We will look at: Marketing definition Types of Markets The Marketing Mix Market Research Methods of...

We will look at:

• Marketing definition• Types of Markets• The Marketing Mix• Market Research• Methods of Market Research• Market Segmentation• Advertising• Sales and PR

Questions to Consider:

1. What is the definition of marketing?2. List 6 types of markets with examples.3. What is a target market?4. Explain the marketing mix using a product/service of

your choice.5. What ways can we collect information? Give

advantages and disadvantages for each.6. What is market segmentation?7. S.E.E. Advertising.8. What is meant by PR/Sales Promotion?

Marketing

• Marketing means identifying consumer’s requirements and identifying how to supply these requirements at a profit. It is finding out what a customer wants and making a product to satisfy these needs profitably

A Market

A market refers to all the people and institutions involved in buying and selling a product. It is where the buying and selling happens

Market Types

Online Market- Goods and services are advertised and sold online

Retail Market- Where goods and services are sold to the public

Street Market- Sell fruit, vegetables and clothes

Market Types

Wholesaler Market- Goods and services are sold to retailers

Stock Market- Where stocks and shares are bought and sold

Export Market- Exporting to other countries

Target Market

• A Target Market refers to all people who might buy a particular good or service. The Target Market will have something in common and are targeted by the advertisers

• Example Target Market for Ed Sheeran tickets would be Pop Music Fans or Soccer Jerseys would be football fans

• http://youtu.be/kDTJd1OLPHw

Target Markets

• Who would be the Target Markets for the following products?

Nintendo DSJunior Cert Business Studies WebsiteWalking SticksFertilizer

The Marketing Mix

• The Marketing Mix is about:• The right PRODUCT• Sold at the right PRICE• In the right PLACE• Using the most suitable PROMOTION techniques

• We can use the marketing mix to examine all products on the market and the marketing mix that is involved.

The Marketing Mix

• Think about Easter Eggs

The Marketing Mix

Product: What product is being produced?

Price: What are we going to charge? Is it going to be a fixed price or a bundle?

3 for €5 in Tesco, €9.99 for Giant Easter Eggs

The Marketing Mix

Place: The best way of getting the product to the customer. Think back to Channels of Distribution. Where are we going to sell? Supermarkets, Shops, Garages, Off Licences, Online Shopping

Promotion: Making sure the customers know about the product. The marketing, advertising, sales and after sales service. 2 for 1/, 3 for€5, Money off when you spend over a certain amount, advertising on TV, shop windows, online- ‘Like and Share’ on Facebook

Market Research• One of the most important tasks in business is

to find out what products and services the consumer needs and wants

• Market Research is therefore collecting information about a product and its market and then using that information to make business decisions

Market Research helps:

• Find out the size of the market• The main competitors• Decide on a suitable selling price• Most effective advertising channel• To discover the most suitable name

Example• In 1979, Guinness brought out a low-calorie

product called Guinness Light. It was aimed at the 20 to 30 age group to attract them to drinking Guinness. Proper Market Research did not happen and as a result the product failed to sell as the market was not there and despite a huge advertising budget, the product was withdrawn

Methods of Collecting Information

• Field Research- Going out and asking the public information (going into the field)- Examples include questionnaires, taste tests, observations

• Desk Research- Information is collected by looking up reports and the internet (at a desk)- Examples include libraries and government agencies.

Question

• What do you think would be advantages and disadvantages for each?

Verbal Test

• What is the definition of marketing?• List 4 markets• What is a target market• Discuss the 4P’S using a product of your

choice.• What is the definition of market research?• How does market research help the business?• What are the 2 types of market research?

Market Segmentation• Some products or services, example Call of

Duty, are bought by particular groups of people, while chocolate bars may be bought by everyone. Therefore, businesses may divide their target market into smaller groups (or segments) and use these groups to promote their product or service. This is known as market segmentation

• Examples of segments- Boys/Girls...Income

Market Segmentation

• http://youtu.be/DUuirqtSqpg

Promotion Mix

• Personal Selling- door to door/face-face• Direct Mailing• Sales Promotion- eg. 2 For 1, Buy one get one

free• Public Relations• Advertising

Personal Selling

Direct Mail

Sales Promotion

• Used to back up advertising to increase salesExamplesFree SamplesCouponsSpecial OffersMoney Off Vouchers

Sales Promotion

Take it for Free!!

Public Relations

• Presenting a good image of the company to the public

Duties IncludeIssue press releasesArrange sponsorshipArrange radio and tv coverage

Publicity Stunt Example

• Regardless of what anyone’s reaction was, Miley Cyrus’ name flooded numerous social media newsfeeds. The 2013 VMAs was an opportunity for the young entertainer to make a splash. In the past, Madonna and Britney Spears kissed on stage, and Lady Gaga showed up in a costume made of raw meat. Why should Miley Cyrus not take advantage of this opportunity?

Advertising

Why Advertise?• Inform the public• Persuade to buy• To Promote a product/service• To increase sales• Increase share of the market• Respond to competitors

Types of Advertising

• Informative- Give information, example milk is good for bones/ buy Irish

• Persuasive- Chose our product• Competitive- Make the switch• Generic- Industry promotes the product,

example Irish Beef

Advertising Media

Advertising Aims

AIDA IN ACTION

• http://www.dailymail.co.uk/news/article-2060655/Free-beer-criminals-Police-arrest-19-suspects-unsolved-crimes.html