National 5 Business Management 2.1 Marketing
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National 5 Business Management 2.1 Marketing
- 1. 2.1 Marketing N5 Business Management
- 2. Definition of Marketing “Marketing is the management process of identifying, anticipating and satisfying customer needs profitably” - Philip Kotler
- 3. The Marketplace The Marketplace brings together both buyers and sellers - A stall Corner shop Auction Mail order Supermarket Internet
- 5. Marketing Marketing is not just about selling. Marketing is knowing about and satisfying customer needs Marketing can increase sales & maximise profits. It can also improve the image of the firm.
- 7. What is market research? Market Research is studying or investigating a market, to find out what consumers want, or whether customers are satisfied with a product and the level of service provided.
- 8. Class Survey – Show Me Boards Boys Hollyoaks or MOTD? Lady Gaga or Eminem? Coke or Pepsi? Top Gear or X-Factor? Favourite Colour? Boys Girls Girls
- 9. My Predictions! Girls will like Hollyoaks, Boys MOTD. Eminem may be too old to be popular! Lady Gaga probably liked more by girls. Would expect Coke & Pepsi to be even but Coke narrowly ahead. Doubt there will be a gender imbalance. Would expect most boys to prefer Top Gear over XFactor. A study by Hallock (2003) revealed that 57% of men and 35% of women view blue as their favourite colour. Yellow is second for men.
- 11. Market Segmentation Who is Crispola aimed at? What is target marketing?
- 13. Market Research in Action Video on Market Research from The Apprentice http://www.youtube.com/watch?v=GY mhV9H4Ulo How do you think they did? What would you have chosen?
- 14. Market Research Methods Observation – watching consumer bevhaviour Groups – asking people in depth qualitative questions on a topic Focus (aka Surveys) – asking people questions on a topic (one to one, by phone, by post, or online) Questionnaires
- 16. Questionnaire Design Rules Only one question at a time Keep question simple & clear to understand Questions should be free from bias (not „leading‟) Keep questionnaire short
- 17. ICT Task We are going to buy in one type of smart phone to sell to pupils in the school What key questions do we need to find out? MAKE/BRAND FUNCTIONS AGES GENDER You will now work in groups of 3-4 and complete your Questionnaire Design sheet
- 18. What we are looking for Questions that will let us know about… the respondent’s age & gender The type of smart phone they like Extra features they expect (ie camera, video, 3G or 4G) Colours they like Price they would pay Service provider? Data plans… text & minutes You have 10-15 minutes to design the survey!
- 20. Marketing Mix Otherwise known as the 4 Ps: Product – what you are going to make or sell Price – what you will charge customers Place – where you will sell the product/service Promotion – how you let customers know about the product/service
- 22. USP USP stands for Unique Selling Point This means a feature that makes stand out from the crowd. FedEx guaranteeing on time delivery Sky‟s technological expertise Apple‟s unique design is a USP Can you think of any others?
- 24. New Product Development Market Research is used to provide information for firms to develop new products. Develop a superior product Create a USP Prototypes & testing Alterations Patents & Copyrights Product launch & commercialisation
- 25. New Product Development Idea Generation Development Prototype & Testing Modifications Launch to Market
- 26. TASK Question Bank 31-39 Go Further Create a presentation called “Product Heaven and Product Hell” outlining 5 successful products & 5 product failures.
- 27. Branding Branding is when a product is well known and memorable. It may make good use of logos, slogans, a unique design or a high quality product.
- 29. Cardiff City In 2012, after being taken over by a Malaysian business man, Cardiff – aka „The Bluebirds‟ controversially changed its home kit colours from blue to red in order to appeal to a wider market. The club crest would also now include a Red Welsh Dragon. Supporters were furious. http://www.bbc.co.uk/sport/0/foo
- 30. Branding Advantages Disadvantages Customer loyalty Good image Premium Pricing Can add to family of products High advertising costs One mistake can tarnish brand Loyalty can be fickle New Coke
- 32. The Product Life Cycle
- 33. Product Life Cycle Draw and label the diagram. Describe what happens at each stage in terms of sales, profit, costs and time.
- 34. Product Lifecycle This outlines the common growth and decline of a product over time. It may be just a record of sales, but it is important to be able to act on this information. Not all products follow this... Fads and classics are different. But how do we keep a product from becoming obsolete?
- 35. But how?
- 36. Extension Strategies Change Product Change Price Change Place Change Promotion Change Packaging
- 38. Price – Pricing Strategies Long Term Strategies Premium Price Competitive Price Low Price Short Term Strategies Psychological Pricing Cost Plus Pricing Penetration Pricing Promotional Pricing Demand-orientated Pricing Destroyer Pricing
- 40. Place Where to locate? High street or shopping mall? Bricks and mortar or online? What are the impact on sales and costs?
- 41. Place – Distribution Channels There is a new channel now. From Manufacturer – Etailer Consumer
- 43. “There are 3 things that matter in property. Location, location, and location.” - Attributed to Lord Harold Samuel, Real Estate Tycoon.
- 44. Place – factors to consider Finances Competitors Exclusivity Government grants Infrastructure Availability of resources & labour Manufacturing process Distribution
- 45. GROUP TASK The Government are going to build a new generation of High Speed Rail called HS2.
- 46. Proposed lines completed by 2033. Cost of £32bn
- 48. N5 Bus Man – 2.1: Marketing © BEST Ltd 48
- 49. GROUP TASK In teams prepare a report on: The advantages & disadvantages of HS2. Where should it be located and why. Why it costs so much and why it takes the UK far longer than China N5 Bus Man – 2.1: Marketing © BEST Ltd 49
- 50. This Chinese resident refused to move house for a new motorway
- 51. Place - Distribution By road, rail, air or sea? Decided by: Cost Infrastructure Product/service type
- 53. Promotion This involves letting people know about your product/service Word of mouth Advertising Sales Promotions Public Relations (PR) Social Media
- 54. Advertising Advertising tries to inform, influence and persuade customers into buying products and services. Advertising can be in print, TV, radio, billboards and social media Advertising is controlled by the ASA – Advertising Standards Authority
- 55. TASK Design a promotional flyer using Publisher or Word for a new environmentally friendly electric car. You must sell the benefits to the customers.
- 56. Sales promotions including: Sales Free samples Coupons Competitions Advertising on: TV Radio Newspapers Magazines Billboards Posters Websites Other methods including: Public relations Personal selling Direct mail (junk mail!) Trade fairs e.g. motor show Point of sales displays Window displays Packaging Branding Sponsorship Leaflets & brochures Flyers
- 58. Factors Affecting Marketing Internal Factors Finance Labour Technology External Factors Political Economic Social Technological Environmental Competitive