Marketing by https://padlet.com/intjguerra/illeajfp4lvo Chapters 14-16 en-us 2018-02-21 10:10:25 UTC 2023-10-20 17:01:15 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Shakinghands.png Identifying business opportunities intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/233663087
  • Why start a business?
  • Challenges when we starting a new business
  • Development process of a new product/service
  • Identifying opportunities
  • Market research
    • ]]>     2018-02-21 10:21:54 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/233663087     Why we start a business? intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/233664156 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.
    ]]>     2018-02-21 10:25:32 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/233664156     Challenges when starting a new business intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/233665919 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.

    ]]>     2018-02-21 10:31:16 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/233665919     Development process of a new product/service intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/233668551 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.  ]]>     2018-02-21 10:41:42 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/233668551     Identifying opportunities intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/233672613 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
    ]]>     2018-02-21 10:58:41 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/233672613     Market research intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/239055833 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)]]>     2018-03-07 09:54:19 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/239055833     Marketing intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/239072976 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]]>     2018-03-07 10:52:34 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/239072976     Marketing management intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/239281347 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. 
    ]]>     2018-03-07 17:23:51 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/239281347     The Marketing strategy intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/239287788 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


    ]]>     2018-03-07 17:34:33 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/239287788     Market segmentation intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/240098973 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.]]>     2018-03-09 11:56:05 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/240098973     The marketing mix intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/241779294 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
    ]]>     2018-03-14 10:13:23 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/241779294     Marketing mix intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/241975581 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.


    ]]>     2018-03-14 16:26:05 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/241975581     Marketing mix intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/241992109 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

    ]]>     2018-03-14 16:53:23 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/241992109     Break-even analysis intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242008199 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
    ]]>     2018-03-14 17:21:05 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242008199     Promotion intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242755885
  • What is?
  • Advertising
  • Sales promotion 
  • Public relations
  • Sponsorship
  • Personal selling
    • ]]>     2018-03-16 11:39:14 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242755885     What is? intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242756599 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
    ]]>     2018-03-16 11:41:16 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242756599     Advertising intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242758451 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)


    ]]>     2018-03-16 11:45:52 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242758451     Sales promotion intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242758793 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
    ]]>     2018-03-16 11:46:51 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242758793     Public relations intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242774313 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    ]]>     2018-03-16 12:28:16 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242774313     Sponsorship intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242776108 Involves the provision of financial support by a business to another party involved in the organising or performance of some special event.]]> 2018-03-16 12:32:03 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242776108 Personal selling intjguerra https://padlet.com/intjguerra/illeajfp4lvo/wish/242777322 Occurs when the seller]]> 2018-03-16 12:34:53 UTC https://padlet.com/intjguerra/illeajfp4lvo/wish/242777322