Cambridge International AS and A level, Business, Malcolm Surridge and Andrew Gillespie. Summary from chapters: 9, 11, 25.1, 25,2, 25.5, 26.2, 35.2 and 37.2. For the first semester of the first year of IBMS.
Marketing tools s mmmary:
Chapter 9:
DESTEP model= the six factors.
D= demographic
E= economic
S= socio cultural
T= technological
E= ecological
P= politcal
Marketng is an ongoing process, because everything can change.
Important terms.
Marketng objectves:
⁃ Sales targets
⁃ Market share
⁃ Brand awareness
Features of markets:
⁃ Size
⁃ growth
⁃ the number of compettors
The supply of a product will depend on:
⁃ The number of frms producing
⁃ The tme period
⁃ Technology
⁃ Costs
The demand of a product will depend on:
⁃ The income
⁃ The price of rivals products
⁃ The price of complementary products
⁃ Marketng actvites
Prodmcer markets Cons mmer markets
Number of buyers Relatvely small large
Nature of buyer professional individuals
Niche marketing occurs when a business focuses on a partcularrusually smalll segment of the market.
rF.E: umbro targets the football marketl. And its quite common for small businesses because:
⁃ It focuses on just one segment, therefore the resources required may be relatvely small.
⁃ By focussing one just one segment, this may not be perceived as a threat for big businesses.
But there are dangers associated with niche marketng:
⁃ The total number of customers is likely to be quite low and you have a chance to lose your
customers afer a liile change.
⁃ If the product is more successful then larger frms, they will enter the market. So they may lose
their share of the market.
Market senmeitg exists when there is a group of clearly identfable needs and wants. The types of
market segmentaton are:
, ⁃ Geographic segmentaton= focuses on the impact of factors such as the locaton of customers or
the climate in diferent regions.
⁃ Demographic segmentaton= focuses on the impact of factors like age and income.
⁃ psychograpich segmentaton= focuses on the impact of factors like you personality and lifestyle.
⁃ behavior segmentaton= focuses on the impact of factors like if you are a regular/heavy
consumer and if you are brand loyal or not.
for a market segment to appeal they must be: measurable, accessible and proftable.
Prodmcer (indms trial) prodmct Cons mmer prodmct
Bmyers professionals amateurs
Nmmber of bmyers Relatvely few; selling to May be millions
businesses
May focms on Technical specifcatons and Benefts in terms of
how to make it beier consumpton, getng more
influenced
Promotion Ofen uses sales force to May be advertsing for mass
approach customers market product
Important terms from chapter 9:
- Marketing an exchange process, it is two way. The business ofers the customer a good or
services and in return receives something, usually money.
- Mutually beiefcialg service and in return money.
- Marketin objectieg is a marketng target for the business setng out what it wants to achieve
and when. rWhere are we heading for?l
- Marketin stratenyg is a marketng plan to achieve the marketng objectve. rHow to get there?l
- Marketin mixg the combinaton of factors such as the price, product etc. that influence a
customers decision to purchase a product.
- Micro eiiiroimeit (organizational level)g internal analysis ryou can influence itl. The Micro
environment encompasses the factors with which a company can directly respond to the
environment. Focus on the company itself.
- Macro ei meso eiiiroimeitg external analysis ryou can’t influence itl.
- Macro eiiiroimeit (contextmal level)g It’s about the landscape in which a business is actve. An
example of this is ageing populaton in the Netherlands. A business can not change this, but it
can take it to account in its strategy.
- Meso eiiiroimeit (trans actional level)g The Meso environment relates to the factors with
which the business cant respond to the environment whether directly or indirectly. This is the
industry where it is actve.
- Market sizeg is the total number of items soldrthis is measuring volumel or the total value of
sales.
- Market shareg of a business measures its sales as a percentage of the total market sales.
- Market nrowthg measures the % increase in growth in market sales over a given period.
- Customer market orieitatoig bases its decisions on customers needs.
- Product orieited busiiessg focuses more on what it can produce, and hopes it will ft the
customers requirements.
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