Types of Market - Unit 9 Principles of Marketing

Principles of Marketing Learning Aim A: Explore the role of marketing within businesses

PowerPoints and Worksheet for Learning Aim A: Explore the role of marketing within businesses For Unit 9 Principles of Marketing - BTEC First Business - **Topics covered included:** Topic A.1 Principles of marketing ● Definition of marketing ● Why marketing is important to businesses, including how it is used to gain market share, develop brand awareness, encourage customer loyalty ● How businesses use marketing, including: o to understand customer needs o to keep ahead of competitors o to communicate effectively with the public o to increase sales and profitability ● Understand the contribution of marketing to the achievement of corporate objectives ● Understand the use of SMART (specific, measurable, achievable, realistic, timebased) objectives within a marketing plan Topic A.2 What is a market? ● Be able to identify types of market, including Business to Business (B2B) and Business to Consumer (B2C) ● Understand the implications of the market targeted for the type of marketing activity undertaken ● Understand the difference between: o customer and consumer o goods and services markets o capital and consumer goods markets ● Be able to identify and define: o niche and mass markets o market and product orientated businesses ● Understand different types of business model including marketing, sales and advertising ● Understand how orientation of a business affects its choice of marketing, sales or advertising model Topic A.3 Principles of branding ● Understand the importance of branding for a business in creating a distinctive offering for a chosen market ● Understand the different dimensions of a distinctive brand, including the use of logos, colours, symbols, images and celebrity endorsements ● Understand the benefits to a business of building brands, including extensions, value and personalit