Hello Everyone,
Today I would like to show you my work for Business Studies which involves the roles of marketing.
Definitions Explained
Identify – Finding out by using Market Research about what customers want, and what products and services are already out there.
Predicting – Analysing the data collected and using it to predict whether the product will be in demand and seeing how the product could be changed or updated.
Satisfying - Making sure that the people buying the product are satisfied with it and would want to come back and buy it again.
Profitability – Adding value to the product so that the product can provide an income.
The importance of identifying and understanding its customers
You need to identify your target market otherwise the customers who are interested in your product will not buy it as it doesn’t appeal to them.
The purpose of marketing – increasing sales A business may wish to increase sales, this means they can increase their revenue, their profit and their market share. A business can increase their sales by advertising and sales and discounts.
Promotion examples
Paying a well-known celebrity to endorse your product. E.g. Usain Bolt with Virgin Media.
or having a mascot to advertise your product e.g. The meerkats in Compare the Market adverts.
Using themes of advertising depending on the time of year like Christmas Adverts, Shop Discounts and Online Sales e.g. Boxing Day sales and January Sales. Some companies take a percentage of the price off to convince customers that they are getting a good deal. Which increases the amount of sales they get.
Websites like Groupon and Wowcher offer discounts on a huge range of different goods and services. This entices customers into shopping there.
Thanks For Reading
Matthew