BTEC UNIT 9 - Principles of marketing (Why do marketing? ( To make a…
BTEC UNIT 9 - Principles of marketing
Percentage of total sales off a product that one has.
The company sales
Why do marketing?
To make a profit as you are more likely to sell products that people want.
To gain or increase market share.
To develop the correct products.
Increase brand awareness.
Helps launch new products successfully.
Enables to move into new markets.
Encourages customer’s loyalty. E.g. loyalty cards.
Builds reputation of the business.
– Understanding your customers wants and needs so that you can provide them with a product or service that meets these needs.
Businesses using marketing
Understanding customers = meeting their needs.
To keep ahead of competitors – competitive advantages.
To communicate with the public using promotion.
Increase sales profit.
The actions necessary to achieve the aims set by the business.
Different types of marketing
B2B (Business to business) – Business supplying to another business.
More complex decision making as more people will be involved as a higher value or purchase will be advertised through trade fairs and face to face selling.
B2C (Business to consumer) – Customer buying from the business.
More intermediaries. Advertise through TV, magazines to persuade customers to buy their products through discounts.