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Marketing - Coggle Diagram

- - - - Market changes and spending patterns
        
        Reacting with changing competition and spending patterns
        
        Types of market
        
        Age, economic group, location, use of product, gender, lifestyle, etc
        
        Market segments
        
        Niche
        
        Mass
- - - - Market research methods
      - Primary Research
        
        Methods of primary research
        
        Factors influencing market research data
        
        How to design an questionnaire?
        
        Carrying out the questionnaire
        
        Presentation of data
        
        Table or tally chart
        
        Pie chart
        
        Bar graph
        
        Sample size
        
        The time the questionnaire is conducted
        
        The place where the questionnaire would be conducted
        
        Questions should be short and clear
        
        Shouldn't ask more than 12 questions
        
        Give choice of age groups
        
        Questions should be logical
        
        Questions asked
        
        How careful sample was drawn up
        
        Sample selected
        
        Size of sample
        
        Wording of questions
        
        Who carried the research
        
        Bias
        
        Age of the information
        
        Questionnaires
        
        Interviews
        
        Online surveys
        
        Focus groups
      - Secondary research
      - External sources of secondary data
      - Government statistics
      - Newspapers
      - Trade associations
      - Research agencies
      - Online sources
- - - - Benefits of developing new products
        
        Importance of brand image
        
        Role of packaging
        
        Product life cycle
        
        Extending the product life cycle
        
        Introduce new variation of the original product
        
        Sell in new markets
        
        Make small changes
        
        New advertising campaign
        
        Sell through addition, different retail outlets
        
        1.Product is developed
        
        2.Introduced in the market
        
        3.Sales start to grow rapidly
        
        4.Maturity-sales increase slowly
        
        5.Sales reach saturation point
        
        6. Sale of product declines
        
        Should be suited for the product to be put in
        
        Easy to inform about product quality
        
        Distinguishes itself from rivals
        
        Attracts more customers
      - Unique Selling point
      - Business expansion in existing and new markets
      - Diversification
- - - - Impact of psychology on price of product
        
        Price elasticity of demand
        
        Price elastic demand- consumers sensitive to change in price
        
        Price inelasticity demand-consumers are not sensitive to change in price
      - high price-good quality of the product
      - If the price of the product is set below whole number, it feels cheaper
      - Give sales and discounts
- - - - Selecting distribution channel to use
      - Type of product
      - Product is technical?
      - How often is product purchased?
      - How expensive is the product?
      - Is the product perishable?
      - Where are customers located?
      - Where do competitors sell their product?
- - - - Media of advertising
        
        Sales Promotion
        
        Importance of marketing budget
        
        Types of promotion that should be used when:
        
        Sponsorships
        
        A company can sponsor events to raise awareness of the company and for a good cause
        
        Stage of the product life cycle that has been reached
        
        Nature of the product
        
        Cultural issues
        
        Nature of the target market
        
        It is a financial plan for the marketing of the product or product range for a specified period of time
        
        Different types of sales promotion
        
        After-sales service
        
        Gifts
        
        BOFOG
        
        Price reductions
        
        Competitors
        
        Displays and demonstrations
        
        Free samples
        
        Product Placement
        
        Advantages of sales promotion
        
        Can make additional sales at the time of the year when sales are low
        
        Encourages new customers to try the product
        
        Encourages the customer to buy that product more often
        
        Encourages customer to buy your product instead of the rival's products
      - TV
      - Radio
      - Newspapers
      - Magazines
      - Posters/billboards
      - Cinema
      - Leaflets
      - Internet
      - Other forms of publicity
- - - - E-commerce
        
        Threats for businesses-
        
        Consumers can find an alternative product easily due to completion online
        
        Website designing is expensive
        
        Transports costs higher for businesses
        
        No face to face contact
        
        Large warehouse and efficient inventory control is needed
        
        Returns can add business costs
        
        Threats for consumers-
        
        Need internet access
        
        Glitches can frustrate consumers when shopping online
        
        No face to face contact with sales staff
        
        Concerns about identity theft
      - Opportunities for businesses-
      - Can be promoted worldwide at a low cost
      - Orders can be taken through the internet
      - Consumers may buy more products than they need, due to easy to follow websites
      - B2B e-commerce
      - Opportunities for consumers-
      - Shop at the comfort of home
      - Comparisons between products can be made
      - Dynamic pricing
      - Payment through debit/credit card is easy
      - Easy to access products and services located abroad
      - Lower prices
      - Low packaging and transport costs due to competition
- - - - Marketing strategy to choose in different circumstances
        
        Legal controls on marketing
        
        Growth potential of new markets in foreign
        
        Opportunities-
        
        Greater growth potential
        
        Home markets may be saturated
        
        Wider choice of location to produce products
        
        Easy and profitable to enter new markets
        
        Problems-
        
        How to overcome?
        
        Joint ventures
        
        Licensing
        
        International franchising
        
        Localizing exist brands
        
        Lack of knowledge
        
        Cultural differences
        
        Exchange rate changes
        
        Import restrictions
        
        Increased risk of non payment
        
        Increased transport costs
        
        Weights and measures
        
        Sale of goods
        
        Supply of Goods and Services Act
        
        Illegal to do misleading pricing claims
        
        Consumer Contracts Regulation
      - Marketing objective
      - Marketing budget
      - Target market
      - Balanced market mix