Marketing (3)

Businesses need to market their products because there is too much competition from other producers. Marketing is not just about selling in fact involves:
 Researching the market
 Predicting future consumers requirements
 Developing a product that satisfies customers’ need and wants
 Getting the price right
 Advertising and promoting the product
 Ensuring that the product is sold in places which are convenient for the consumer
To do this, the marketing department of a company will carry out market research.

Market research

Market research is used to obtain and analyse information about:
 The geographical location and size of the potential market
 Market trends
 Local regulations and legislation
 Competitors’ activity, strategy and performance
 Customers’ profile
 Customers’ needs

All this information is then used to develop marketing strategies which are aimed at a specific target or sector of the market.

 Age
 Lifestyle
 Ethnicity
 Income and social classes
 Gender

Companies can obtain information from various sources:

 Official statistics
 Sales documents of a company itself
 Market research organisations
 Interviews and questionnaires

The marketing mix
Marketing mix is the process of marketing a product and it includes the FOUR PS:

Product
Price
Place
Promotion