Importance of Marketing, customers will not be aware of the product the business offers., Needs, Essential things to survive, Wants, Things we desire but not definitely required, Financial Objectives, Increase sales and profit, non financial objectives, Diversification, Localized Marketing, Small Business, Partnerships and Collaborations, Medium Business, Nike, Brand Sponsorship, products include everyday consumer goods, Mass Market, goods or services focus on specific customer needs which cannot or are not being met by mainstream businesses., Niche Market, Bugatti Veyron, Niche market, All marketing plans should be based on a marketing budget to ensure the business does not overspend and can justify its expenditure based on the impact on its sales., Budgetary Constraints, The mobile phone market is one example where products develop and change rapidly., Product innovation, to find out what customers want and need., Market Research, Methods of Market Research, Primary and Secondary Methods, Timescales, Features of Market research, Features of Market research, Identification of subject matter, Market Segmentation, process of dividing a broad audience into smaller, more specific groups of consumers with similar needs, preferences, or behaviors, a company might target its products to young adults or high-income households, Demographic Segmentation, A sports merchandise company might focus its marketing efforts on regions where football is popular, such as Europe or South America, Geographic Segmentation, a company might target its products to people who value outdoor activities or to people who are interested in fitness and wellness, Psycho graphic Segmentation, People queuing to buy new versions of iPhone each time a new model is released, Behavioral Segmentation, Marketing, a means of promoting a business and the products it offers, whether these are goods or services., Word of Mouth, Oldest form of marketing, Coco Cola, Mass Marketing, Organic Products, Niche Marketing, Ask question such as "How Many", Quantitative Data, Ask question Such as Why, Qualitative Data, new data is collected by the business itself, Primary Research, using data which has already been collected by someone, Secondary Research.

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