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____ has a number of roles within a business. Marketing plays a key part in business ____. Small businesses may not market themselves in any way. Large businesses may spend millions of pounds each year on marketing. Market ____ is important to the success of most businesses. There are many reasons why market research should be undertaken. The most important is to determine whether ____ will buy a product and whether they will buy it at the ____ the business requires. The two main types of research are ____ (or field) and ____ (or desk). Internal data, from past sales figures for example, is important for many businesses in helping decision-making. Primary ____ is often more ____ to a business, because it can be designed for its exact needs and be ____. Surveys, in the form of ____ and interviews, are the most ____ form of market research. Market research, especially primary, can be ____. The census is an important source of secondary data. The internet is of growing importance for the availability of data. Market research should always be aimed at the ____ for the product. Not all businesses use all types of market research. ____ businesses may use very little, if any! Market ____ is the process of splitting a business’ ____ market into ____ groups. Businesses use these groups to make it easier for them to ____ products aimed at ____ people and to help them target their marketing. Small businesses generally split up their target market based on ____, demographics, behaviour, lifestyle, income and age. Market mapping is the process of using a graph to plot ____ and their products to understand competitor behaviour and spot a ____. It also allows a business to see who their ____ will be and what other products and services are available in the same sector. A market map is displayed as a graph and makes it very easy to see where gaps in a market exist. An entrepreneur can use a gap in the market to help them launch a product or service that is more likely to be a success. The marketing ____ consists of ____ different elements, which are known as the ‘four Ps’: product, ____, place, promotion. These elements need to work ____ if a business is to sell its products or services ____. Product - Understanding ____ is vital to ensure that a business is able to supply products that customers ____, at a price that allows the business to make a ____. Some products are completely new inventions, but many are the result of innovation. Once it has been designed and is ready to launch, a product will typically go through four different phases during its life. These phases are referred to as the ____. Price is the amount that must be paid to purchase a product or access a service. To be willing to pay the price, the customer needs to believe that there is enough ____ in the product or service. This can make setting a price quite tricky, because there are a number of things that will ____ it. ____ is concerned with how goods and services ____. This includes how customers access products, and which methods of ____ will be involved in moving them. How this is done will depend upon whether the product exists in a physical format or a ____. Businesses use promotion to: ____ consumers of a new product or service, ____ consumers to buy a product or service, ____ consumers about the benefits of a product or service. To do this, a business will use a range of promotional methods, that can be separated into point of sale or ____.

NCFE - Marketing Review

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