Marketing
Markets
Market: A market consists of all of the people & organisations involved in the buying & selling of goods
& services e.g.
•Retail Market (goods/services sold to the public)
•Street Market (fruit, vegetable, clothes)
•Stock Exchange (shares are bought/sold)
•Export Market (exporting goods/services abroad)
Target Market: The total number of potential customers who are most likely to buy a product/service
e.g. Junior Cert revision notes for Business — for those who are studying JC Business.
Market Segmentation: The division of a product’s market into different groups of people who have
something in common e.g. different age groups, income levels, hobbies.
The Marketing Mix (The Four Ps of Marketing)
Market Research
•Is the collection & analysis of information about a product’s market.
Aims:
•To identify’s consumers needs & wants and to supply these at a profit.
•To discover what are the best means of advertising & promoting a product so that your target
market learns about the product/service & is tempted to avail of it.
•To identify the main competitors in the market.
•To identify the size of the market to decide whether it will be profitable to enter it.
•To discover the most suitable price for a product/service
Product
This is the item (good/service) that is produced
for & provided to the target market incl. quality,
packaging, unique selling point
Place
Where the product/service is available to the
target market e.g. supermarket & also how the
product is transported from the manufacturer to
the consumer.
Price
The amount of money a customer has to pay to
obtain a good/service which depends on cost of
production, profits, competitors.
Promotion
The activities that a business undertakes to
communicate the merits of a product/service to
persuade the target market to purchase it.
