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Chapter 9 - Marketing - Coggle Diagram

- - - - Corporate objectives are the goals or targets the whole business is trying to achieve
      - Marketing objectives relate to sales revenue, sales volume, customer awareness, changes in product ranges
- - - - Mass marketing is selling to the whole of the market, supplying large quantities of a product to appeal to the whole of the market
      - Businesses often supply large quantities at low prices, create a brand, spend large amounts on advertising, need mass distribution channels
      - Advantages
        
        High production enables low unit costs
        
        Higher sales revenue with high profits
        
        Strong Branding
      - Disadvantages
        
        High costs
        
        Mass markets are competitive leading to high costs
        
        High risk of failure and large losses are possible
    - - Niche marketing is when a business satisfies the needs of a small specific segment of a larger market
      - Concerned with specialist products
      - Allow businesses to charge a premium price
      - Become competitive as businesses are attracted by high profit margins
      - Advantages
        
        Product and marketing can be tailored specifically to the target consumer
        
        There are lower levels of competition in a smaller market
        
        Good way to introduce a product and build a brand
      - Disadvantages
        
        Consumer target group must be accurately defined
        
        Promotion must be tightly focused on the target to be effective
        
        Niche markets are small, making expansion is difficult
- - - - Location: targeting specific location or area, leading to different preferences
    - - Age: different ages have different needs
      - Gender: product specifically used by genders
      - Type of household: smaller families have different needs
    - - Personality and attitudes: identify different groups internally
      - Lifestyle: Ful time workers need different things from retired people
    - - Socio economic group (SEG) measures a mix of income, education and income
      - Types of product purchased