Center mind map
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Measures the amount of goods sold by quantity.
Measures the amount spent by consumers on the total volume of goods sold.
Measures how fast a given market is expanding.
The state of the economy
Demographic and social changes
Measures what proportion of the total market's sales is held by one organization.
Market and Product Orientation
Try to analyze the market to find out what the customers want.
More worried about the concerns and convenience of their internal production than their potential customers.
Marketing of goods and services
Different approaches of selling services.
Goods can be taken back if the customers don't like what they have bought, however goods which the consumers have already benefited from cannot be returned.
Services must be consumed immediately and can't be stored. Ex. Someone's time.
Different offerings are hard to compare. Ex. Cars can be easily compared with each other, however restaurants are more difficult to compare.
Services are intangible.
Marketing Planning and Marketing Objectives
A document that puts the company's strategic marketing aims into practice.
Key marketing objectives.
Strategic plans - an overview of how the objectives are going to be achieved.
Specific marketing actions - details of the timings and types of marketing activity to be carried out.
Marketing budget - detailed costings of the marketing activity.
Goals and targets that must be met by the marketing department in order to meet the needs of the overall corporate objectives.
Key elements needed in the marketing of a product:
How much the consumer is going to pay for the product.
Involves the characteristics of the product or service being offered.
Where the consumers can buy the product.
How the product is communicated to consumers.
Use of human capital in bringing a product to market.
The systems used to allow the organization to deliver the product.
The element of the mix that allows a consumer to make a judgment on the organization.
Making products stand out to potential buyers.
Ethics of Marketing
Collection of principles that underpin decision making.
Includes businesses making misleading or false claims about prices, price comparisons, with rival products, failing to mention important conditions of sale, etc.
Businesses often sell their products often sell their products on the basis of something other than the product itself.
Using cheap suppliers can lead to health and safety issues.
"Doorstepping" practices for example has received much criticism.
Looks at the costs and effectiveness of marketing activity on a periodic basis. It will consider the internal and external environment in order to identify the organization's strength and weaknesses and the opportunities and threats facing the business.
The collection of objective data about a market, competitors, and consumers.
Primary market research
When data is collected directly from consumers.
Secondary market research
Based on data that has already been collected.
Dividing a market into smaller sub-groups based on some key defining characteristics of consumers.
Detailed breakdowns of the demographic characteristics of the consumers. Including:
Market or position maps allow a business to see where existing brands are aimed and identify potentially profitable niches in the market.
Developing a product includes:
Create the product.
Refine and carry out final testing of the product.
Ensure continual development.
Well-known names of individual companies or products.
Assumed that the business can sell all of its output at this price.
When a dominant organization in a market sets a price for its products and its rivals feel compelled to match that price.
When a business sells its products at a low price to try to break into a market and gain market share quickly.
"Above the line"
Direct advertising through consumer channels, where the control process is passed to third parties.
"Below the line"
All other forms of promotional activity falls into the "below the line! category.
Direct selling is where the producer of good or services deals directly with the customer.
Using electronic networks in the buying and selling of products.