Btec Introduction to Marketing

Marketing
The promoting of a business and what it offers making customers aware of products and services.
Principles of Marketing
Identifying needs, promoting products, pricing, promoting the brand, distributing the brand.
Purpose of Marketing
anticipating demand, recognising demand, stimulating demand, satisfying demand.
Marketing Aims
These are the strategies used to successfully promote a service to its target market.
Brand
The identification of a product or service which is instantly recognisable without explanations
Brand Examples
Slogans, logos, Brand awareness, Brand personality, strategy, USP etc
Market Place
A place where buyers and sellers meet to exchange products and services.
Market Types
Niche and Mass Market
Niche Market
These are markets where products are restricted to a particular need or interest of an individual
Examples of Niche Marketing
Tractors, Braille Keyboards, reading glasses, prosthetic limbs.
Mass Market
These are markets where products are likely to be of interest to the whole market as it covers a wide demography.
Examples of Mass Marketing
Cars, tissue, sunglasses, clothes etc
Primary Research
This is data or information that a business has gathered first hand from a source that has not been used before.
Secondary Research
This is the use of data and information that has been collected before, either internally or externally.