what is marketing
communication between retailers and consumers to advertise their product
what are the strategic objectives of marketing
- attract consumers
- meet consumer wants
- increase global sales (websites)
what are the constraints on achieving the strategic objectives
- public image (scandals)
- finance
- legal requirements
- competition
what is product led marketing
designing a product then getting consumers to buy them. there is no product research
eg, dyson, drugs/cures
what do people assume about product led products
- sold on the best market
- product is unique so no real comp
- no need to research it’s so good
what is market led marketing
competitive marketing that puts consumer needs at the centre of all decisions. lots of testing
what do people assume from market led products
- satisfying consumer needs
- market research and testing
- constant quick modifications
do most people take a combination of both product and market led approaches?
Yes
- carry out market research
- carry out product research
- focus groups and testing is used before final launch
how does success develop?
- meet recognised consumer needs
- developing new or changing existing products
- give greater satisfaction to change in demand
- find a gap in the market
what is consumer behaviour?
the study of the way people seek, buy, use, evaluate and dispose of products/services
what are the 3 types of buying behaviour
routine purchase,
informed purchase,
impulse purchase
what is routine purchases
take little thought. something they buy regularly
what is informed purchases
the informed decision making purchases. take consideration/possible research
what are impulse purchases
bought without prior thought
