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5.2 Explain The Marketing Process

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Marketing is the process of promoting and selling products or services whilst taking into consideration market research, advertising, budgets and target audience. Marketing involves a range of processes that are used to find out what customers want, also known as the 'marketing mix'. These are known as the 7 P's. They stand for Price, Product, Production, Place, Promotion, People and Physical evidence. The aim of marketing is to research and fulfil the needs of the target audience by controlling the gap between the manufacturer and the consumer. Marketing strategies can have many different aims, these could include; to increase sales, to introduce a new product or to increase market share. 5.2 Explain a Sales process. There are 7 basic steps …show more content…

Market research is the process of collecting information from a specific group of people in order to make sure a product suits their needs. There are two types of data used in market research, primary data and secondary data. Primary data is information directly received from the population to the marketer. This can be done through questionnaires, interviews, allowing consumers to test a product etc. Secondary data is information already gathered by somebody else. This could be taken from reference websites or statistical reports open to the public. Usually organisations carry out secondary research to find out what is already known about a product as this saves time and money as primary research can be expensive. If necessary, the organisation will then go on to carry out primary research for a more specific insight into a particular market/product. Market research should be used to create a strong marketing plan which focuses on the right product/pricing etc. in order to achieve the most profit and sustainability within the …show more content…

If you don’t know the market you’re entering into it’s very likely you won’t find it easy to compete. The way to conduct market research is to start by finding out who are your main competitors in the market, so as an example if you were setting up a mobile phone company you may want to look at O2 or EE. It’s important to think about what your competitors do well at as well as thinking about what they could improve on. If a business can do well at the same things as its competitors but at the same time offer something new and different then it’s likely to

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