Marketing
What is marketing?
Communicating with customers.
What is market research?
Finding information about the market, customers and competition.
How many elements of the marketing mix are there?
4
Aisha is selling home-baked cakes. She wants to advertise her business, but she doesn't have a lot of money.
Recommend a method of promotion.
Social media
What is price?
An amount of money people are willing to pay for a product.
People who the business wants to sell their products to. (for example, sportsmen for Adidas and Nike)
Target Market
How many types of market research are there?
2 types: Primary and Secondary
What a business sells.
Product / Price / Place / Promotion
Product
Gucci and H&M
Are they in competition?
No
Premium pricing is ...
used for luxury products (Chanel, Dior, Rolex..)
Pasta, rice, toothpaste
Niche / Mass market?
Mass market
Primary / Secondary?
Primary
All the products should be alike / very similar.
No, they should be unique.
Costa and Starbucks
Are they in competition?
Yes
innovative technological products (IPhone)
Rolex, baby shoes, Chanel bag
Niche / Mass market?
Niche
Internet / Books / Reports
Primary/ Secondary?
Discounts, sales, free gifts
Advertising / Sales promotion
Sales promotion
Nissan and KFC
Are they in competition?
No
Total costs: 16,000
Output: 4,000
Mark up: 50%
Calculate the price
6
There is only one method of pricing.
True / False
False
(cost-plus / premium / competitive / promotional / price skimming)
When a small group of customers is testing a product.
TV / radio / social media
Advertisement / Sales promotion
Abdulla sells car accessories. He wants his customers to be able to access his advertisement while driving.
Recommend a method of advertisement.
Billboards / radio
Change in quantity demanded is 40%
Change is price is 20%
Calculate PED. Is it elastic / inelastic / unitary elastic?
2
elastic, it's more than 1