BUSINESS - MARKETING CAMPAIGN

What are the 7 P's of marketing?

Price, place, product, promotion, people, process, physical environment

What do targets have to be?

SMART

What does SMART stand for?

Specific, Measurable, Achievable, Relevant, Time-bound

What are some of the assignment titles?

• aims and objectives

• research analysis (primary and secondary)

• 7 Ps

• marketing message

• media

• time lime

• budget

• SWOT

• PESTEL

• trends

• reliability and validity of the data

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

(S/W - internal)

(O/T - external)

What does PESTEL stand for?

Political, Economic, Social, Technological, Environmental, Legal

What does AGELIL stand for? (Target markets)

Age, Gender, Ethnicity, Lifestyle, Income, Location

What does marketing mean?

This means the ideas, the brand, how you communicate, the design, print process, measuring effectiveness, market research, and the psychology of consumer behavior

Give some possible marketing aims

• increase brand awareness

• increase revenue

• increase sales

• increase website traffic

• increase market share

• increase brand recognition

• increase customer acquisition

• increase social media traffic

• attract new customers

• improving brand positioning

What are the 3 steps when making an aim/objective?

1. Decision made/objective set

2. Evidence from research used

3. Impact explained

What does bespoke mean?

Personalized/custom-made

What is market segmentation?

The process of dividing the market into clearly identifiable segments of the population that have similar characteristics, needs and wants (this helps us to target specific groups of customers)

Give 4 examples of market segmentation

• demographic (AGELIL)

• geographic

• psychographic

• behavioral

What is demographic segmentation?

The process of dividing a market into smaller groups based on measurable traits, like age, gender, income, education, and occupation

• age, gender, marital status, income, life stage, education, homeowner, ethnicity, religion

Give an example of demographic segmentation for cars?

Mercedes Benz - targets high income earners

Toyota - targets middle income families

What is geographic segmentation?

A marketing strategy that divides a target market into different groups based on their physical locations. Location based groups (region/city/country), local needs (preference/weather)

• postcode, city, country, climate, language, urban/rural, cultural preferences

Give an exmaple of geographic segmentation for McDonalds

In India, McDonalds sells a special burger instead of beef burgers to respect local diets

What is psychographic segmentation?

Divides a market into groups based on personality, traits, values, lifestyle, choices, interest, and social classes

• personality traits, values, beliefs, interests, lifestyle, motivations, priorities, status

Give an example of psychographic segmentation for RedBull

Red Bull's targets thrill seekers and extreme sport fans. So, focus on high energy, adventure and bold lifestyle, they sponsor extreme sport events/festivals instead of just selling a drink

What is behavioral segmentation?

Divides customers into groups based on how they act use products or make purchases (purchasing behavior, usage rate, brand loyalty, user status, benefit)

• purchasing behavior, product service/usage, loyalty, desires, benefits, buyer journey stage, timing, social channels they use

Give an example of behavioral argumentation for Netflix

Netflix tracks what you watch, how long you watch them, when you pause

Give 10 benefits of market segmentation

1. Sharper marketing

2. Better product and service development

3. Helps you achieve your business goals

4. Better sale process

5. Better customer service

6. Lower acquisition costs

7. Attract the right leads

8. Greater brand loyalty

9. Identify new markets

10. Know your customers better

What are some examples of market research analysis subheadings?

• trends in the market/changes in demand

• trends in the market/changes in demand

• competitors

• target market

• primary research

• existing product ranges

• questionnaire analysis

• trends in social media

• product selection

• pricing selection

• industry growth

What are the 4 market research analysis headings that are suggested by an examiner?

• target market

• changes in the industry

• competitors

• primary research

What does the examiner want to see under each heading in market research?

• reference to the research

• analysis of research

• validity and reliability considered

• links between the research and the business

• selectivity of research

What is the word to remember for what the examiner wants to see in the market research analysis section?

RAVLS

What is a market trend? (Secondary research)

A market trends is changing customer behavior, preferences, or buying habits that happen overtime and influences what businesses need to sell and how they sell it

How many marks is “market research analysis” worth?

12 marks

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

What are strengths and weaknesses vs opportunities and threats?

S+W - internal (totally in the businesses control)

O+T - external (elements that the business does not have control over)

Are these strengths or opportunities?

Are these weaknesses or threats?

What is inflation?

A general increase in prices over time

How does inflation affect businesses?

If inflation increases, the business would have higher costs, may pass this onto the consumer in terms of high prices, or have lower profit margins (as well as less sales due to lower disposable income)

What is PESTEL?

External factors which impact businesses (these can be positively or negatively)

What does PESTEL stand for?

Political, Environmental, Social, Technological, Economic, Legal

Why is the Guardian a valid source?

Independent organizations (Media Bias/Fast Check) rate the Guardian high for factual reporting (factual record

What does R mean in RAVLS?

Reference - use wording from the research (not about the business)

What does A mean in RAVLS?

Analyse - use connectives (this means that, therefore, as a result)

What does V mean in RAVLS?

Validity - a short paragraph appraising 4-5 different research sources

What does L mean in RAVLS?

Link - link to information about the business

What does S mean in RAVLS?

Selectivity - select research relevant to the context, do NOT use everything

Example RAVLS paragraph

Turn into a SMART objective “sell more accessories to people who travel to work”

Increase sales of accessories (keyrings/cupholders) by 10% within the 6 month campaign period, specifically targeting those customers traveling to work by placing adverts in high traffic areas, such as stations and bus stops and extending the product range for example handles and no spill lids

How out of date is too old for data to be reliable?

It depends

• data from years ago is old, but they can still be relevant/significant

• BUT data about colors/designs/shape preferences changes all the time

When is data valid?

If it measures what it claims to measure, it is about relevance and truthfulness

What do you look for in secondary data being valid and reliable?

• credibility (is the source an expert in this field)

• up to date (current/representative of current situation)

What do you look for in primary data being valid and reliable?

• sample size (large enough to reduce errors)

• repetition (repeat results at different times/groups)

• bias (data collected is free from personal bias)

In the report, should you argue the data is valid and reliable?

“It is credible but has weaknesses that we can identify”

Why is data reliable?

If it can be repeated with the same results

Why is data valid?

If the data is relevant and truthful

What should the order be of the reliability and validity data?

• source

• evidence

• validity and reliability of data (issues)

• impact on business

• judgement/recommendations

What are the 7 P’s of marketing?

Price, place, promotion, product, process, people, physical environment

What is “product”?

Changes to the physical product or added product

What is “place”?

Accessibility of the product (where to purchase)

What is “price”?

The pricing strategy/selling price

What is “promotion”?

How the product should be promoted

What is “physical environment”?

Physical shop or website (layout/theme/display)

What is “process”?

Important processes (ordering online/delivery)

What is “people”?

Staff - their skills and training

What are changed to mention when talking about “product”?

• design of the product

• quality

• features

• options (optional extras - warranties/guarantees)

• packaging

How many changes to the product should you suggest in the assignment?

2

Product, price, place

Promotion, people, physical environment

What are the 5 pricing strategies?

• penetration

• skimming

• competition

• psychological

• cost plus

What are the definitions of each pricing strategy?

When justifying a pricing strategy, what should you always link to?

• target market/who are the consumers

• business objectives

• competition

What does place refer to?

How a product gets from the business to the consumer

What are the 3 types of “place”?

• traditional distribution

• direct distribution

• modern distribution

What is traditional distribution?

Using middlemen such as wholesalers and retailers to sell products to customers

Manufacturer - Costco - Tesco - consumer

What are advantages of traditional distribution?

• wider market coverage

• retailers promote and sell the product

• convenient for consumers

What are disadvantages of traditional distribution?

• less control over selling price

• lower profit margins due to paying middle men (they all want to make a profit)

What is direct distribution?

Selling products straight from the business to the consumer

Manufacturer - consumer

What are the advantages of direct distribution?

• higher profit margins

• greater control over branding and customer experience

• direct relationship with customers

What are the disadvantages of direct distribution?

• may be expensive to manage deliveries and customer service

• limited market reach compared to large retailers

What is modern distribution?

Uses digital technology and online channels to reach customers

What does modern distribution include?

• e commerce websites

• mobile apps

• online marketplaces (ebay/amazon)

• social media shops (tiktok shop)

• click and collect services

What are advantages of modern distribution?

• available 24/7

• can reach national or global markets

• often lower operating costs than physical stores

What are disadvantages of modern distribution?

• high competition online

• customers cannot always see or try products before purchase

• delivery issues can affect consumer satisfaction

How does the business choose the best place strategy?

1. Target market (age/income/convenience)

2. Product type (test before buying)

3. Cost

4. Competition (what channels they use)

5. Convenience for consumers

What is promotion?

How you engage the customers

Give examples of promotional activities

• social media campaign - share and like

• celebrity influencer

• loyalty scheme

• competitions

• sponsorship

• discounts

• buy one get one free

• email marketing

• pop up event

• product demonstrations

What is media?

The channel you use to promote

Give examples of media

• TikTok

• Instagram

• YouTube

• Spotify ads

• Local radio

• Billboards

• Email

• Google Ads

• Trade magazines

When justifying the use of promotion and media, what structure should you use?

Why is the promotional activity AND media right?

• for the research?

• for your target market?

• for this company?

• to meet your objectives

Give an example response for promotion and media?