Marketing is the term given to all the different activities intended to make and attract a profitable demand for a product. Sometimes it is called distribution. This involves:
Identifying consumer needs and wants in order to develop the Product.
Setting the Price.
Deciding on the best Place to sell the product.
Deciding on how to Promote the product.
These four factors of marketing are often referred to as The four Ps or the marketing mix.
Marketing operations include product planning, buying, storage, pricing, promotion, selling, credit, traffic and marketing research. The ability to recognize the early trends in consumer demands is very important.
Market research helps the producer to predict what product people will want and to determine the target consumer. Through advertising the producer influences the consumer to buy. Marketing operations are very expensive, they take up more than half of the consumers dollar.
Different categories of goods aim at differenttarget audiences. Up marketgoods are expensive and stylish. They appeal to wealthyconsumers. Down market products are cheap and of not very high quality. They are designed for less wealthy consumers.
EX 2 VOCABULARY. (SB EX 3 PAGE 128).Fill in the gaps using the following words and phrases:
As more and more industries are making products specifically adapted to particular (1) segments of the market. Market researchers are being asked to conduct studies and to compile more detailed
(2) ___________ of consumer groups. Broad classifications based on sex, age, income and social class are not sufficient for companies operating in highly competitive and (3) _____________ ___________.
Questionnaires are carefully designed to determine the exact needs and (4) ____________ of
(5) ____________________ , as well as establishing what affects consumer (6) __________ ____________ when they choose one product instead of another.
Advertising campaigns can then be targeted to appeal to the identified (7) ______________. Finally, marketing people must (8) ____________ the success of the campaign and modify it, if necessary. A promising new product may be robbed of success by unreasonable prices, inadequate promotion or poor selling methods.
Wholesaling is part of marketing system. It provides channels of distribution , which help to bring goods to the (9) ______________. Wholesalers store and sell (10) ______________in big amounts.
Retailing is selling goods and services to the ultimate consumer. The retailers operate through stores, outlets, and mail-order systems. The retailer is the most expensive link in the chain of distribution.
3. ROLE PLAY. IDENTIFYING A TARGET CONSUMER.
You are a R&D specialist.
Compile a profile of target audience for a new product. Consider and correlate as many characteristics of the targetconsumer and the product as possible. (For example: jeans the youth).