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Marketing, competition and the customer (Marketing objectives (Raise…
Marketing, competition and the customer
Marketing Department
Sales Department
Responsible for the sales of the product, usually has separate sections for each region to which the product is distributed.
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Promotion Department
Deals with organizing the advertisements for products. It has to decide which types of advertising media will be the most effective to use because there will only be a certain amount to spend; the department cannot spend what it likes
Ex: Television, newspaper, etc.
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Mass marketing
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Disadvantages
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Standardised products/services are produced and so may not meet the specific needs of all customers or potential customers, therefore leading to lost sales.
Advantages
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Risks can be spread, and if if one variety of the product fails then the other products may sell well
Niche Marketing
Advantages
Helps avoid having competition from the larger business since larger businesses tend to concentrate more on mass markets, unlikely to notice them
The needs of the customers can be focused on and therefore targeted by the firm in niche markets. This will give them an advantage over larger firms who aim to meet the needs of the mass market rather than the needs of these specific customers
Disadvantages
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It focuses one product meaning it has a higher risk of failing and if that product fails, then the business will also fail
Market
Segment
Helps a business to:
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Identify a market segment which is not having its need fully met, and therefore offer opportunities to increase sales
Make marketing expenditure cost effective by producing a product which closely meets the needs of the customers and only targeting its marketing efforts on this segment
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