Unit 1 Outline
• Module 1: Innovations and Entrepreneurs
• Module 2: Small Business
• Module 3: Marketing
• Module 4: Accounting
Marketing
mix:
the 4 Ps
Function of
marketing
Module 3
Marketing
Market
research
Session 1: Function of marketing
• Define marketing
• Explain the function of marketing and its relationship to
business objectives and business strategy
What is marketing?
• Marketing is a process which provides the
link between producers or providers of
goods and services, and consumers.
Marketing concept
• The marketing concept is based on the belief that the best
results are achieved through using an integrated approach
to marketing. It involves four factors:
Customer satisfaction is
important
Key performance
Marketing Total organisation
indicators (KPIs) are set,
concept commitment to success.
such as achieving $X sale.
Goals and objectives are set
Marketing process
• The marketing process is a continuous study of the
market by a business to ensure that it is always
meeting the needs of its customers.
• Four steps:
1. Market research to identify potential customers and
customer needs.
2. Marketing strategy enable the business to identify
how it will ‘make its mark’ in the market.
3. Marketing mix are the tools at the disposal of the
business for decision-making.
4. Evaluation to assess potential marketing
improvements.
What is a market?
• A market is a group of potential customers
with similar needs who are willing to
exchange something of value with sellers
offering various needs-satisfying goods or
services.
• Four basic types of markets exist:
• Consumer goods (e.g. soft drinks, food, household
products)
• Businesses (e.g. accounting, law)
• Global (businesses that export their product)
• Not-for-profit and government
What is a target market?
• A target market is the market at which a product
or service is primarily aimed.
• A target market usually aims towards one or several
segment of customers.
• Four key bases of segmentation:
Segmentation Segmentation variables Examples of segments
basis
Behavioural - Needs - Economics, social
- Purchasing frequency - Never, rarely, frequent
Geographic - Region - Global, country, state
- Size of city - Number of residents
Demographic - Income - < $20K, 20-$50, $50+
- Gender - Male, female
Psychographic - Social class - Low, lower middle, etc.
- Personality - Compulsive, ambitious
How are products marketed?
• Slip Slop Slap
• Wren
• Yellow Pages
• Water is Life
How are products marketed?
1. Why do you like certain commercials? Why do you
dislike certain commercials?
2. What things in a commercial make you want to buy a
product?
3. Have you ever bought anything just because of a
commercial you saw? Did the product do what the
commercial said it would?
4. How can commercials make their products look better
than the rest while still being honest?
Session 2: Market Research
• Explain market research, including information needs,
data collection tools and techniques, analysis and
interpretation.
• Conduct and analyse market research relevant to the
business you are designing.
What is market research?
• Market research is the systematic approach
used to assist in making decisions about
consumers and the marketplace.
Why is market research needed?
• Market research is needed to:
• Reduce the level of risk or uncertainty attached
to introducing a new product or service.
• Assess the current products, ads, packing and
determining whether changes need to be made
• Predict future changes or trends in a product
or service.
Systematic approach to market research
Define the problem and establish the objectives
Determine the research design
(e.g. exploratory via reading articles; descriptive via consumer surveys;
causal to find the cause and effect of an action)
Identify and access information types and sources.
Design data collection approaches, forms and sample size
(e.g. questionnaire, focus group, experiment)
Collect and analyse data
Prepare and present final report
What market research will you conduct?
• Apply the market research steps to your own
business.
• Consider what your objectives are and how you
will achieve them.
Session 3: Key Elements of a Marketing Plan
• Define, explain and use the key elements of a marketing
plan to construct a marketing plan relevant to the business
you are planning in class. Including:
• Establishing objectives;
• Market description;
• The marketing mix (product, price, place and
promotion); and
• Product Life cycle: innovation, introduction, growth,
maturity, decline and extension strategies.
Establishing objectives
• State the business’ marketing goals for the
coming financial year.
Market description
• Describe the business’ target market
• Include a SWOT analysis of the target market:
Strengths Weaknesses
All the marketing
Marketing aspects
aspects a business
not achieved well by
does better than its
the business.
competition.
Opportunities Threats
Any marketing Any factors or
opportunities events that may
available to the damage the
business. business.
Marketing mix
• The marketing mix PRODUCT PRICE
is comprised of four • What is being • For how much
sold? will the product
variables. be sold?
• Sometimes called
the 4Ps of
marketing.
PLACE PROMOTIO
• Where will the N
consumer get • How will
the product? potential
customers be
informed about
the product?
Create a marketing mix for a product
Each group has one product that they must market.
1. Create a matrix
PRODUCT PRICE
describing the marketing • What is being • For how much
mix (4Ps) for your sold? will the product
be sold?
product.
2. Using the marketing mix,
create a 30-second ad for PLACE PROMOTIO
• Where will the N
the product and present consumer get • How will
the product? potential
this to the class. customers be
informed about
the product?
