Friday, 10 November 2017

SB1 Lecture - Markets and Marketing

RAISING OUR PROFILE

WHAT IS MARKETING?
-Identifying what our consumers want and how best to deliver it to them
-Social and managerial process
-Reaching out to people

FUNCTIONS OF MARKETING
-Identify customer needs and develop new products or services through market research
-Promote and introduce products to target market
-Product management: monitor and assess the performance of a product
-Develop an appropriate pricing strategy
-Identify distribution networks

WHAT CAN BE MARKETED? - GOODS AND SERVICES
-personalities
-properties
-places
-experience
-ideas and concepts
-events
-organisations

MARKETING MIX
Product/ Price/ Promotion/ Place

MARKETING RESEARCH
-Primary research: field research
-Secondary research: desk research
-Qualitative: views
-Quantitative: fact

WHAT IS IT AND WHAT IS IT'S USP?
WHO AND WHAT IS IT'S TARGET MARKET?

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