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Business Management Marketing - Coggle Diagram

- - - - Ease of distribution channels: Retailers will stock supplies that they demand since its guaranteed profit, and smaller retailers may only stock the market leader to ensure that they sell products from a certain market.
      - Price leadership: Competitor businesses have to follow the pricing strategies of the leader and would set this as a benchmark.
- - - - Surveys: questionnaires sent out to a particular target audience (mail, telephone surveys, online surveys).
        Pros: enable collection of lots of data easily, can be easy to complete.
        Cons: need to be well-constructed, results may be biased, may be costly to administer
      - Interviews: conversations that gain information (online, face tp face, board, telephone)
        Pros: can show detailed information and questioning can reveal a lot, high response rate bc of one-on-one attention, information can be clarified
        Cons: time consuming, biased responses possible
      - Focus Groups: small group of people brought together to discuss a specific product (representative of business or customers)
        Pros: cheap and easy, measure of customers' possible reactions, insights into competitor's product perception in the target market
        Cons: group may be too small, may not show honest opinions, more costly (pay the group)
      - Observation: carefully watching and understanding consumer behaviour.
        Pros: direct method, cost-effective, large number of people can be observed
        Cons: needs to be combined with other research methods, can be used to study the attitudes or opinions of an individual
    - - Academic Journals, media articles, govt publications, market analyses
- - - - BCG Matrix Strategies
        
        Holding strategy = products with high market share must be held in order to maintain position. Investment needed to ensure consumer demand.
        
        Building strategy = turning problem children into stars (high market share needed). Money from the cash cows could be used here for promotion.
        
        Harvesting strategy = milking benefits of products with positive CF and redirecting this finance into products which require investment
        
        Divesting strategy = poor performing products are sold off or withdrawn freeing resources and finance
    - - Importance of branding:
        
        ensures brand is widely known and recognised
        
        gives customers a clear image to associate w the business
        
        can enable higher profit margins through brand value and loyalty
        
        can provide legal protection to prevent copyright
        
        emotional connection to customers and personal identification
      - Importance of packaging:
        Packaging = the design and production of the physical container or wrapper of a product
        
        provides physical protection for product
        
        convenience for consumers and distributers to handle the product
        
        information about the product and the business (could be legal requirements)
        
        reduce security and tamper risks
        
        aids promotion: eye catching and appealing to the consumer
  - - - Must consider;
        
        Cost
        
        Legality
        
        Target Market
        
        Stage in PLC
        
        Type of product
    - - Benefits of utilising this
        
        Wide reach
        
        Engagement of consumers
        
        Gather market information and trends
        
        Cost savings compared to television advertising
        
        Brand recognition and repeat exposure of information
        
        Speed of reach to consumers
      - Limitations of utilising this
        
        Accessibility issues for regions without tech or Internet
        
        Advertising can be regarded as distractions and junk by consumers
        
        Lurkers are not benefital to the business and would not help in promoting the product
    - - Activity = making use of opportunities that present themselves for promotion
        Presence = make their firm known to the market (emails, forums, etc)
        Energy = every contact and every day is an opportunity to market
        Network = on the lookout for new contacts and focus on building relationships
        Smart = do not offend customers (if thats not the main goal)
  - - - Zero intermediary channel = sold directly from producer to consumer eg. food, mail order, e-commerce, airline bookings
      - One intermediary channel = use of retailer or agent to sell products from producer; jewellery, furniture, and large supermarket chains selling household products
      - Two intermediary channel = wholesalers and retailers used by producers