nonspecialist perception maps can draw management attention to markets and opportunities and threats -Position maps allow the business to identify a any gaps in the product portfolio for example -they can be for targeting strategies for example of a customer suck your brand high price high quality then they can further target that specific market which would buy the products -They can own form of business of needs of repositioning of their products with an undivided perception exists the firm is to devise a strategy for repositioning that sees that perception for example

A service

Is an intangible product like a visit to cinema or a haircut. Unlike with physical inspires of service good zone actually take anything away with them after the payment is made there is no ownership of the product and the product is perishable. Services are also heterogeneous i.e. customers get a different experience each time unlike massmarketed goods. Five different inches therefore important for marketing of services for example banks offer a range of different services such as saving accounts overdraft and mortgages they use these marketing tools to entice customers to these different services -there are seven keys as opposed to the four in the marketing mix

Experimentation

Is the process of introducing marketing activities to a group of people to measure their response re: action for example nice to manufacture might give out small samples to customers in a shopping mall to see which flavors they prefer. Experiment sometimes referred as piloting marketing our test marketing and save is this a lot of money and our time by indicating errors in an area before it launches the product on the much larger scale so if the product is bad the company can scrap it all together adjusted sold that people could do better like it. The saves of the company a lot of money because they were to launch the product and it was bad it would cost them a ton of money. Reduces risk and uncertainty

Market segmentation

Is the process of splitting a market into distinct groups of buyers to better meet their needs it is usually based on demographics geographics are psychographic factors

Advantages and disadvantages quantitative research

Large sample size findings represent population better -less time-consuming easier to an to analyze -no interview with expertise is needed -no interviewer bias disadvantages- It does explore the driving motivators and restraining forces of behavior and attitudes -it's not very rich in depth unlike qualitative research -expensive -might be filled out online

Economy brands

Low-quality low price supermarkets are often supply no frilled products

Market concentration

Market concentration is a measure of how competitive a market may be. It measures the market share of the largest firms in the industry. For example, a 3 firm market concentration ratio of 65% indicates that the largest three firms in the market have 65% market share. This indicates an oligopolistic market.

Reasons for market research

Market research has many purposes including: -it gives a business up-to-date information this intricately important in a fast-paced industries there always changing consumer electronics -enables businesses to improve their marketing by using distinct groups of each customer target group or market segmentation -assesses the customer reaction new products by testing it on small groups of customers. This can prevent huge losses in an unsuccessful launches unmasked scale -Give businesses and understanding of the activities used by the rivals -helps businesses to predict what is likely to happen in the future understanding the likely trends that will enable abuses to react accordingly maximize further opportunitiesEffective research will help a business reduce the risks of failure by investigating the needs and wants of the customer and the researcher findings show the customers react negatively to a product than the business can either make necessary adjustments are scrapped the project altogether market research can therefore be used to establish answers to these questions

Human resource management

Marketing data can help the HR department to identify staffing needs for example the introduction of new products might require recruited recreation of extra production staff and sales personnel the human resource department some role is to ensure that it business as a right quantity of workers through effective workforce planning to meet the needs of the customers

Product line

Maximize profits the business tends to sell the collection of its relative products in a product line to further increase the customer is many product reduce or than one type of product choosing instead to provide a whole variety is a product mix the product mix of Samsung South Korea's largest company includes smartphones televisions home entertainment systems laptops(audi A4 to super cars)

Targeting

Means that each distinctive market segment and have its own specific marketing mix for example businesses in first miracle travelers are targeted very different way than those who travel in economy class

Marketing for nonprofits

Nonprofit organizations such as charities related organizations and government departments may use advertisement and marketing to inform people about their cause. For example the government might might use television advertisements for minding citizens to complete their tax returns on time or persuade drivers not drunk drive such such tasks are proper and related marketing remains an integral part of the strategy to raise awareness of the cause another a last marketing and NGOs is somewhat different from the commonly used definition of marketing as it tends to be more informative. So does not necessarily intend to increase sales would inform people about a cause. -Social marketing strategies rather than marketing led strategies used by Prophets Ebert the main aim for social marketing campaign is not make profit but for the public to take action such as donating money to a specific charity or providing support in recycling household products are many and kills the marketing is not about selling the product but a mission our vision for a cause in the book principles of marketing it states that many cherries and move away from the traditional ways of collecting funds opting to employ some fairly sophisticated marketing companies. Government agencies and departments such as the army and police force in many countries also market to enhance their image and attract new recruits. -Catchphrases or slogan-another popular strategies using memorable catchphrases and slogans for examples of dog trust in animal welfare charity in the UK's best known for their slogan a dog is for life not just for Christmas politicians and government also use slogan scrawled their cause they click click it or ticket -demarketing- it's using marketing to reduce the demand a socially undesirable products such as tobacco government agencies use marketing strategies to inform and persuade customers citizens to act in a particular way pertains to recover examples include government warning the people of smoking and drunk driving. ---Public relations-- since nonprofits do not have sufficient funds and operate in a tight budget additional funds and better corporate image can be brought about by using public relations work. For example cherries often hold fundraising events. Public relations can also be improved by holding press conferences to get positive marketing messages in the media. Alternatively managers can give talks at schools to communicate their organizations causes the more prominent charities use celebrities to get there message across -----Internet tech-one marketing tool that has been increasingly powerful for NPO's is an Internet technology. And fuels are using the Internet to promote their cause/mission and a highly cost-effective way for example newsletters are publishing online to and they can facilitate to make online donations. ---Distribution channels- NPO's also strive to increase the distribution channels just like any private sector firm for example the Red Cross has donation box and retail outlets such as supermarkets. NPO's focus on the promotion of promotion of their image or cause other than the product of the organization for long-term survival in summary -they also use sponsorships and celebrity endorsement

Benefits of questionnaires and cons

One benefit of questionnaires is the ability to generate quantitative qualitative answers specific to the needs of the research. If this if designed properly they can be used simply to complete thereby making the process easier for the respondents. However using questionnaires for market research can be very costly and time-consuming since there is unnecessary to use large samples to gets assisted stick representation of a finding there might also be reservations with results due to bias and dishonest answers

Online surveys

Online surveys using email or dedicated software programs such as zoom ring are in prison popular together primary data online surveys are much cheaper than any other method of primary successes paper-based questionnaires or telephone interviews dedicated software can also be used to help the researchers collate quantitative research data thereby saving a lot of time and resources

Bargain brands

Our high quality but low price this is not suitable and approaches only used this short-term A coma a lot of work that willtactic to improve sales

Product

Our physical goods or intangible services, such as motor vehicles and motor insurance. In the Isa customers products serve one purpose to fulfill their needs and wants,. What is the difference between one product to the other it is the collective and relative customer benefits of a product such as the brand image function packaging value for money and after she feels care. The marketing strategies used by business will depend on the type of product in question: -Producer Products- our industrial product such as raw materials components and machinery that are sold to other businesses to further the production process for example a steel company sells a mortar companies deal -Consumer products That-are sold to the end-user i.e. private individuals. Upon us can be further classified as convenient products or such as food, customer durables such as furniture ,or specialty products such as expensive items Maximize profits the business tends to sell the collection of its relative products in a product line to further increase the customer is many product reduce or than one type of product choosing instead to provide a whole variety is a product mix the product mix of Samsung South Korea's largest company includes smartphones televisions home entertainment systems laptops

Primary research

Primary research is a market research that involves gathering new data firsthand for specific study. For example if an organization wanted to know how staff felt about the working environment primary research would be used also known as field research. Is often used to gather information from customers to identify They're buying patterns and to anticipate changes in behavior. There are several ways of conducting primary research process questionnaires observations experiments and online surveys

product orinetation

Product orientation is marketing approach adopted by businesses that are inward looking to focus on selling products that they can make rather than making product THEY sell. Innovation companies do this in order for this to be successful the idea must be creative and innovative workforce into the market so the customers will be tempted to buy things. Many product oriented businesses concentrated in making high quality product the belief that the customers are willing to pay higher prices for luxury goods out however they assume they know what the customer wants

Cowboy Brand

Product support all their price I. The products are positioned to deceive the customers and therefore can only be used as a short-term tactic to gain revenue

Psychographic factors that impact segmentation

Psychographic factors are those that consider the motions and myself were such as habits hobbies and interests and values -Values- this refers to the People's police morals and principles. Ethically responsible businesses such as body shop cater for people who are against animal testing. Special interest groups such as Greenpeace aim to win the backing up their cost. Religion can be a big source of business Status= some people are very conscious of the social and economic status such as the Filipinos in Japanese. A full feeling of status comes from wearing feel-good factor owning a certain asset such as designer clothing or sports cars Culture-the cultures and buying habits of different ethnic groups can provide immense opportunities for marketers -Habits and interests- an understanding of the different hobbies and interests the customers can provide plenty of marketing opportunities for business for example the sports industry is huge cave for customers who actively participate in watch sports

Ethical codes of practice

Refers the guidelines that help a business to act in the moral way by considering what is ethically right and wrong Companies act ethically to serve the three goals including: -to identify acceptable business practices : to foster internal management and control -to avoid confusion regarding what in what is not acceptable

Physical environment

Refers to the tangible aspect of the service. In five-star hotels for example we might expect to see a clean lobby with a nice the core and well groomed staff. The restaurant and hotel for this facility's should also be high quality the room should be clean with towels and bedsheets this all helps the customer feel happy at home. Many businesses use peripheral products in delivering the service these are additional such as banks are magazines to enhance the overall experience. In modern societies is useful for the majority of the workforce to be gauged in the service sector of the economy

Process

Refers to the way in which a services provided or deliver it can be difficult for businesses to demonstrate the benefits of services to its customers. Insurance brokers for example often have a challenge in task in convincing clients to buy insurance policies as the process is quite complex. Businesses selling physical goods however tend to have a relatively easy task in demonstrating to and convincing customers of the benefits.

Quantitative research

Relies very much on large numbers of respondents to get hard facts factual information rather than peoples opinions.Quantitative research involves I'm getting a large sample size 2 techniques used are -Close questions- allow respondents choose given a list of options e.g. gender aging, look who are false multiple-choice -ranking or sliding scales to ask the customer to rank opinions secondary sources give a ton of quantitative research. The advantages of quantitative research are the opposite of those quality reasons outlined above for instance quantitative research methods do not have flexibility of qualitative methods but because of their preset questions are used our since the findings to represent numerically the results are easier to analyze

What are the 3 elements that determine the size of a market

Size, growth , and market share

unique selling point

Sonny's aspect of the product or brand that makes it stand out from its competitors. Unique selling point is the reason that people byproduct over its rivals such as appealing packaging or something else USP is an example that in fact a competitive and make some people might buy a Gucci purse because of the quality

Ad hoc research

Takes place as and when necessary basis the focus of this research is on a specific marketing problem or issue that is going on right now

Continuous research

Takes place our regular and ongoing basis perhaps on a monthly basis for example government usually calculates the cost of living based on price data representative samples of products bought by typical households. Marketing research firm's report the annual league tables containing information such as the most popular brands in certain countries regions the world broadcasting companies record the amount of viewers on a regular basis. The movies and music and she also has a weekly top 10 list

Niche market

Targets a specific and well-defined market segment example is a business that caters for minority sports such as Porsche writing in tae kwon do. Businesses that provide specially products such as Louis Vuitton handbags Armani suit Rory Carson also operated a niche market catering for customers interested in high-end luxury goods.

Operations management

The first option... Work closely with the managers and Zune sales forecasts for market research to prepare their production schedules these departments also work directly with each other to research and develop and launch products that meet the needs of the customers there may be however some conflicts between two departments production management refer to a long drawn out. In which tests developed products whereas marketing managers would urge for a quick launch and maximize sales revenue delays are in such a product not only mean the firm loses sales but also means that a damage the firm's image

Several factors that influence whether businesses market oriented or product oriented

The market-producers of high-tech products such as smart phones tend to start up as product oriented businesses and In mass-market a more market-oriented trend is adopted Organizational culture-businesses that believe that the customer is always right are always been a be market-oriented Nature of barriers to entry-firms without much competition tend to be less customer focused such firms form hold monopolies in pricing and distribution

Finance

The marketing department works with finance closely set appropriate budgets again conflicts may arise between these two departments because marketers would want to exceed their budgets and get maximum marketing exposure our finance teams want all the departments to work within the allocated budgets

People

The provision of service relies on the goodwill of the employees. Schools require teachers were passionate about the subject, hotels require clerks. Our people are not consistent and numerous factors affect their motions which can change from day to day

Advantages of massmarketing Disadvantages

There are huge potential economies of scale to be gained from using this -there is no need to tailor different market mixes for different segments since the whole market can be addresses single marketing cake pain this saves time and resources -bigger customer bases therefore more profits DISADVANTAGES -Massmarketing is not suitable for businesses because there's high barriers to entry - come competition can be quite fierce of customers must persuade the to buy the first product rather than by the rival businesses -sincere lack of focus massmarketing can be wasteful at specific customers are having targeted

Observations

This is a method of primary research involving watching how people behave and respond in different situations. It can be done under controlling conditions rather than laboratory tests or as a real-life situation where real people don't know living observed. Observation can be carried out thing surveillance photos or evidence traffic audits for example use all three methods to ensure the flow of traffic guns and growth in areas. Observations are often used by businesses such as restaurants theme parks. As a to measure the average time it takes for service. One benefit of observation is that they report people's actual behaviors rather than what people say they do however observations do not necessarily reveal why why a person behaves the way they do either direct or indirect. The only way to establish a reason why a person is motivated to what they do is ask them either directly or indirectly. One final point of observations is that researchers need to consider the ethical issues surrounding their research whilst the use of pornography and audio research using such technology can be invasion of privacy

marketing audit

This precedes the marketing plan. This is a review of the current position of the firms marketing mix, in terms of its strengths weaknesses of opportunities and threats. This may review many address questions and issues such as the intensity of competition in the market the firms and an assessment of the effectiveness of its marketing and product profolio . From a marketing audit editors can then produce a marketing plan this is likely to include details of the following: -Smart objectives: specific measurable agreed realistic and time constrained., Such as the expected market share or sales volume within specific time frame - methods of marketing research used to identify target market and - assessments of the strengths and weaknesses of competitors in the market -outline of marketing mix such as the product design channels of distribution to be used anticipated price promotional strategies employed -detail of marketing budget -out outline of anticipate difficulties and strategies to deal with the problem -SWOT and pest are in this some times. ------------------------- the main advantage of using a marketing plan is that it improves the chances success of course of the plan doesn't guarantee success but it also helps managers to identify and deal with likely problems that are encountered. -------------------------------disadvantages however it has its limitations for example many small firms throughout have the time and resources or expertise to plan their marketing in this way they react to changes in the marketplace even for larger firms managers need to do about appropriate resources so it takes a lot of time and money marketing plans can also become outdated really quickly or instill inflexibility and organization since they don't allow percent changes in market conditions

4P's

Traditional marketing mix is known as the for peace term coined by Jerome McCarthy in this 1960s: -Product-the goods or services being market to meet the needs of the customers -price-how much customers are charged for the product -place the distribution channels you to get the product to the customers -promotion-informing reminding and persuading customers to buy the product Marking plans cannot work without all 4P elements of the marketing mix this is because the 4P's are interdependent a high price for a low-quality product without without any promotion and without limited distribution is a receipt for failure. So if one portion of the four pieces lacking the product is lacking as a whole in the service of the product is lacking as a whole.

customer sovereignty

an organization that takes a market lead approach and gives customers the top priority economics called this customer sovereignty

The questions that marketing research anwsers

are customers likely to buy the product -Which market segments are interested in the product? How much our customers willing to pay? How often are they likely to purchase this product? Which brand-new customer see as being the rivel in the market? What are the most efficient ways of promotion? Where and how should the products be sold?

Marketing objectives are the targets that the marketing department wishes to achieve these objectives should be

are the targets that the marketing department wishes to achieve these objectives should beCompatible with the firm's overall objectives. For example both were an organizational shepherd in marketing department consider entering overseas market for launching new products and overseas markets. These are inportant because : -they provide a sense of purpose structure and motivation for the marketing department -they allow progress to be monitors and success to be assessed - help in the planning and development of appropriate marketing strategies

Market Size

can be measured in three different ways CUSTOMER BASE: this is the measure of the total potential customers that a business can have. Multinationals that have large grasps in Orient markets. The internet has increased this 2. Barriers to entry : These determine the amount of suppliers in a market and how easy it is to enter a market.In areas like are air field manufacturing are high because there are large business that benefit from econ of scale Location: Some markets focus on specific areas or region . For example Adidas is the market leader in Taiwan.Globalization has increased this and the more

marketing

exists to address peoples needs and wants Its about making customers want to buy your specific products.serves to meet the needs of the customer. The marketing department of a business has 4 main general objectives -ensure that you have the right product - set the correct price so the customers can afford to buy it - distribute it to places that customers can conveniently purchase these things - Ensure that you as a business have etiquette promotion

customer relationship management

first use of people in the marketing mix CRM focuses on what can be gained during the lifetime of positive relationship because the customer as opposed to a single transaction, it is cheaper to keep both customers and get new ones

In-depth interview

in-depth interviews involve one-on-one interviews between interviewer and individual customers to investigate the personal circumstances and opinions. Lease attitudes and feelings can be examined in detail. Usually face-to-face. Although telephones are used sometimes. The findings from all interviewers are usually analyzed to identify the views of different customer shares. Identify the differences can also be important as it helps a business redefined the market strategies in-depth interviews are often used to when a business is planning to introduce change our new incentive nation. However interviews often provide a range of non-quantifiable information and my pro-difficult to analyze or make any extra pollution from

Differentiated marketing( Selective marketing)

is a targeting strategy that Taylor's marketing mix to each market segment they will often use position maps. To identify how customers think and feel about particular product or brand can help marketers to devise multi segment marketing strategies

The advantages of quality research

it is better than quantitative research for exploring what drives and motivates the work the correspondence -information gathered from quality research can be very rich in depth. Unlike a questionnaire their flexibility and process. Together after useful information from from the people getting interviewed -due to the small number Correspondence involved in quality of research that can be inexpensive yet who detail information the marketing department -One-on-one interviews respondents are you under pressure of forming their views to the majority this could help generate more realistic and represent the answers -Disadvantages -due to small sample size typically use part of research, finding it might not represent the whole population and further research may be necessary -it can be time-consuming to conduct interpret findings responses are easier and quicker to collate and qualitative research such as reasons why staff don'ts support the initiative. Hence an analysis of the results can be rather subjective - high level of interview experience is required to engage and encourage respondents the cost of hiring skilled interviewers could be high -interviewers bias might be introduced to sever the researchers own purpose. If the validity of the findings becomes questionable

place

or distribution describes the methods of distributing products for the customers example wholesalers and retailers and vending machines. Traditionally the distribution channel starts as a factory/the manufacture which sells to the product to the wholesaler who buy at large and balk they then break the balk at smaller units and sell to the retailers in the final channelis the customer each remediate Terry adds profit loss to the supplier. Changing demand of the products it just with deliveries means that the traditional channels at distribution are less popular today. The fewer intermediaries they are the lower the price since we for example buying property through sellers cheaper than going through a real estate agent will charge for their services places covered in more detail

packaging the 8P

packaging refers to the way in which a product is presented to the customers for example most jewelry stores offer special ramping services. It's a form of product differentiation packaging important if a product design function or features cannot be easily differentiated from others in the market. Psychologists have shown that people's choices on what the buyers affected by packaging the things such as color texture and appearance. Businesses have therefore use packaging to entice customers by using different colors shapes sizes and materials Various functions of packaging: -Packaging has a profound impact on the customer's perception of brand for example people are more likely to provide your then some simple plastic bag the quality of packaging sometimes reflects the quality of the product think dre beats has good packaging making people thing that that the product is good. -Packaging acts as differentiation. Free gift wrap services offered by retailers during Christmas might be enough to sway customers from other services. And like some packages are a large and can be used for other things that might get people to buy the product -it pertects the box from damage during transportation,Imagine your high screen TV breaking delivery -labeling can provide information which can be useful to the customers and might entice them to purchase the product -it makes distribution easier -encourages simple buys -Access advertising the brain

physical evidence again

physical evidence refers to the image betrayed by business regarding its tangible and observable features. Businesses that offers services rather than physical products must pay careful attention to the elements of the marketing mix hotel position in prime locations with opening reception areas and well groomed staff for trade good quality standards customers will not pay higher prices if the ambiance is wrong such as the climate disorderly seeding poor hygiene and whatnot. It is only shallowit is only shallow people who do not judge by appearances. Looks certainly do count

price

pricing can be one the most difficult decisions to make in the marketing mix. If he privately product is overpriced customers won't buy it matter how good it might be however if a product is priced to lowest means there perceived to be lack of quality. Economics to find the correct price is the equilibrium price. Where buyers and sellers agree on an appropriate price for the products buyers want a price to reflect the value of the product sellers want a price that exceeds their costs to earn sufficient profits Look below at the DRASTIC factors that change the price

process again

process for first the methods and procedures used to give clients the best possible customer experience. It can help customer loyalty by fulfilling the needs of customers for example businesses handle complaints effectively customers are consistently in the search of improved convenience. It would be inconvenient for customers to have to wait long time for items to believe that be delivered online retailers such as Amazon.com provides different shipping options such as free delivery and next day delivery for customers are kept informed of their lawyers which can be tracked using reference numbers. Other firms such as IKEA charge their customers for delivery claiming that there is no such thing as free delivery hence the charge for delivery compensates the customers by charging relatively lower prices . customers are constantly searching for improved convenience

promotion

promotion refers the strategies used to attract customers to a firm's product branding for example helps to give free entry to product from its rivals promotion is used usually classified as being either about the line or below the line. Above the line promotion uses mass media such as TV radio newspaper below the line promotion refers to all promotional practices such as packaging sponsorship and direct mail in reality most businesses use a combination of both types promotion

Market share

refers to a business contribution to the total sales revenue of a market value of a market. expressed by dividing the firms sales revenue over the industry review

Market growth

refers to the increase in the size of growth of the market per unit time This can be measured in Value or volume of sales. In percentage. Growth is likely to lead to more suppliers entering the market because they are interested. The number phone providers has increased

Market mix

refers to the main elements of a firm's marketing strategy, the activities can be summed up in a piece product price promotion place people physical evidence process and packaging

marketing planning

systematic process of analyzing market objectives and appropriate market strategies to achieve these goals it requires the collection and analyze andof information about a particular market such as market research data on existing and potential customers a typical market planning process involves: -Market audit-an examination of current climate in which the business operates,market research is integral to this investigation -marketing objectives-The marketing audit enables the firm to set marketing goals and marketing targets such as increasing the market share -market strategies-the plan in and use of the marketing mix to achieve objectives -monitoring and review-a continual process of checking and assessing the targets are being met hence marketing strategies might need to be adjusted accordingly -evaluation-an examination of the extent to which a firm has succeeded in achieving its marketing objectives. This will aid decision-making and planning in the next annual marketing audit

Draw backs of packaging

the cost customers are the one who ultimately played for the privilege of packaging and it costs. Environmentalists argue that the marketing needs excess parking packaging at the cost of the environmental damage some argue that packaging should not be seen as a separate element of the marketing mix because it's essentially form promotion at the less there is little doubt the packaging does affect the cost of the price and customer demand

people again

the experience and quality of service given to customers depends on the attitudes and aptitudes the employees. The Chinese have a saying a man without a smiling face must not open a shop. The highly motivation motivated and competitive sales team will deliver better customer service than the ones which are demotivated and incomplete happy customers are more likely to stay loyal to a business and would be a great source of marketing through positive word of mouth promotion to their friends .of customer service does not simply stop the sail it may impact firms also provide relatively better after sales customer support than they can get a competitive advantage. customer relations management: involves setting standards and providing staff the training to deliver good customer service CRM also emphasizes the customer lifestyle value, the proper profit annuity that can be gained during their lifetime with a positive relationship with the customer rather than the profit made from a single transaction with the customer. It is arguably cheaper to keep existing customers than to find one, so see RM potentially has a larger role to play in marketing of goods and services

marketing plan

the marketing plan is a document that outlines a firm's marketing objectives and the marketing strategies to be used to achieve these objectives successful marketers advocate planning marketing objectives and strategies rather than adopting it ad hoc then un coordinate approaches.this is usually preceded by a marketing audit begins

in addition to the traditional four keys the marketing of services includes an extra three and 8PP exists only if you want to use a

the new keys include process physical evidence people they'd be as packaging