Marketing and competitive environment
Marketing: the action or business of promoting and selling products or services, including market research and advertising.
Niche marketing: marketing to a small segment of a larger market.
Mass marketing: Targeting the whole (or most) of the market.
Market: a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
B2B: when firms sell to other firms, the products are not made to sell to general consumers. e.g Intel
B2C: when businesses sell products to general consumer and public.
Advantage: the limited demand may suit a small firm that lacks the resources to produce on large scale. Also it can be easier for firms to target just one type of customer.
Disadvantage: the small scale of the market limits the chances of high profit. furthermore, small firms in niche markets can be vulnerable to change in demand.
Effective marketing and Marketing mix
MANCHESTER UNTIED MARKETING MIX:
they sell various types of products; they sell their football team jerseys - this is the main type of product that they sell. they also sell various other products such as bathroom equipment, football training equipment, home-ware, gifts, souvenirs etc. as well as selling products they sell services such as sky subscription to their channel. they also have credit cards.
they promote through the use of websites and tv advertisement, all the news channels promote Manchester untied by talking about the game that they will play in the futures, the news channel is an indirect promotion. further promotion could be done by using Manchester united football players to promote their products; football players influence a lot of people hence they are used as marketing objects.
Price: their price is determined by seeing how important a product or price is. knowing that Manchester untied is a big club they will generally charge high prices knowing that they already have a solid customer base who will buy their products regardless of the price. they provide several different types of match ticket options, they provide solo tickets and season tickets as well as VIP tickets.
Marketing Mix: Products
What is product development:
Changing aspects of a good or service to meet the changing needs of existing customers or to target a different market.
Product development process:
USP: this is the unique selling point which is the thing that makes the product stand out in the market from all the other products.
Factors which influence product development:
Product portfolio: this is when you have a range of different types of products.
Product Life cycle:
Marketing mix: Promotion
PR (public relations): Public relations (PR) is the practice of managing the spread of information between an individual or an organisation and the public.
methods of public relations:
- Attendance at public events. In order to attract public attention and keep it engaged with a particular organisation or an individual, PR specialists take an advantage of every public event and the opportunity to speak publicly.
- Press releases. Information that is communicated as a part of the regular TV or/and radio programme, newspapers, magazines and other types of mainstream media achieves a much bigger impact than advertisements.
- Newsletters. Sending newsletters – relevant information about the organisation or/and its products/services - directly to the target audience is also a common method to create and maintain a strong relationship with the public.