Marketing and the Competitive Environment.
Marketing- a business promoting, advertising or selling a product or a service. this can be through market research or advertisement.
a niche market is a small segment of a larger market which the product is targeted to specific customers.
is unsegmented market in which the product appeals to a larger market.
business to business( B2B)
Business 2 business only primary sells o other businesses s, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer.
business to customers (B2C)
is a business that provides products to its customers directly for example Tesco
A marketing process that showcases the differences between products. Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products. Successful product differentiation creates a competitive advantage for the seller, as customers view these products as unique or superior.
Effective Marketing mix for MUFC
- product- a football club that sells accessorizes like pens,wallets, flasks. they have sold over 5million products in last year over 130 different countries world wide with 10,000 stores .they make so much money out of tv contracts to air the match live .they also sell apps that tells them about for man united fans.their main income revenue comes form tickets for they sell for football match In the 2012/13 season, attracted over 2 million people ($15.77 per ticket). their website have page views of 62 million times per month with over 7 different languages .they are sponsored by many companies so they can get customers and also be the main provider of the man united
Using the marketing mix product
Product development is changing aspect of goods and service to meet the changing needs of existing customer or to target a different market. New product development is important for bringing new products into the market. It entails idea generation, product design, product testing and detail engineering. There is also market related product development.
6 stages product development process
1. creativity coming up with the idea
2. defining the concept
3. developing the concept
4.testing and finalizing the concept
5. full production launch
6. managing the product cycle
factors that influence product development
- advance in technology
- the action in competitors
- the entrepreneur skills of manager and the owner-how much risks are they willing to take?
- financial situation
the product life cycle: show the different stages in the life of a product and sales that can be expected at each stages.
- development states
- introduction stages
- growth stages
- maturity stages
Boston matrix is a model of analyzing the product in a firm portfolio based on a relative market share and market growth.
the question mark: is a new product wit h a small of share of growing marketing
Marketing promotions – Marketplace Activity Data Questions
- 1. Explain what PR stands for and what it means (2)
- PR is public relations and it means the practice of managing the spread of information between an individual or an organization and the public
- 2. List 3 methods of PR (3)
- Social media: used primarily by the marketing industry. Social media networks communication directly with the public, consumers
- Direct marketing: this means that business have direct contact with other business such as B2B or directly with customers such B2C
- Press release: Information that is communicated through TV ,radio programme, newspapers, magazines and other types of mainstream media achieves a much bigger impact than advertisements.
- 3. Briefly explain the role of the Publicity Officer (1)
- Publicity is the deliberate attempt to manage the public's perception of a subject. The subjects of publicity include people goods and services, organizations of all kinds, and works of art or entertainment.
- 4. Justify why PR is potentially more effective than advertising (3)
- You build customer loyalty and have a close relationship
- You have more idea of what the customer wants and this means you can deliver their needs
- The business will have the trust of the customers and will be close to their consumers
- 5. What is a brand? (2)
- A brand is the logo in which ha company is recognised. Also branks are trademarked so the company only uses it for promoting and advertising
- 6. Give an example of 1 brand (1)
- NIKE is a brand
- 7. List 2 reasons for branding (2)
- Recognitions by customers
- Loyalty of customer to the brand