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Business Marketing Aim A

3 roles of Marketing

1. Make customers aware of prodcuts/services
2. Build brand awarness/ trust to increase market share

3. Make customers pay more for same product

Generate customer satisfaction by:

1. Identifying needs
2. Promoting Products

3. Pricing of the brand

4. Distributiing in the right locations]

5. Promoting the brand

4 p's of marketing

Product
Price

Promotion

Place

How to make accurate assumptions when anticipating demand

1. Impact on past marketing campaigns
2. Results of market research

3. Demand for previous products

4. Impact of competitors market campaign.

Definition of Brand

The identification e.g. logo of a product making it instantly recognisable.

Explain the SMART approach for Objectives.

Specific- Stating what you want to accomplish
Measurable- How you will demonstrate/evaluate your goal

Achievable- Making sure your goals are within reach

Relevant- How does goal link with business

Timebound- Target dates

Common marketing objectives

1. Understanding customer wants/needs
2. Improve Profitability

3. Increas brand loyalty

4. Increase market share

Define Niche market

Selling products which are aimed at small and specific segment.
Demand is usually high but customers limited.

Advantages of a Niche Market

- Profits more personlised= higher selling price
- Less compitition

Disadvantages of Niche Market

- Fewer customers
- Profits lower

- Higher costs due to personalising

Define Mass Market

Business who sell products aimed at the whole market with a much wider range of customers.

Advantages of Mass Markets

- More potential sales
- Less risky

- More profit

- Reaches lots of people

Disadvantages of Mass Market

More competition
Higher cost of advertisement

Product harder to personalise

Able to operate in high demand

Define Market Segmentation

Involves dividing a market into parts that reflects different customers needs and wants.

Define Behavioural Segementation.

Dividing segments based on the different ways customers use or responds to a product.

Define Geographical Segementation

Dividing segments in different locations e.g. regions, neighbourhoods.

Define Demographical segmentation

Dividing segments based on demographic variables e.g. gender, age, race, religion

Define income segmentation

Dviding segments based on how much money customers have to spend on products.

Define Brand Personality

Set of human characteristics that we assoiciate with a product/service e.g. Nike- sporty

Purpose of branding

Charge higher prices esp if brand is well known
Inspire customer loyalty leads to repeat sales

Purpose of advertising

To inform people of the product/service
To persuad people to buy the product/service

What is the Message in Advertising

What the brand is trying to tell people

What is the Medium in Branding?

The way in which the business gets the message to customers.

Define Generic Brands

lacks a widely recognized name or logo because it typically isn't advertised.

Define Psychographic segmentation

Groups customers together based on their beliefs, lifestyle, sociol class

What is a Corporate Statergy/

A corporate strategy is a long-term plan that outlines clear goals for a company.

Typical process when marketing

1. Anticipate Demand
2. Recognising Demand

3. Stimulating Demand

4. Satisfying Demand

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