Effective Marketing And Competitive Environment

Marketing

KEY TERMS

Marketing is the process of identifying, anticipating and satisfying customer needs profitably.

Niche market is where a business targets a smaller segment of a larger market, where customers have specific needs and wants.

ADVANTAGE

+less competition

+clear focus, target particular customers

+builds up specialist skill and customer

+can often charge a higher price

DISADVANTAGE

-lack of economies of scale

-risk of over dependence on a single product or market

-likely to attract competition if successful.

Mass market is where a business sells into the largest part of the market, where there are many similar products offered by competitors.

ADVANTAGE

+Higher profit

+lower cost per unit through bulk buying

+increase brand awareness

DISADVANTAGE

B2B is a business that only sells its goods and services to another business for example capita

B2C is a business that sells its goods and services directly to the customers for example Amazon

MAN UNITED

The Main Element Of Man United


Product
A product is seen as an item that satisfies what a consumer demands.

Man United
tickets, clothing, mobile accessories, housewares     

Price
Price is the amount the customers are willing to pay for goods and service.

Man United

Tickets for adults cost £53 and for 16-17 cost is £32

Place
Refers to providing the product at a place which is convenient for consumers to access.

Promotion
Methods of communication that a marketer may use to provide information to different parties about the product. Promotion comprises elements such as: advertising, public relations, personal selling and sales promotion









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