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Marketing

Introduction to Marketing

TermDefinition
Marketing The management process of (i)finding out what customers want and (ii)then making a product that satisfy their needs and (iii)persuading them to buy that product.
Market Research Collecting, analysing and reporting information about marketing issues to enable (help) managers to make effective marketing decisions.
Field Research To gather new information directly from consumers
Observation Involves watching and recording the behaviour and reactions of consumers
Focus Groups/Consumer Panels Groups of consumers who are regularly monitored to find out about their purchases and reactions to products
Survey/Questionnaire Involves interviewing the consumer directly. Consumers can be contacted by phone (e.g. Vodafone Customer Service), mail, the internet (e.g. after a hotel stay) or in person (e.g. when you are stopped on Grafton St…)
Desk Research Research which is based on information already available
Market Segmentation Involves splitting the market into separate and distinct groups that exist within it.
Target Market This is the group of people (or segment of the market)that the business chooses to aim its product at. E.g. Energy drinks for athletes.
Niche Market This is a narrowly defined group of potential customers within a market for a product or service. E.g. Organic Food Market, Bridal Wear.
Marketing Concept 1. Find out what the customer wants. 2. Provide the product or service that satisfies the consumer need or want.
Marketing Strategy a written plan that sets out the business’s marketing objectives and the means by which it will achieve these.
Created by: jennymarshall
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