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Effective Marketing
- The purpose of marketing
- New businesses do not
succeed because they have not
clearly identified their
customers
- good market research is translated
into an effective marketing mix
- New firms underestimate competition
- Customers can buy or not buy
- Business need to make customers to buy
- Business need to make customers to buy
- Successful Marketing:
- Identifying Customer needs
- Meeting customer needs
- Identifying Customer needs
- New businesses do not
succeed because they have not
clearly identified their
customers
- Niche and Mass Marketing
- Niche Marketing
- Involves meeting the needs of a small
market
- usually too small to attract the interest of larger
businesses
- Advantages:
- Ability to focus on the needs of individual consumers and
respond quickly to changes in these needs
- Return of marketing expenditure is high due to being well targeted
- Little competition
- possible to charge premium prices due to lack of direct competiton
- Increase profitibality
- Increase profitibality
- Ability to focus on the needs of individual consumers and
respond quickly to changes in these needs
- Disadvantage:
- degree of specialisation makes niche markets vulnerable to changes in market conditions
- successful niche may attract the interest of a large company
- Sales level may be relitavely low
- degree of specialisation makes niche markets vulnerable to changes in market conditions
- Involves meeting the needs of a small
market
- Mass Marketing
- Growing of goals
become mass
marketing
- Advantages:
- High sales at low prices
- Afford expensive Advertising
- Revenue will be regular
- High sales at low prices
- Disadvantages:
- High profits attract more
competitors
- Difficult to spot changes in a consumer needs
- Difficult for small or medium- sized businesses
to compete
- High profits attract more
competitors
- Growing of goals
become mass
marketing
- Niche businesses
can operate in the
global market
- Niche Marketing
- Consumer Marketing and
business to business marketing
- Consumer Marketing
- aimed at general
public
- final users of the product
- final users of the product
- personal needs of the buyer
- Difficult to predict or forecast
changes in consumer tastes or
consumer behaviour
- aimed at general
public
- Business Marketing
- concerned with one company
identifying the needs of potential
customer
- Business to Business typically contain
significantly fewer possible purchasing
alternatives than consumer markets
- concerned with one company
identifying the needs of potential
customer
- Consumer Marketing
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