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Why customer/consumer spending patterns may change
The importance of changing customer needs
Why some markets have become more competitive
How businesses can respond to changing spending patterns and increased competition
3.1.3 Concepts of niche marketing and mass marketing:
Benefits and limitations of both approaches to marketing
3.1.4 How and why market segmentation is undertaken:
How markets can be segmented, e.g. according to age, socio-economic grouping, location, gender
Potential benefits of segmentation to business
Recommend and justify an appropriate method of segmentation in given circumstances
Definitions of marketing
“The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time” “The achievement of corporate goals through meeting and exceeding customer needs better than the competition”
The role of marketing
Identify and satisfy consumer needs
Keep customers loyal
Gather information about customers
Recognise how customer’s needs are changing
Note: Marketing is perhaps the most important activity in a business because it has a direct effect on profitability and sales. Larger businesses will dedicate specific staff and departments for the purpose of marketing.
It is important to realise that marketing cannot be carried out in isolation from the rest of the business. For example:
The marketing section of a business needs to work closely with operations, research and development, finance and human resources to check their plans are possible.
You can watch this lesson in video format here:
Marketing goals
Develop products that meet customer needs and wants
Promoting product to customers
Increase sales
Target a new market
Build brand awareness.
Grow market share.
Improve stakeholder relations.
Enhance customer relationships.
Market changes
Why do consumer spending patterns change?
Consumer taste and fashion change
New technology being developed
Changes in consumer income
Ageing population
Firms need to always know what their consumers want (and they will need to undertake lots of research and development to do so) in order to stay ahead of competitors and stay profitable. If a business don’t produce and sell what customers want, then customers will buy competitors’ products and the firm will fail to survive.
Why some markets have become more competitive?
Globalisation
Products are being sold in markets all over the world, so there are more competitors in the market.
Improvement in transportation infrastructures
Better transport systems means that it is easier and cheaper to distribute and sell products everywhere.
Most online shops in UK offer order before midnight and get the product the following day.
Internet/E-Commerce
Customers can now buy products over the internet from anywhere in the world, making the market more competitive.
Ebay, Amazon and Allibaba
You can watch this lesson in video format here:
How can businesses respond to increased competition?
Develop and maintain customer loyalty – Look after your existing customers
Keep improving their product(s) and develop new ones that meet consumer needs and wants
Keep costs low to remain competitive
Make their products better than their
Step up your marketing – Improve your market positioning statement. Make more effort to tell people who you are, what you sell and why they should buy from you.
Expand your offer
Mass marketing
Aimed at the whole market- Mass marketing is the advertising or promotion of a product, good or service to a wide variety of audiences with the expectation of appealing to as many as possible.
Advantages
High sales and demands (higher number of consumers) which may lead to high profits
Benefit from economies of scale
cheaper per person and can reach a wider audience
Disadvantages of mass marketing
Higher competition
Product is aimed at the whole market so specific customer needs are not met
Niche Marketing
Where a business targets a smaller segment of a larger market, where customers have specific needs and wants
Advantages
Small businesses can avoid competition from larger businesses
Product meets specific consumer needs
Less competition
Clear focus – target particular customers – often easier to find and reach too
Builds up specialist skill and knowledge
Customers tend to be more loyal
Disadvantages
Smaller number of consumer so growth is difficult
Risks are not spread so if demand for the specialised product falls, the business will likely fail unless they develop more products
Likely to attract competition if successful
Vulnerable to market changes
Market Segmentation
A market segment is an identifiable sub-group of a larger market in which consumers have similar characteristics and preferences
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
Ways businesses can segment a market:
Gender
Age
Income
Location
Lifestyle
Use of the product (e.g. for personal use, business use)
Market Segmentation
Advantages
Business can concentrate on specific needs of a particular type of consumer
Marketing becomes more effective (e.g. advertising) as targeting the right audience
Meets the business needs.
The above leads to higher sales and profitability
Increases awareness to the right audience
The marketer can spot and compare marketing opportunities
Management can identify new profitable segments which deserve special attention
Disadvantages
Business may only focus on one segment which is very
Segmentation increases costs
Promotion and distribution expenditures increase when separate programme are used for different market segments
3.4.1 Justify marketing strategies appropriate to a given situation:
Importance of different elements of the marketing mix in influencing consumer decisions in given circumstances
Recommend and justify an appropriate marketing strategy in given circumstances
3.4.2 The nature and impact of legal controls related to marketing:
Impact of legal controls on marketing strategy, e.g. misleading promotion, faulty and dangerous goods
3.4.3 The opportunities and problems of entering new foreign markets:
Growth potential of new markets in other countries
Problems of entering foreign markets, e.g. cultural differences and lack of knowledge
Benefits and limitations of methods to overcome such problems, e.g. joint ventures, licensing
Marketing strategy definition
A plan of action designed to promote and sell a product or service.
It is a way of combining the 4 P’s of marketing (Product, Price, Place, Promotion) in the right combination to achieve a marketing objective. For example:
Increase sales
Increase market share
Entering a new market
You can watch this lesson in video format here
Why is strategy important?
Strategy is like a roadmap. it tells you
How to get where you’re going
what you will need to get you there
estimates how long it will take to get there
where dangers lie in wait
without a clear strategy you will make lots of mistakes, waste time and other resources and likely never reach where you intended to be
Legal controls on marketing
The law gives customers protection against unfair selling practices. You need to understand how fair trading regulations protect consumers.
The consumer has basic legal rights if the product is:
Given a misleading description
Of an unsatisfactory quality
Not fit for its intended purpose
Misleading promotion – Falsely advertise a product.
Weights & measures – Businesses can’t sell underweight goods (e.g. chocolate bar containing less chocolate than advertised)
Sale of goods – Businesses can’t sell products that are faulty or doesn’t work like it is advertised.
Opportunities and problems of entering new markets abroad
Low trade barriers – This allows businesses to trade easily and profitably between countries.
Home markets are saturated – demand for the product are no longer growing in the country of birth.
Countries developing – New markets opens up abroad as other countries become more developed, this results in demand for the products of developed countries.
You can watch this lesson in video format here
Problems businesses face when entering a new market
Communications – Cultural misunderstandings arising from miscommunication are one of the biggest challenges which foreign companies face
High transport costs – increased costs as businesses have to pay to ship products abroad.
Lack of knowledge – Company may not know consumer habits in the country they are expanding to. (e.g. where consumers like to shop)
Trade barriers – Countries may have trade barriers to protect local businesses, this may make importing products less profitable for the business.
Exchange rate changes – Exchange rates can change which may mean cost of importing products may become more expensive.
Communications – Cultural misunderstandings arising from miscommunication are one of the biggest challenges which foreign companies face
Overcome these problems
Joint ventures – A joint venture can be created between a business in different countries.
International franchising – An example of this is McDonald’s a US company can sell its franchise to a franchisor in any country with local knowledge.
Licensing – Businesses can sell the license of their product to a business in another country to avoid trade barriers
Understanding Another Culture – where you want to do business.
The limitations and benefits of developing new products
Brand image; impact on sales and customer loyalty
The role of packaging
The product life cycle: main stages and extension strategies; draw and interpret a product life cycle diagram
How stages of the product life cycle can influence marketing decisions, e.g. promotion and pricing decisions
3.3.2 Price:
Pricing methods (benefits and limitations of different methods), e.g. cost plus, competitive, penetration, skimming, and promotional
Recommend and justify an appropriate pricing method in given circumstances
Understand the significance of price elasticity: difference between price elastic demand and price inelastic demand; importance of the concept in pricing decisions (knowledge of the formula and calculations of PED will not be assessed)
3.3.3 Place – distribution channels:
Advantages and disadvantages of different channels, e.g. use of wholesalers, retailers or direct to consumers
Recommend and justify an appropriate distribution channel in given circumstances
3.3.4 Promotion:
The aims of promotion
Different forms of promotion and how they influence sales, e.g. advertising, sales promotion
The need for cost-effectiveness in spending the marketing budget on promotion
3.3.5 Technology and the marketing mix:
Define and explain the concept of e-commerce
The opportunities and threats of e-commerce to business and consumers
Use of the internet and social media networks for promotion
What is Marketing Mix?
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. There are 4Ps which make up marketing mix – Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps.
You watch this lesson in video format here
Price
Price is the amount of money producers are willing to sell or consumer are willing to pay for the product.
Pricing Methods
Cost plus pricing = Cost of producing the product plus a profit Method is easy
If costs go up, price can be adjusted easy
Lose sales if the selling price is a lot higher than your competitor’s price
Competitive pricing = Product priced similarly to or just below the competitor’s price
Sales are likely to be high as the price is competitive
Researching your competitor’s prices can take time
Psychological pricing = Charging high prices for a high-quality product so consumers purchase it as a status symbol
Prices just below a whole number ($1.99)
Charge low prices for some items to attract customers into the store
Penetration pricing = Low price for a new product in order to attract customers from existing competitor’s products.
Useful if launching product to a new market
Ensures product will be sold so the product enters the market
The low initial price can create an expectation of permanently low prices amongst customers who switch
Price Skimming = High price is set for a new product on the market Can make people think product is good quality because it’s expensive
Consumers may not buy the product because they think its overpriced
Promotional pricing = Product sold at a low price for a short period of time.
Useful when clearing old stock that doesn’t get sold
Promotes the business
Low sales revenue as prices are low
Product
Product is the good or service being produced and sold in the market. This includes all the features of the product as well as it’s final packaging.
Types of products
Consumer goods – consumed by people (final users of the product) example, the grapes are an input to making the wine. Therefore, the wine is the consumer good while the grapes would be a producer good. Milk, TVs, Phones, all items in your local supper market and so on.
Consumer services – services for people (final users of the service) Restaurants, Travel services such as a flight, insurance, media and so on
Producer goods – goods produced for other businesses to use (e.g. machines, raw materials)
Producer services – Services for other businesses (e.g. Corporate lawyers, business consultants)
Successful product are:
Unique
Satisfies consumer needs and wants
Low production cost to make profit
Quality of the product that is kept consistent with the product image
Introduced to the market before competitors
Why is brand image important?
Brand image is an identity given to a product that differentiates itself from competitors’ products.
Brand loyalty when customers keep buying the same brand again and again instead of switching over to competitors’
Advantages of Brand images:
Consumers recognize their product more easily when looking at similar products- helps differentiate one company’s product from another.
Their product can be charged higher than less well-known brands – if there is an established high brand image, then it is easier to charge high prices because customers will buy it, nonetheless.
Easier to launch new products into the market if the brand image is already established. Apple is one such company- their brand image is so reputed that new products that they launch now become an immediate success.
Roles of packaging
Protects the product
Easy for transportation
Allows the product to be used easily
Promotes the product and brand name – as it will be printed on the packing
Attractive and appealing to customers – logos and images used
Consistent with the brand image of the product (e.g. High end product in a fancy packaging)
Product life cycle
There are stages, introduction, growth, Maturity, decline
Extending the product life cycle
Introduce new variations of the original product
Sell the product into new markets (e.g. distribute to other countries)
Increase and create new advertising campaigns
Lower the price
Make changes to the product (e.g. new packaging, new tastes, colours
Promotion
Marketing activities used to communicate with customers and potential customers to inform and persuade them to buy a business’s products.
The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
Aims of promotion
Increase sales and market share
Create a brand image
Introduce new products to the market
To compete with competitors
Informative advertising – Give audience detailed information about the product Persuasive advertising – Tries to persuade audience that they need the product
You can watch this lesson in video format here
Advertising methods
Local newspaper:
Cheap, Lots of information, Permanent copy.
Not every one reads news paper anymore
local or national television
Seen by many people, video can be interesting, choose which time to advertise
Very Expensive
No targeting of audience, only good if you want to attract everyone
Specialist magazines
Read by audience with certain characteristics e.g car magazines, sport magazine
Social media
Can target specific audience
Billboards
Reach wide range of locals
Increase awareness
Leaflets Cheap
Permanent copy
Range of audiences (given to anyone)
May not be read
Place
Place refers to how the product is distributed from the producer to the final consumer. There are different distribution channels that a product can be sold through.
It is very important to make products available in the right place at the right time in the right quantities
Distribution is achieved by using one or more distribution channels, including: Retailers
Distributors / Sales Agents
Direct (e.g. via buying or selling of products on online services or over the Internet.)
Wholesalers
A distribution channel can be defined as: “all the organisations through which a product must pass between its point of production and consumption”
Producer to consumer
Products sold directly to customers – This is when the manufacturer sells the products to the customers who are the final users of the product.
Very simple
Suitable for some types of products
Lower price for consumers
Not many customers live near factories so it is difficult for them to buy the products
Transporting products to consumers can be expensive and not worth it.
May not be suitable for some types of products
Producer to retailer to consumer
Producer sells products to retailers who then sell the products to the consumers
Lower distribution costs (Only need to transport to the retailers not individual customers)
No direct contact with customers
Producer to wholesaler to retailer to consumer
Wholesaler divides large bulks of products into smaller ones for small retailers to buy.
Reduce storage cost for manufacturer and retailers
Reduce transportation costs
Small retailers can buy small bulks from wholesalers so products don’t expire
Wholesalers can give advice to small retailers on what is selling well
Price is higher for retailers and consumers
Wholesaler may not sell every product
Longer time until products reach consumers which may be bad for fresh products
Other P’s
Physical Evidence: How we reassure our customers, e.g. impressive buildings, well-trained staff, great website? People: Who are our people and are there skills gaps? Partners: Are we seeking new partners and managing existing partners well?
Technology and the marketing mix
The internet is also used for promotion and advertising of products. Internet and other technologies used by businesses to market and sell goods and services to customers.
Examples of e-commerce include online shopping, internet banking, online ticket-booking, online hotel reservations etc.
Businesses advertising on social networking sites
Can target specific types of consumers
Advertisements and information can be edited/updated quickly
Quite cheap
Customers may find online ads annoying
Pop up advertisements cost money
Advertisement can be edited by audience in a bad way (e.g. internet memes
Business advertising on their own website
Don’t need to pay for ads if website already hosted
3.2.1 The role of market research and methods used:
Market-orientated businesses (uses of market research information to a business)
Primary research and secondary research (benefits and limitations of each)
Methods of primary research, e.g. postal questionnaire, online survey, interviews, focus groups
The need for sampling
Methods of secondary research, e.g. online, accessing government sources, paying for commercial market research reports
Factors influencing the accuracy of market research data
3.2.2 Presentation and use of market research results:
Analyse market research data shown in the form of graphs, charts and diagrams; draw simple conclusions from such data
Market research
“The action or activity of gathering information about consumers’ needs and preferences.”
So we can say that Market research is carried out to identify current and future consumer needs and wants
Accurate market research helps to reduce the risk of launching new or improved products.
Types of market research Orientation’s
Product-Oriented Business
This is where the business produces the product first and then tries to find a market for it. Their concentration is on the product – it’s quality and price.
Business will produce a product then try to convince people to buy it.
Market-Orientated business
This is where business will conduct market research to see what consumers want and then produce goods and services to satisfy them. They will set a marketing budget and undertake different approaches of research to identify consumer tastes, spending patterns, development opportunities and market conditions.
Business will perform market research to discover consumer needs and wants then develop a product that meets their needs and wants.
You can watch this lesson in video format
Types of research
Primary research
conduct yourself (or hire someone to do for you.)
Collection of original information by directly contacting with potential or existing customers. It is a costly and time consuming effort which will aid in reducing risks for business.
collecting primary research
Questionnaires or online surveys
Focus
Phone or face to face interviews
Observation
Postal surveys
The advantage of the primary research information, is that the data has been collected personally. Therefore, it relates directly to the researcher’s study.
The disadvantages of primary data are that is expensive to collect and take a long time to process.
Secondary research
Information that has already been collected by another organisation and is available for you to use. This research has already been compiled, gathered, organised and published by others. It includes reports and studies by government agencies, trade associations or other businesses in your industry.
Examples:
Public sources
Commercial sources
Departmental records
Newspaper
Internet
Reports
Statistics
For small businesses with limited budgets, most research is typically secondary, because it can be obtained faster and more affordably than primary research.
Advantage:
Ease of Access and low cost
Disadvantages
Not Specific to Researcher’s Needs
Maybe incomplete Information
Market research is not always accurate
Questions could be biased
Sample may just give their own opinions
Size of samples may be too small
Secondary research information can be outdated or inaccurate
Participant may not be honest
Presentation of market research
Research can be presented using:
Tables
Tally charts
Graphs
Charts
You can watch this lesson in video format here
Use of market research
Why business will use market research?
Identify marketing opportunities and problems
generate, refine and evaluate potential marketing actions
monitor marketing performance
improve marketing as a process
reduces uncertainty
reduces risk
helps focus decision making
What is sampling?
Sampling means getting opinions from a number of people, chosen from a specific group, in order to find out about the whole group.
It is getting selected people to respond to market research questions such as interviews and questionnaires so you can collect data which helps you to get to know their opinions, interest and so on.
Random sampling
Samples are chosen randomly without reasons
a way of selecting a sample (random sample) from a statistical population in such a way that every
possible sample that could be selected has a predetermined probability of being selected.
Quota sample
People are selected based on certain characteristics for example age or income.
A sampling method of gathering representative data from a group. As opposed to random sampling, quota sampling requires that representative individuals are chosen out of a specific subgroup. For example, a researcher might ask for a sample of 100 females, or 100 individuals between the ages of 20-30.
Quantitative and Qualitative
Factual information is called quantitative data. Information collected about opinions and views is called qualitative data.
Quantitative data are anything that can be expressed as a number, or quantified. For Examples scores on achievement tests, number of hours of study, or weight of a subject.
Qualitative data cannot be expressed as a number. For example gender, social economic status, religious preference are usually considered to be qualitative data. Both types of data are valid types of measurement, and both are used by organisations. Only quantitative data can be analysed statistically.