Marketing Summary Sheet PDF

Marketing summary sheet Role of marketing Marketing: actions taken to attract customers to be interested in the company’s product or service - Marketing goals: - Increase brand awareness - Acquire new customers - Increase website traffic - Boost brand enga...

Marketing summary sheet Role of marketing Marketing: actions taken to attract customers to be interested in the company’s product or service - Marketing goals: - Increase brand awareness - Acquire new customers - Increase website traffic - Boost brand engagement - Increase revenue Consumer motivations Motivation: the reason, conscious or nonconscious for behaving in a particular way in a certain situation. 1. Economic factors: affect how much people can afford to spend, what they priotise and how they perceive value. - Income - purchasing power - Inflation - Exchange rates - Taxation 2. Personal factors: individual preferences, motivations and decision-making processes. - Occupation - Personality and self-concept - Age - Lifestyle and life cycle stage 3. Psychological factors: why consumers want what they want and what ultimately makes them buy. - Motivation - Lifestyle - Learning - Attitude - Perception 4. Cultural and social factors: cultural prohibitions (alcohol or meat), cultural preferences (styles of clothing) and cultural behaviours (role of women, household size) - Opinion leaders - Role and status - Social class - Culture  Marketing summary sheet Consumer trends: pattern of behaviour or preference that emerges among a group of customers over a period of time 1. Buying online 2. Buying fresh groceries 3. One-stop shop 4. Personalisation 5. health , environment and social responsibility 6. 24/7 purchasing Market opportunities: A market opportunity is a need or want that is not currently being met by any business. These gaps exist when currently available products do not satisfy customer needs or are not met at all. - A few opportunities include: - Changing demographics - Changing societal attitudes and norms - Changing laws and regulations - Advancements in technology 4P’s of Marketing: The 4P’s marketing mix is a marketing model that a business can use to determine its strategy for satisfying the needs of customers. - Product - Price - Promotion - Place Product: A product is a good or service that is offered to consumers to satisfy their a need or want. - Services: Actions that are performed for customers to fulfil their wants or needs, such as a doctor’s appointment. - Products: physical items that satisfy an individual’s wants or needs, such as clothing. Marketing considerations needed for products: - Branding - Design - Quality - Positioning - packaging Price: Price is the amount that a customer pays for a good or service. - A business must carefully consider how to price its products in order to achieve a profit margin Pricing strategies: - Cost- plus pricing: Setting the price of a product based on the uni cost of a product  Marketing summary sheet - Mark-up: if you makr-up something you increase its price - Competition based pricing: sets a price similar to its competitors price - Penetration pricing: sets a lower price than competitors when first entering the market in order to quickly gain market share. - However, setting lower prices than competing products may cause consumers to perceive the product as lower quality - Price skimming:sets a high initial price when the products enters the market and them lowers the price over time. - However in industries with high competition this strategy may not be feasible. Promotion: Using the best methods of communication to increase sales and awareness of the business and its product Promotional strategies: 1. Advertising 2. Sales promotion: free, samples, coupons, price packs, discounts. 3. Personal selling: A sales person that customers can trust for accurate product advice. 4. Internet marketing Place: A business location is the physical or non-physical place that a business operates form. This connects customers with the business’s goods and services Location: 1. Shopping centres Advantages Disadvantages - Exposure to customers → - Increased competition as there are shopping centres are well-known many stores establishments. - Opening hours are set → no - High levels of foot traffic flexibility 2. Shopping strips Advantages Disadvantages - Fewer competitors compared to - Local customers may spend less shopping centres as there are time at the shopping strip if they fewer stores nearby. only come for a specific thing. - The local members in the area are - less parking and fewer facilities, likely to visit the shopping strip due such as toilets and lifts. to being close to the business  Marketing summary sheet 3. Onlines stores Advantages Disadvantages - Wider customer base - Many competitors - Can access products at any time - Need to frequently advertise and from anywhere - Customers cannot touch, try, or - Easily advertise on online feel a product platforms, - Costs associated with the - Establishing or adapting an online development and maintenance of business can be much quicker the website - No rent 4. Home businesses Advantages Disadvantages - There is flexibility in business - There is less visibility as the hours business - Travel time can be saved - Less living space available as - There is no need to pay additional some of the house space would rent for a business location. be used for business operations. - May be difficult to separate work with life  Marketing summary sheet Competitive advantage: When a business has an advantage over its competitors, allowing it to generate greater sales or profits. Two main ways to achieve a competitive advantage: 1. Makes their product in some way appear superior or better than the competitor’s product 2. Finds a way to reduce the cost of making their product so they can sell it at a lower price or achieve a greater profit margin from its sale. Cost benefit analysis Trade offs: the alternative that is given up when a choice is made Opportunity cost: the value of the best alternative given up when a choice is made. Cost-benefit analysis: comparing the costs and benefits of possible choices Corporate social responsibility: The ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions. - Profit - Planet - Environment: reusable energy and resources, sustainable practices and waste management. - People - Customer and community: Involvement in local charities, community projects and volunteer programs - Employees: health and safety of employees and employment practices SWOT analysis