Effective Marketing

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

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Effective Marketing

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	Created by kazoakley over 10 years ago