Marketing 1 - Business Revision Notes

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Contents

Marketing #1 4

Market Research 4

Field Research 4

Types 4

Desk Research 4

Types 4

What is the Importance of Market Research? 5

Market Segmentation 5

Advantages 5

The Marketing Concept 6

The Marketing Plan/ Strategy 6

STEP 1: Investigate 6

STEP 2: Select a Target Market 6

STEP 3: Marketing Mix 6

Benefits of a Marketing Plan 7

Product 7

Product Brand Name 7

Benefits 7

Packaging 7

Functions 7

Product Life Cycle 8

Price 9

Factors that Determine the Price a Business sets for its Products 9

Price Setting Strategies 9

Breakeven Analysis 10

Formulas 10

Marketing #1

  • Marketing is the management process of finding out what customers want and making a product that will satisfy these needs. It involves persuading customers to buy the product.

Market Research

Field Research

  • This is research that has never been done before. New information is collected directly from customers. This type of research is expensive and can be time consuming.

Types

  • Observation: this involves researchers watching and learning from how customers behave. The company wants to see how customers how they really are and their natural behaviour. Example: Centra has improved its store layout through the observation of customers.
  • Survey: it involves directly talking to customers. It could be over the phone or by email. A representative sample of the population both locally and nationally which should be used to give an accurate result. Example: asking customers to fill in an online questionnaire about your website after buying a product on it.
  • Consumer Panel/ Focus Group: these are groups of customers hired by the company carrying out research who are regularly monitored about their purchases and reactions to products. They may attend meetings to give feedback or be asked to fill in a diary.

Desk Research

  • This involves carrying out research by using other information that already exists. It is inexpensive, however it may sometimes be out of date or s...

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