Marketing and the competitive environment

Effective marketing

KEY TERMS:

  • Marketing:- the action of promoting and selling products or services, including market research and advertising.
  • Niche Market:-  The market which provides goods and service which satisfy the needs of a small and specific section of a market, with a unique selling point.
  • Mass Market:- operating within a market which caters for a large scale market.
  • Market:- is where goods and services are sold.
  • Business to business (B2B):- businesses which provides products and services to only business. An example is Ca-pita.
  • Business to consumers (B2C):- firms that ultimately sell to consumers. An example is Fly Emirates.
  • Product Differentiation:- When a mass marketing sells specifically tailored goods for wholesalers and Business to business firms.

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Effective Marketing MIx Mufc

Manchester United Products:

  • Kits
  • Tv rights
  • Training clothing
  • Homeware
  • Personalised Goods
  • Souveneirs
  • Gifts

Promotion:

  • Sponsorships
  • Charity Work
  • Community service
  • TV adverts
  • Indirect Promotion - news and tv channels
  • Website

Place:

  • Old Trafford
  • Online
  • Sports shops

Price:

New Products:

  • Cost plus pricing:- Percentage above the cost to guarantee profit
  • Price skimming:- New Products can be put up at high prices to start off with, to maximize profit.
  • Penetration Pricing:- New products are set at low prices to capture as much of the market share as possible.

Existing Products:

  • Price leaders:- They have the largest share of the market so they can dictate the price. eg. Asda or Tesco
  • Price takers:- Companies in a competitive market that have a small market share and have less control of the price and have to take whats given to them. eg. Newsagent

Marketing Mix: Products

What is Product development:

Changing aspects of goods and services to meet the changing needs of existing customers or to target a different marketing.

USP: this is the unique selling point which is the thing that makes a product stand out.

Factors which influence Product development:

  • Advances in technology
  • The actions in competitors
  • The entrepreneurial skills of managers and owners –how much risk are they willing to take? Do they have the skills to develop products?
  • Financial situation

Product Portfolio: this is when you have a range of different types of products.

  • Product Life Cycle: The path of a product from its introduction onto the market, to its eventual disappearance from that market.
  • 1)Development stage
  • 2)Introduction stage
  • 3)Growth stage
  • 4)Maturity stage
  • 5)Decline
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    Boston Matrix

    A method of analyzing  how successful a businesses products is doing in the market.

    Using Marketing Mix: Promotion

    1. PR stands for public relation, it means to shape and maintain the image of a company.
    2. 3 methods Of PR are :
    • Publicity stunts
    • Product Placement
    • Sponsorship

    Role publicity officers are to make sure the company has a good relationship with local communities and local organisation.

    PR is potentially more effective than advertising as public relation create a good relationship with the public this therefore enables customers to trust the company and this will mean governments are more likely to back the company.

    A brand is a  type of product manufactured by a particular company under a particular name.

    An example of a brand is SDC

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