Marketing Learning Intentions

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Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.
 Successful marketing involves bringing the buyer and seller together and making a sale.
 The marketing concept is that a customer’s needs and wants are met while achieving the business’s goals.
 Marketers closely examine the behaviour of customers (consumers) to understand what influences customer choice.
 Customer choice is influenced by four main factors: Psychological, sociocultural; economic and government.
 Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.
 Primary data: information from original sources. Example: interviews and surveys.
 Secondary data: information collected by other organisations. Example: industry reports and Australian Bureau of Statistics.
 A situational analysis (feasibility) provides a precise understanding of the business’s current position and where it is heading.
 The product life cycle consists of the stages a product passes through: introduction, growth, maturity and decline.
 At each stage of the product’s life cycle a different marketing strategy is necessary.
 A SWOT (strengths, weaknesses, opportunities and threats) analysis provides the information needed to complete the situational analysis and assesses the business’s position compared with its competitors.
 A target market refers to the group of customers to which a business intends to sell its product.
 Three broad approaches can be adopted when selecting a target market: the mass marketing approach, the market segmentation approach or the niche market approach.
Market segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristic– demographic — features of a population
Market segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristic – geographic — urban, regional and rural locations
Market segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristic – psychographic — personality characteristics
Market segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristic – behavioural — customers’ relationship to the product.
A business controls four basic marketing strategies to reach its target market: product, price, promotion and place (the four Ps of the marketing mix).
A product is a good or service that can be exchanged for money.
The price is the amount of money a customer is prepared to offer in exchange for a product.
Promotion describes the methods used to inform, persuade and remind customers about a business’s products.
Place is the element of the marketing mix that deals with the channels of distribution: the ways of getting the product to the customer.
 Product positioning is the development of a product image compared with the image of the competing products.
Product branding is the brand and associated brand logo.
A business must select the most appropriate pricing method suitable to its product and market conditions.
Pricing method:–Cost-based (mark-up)
Pricing method:– Market-based pricing.
Pricing method:- Competition-based pricing
Pricing strategy – price skimming,
Pricing strategy– price penetration,
Pricing strategy– loss leader,
Promotion refers to the methods used by a business to inform, persuade and remind customers about its products.
Promotion mix is the various promotion methods — advertising, personal selling and relationship marketing, sales promotions, and publicity and public relations.
 Social media advertising (SMA) is a form of online advertising, using social media platforms such as Facebook, YouTube, and Twitter to deliver targeted commercial messages to potential customers.
Place or distribution are activities that make the products available to customers when and where they want to purchase them.  Includes an online presence
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