We will look at:Marketing definitionTypes of MarketsThe Marketing MixMarket ResearchMethods of Market ResearchMarket SegmentationAdvertisingSales and PR
Questions to Consider:What is the definition of marketing?List 6 types of markets with examples.What is a target market?Explain the marketing mix using a product/service of your choice.What ways can we collect information? Give advantages and disadvantages for each.What is market segmentation?S.E.E. Advertising.What is meant by PR/Sales Promotion?
MarketingMarketing means identifying consumers 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 MarketA market refers to all the people and institutions involved in buying and selling a product. It is where the buying and selling happens
Online Market- Goods and services are advertised and sold onlineRetail Market- Where goods and services are sold to the public
Street Market- Sell fruit, vegetables and clothesMarket TypesWholesaler Market- Goods and services are sold to retailersStock Market- Where stocks and shares are bought and soldExport Market- Exporting to other countries
Target MarketA 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
Target MarketsWho would be the Target Markets for the following products?Nintendo DSJunior Cert Business Studies WebsiteWalking SticksFertilizer
The Marketing MixThe Marketing Mix is about:The right PRODUCTSold at the right PRICEIn the right PLACEUsing 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 MixThink about Easter Eggs
The Marketing MixProduct: 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 MixPlace: 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 for5, Money off when you spend over a certain amount, advertising on TV, shop windows, online- Like and Share on Facebook
Market ResearchOne 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 marketThe main competitorsDecide on a suitable selling priceMost effective advertising channelTo discover the most suitable name
ExampleIn 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 InformationField 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.
QuestionWhat do you think would be advantages and disadvantages for each?Verbal TestWhat is the definition of marketing?List 4 marketsWhat is a target marketDiscuss the 4PS 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 SegmentationSome 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 segmentationExamples of segments- Boys/Girls...Income
Market Segmentationhttp://youtu.be/DUuirqtSqpgPromotion MixPersonal Selling- door to door/face-faceDirect MailingSales Promotion- eg. 2 For 1, Buy one get one freePublic RelationsAdvertising
Sales PromotionUsed to back up advertising to increase salesExamplesFree SamplesCouponsSpecial OffersMoney Off Vouchers
Take it for Free!! Public RelationsPresenting a good image of the company to the publicDuties IncludeIssue press releasesArrange sponsorshipArrange radio and tv coverage
Publicity Stunt ExampleRegardless of what anyones 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?
AdvertisingWhy Advertise?Inform the publicPersuade to buyTo Promote a product/serviceTo increase salesIncrease share of the marketRespond to competitorsTypes of AdvertisingInformative- Give information, example milk is good for bones/ buy IrishPersuasive- Chose our productCompetitive- Make the switchGeneric- Industry promotes the product, example Irish BeefAdvertising Media
AIDA IN ACTIONhttp://www.dailymail.co.uk/news/article-2060655/Free-beer-criminals-Police-arrest-19-suspects-unsolved-crimes.html