https://padlet.com/sb421/Marketing Market research, Marketing, Promotion en-us 2018-02-21 10:01:32 UTC 2025-10-04 18:32:59 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Diskette.png sb421 https://padlet.com/sb421/Marketing/wish/233658477 1) Idea generation - brainstorming

2)Product screening - testing product potential

3)Concept development - developing idea into a product

4)Feasibility study - researching market + assessing profitability

5)Prototype development - testing market, finding problems with production, getting accurate financial information

6)Test marketing - launching product in one area e.g Guinness Light launched in Galway, didn't succeed, wasn't launched nationwide

7)Product launch - launching new product and advertising]]> 2018-02-21 10:06:45 UTC https://padlet.com/sb421/Marketing/wish/233658477 ArnoldLAD https://padlet.com/sb421/Marketing/wish/233659409 Raising Finance
1) How much is required?
2) Source of finance -
A) Short term (bank overdraft for salaries, insurance)
B) Medium term (leasing for computer,machinery)
C) Long term (rent/purchase premises)

Legal entity
1) Sole Trader
2) Partnership
3) Private Limited Company (Limited Liability)

Production Methods
1) Job - Single product with specific requirements eg. making a suit,building a bridge
2) Batch - Medium quantities, range of goods eg. Baking bread/cakes of different sizes, printing books.
3) Mass - Large quantities of the same product eg. Bic Pens

Employing staff
Business must be aware of skills required and employ suitable staff.]]> 2018-02-21 10:09:41 UTC https://padlet.com/sb421/Marketing/wish/233659409 sb421 https://padlet.com/sb421/Marketing/wish/233661181 Internal - employees(intrapreneurship), brainstorming, sales team

External -
competitors, research agencies, customers' feedback

]]> 2018-02-21 10:15:29 UTC https://padlet.com/sb421/Marketing/wish/233661181 sb421 https://padlet.com/sb421/Marketing/wish/233662035 *management process of gathering, recording and analysing of all the data concerned with the transfer of goods from the producer to the consumer

Reasons:

descriptive - know what is happening in the market

predictive - predict changes in customers' requirements

explanatory - explain marketing to public

exploratory - check size of new market 

]]> 2018-02-21 10:18:12 UTC https://padlet.com/sb421/Marketing/wish/233662035 ArnoldLAD https://padlet.com/sb421/Marketing/wish/233663019 1) Product -
i) Factors concerning product (quality,packaging,design, size,
brand name and USP)
ii) Branding benefits -
Identifiable,
easier to introduce new products,
distinguished from competitors,
 legal protection.
iii) Product life cycle -
Introduction - Launched into market. High expenditure on distribution and product promotion
Growth - Product becomes known; sales rise rapidly. Money may have to be invested to meet demand while ensuring quality
Maturity - Sales peak and level off. "Copy-cats" enter market. Sales promotion to increase sales
Saturation - Sales flatten and changes are necessary. Competitive advertising and sales promotion become common.
Decline - Sales fall and managers must decide to change mix, let product decline or take it out of market.
iv)Factors affecting the product life cycle:
Durability - durable goods don't need to be replaced as often, but results in market saturation very quickly
Fashion - trends go into decline quickly
Technological innovation - new inventions make older models obsolete quickly
Marketing - successfully redesigning the marketing gives them a new lease of life.
Eg. C&C expanded Finches product range to include Orange, Lemon, Orange Light, Rock Shandy - extends life cycle.

2) Price -
i) Factors -
Competitors' prices
Costs
Target market
Product life cycle position
Gov. legislation (alcohol, petrol, cigarettes)
ii) Strategies -
Cost plus pricing - Cost of goods + profit mark-up.
Premium pricing - High quality items eg. fashionable clothes, jewellery. Consumers expect to pay high prices.
Penetration pricing - New product, undercutting selling price of competitors to gain market share. Small profit eg. Vodafone new phone.
Competitive pricing -  Matching competitors' prices, If competitor reduces selling price by 10%, the firm must do the same eg. Airline, supermarket.

3) Place -
Ways manufacturers sell+distribute

Factors - 
Size of market
Speed
Security
Cost]]> 2018-02-21 10:21:34 UTC https://padlet.com/sb421/Marketing/wish/233663019 sb421 https://padlet.com/sb421/Marketing/wish/233663095 using secondary data (already collected)

Internal sources of info:
records, sales reports, financial information

External sources of info:
statistics, published reports, Household Budget Survey, census from Central Statistics Office, internet


]]> 2018-02-21 10:21:55 UTC https://padlet.com/sb421/Marketing/wish/233663095 sb421 https://padlet.com/sb421/Marketing/wish/233664125 collecting new information from the market - primary data

Methods:

Surveys - large sample group, concise and clear questions, incentives may be offered

Questionnaire - seek consumers' opinions, short and simple questions

Sampling - random sampling(where people are chosen at random - accurate and reliable), cluster sampling(where clusters of samples are chosen at random e.g people in new housing estates)

Observing - watching consumer behaviour, buying habits, reactions

Estimating - see how much of the market share the product will get

Feasibility studies - assessment of technical problems and potential profitability

Prototype - seeing production problems, consumer reactions and calculating costs

Test-Marketing - launching product in one area to gauge consumers' reactions]]> 2018-02-21 10:25:25 UTC https://padlet.com/sb421/Marketing/wish/233664125 sb421 https://padlet.com/sb421/Marketing/wish/233666142 management process of identifying, anticipating and satisfying customer requirements profitably]]> 2018-02-21 10:32:09 UTC https://padlet.com/sb421/Marketing/wish/233666142 sb421 https://padlet.com/sb421/Marketing/wish/233666411 2018-02-21 10:33:15 UTC https://padlet.com/sb421/Marketing/wish/233666411 sb421 https://padlet.com/sb421/Marketing/wish/233667849 Finding out what customers want; producing and selling to such requirements profitably and more effectively than competitiors]]> 2018-02-21 10:38:54 UTC https://padlet.com/sb421/Marketing/wish/233667849 sb421 https://padlet.com/sb421/Marketing/wish/233668164 -carry out market research to identify consumer requirements
-prepare sales forecasts for board of directors
-identify markets for the firm's products
-deciding on selling prices
-ensure that goods are attractively packaged
-plan the marketing campaign]]> 2018-02-21 10:40:09 UTC https://padlet.com/sb421/Marketing/wish/233668164 ArnoldLAD https://padlet.com/sb421/Marketing/wish/233668812 1) Advertising -
Inform existing/potential customers in target market about the products/services price,features and where they can be bought.
Persuade new customers in target market.
Remind existing customers of the product/service. Customers gain confidence in the product.

TV(high cost), newspapers (well displayed as they're quickly disposed of), magazines (longer life than newspapers, colour, higher costs), radio (cheaper than Tv), internet (Irishtimes, Facebook, Google).

Regulation -
Advertising Standards Authority for Ireland - No form of illegality

2) Sales Promotion -
temporary techniques to increase sales by providing extra benefit. e.g. tokens, 2 for 1, reductions, vouchers, gifts.

Benefits - generates sales, attracts new customers, clear stock.

3) Public Relations -
Establish/maintain goodwill with public.
Press release, supporting locality, helping customers.

4) Sponsorship -
Sporting Events, Publicity.

5) Celebrity endorsement-
Beyonce - Pepsi.

6) Personal selling -
Sales people.]]> 2018-02-21 10:42:41 UTC https://padlet.com/sb421/Marketing/wish/233668812 sb421 https://padlet.com/sb421/Marketing/wish/233671590 2018-02-21 10:54:35 UTC https://padlet.com/sb421/Marketing/wish/233671590 sb421 https://padlet.com/sb421/Marketing/wish/233671753 2018-02-21 10:55:18 UTC https://padlet.com/sb421/Marketing/wish/233671753 sb421 https://padlet.com/sb421/Marketing/wish/233847017 2018-02-21 16:50:42 UTC https://padlet.com/sb421/Marketing/wish/233847017 sb421 https://padlet.com/sb421/Marketing/wish/233848720 2018-02-21 16:53:15 UTC https://padlet.com/sb421/Marketing/wish/233848720 sb421 https://padlet.com/sb421/Marketing/wish/233851803 2018-02-21 16:57:45 UTC https://padlet.com/sb421/Marketing/wish/233851803 sb421 https://padlet.com/sb421/Marketing/wish/233852914 2018-02-21 16:59:23 UTC https://padlet.com/sb421/Marketing/wish/233852914 sb421 https://padlet.com/sb421/Marketing/wish/234425103 2018-02-22 19:03:00 UTC https://padlet.com/sb421/Marketing/wish/234425103 sb421 https://padlet.com/sb421/Marketing/wish/234638594 shows the amount of sales required to begin making a profit.

Contribution
Selling price - variable costs

Break-even point
Fixed costs/Contribution

Margin of safety
Amount by which a firm's profits can fall before they start making a loss

Limitations of break-even charts
-assumed that all goods will be sold
-fixed costs only remain the same if scale of production does not increase
-assumed that no other stock is available for sale]]> 2018-02-23 11:28:56 UTC https://padlet.com/sb421/Marketing/wish/234638594 sb421 https://padlet.com/sb421/Marketing/wish/234640450 2018-02-23 11:38:35 UTC https://padlet.com/sb421/Marketing/wish/234640450 sb421 https://padlet.com/sb421/Marketing/wish/235066865 Plan that outlines how policies relating to the marketing mix are going to be implemented to achieve sales and profit targets

Steps:
1) Assess the market
2) Select target market
3) Undertake market research
4) Prepare marketing plan

Benefits:
impress investors
organised
establish priorities]]> 2018-02-25 09:51:43 UTC https://padlet.com/sb421/Marketing/wish/235066865 sb421 https://padlet.com/sb421/Marketing/wish/235067174 Demographic - Pepsi Max drinkers are young males under 25 from across different geographical areas
Psychological - Volkswagen segments the market into prestige (Audi), economy (Skoda), adventurous (SEAT) and conservative (Volkswagen) ]]> 2018-02-25 09:55:46 UTC https://padlet.com/sb421/Marketing/wish/235067174 sb421 https://padlet.com/sb421/Marketing/wish/235067241 small segment of a bigger market
Eg. C&C identified niche for high-quality soft drink for health-conscious young consumers

Effects:
less competition
higher prices
brand loyalty]]> 2018-02-25 09:56:37 UTC https://padlet.com/sb421/Marketing/wish/235067241 sb421 https://padlet.com/sb421/Marketing/wish/240097772 2018-03-09 11:51:59 UTC https://padlet.com/sb421/Marketing/wish/240097772 ArnoldLAD https://padlet.com/sb421/Marketing/wish/240098300 2018-03-09 11:53:51 UTC https://padlet.com/sb421/Marketing/wish/240098300 ArnoldLAD https://padlet.com/sb421/Marketing/wish/240098735 2018-03-09 11:55:24 UTC https://padlet.com/sb421/Marketing/wish/240098735 sb421 https://padlet.com/sb421/Marketing/wish/240946605 Creating an image for a product in the mind of consumers in the target market

Eg. Diet Pepsi was seen as a "girl's" drink, so many men did not buy it. Pepsi Max was launched to appeal to men, and sold well, despite being the same product, just with different branding]]> 2018-03-12 15:51:12 UTC https://padlet.com/sb421/Marketing/wish/240946605 sb421 https://padlet.com/sb421/Marketing/wish/241083315 Coca-Cola noticed declining sales for their products but increases in sales of water.
Introduced Dasani water to compete.
Found to be tap water.
Product was also contaminated with potentially lethal chemicals.
Huge ethical failing.
Waste of millions on advertising and production]]> 2018-03-12 19:19:55 UTC https://padlet.com/sb421/Marketing/wish/241083315 ArnoldLAD https://padlet.com/sb421/Marketing/wish/241526268 Aim - To achieve long-term marketing objectives. Whatever the price, it must generate sufficient sales to earn profit for the business.
1) Cost-plus pricing (mark-up) - cost of production + profit percentage.
2) Psychological pricing -
Based on customers expectations. Creates a luxurious image for it. Setting prices below psychological barriers is also common e.g €1.95 instead of €2.
3) Premium pricing (price leadership) - Higher price than competitors to create impression of superior quality. (expensive packaging and stylish promotion). e.g Finches' initially set out 10-20% higher prices than competitors.
4) Price skimming - Very high price at new product launch to recover high development costs quickly.
5) Profit-maximising pricing - Setting price that will generate largest amount of profit asap.
6) - Penetration pricing -
Low price to capture market share fast. Generates economies of scale rapidly. e.g used in Ireland to promote sale of mobile phones.
7) Discriminatory pricing - Charging different prices to different customers for same product/service (different incomes). e.g Bus Éireann - students pay less.
8) Predatory pricing - Prices below cost to drive competitors out of market. Price war - When competing firms retaliate against the price cuts with further reductions. Downward cycle in prices as firms compete to attract customers.
9) Loss leader - product sold at or below cost price in hope of generating other, more profitable sales. e.g Used by retailers to attract customers into a store where they will most likely buy something else. 


]]> 2018-03-13 17:31:10 UTC https://padlet.com/sb421/Marketing/wish/241526268