Principles of Marketing unit 9

• Price - how much it costs to buy something
• Place - where can people buy our products
• Product - what are we buying
• Promotion - advertising and sales promotion
• What is marketing?

  Promoting and selling products or services.
• what is the purpose of marketing?

  -To understand needs of a customer

  -to keep ahead of competitors

  -to communicate with the public

  -to increase Sales and profitability
• What are the types of markets?

  . Business to business

  . Business to consumer
• what is a capital good?

  A capital good is a type of good that is used to produce other goods and services.
• What is a consumer good?

  A product or service that is purchased by individuals for personal use or consumption.
• What is a niche market?

  A niche market is a small, specialized market of a larger market that caters to a specific customer need or interest.
• What is a mass market?

  A mass market refers to a large group of consumers who have similar needs and preferences for a particular product or service.
• Secondary Data


  Information obtained from existing sources for a purpose other than the current research project
• Primary Data


  Information collected specifically for a research project through original methods
• C.O.G.S.?

  cost of goods sold
• Marketing mix(4 P’s)?

  Product, Price, Place, Promotion
• Cost plus pricing?

  cost of making the product plus a percentage of profit
• Markup pricing?

  cost of making the product plus a percentage mark up
• Competitive pricing?

  using a similar price to competitors
• Price taking?

  using exactly the same price as competitors
• Price skimming?

  when the price starts high then reduces over the years
• Premium pricing?

  Setting prices higher than competitors to position a product as superior.
• Penetration pricing?

  Setting low prices to quickly enter a market and catch interest of customer.
• The 4 trends

  Social

  Ethical

  Technological

  Environmental
• what are the 4 local factors

  Resources

  Competitors

  Customers

  Location
• National factors

  Political issues

  Level of government support

  Taxation

  The economy
• Internal data

  Data held by the business
• External data

  Secondary data published in reports newspaper etc
• 6 promotional channels

  1 public relations and publicity

  2 sales promotion

  3 personal selling

  4 e-marketing

  5 direct marketing

  6 advertising
• Quantitive data

  Numerical data
• Qualitative data

  Opinions from others
• Above the line promotion

  Paid for promo
• Below the line

  Promoting on your own
• E-commerce

  Business buys or sells goods online
• E-business

  Many of the business operate