Finding a need and than satisfying it
Diagram of Marketing Mix
Consumer, prices, product,place,promotions, economic, technological, societal, political, competitive
Economic, societal, competitive, technological, political
product, place, promotion, price
Represent s what you are trying to sell
Price point at which you sell the product
The distribution of the product or how you are going to get the product to the consumer.
Anything you do should know what the consumer wants.
Communication how people hear about yourproduct
Recession, depression, recovery, prosperity. societal spending capabilities, the current economy situation
Societal / consumer forces
Any consumer force that may post restrictions on business (I.e. MADD)
What are the 4 competitors quadrants
Defense, offense, flanking, guerilla
Typically used when in the number one product placement
When 2nd largest product uses in overtaking the product ahead of you in product placement
Used best by 3rd or 4th largest company when surprising your competitors in an area they do not seem profitable and succeed in exposing their weakness, a way to stay relevant.
Where most small business are.
“Compete by not competing”
Go under, over, around a company, dont try and go through them.
Steps to research studies
Objectives, secondary data, primary data, Presenting findings
You have yo go for the cause and ask yourself “why?”
Info that already exists
You will learn new things by observation method, survey, experimental method, consumer suggestions.
Watching how people do things and gather that data
Survey people about their behavior
Simply just going to conduct an experiment
Sources of Secondary Data
M.I.S. , Natural resources, hire firms to do research, government census, studying adds and research from them.
Marketing Information System
M.I.S. – research info pertaining to a certain business data that they have gathered
Crunching numbers, gathering them together and organization.
3 reasons people buy a product
1. Feel better. 2. Get rid of fear. 3. Solve a problem.
The two types of Sample Surveys
Probability, and Non probability
Random – each person has a equal likelihood to be chosen
Non probability Survey
Not random – Each person does not have a likely chance to participate
Competition between businesses
Strength, weaknesses, opposition, threats