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    Marketing, Competition and The Customer: Business Studies 7115

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    Mudassir Raza - 69163/TCHR/BGJK-M
    This document discusses marketing strategies and concepts. It begins with an overview of marketing and defining customers. It then covers the role of marketing in identifying and satisfying customer needs to build loyalty while anticipating changes. It also discusses how markets change due to shifting consumer needs and trends, as well as increased competition. Businesses can respond by maintaining relationships, innovating products, improving quality, and keeping costs low. The document also defines mass and niche marketing, comparing their advantages and disadvantages. It concludes by explaining market segmentation and some common segmentation methods.

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    Marketing, Competition and The Customer: Business Studies 7115

    Uploaded by

    Mudassir Raza - 69163/TCHR/BGJK-M
    22 views19 pages
    This document discusses marketing strategies and concepts. It begins with an overview of marketing and defining customers. It then covers the role of marketing in identifying and satisfying customer needs to build loyalty while anticipating changes. It also discusses how markets change due to shifting consumer needs and trends, as well as increased competition. Businesses can respond by maintaining relationships, innovating products, improving quality, and keeping costs low. The document also defines mass and niche marketing, comparing their advantages and disadvantages. It concludes by explaining market segmentation and some common segmentation methods.

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    marketingcompetitionandthecustomer-210813083246 (1)

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    This document discusses marketing strategies and concepts. It begins with an overview of marketing and defining customers. It then covers the role of marketing in identifying and satisfying customer needs to build loyalty while anticipating changes. It also discusses how markets change due to shifting consumer needs and trends, as well as increased competition. Businesses can respond by maintaining relationships, innovating products, improving quality, and keeping costs low. The document also defines mass and niche marketing, comparing their advantages and disadvantages. It concludes by explaining market segmentation and some common segmentation methods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views19 pages

    Marketing, Competition and The Customer: Business Studies 7115

    Uploaded by

    Mudassir Raza - 69163/TCHR/BGJK-M
    This document discusses marketing strategies and concepts. It begins with an overview of marketing and defining customers. It then covers the role of marketing in identifying and satisfying customer needs to build loyalty while anticipating changes. It also discusses how markets change due to shifting consumer needs and trends, as well as increased competition. Businesses can respond by maintaining relationships, innovating products, improving quality, and keeping costs low. The document also defines mass and niche marketing, comparing their advantages and disadvantages. It concludes by explaining market segmentation and some common segmentation methods.

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    Marketing,

    Competition and
    the Customer
    Business Studies 7115

    Mudassir Raza
    Topics on
    our Agenda
    What we are going to discuss and analyze the role of marketing 01
    market changes 02
    how business can respond to changing customer 03
    needs and increased competition
    the concept of niche marketing and mass
    marketing - 04
    market segmentation 05
    how to recommend and justify an appropriate
    method of segmentation in given circumstances 06
    The Marketing
    Department
    Marketing
    Marketing is identifying customer wants and satisfying them
    profitably.

    Customer
    A customer is a person business or other organisation which
    buys goods or services from a business.
    The Role Of Marketing
    01 02 03 04 05
    Identifying Satisfy Maintain Build Anticipate
    customer customer Customer Customer changes in
    needs needs loyalty Relationship customer
    needs
    Market share Consumer
    Market share is the percentage of A consumer buys goods or services
    total market sales held by one brand for personal use not to re-sell.
    or business

    Customer loyalty
    When existing customers continually buy
    products from the same business.
    Understanding
    Market
    Changes
    Why customer/consumer
    spending patterns change
    Consumer tastes and fashions change Changes in incomes

    Changes in technology Ageing populations


    The power and
    importance of changing
    customer needs
    Why have some
    markets
    become more
    competitive?
    How can businesses respond to changing
    spending patterns and increased
    competition?

    Maintain good Bring out new keep improving its Keep cost low to
    customer products to keep existing product maintain
    relationship customers interest competitiveness
    What is meant by a market?
    Mass Marketing
    Mass market is where there is a very large number of sales of a
    product.

    Advantages:
    Total sales in these markets are very high.
    The business can benefit from economies of scale.
    Risks can be spread
    Opportunities for growth of the business
    Mass Marketing
    Mass market is where there is a very large number of sales of a
    product.

    Disadvantages:
    High levels of competition between business selling
    similar products
    High cost of advertising and promotion
    Standardise products or services are produced and so
    many not meet the specific needs of all customers or
    potential customers, therefore leading to lost sales.
    Niche Marketing
    A niche market is a small usually specialized, segment of a much
    larger market.

    Advantages:
    Small businesses may be able to sell successfully in niche markets as larger
    businessess may not have identified them but concentrated on the mass markets
    instead. This will reduce competition from the larger business in niche markets.

    The needs of consumers can be more closely focused on, and therefore targeted,
    by businesses in a niche market. This may lead to high levels of consumers loyalty
    and good customer relations.
    Niche Marketing
    A niche market is a small usually specialized, segment of a much
    larger market.

    Disadvantages:

    Niche markets are usually relatively small and therefore have limited
    sales potential.

    Often businesses in a niche market will specialize in just one product.


    Market Segment
    Market segment is an identiifiable subgroup of a
    whole market in which consumers have similar
    characteristics or preferences.
    Ways of segmenting market
    1. By socio-economic group
    2. By age
    3. By region/location
    4. By gender
    5. By use of the product
    6. By lifestyle
    Potential benefits of segmentation to
    business.
    Which method of segmentation should
    be used?
    Thank you!
    Feel free to approach us
    if you have any questions.

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