Topic 3 of 6 · Form 3
Marketing
Role of marketing; market changes; niche versus mass marketing; market segmentation (age, gender, income, location, lifestyle).
Notes for this topic 1 file, in order
Create a free account to download PDFs.
Marketing, competition and the customer
Role of marketing; market changes; niche versus mass marketing; market segmentation (age, gender, income, location, lifestyle).
Market research
Primary research (questionnaires, interviews, focus groups, observation) and secondary research (internal records, government statistics, the internet); sampling; presenting and interpreting data.
The marketing mix
- Product: product life cycle and extension strategies; branding; packaging.
- Price: cost-plus, competitive, penetration, skimming, promotional and psychological pricing; price elasticity.
- Place: distribution channels (manufacturer to consumer, through retailer, through wholesaler and retailer), e-commerce.
- Promotion: advertising (media choice), sales promotion, public relations and sponsorship; digital and social media marketing.
Worked example: A product costs US$12 to make. The firm uses a 40% mark-up. Find the selling price.
12 × 1.40 = US$16.80
Marketing strategy
Choosing an appropriate mix for the target market; entering new markets abroad (opportunities and problems).
Check yourself
- What is market segmentation?
- When might a business use price skimming?
- Name two extension strategies for a product in maturity.
Show answers
- Dividing a market into groups of consumers with similar characteristics.
- When launching a new, unique or high-technology product that customers will pay a premium for.
- Any two: new markets, new uses, repackaging, new advertising, price changes, product improvements.
Questions about this topic (0)
No questions about this topic yet.
Sign in or create a free account to join in.