Commercial Practice Flashcards
Marketing
Finding out the needs of the consumer and trying to meet those needs through services and products
Technology Push
New technology fuels product innovation e.g. Computers
Market Pull
New products are developed to meet the needs of a market e.g. New energy sources
Market Research (in-bound)
Finds out:
- the needs of consumers
- who the competitiors are
- up-to-the-minute market trends
- how much customers are willing to pay
- how a product should be identified - naming + branding
Ethnographic research
How people behave in different cultures
Primary research
Focus groups, interviews, surveys, observations
Advantages of primary research
- Tailored to a companies need
2. Up-to-date information
Disadvantages of primary research
- Time consuming
2. Expensive
Secondary research
Research conducted by outside agencies, internal sales data, books
Disadvantages of secondary research
- No specific company needs
2. May be out of date
Advantages of secondary research
- Quick to collect
2. Cheaper than primary research
Marketing Strategy (out-bound)
Decisions a company makes regarding the 4 P’s to make their product appeal to the consumer
4 P’s
- Product
- Price
- Promotion
- Place
Product
- What will it look like?
- How will it perform?
- Durability
- Maintenance
- What features will it have?
- Brand name
Price
- How much will consumer pay?
- Manufacturing costs
- Distribution costs
- Promotional costs
