https://padlet.com/dc40025196/34hsqroify422c0q en-us 2021-05-05 13:19:41 UTC 2021-05-07 15:20:14 UTC hello@padlet.com https://padlet.net/icons/png/1f4b7.png dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493681992 Marketing is the business function that allows a business to promote product/services to both potential and existing consumers.]]> 2021-05-05 13:21:17 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493681992 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493687903 A Market is a place where customers and business can interface.]]> 2021-05-05 13:22:32 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493687903 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493698846 Marketing Mix refers to the four factors involved in marketing a product/service. 

These being:
Product (What is being sold.)
Price (How much the product/service will cost.)
Place (Where it is being sold.)
Promotion (The communication used to advertise.)]]> 2021-05-05 13:24:47 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493698846 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493701563 Separating the market into four different categories or segments for analysis.

These segments are:
Demographics (What)
Geographic (Where)
Psychographic (Who)
Behavioral (How)]]> 2021-05-05 13:25:19 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493701563 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493713348 Constaints are the restrictions place upon a business for a variety of reasons, whether fiscal or self-imposed.]]> 2021-05-05 13:27:46 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1493713348 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502302444 Restrictions that are placed upon the business that are legally enforceable, meaning that failure to abide by these laws will result in consequences such as legal action being taken against the business.

Examples of legislation that may be considered legal constraints in-terms of marketing include:
Consumer Rights Act 2015
Trade Description Act 1968​Consumer Protection Act 1987​Weights and Measures Act 2006​Consumer Credit Act 2006
Food Safety Act 1990

If there is any complaint made against a business, Trading Standards may become involved. If they find that the business has violated any legally enforceable laws then they will ultimately prosecute them.]]> 2021-05-07 13:50:24 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502302444 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502324088 These are constraints that are not legally enforceable but rather there to ensure consumers do not take offense to the business' marketing of a product.

An example of a voluntary constraint is the Advertising Codes of Practice, a set of general rules created by the Advertising Standards Authority (ASA) to be followed when advertising their product/service as to not mislead consumers.]]> 2021-05-07 13:54:22 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502324088 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502351400 When advertising their product and services, these are when a business needs to consider values and beliefs relating to it. 

Whilst acting unethically will result in negative reaction from their consumers, assuming there is no criminal laws being broken, there is no legal action that can be taken against the business if they are acting unethically.]]> 2021-05-07 13:59:37 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502351400 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502367858 These constraints include:
Language
Religion
Tradition
Local Customs

These must be considered as to ensure that there is no offense or confusion created when advertising their products or services.]]> 2021-05-07 14:03:00 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502367858 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502373747 These are restrictions that are brought on by the technology or equipment used when marketing a product or service.]]> 2021-05-07 14:04:13 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502373747 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502404172 Sales/Trends - If, after a marketing campaign, the products/services that were marketed are selling more, then it is a good indication that the marketing has worked and has successfully served its purpose in promoting the product/service.

Awareness - As customer feedback is a good and clear indication on whether consumers like a product or service, if the marketing campaign is recieved well then it will help the business grow.]]> 2021-05-07 14:10:31 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502404172 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502419332 Market research is a piece of research conducted for the purpose of finding out information on a business' market and gain a better understand of it to help the business grow.]]> 2021-05-07 14:13:40 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502419332 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502427588 Primary research:
Data that does not already exist and is gathered for a specific purpose. (i.e. Focus Groups, Mystery shopper, interviews, etc.)

Secondary research:
Pre-existing data that has been collected for a different purpose.]]> 2021-05-07 14:15:21 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502427588 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502438400 Qualitative research:
Research that allows for 'open-ended questions', focusing on the opinions of the participant. (i.e. 'What do you think could be improved?')

Quantitative research:
Research that only focuses on specific responses, usually from a selection of pre-selected answers. This allows for 'closed questions'.]]> 2021-05-07 14:17:33 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502438400 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502452067 Sampling is the way the business will decide on who and what will be asked to complete the research.

These methods can be catagorised into two different forms of sampling:
Probability sampling - Utilising methods to pick participants randomly.
Non-probability methods - Non-random methods are used to pick the participants.]]> 2021-05-07 14:20:20 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502452067 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502532745 The four main methods of this type include:
Random sampling - That selects people are random, without using a specified group of people.
Stratified sampling - Divides the population into groups.
Cluster sampling - Simularly divides people into sections known as 'clusters'.
Systematic sampling - Done over a fixed period of time, people from a large population are chosen randomly.]]> 2021-05-07 14:37:02 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502532745 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502544612 Quota sampling - When there is a specific target number of participants that are required for the test.
Convinience sampling - When participants are selects because they happen to be available at the time.
Judgement Sampling - Non-random sampling that is based purely on the opinions of an expert.]]> 2021-05-07 14:39:21 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502544612 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502557146 Internal - Sources that are found within the business such as loyalty cards, sales and stock control.
External - Sources found outside the business such as websites, media, competitor reports and government publications.]]> 2021-05-07 14:41:56 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502557146 dc40025196 https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502562677 Reasons for market research - If market research has already been conducted with the same if not simular intentions then it may be redundant to perform Primary research.

Availablity of resources - When considering how market research will be conducted, businesses need to consider the budget and the time needed for the research to be completed amongst other reasons. If a business cannot produce a satisfactory budget or lacks the time needed then they will not be able to conduct Primary research.

Reporting requirements - This refers to how the information will be formatted and shared to the business once the data has been collected. The results collected during the research will influence how the format the information will be presented in.]]> 2021-05-07 14:43:08 UTC https://padlet.com/dc40025196/34hsqroify422c0q/wish/1502562677