Business Marketing Aim A - copy
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