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Occurs when the seller

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Involves the provision of financial support by a business to another party involved in the organising or performance of some special event.

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Is the planned and sustained effort to establish and maintain goodwill  and mutual understanding between a business and the public
The effective role of the public relations officer
Relationship with the media
Relationship with customers
Relationship with employees
Relationship with the local community

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Has been defined as the marketing techniques used on temporary basis to make goods more attractive to consumers by providing some extra benefit, such as a free gift.
Benefit of sales promotion to a business

It helps to a generate sales during times of the year when sales are usually low

It attracts new customers to certain products

It encourages existing customers to purchase the "regular product" at a better price

Mail order
It is easy to assess the effectiveness of a sales promotion campaign in a mail order firm.
Merchandising
Is an extension of the selling process. The manufacturer provides "point of sales" material to ensure that products are sold as quickly and as possible by the retailer.

Recommending the best location for the product

Providing display stands at impulse location points

Providing posters and leaflets for the shop

Direct marketing
Involves direct contact with customers. It identifies the exact target market, so the seller knows the requirements of the potential customer
Telemarketing
Direct mail
Direct response mail

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Ia the paid form of publication of information regarding a firm's goods or services through newspaper, magazines, radio, the internet and TV which is designed to inform customers, or remind and persuade them, to buy the advertised  item
Aims of advertising:

1. To inform

2. To persuade

3. To remind

4.  To increase sales

The effective advertising campaign

The aim of the advertising: A clear goal must be set and later evaluated to see ow successful the campaign has been

The target market: Low-income or high-income consumers

The type of product: Certain types of specialist and expensive products

The size of the advertising budget: The bigger the budget, the more elaborate the campaign, and so the greater the chance of success

The reason for the advertising campaign

Cost: How much can the firm afford to spend on the advertising campaign

Main advertising media
Television advertising
Newspaper advertising
Magazine advertising
Radio advertising
Billboards
Internet
Advertising regulated in Ireland

The Advertising Standards Authority for Ireland(ASAI)

The National Consumer Agency(NCA)

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Promotion involves communicating with customers about products or services to encourage them to buy.

Promotion mix :

1. Adversiting

2. Sales promotion

3. Public relations

4. Personal selling

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What is?

Advertising

Sales promotion

Public relations

Sponsorship

Personal selling

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Fixed and variable costs
Calculating the costs of running a business, management must realise the difference between fixed costs and variable costs.
TOTAL COSTS=FIXED COSTS+VARIABLE COSTS
Break even chart
Provide management with important information. They show the level of output required for a business to break even.
Information available from break even chart

They show level of output where total revenue from sales equals the total costs incurred.

They provide management with information regarding the sales quantity required to break even.

Limitations of break-even chart
They are drawn up on the assumption that all the goods will be sold this does not always happen
Fixed costs only remain fixed if the scale production does not increase
They assume no other stocks are available for sale

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Place
This refers to the various ways used by manufacturers to sell and distribute products to their customers

Channel 1: Some manufacturers sell direct to customers and bypass both the wholesaler and retailer

Channel 2: Some manufacturers bypass the wholesaler and sell direct to retailers

Channel 3: Some manufacturers sell to wholesalers, who in turn sell to retailers, who then sell to consumers.

Channel 4: When a supplier in one country sells to a consumer in another via the internet.

Which channel of distribution should be used?

The kind of goods involved
The size of the market
transport costs
Speed
Security
Distance
Cost

Links in distribution channels

The wholesaler(Is the link between the manufacturer and the retailer in the chain of distribution)
The retailer(Is the third link in the chain of distribution)
Direct selling(This is where the products are sold directly by the manufacturer to the consumer)
Agents(Are appointed by the manufacturers to stock and sell a specified range of products)

Distribution mix

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Price
Is very important part of the marketing strategy of a business

Pricing strategies

Cost plus pricing(This is the cost of producing goods plus a profit mark-up)
Skimming price(This is where a firm charges a high price in the short term)
Competitive pricing(This involves matching competitors selling prices)
Premium pricing(This is associated with high-quality items)
Seasonal pricing
Sales pricing
Loss leader pricing(This is a marketing strategy used by retail stores whereby certain products are sold at cost price)
Promotion
This involves communicating with customers through advertising, sales promotions, public relations and personal selling.

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The product:
Products are produced by the manufacturer and sold to consumers:

Consumer goods

Producer goods

Branding

Own brand product (Tesco milk, Dunnes store honey) Reasons:

1. The retailer can instruct manufacturer to produce the products to stated specification

2. The retailer can negotiate a very competitive price from supplier.

3. The goods are easily recognised on shelves and display stands so little advertising is required.

4. Own brand products help retailers to increase sales, profits and market shares.

5. Own brand products enable retailers to introduce new products into the own brand range.

Product life cycle

Very few products last forever.
Stages in a product life cycle(Introduction,Growth,Maturity,Saturation,Decline)
Methods of extending a product life cycle(Product, Price, Promotion,Place)

Patents

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Niche markets
Is a small target segment of a bigger market. It's a specialist market with only a few suppliers catering for new or poorly served market sectors.Is the opposite of the mass market.
The green consumer
Success in business at any cost is not an acceptable idea to the general public.

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Is a marketing plan that outlines how the polices relating to product, price, promotion and place are to be carried out in order to achieve the business sales and profit targets
Marketing plan
Will help determine future decision-making in relation to trading.
Benefits:

Can exist only after management have undertaken a SWOT analysis

A good plan means that the firm is well organised

The existence of a marketing plan will impress potential investors and a bank if additional finance is required for expansion

Creating marketing plan simulates management to think of new strategies and better ways of doing things in the future.

From the viewpoint of the staff, a plan encourages co-operation both within and between the different departments

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FUNCTIONS OF MARKETING MANAGER

To carry out market research to learn consumers´ exact requirements and submit a report to management.

To prepare sales forecasts, which are sales budgets, for the board of directors.

To identify the different markets for the firm´s products.

To decide on the selling price of new product.

To ensure that goods are attractively packaged for shop display.

To plan the marketing campaing for both new and existing products.

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This is the management process responsible for identifying, anticipating and satisfying customers requirements profitably.
MARKETING CONCEPT
Finding out what customers want, producing and selling such requirements profitably and more effectively than competitors.
MARKETING PROCESS

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Why start a business?

Challenges when we starting a new business

Development process of a new product/service

Identifying opportunities

Market research

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Different reasons:

Anyone working for a employer who goes on to start their own business obviously has a preference for self-employment

Some people see opportunities in the business they are in, and a start an enterprise   in order to introduce new products or improve existing ones.

A new business is developed by a person who was made redundant.This person may use their redundancy money as the capital for the new business.

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RAISING FINANCE:
How much finance has is required to start the new business?
Which sources of finance should be used?
LEGAL ENTITY FOR THE BUSINESS:
The business owners must decide which form of business to set up
WHICH PRODUCTION SUITABLE METHOD TO USE:
New business is involved in manufacturing then depending on the product, a suitable production method must be used in order for the business to be competitive.
EMPLOYING SUITABLE STAFF.

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Development process of a new product/service

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Development process of a new product/service

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IDEA GENERATION:
The aim of idea generation is to develop new products to increase sales and profits.
PRODUCT SCREENING:
Market requirements
Is the finance available to produce and market the product?
Is the business capable of producing the product?
What is the potential profit from investing in the new product?
How does proposed new product differ in quality and price from existing competitor's products?
CONCEPT DEVELOPMENT:
This involves developing the idea  to make it a reality(producing a new product)
FEASABILITY STUDY:
Researching the market to test consumer reaction to the proposed new product
Assessing the profits from projected sales
PROTOTYPE DEVELOPMENT:
This involves producing one unit of the new product to enable the marketing department to it tested in the market
TEST MARKETING:
This is necessary to assess the reactions of potential customers in sales outlets in different locations nationwide
PRODUCT LAUNCH:
This is the final stage in the development process of a new product when the product is launched in the market.

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INTERNAL SOURCES OF BUSINESS IDEAS

From the employees

Brainstorming  meeting

Research and development Feedback from customers

Sales personnel

SWOT analysis

EXTERNAL SOURCES OF BUSINESS IDEAS

Competitors

Customers requirements

Research agencies

Government agencies

Foreing travel

Franchising

Public procurement

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REASONS FOR MARKET RESEARCH IN BUSINESS
Descriptive reasons: A firm may wish to find out what is happening in the market.
Predictive reasons: A firm may wish to predict what changes its customers will require in the future.
Explanatory reasons: A firm may want to explain, to the public, issues relating to its marketing.
Exploratory reasons: A firm may want to check out the size of the market for a new product.
COMPILING INFORMATION FROM MARKET RESEARCH
Desk research:Involves the use of secondary data.
Qualitative information(Some information may be in the records and files of the business, the sales manager should have information on previous sales to target market, the finance department may have information on areas such as production costs.
Quantitative information(Statistics published by the government, reports published in various magazines and newspapers, the population census published by CSO, information available on the internet).
Field studies: Involve market research that is done by contacting people in the target market to get new information.
Survey(The main reason for undertaking a survey is to ascertain the potential of a new or existing product).
Questionnaire(Has to be carefully designed, because every person receiving the questionnarie is asked the same question, it's important that the questions are designed to ensure that the answer are accurate)
Sampling(Random sampling: People are chosen at random, so each member of the population has an equal chance of being chosen).
Cluster sampling:( A cluster of samples is selected at random)
Observing(Information is gathered by watching people's reactions in certain situations)
Estimating(Wholesalers and retailers, the firm's marketing people, the firm's own internal records)
Feasibility studies(The estimated sales of the product,the costs of production, the impact on profits if the production is produced and marketed)
Prototype( This involves producing one unit of the product and seeing what problems arise in manufacturing,costing,selling and unexpected costs)
Test-Marketing(This determines the reaction of potential customers to the prototype)