Chris gave us a recap on what we’d learnt regarding marketing, some of which started many weeks ago – so this weeks lecture was useful.
The recap including the basic principles of marketing, you have to bare in mind the – Product, Price, Place and Promotion. Using the 7 O’s can help understand how to market the product with the information that you have, or what you need to find out to market the product by using market research.
Market research begins by identifying the problem and creating research objectives. You can then find out where you are going to find the answers (your data), for example you could perform test marketing by building a sample of a product, before releasing it to a group of people so that you can judge approval of the product, this will help come up with how likely others will also be happy with the product (depending on test market and target market). The results can be analysed after this has taken place, these should contain answers to the problem defined at the beginning.
Chris then gave the details of a number of cast studies, so that we can understand what it means to define the Product, Price, Place and Promotion in varying situations.
For people who were stuck with the marketing plan, an example structure was also given in a slide. We already had most of these down to go in the marketing plan, but the example structure does help us decide where things should be going.