Business studies marketing mix

Case Studies

Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.

This can be shown on the graph below: Product Intelligence is related to gathering information about your own product.

The marketing mix

Information from an organization's marketing department would be used to guide the actions of other department's within the firm. Is there an 8th P. If a product is priced higher or lower than its perceived value, then it will not sell.

The plans and activities of senior managers feed into the divisional plans of executives and directors. Price is initially high due to type of product usually electrical, luxury, innovative Price penetration new products Price starts at a lower price to gain market share Pricing strategies for existing products Price leader — dominant firms in the market are able to set the price for the rest of the market Price taker — these firms accept the price that the price leaders set Predator — predatory pricing is where businesses undercut competitors to drive them out of the market and gain market share Methods Cost based — businesses work out how much products will cost to make, they then add a profit margin on to this to calculate price Contribution — Prices are calculated by looking at how much they contribute to variable costs Discriminatory — Where businesses can charge different prices to different consumers for the same product e.

Market information potentially covers a vast range of data, from global macro-trends and statistics, to very specific and detailed local or technical information, so it's important to decide what is actually relevant and necessary to know.

Essentially your plan is a spreadsheet of numbers with supporting narrative, explaining how the numbers are to be achieved. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding.

Revision Notes

It is illustrated on the graphs below. Keeping your central aim visible will help you minimise the distractions and distortions which frequently arise during the planning process. Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long.

Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

One example of this evolution has been the fundamental changes to the basic Marketing mix. Most business plans are in effect sales plans or marketing plans or departmental plans, which form the main bias of this guide.

All the elements of the marketing mix influence each other. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.

They make up the business plan for a company and handled right, can give it great success.

Marketing Theories – The Marketing Mix – From 4 Ps to 7 Ps

It could be related to population age in that area, infrastructure facilities, spending habits of consumers, state or government regulations etc. Producing and announcing the mission statement is also an excellent process for focusing attention on the business's priorities, and particularly the emphasis on customer service.

Marketing intelligence is the external data collected by a company about a specific market which it wishes to enter, to make decisions. What are your fast-growth high-margin opportunities, and what are your mature and low-margin services; how are you treating these different opportunities, and anything else in between.

But relying on just these can lead to inaccurate assumptions that may not end up delivering results.

Marketing Mix: Case Studies

This tends to focus thinking on creativity, innovation, ambition, quality, excellence, perhaps even social good, etc. Methods of setting prices are in the domain of pricing science. Marketing involves the strategic planning of a business or other organizational provider through to every aspect of customer engagement, including market reserach, product development, branding, advertising and promotion, methods of selling, customer service, and extending to the acquisition or development of new businesses.

It is the first set of data which the company analyses before making any investment decision. We believe that the multimedia content provides a greater immediacy to the subject matter of the case, and promotes greater involvement in the case study on the part of the learner.

To ensure a marketing mix that is based in research and combines facts with innovation, a manager should go through the following systematic process: This video shows how you can create value by using the marketing mix.

All the products are demanded and all of them are sold. The world is changing and learning, slowly, but it is, and anyone ignoring ethics in planning today does so at their own peril. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material.

As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals. Who is the customer?. Below is a list of case studies from Business Case Studies organised by Topic.

Choose your sub topic by clicking the arrowed links below your selected business studies topic heading.

IGCSE Business Studies Marketing Mix Main menu. Marketing budgets ensure that your marketing plan or campaign is realistically costed.

Print's Not Dead: Print Marketing Will Thrive in 2014 and Beyond

Some pre-budget research into your industry and market, your competitors and your business's historical marketing metrics helps marketing managers make a more informed calculation. About the Program Business - Marketing is a two-year diploma program designed for people seeking a high-level overview of the marketing industry.

Marketing, the sum of activities involved in directing the flow of goods and services from producers to consumers. Marketing’s principal function is to promote and facilitate exchange. Through marketing, individuals and groups obtain what they need and want by.

The retail marketing mix. Marketing is an underlying philosophy that guides business activities, but how does a retailer do marketing?A retailer must engage in planning, research and analysis before implementing a marketing strategy.

Business studies marketing mix
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