<4.1 INTRO TO MARKETING>

--INTRO TO MARKETING--

--DEFINITION--

MARKETING is the process of IDENTIFYING* and SATISFYING CUSTOMER NEEDS and WANTS through the creation, communication, delivery, and exchange of valuable products or services.
It involves activities such as market research, advertising, sales, and promotion to build strong customer relationships and drive business growth.
*The actual identifaction of wants can be

--MARKET & PRODUCT ORIENTATED--

--MARKET ORIENTATED--

FOCUS: This approach revolves around understanding and MEETING THE NEEDS and WANTS of the (Often already existing) TARGET MARKET.
PERSPECTIVE: Businesses adopting this approach PRIORITIZE CUSTOMER SATISFACTION and seek to align their offerings with market demand.
DECISION MAKING: Decisions are DRIVEN BY MARKET RESEARCH, customer feedback, and analysis of market trends.
INNOVATION: Innovation is CUSTOMER-DRIVEN, with a focus on addressing market gaps or solving customer problems.
RISK: By closely aligning with market demand, there is typically LESS RISK of producing products or services that fail to gain traction in the market.

--PRODUCT ORIENTATED--

FOCUS: This approach revolves AROUND THE PRODUCT's DEVELOPMENT, believing that a HIGH QUALITY product or service will automatically ATTRACT CUSTOMERS.
PERSPECTIVE: Businesses adopting this approach believe that if they CREATE SUPERIOR PRODUCT, CUSTOMERS WILL DEFINATELY BE INTERESTED.
DECISION MAKING: Decisions are often MADE INTERNALLY, BASED ON COMPANY'S RESOURCES, and expertise.
INNOVATION: Innovation is DRIVEN BY INTERNAL FACTORS, such as technological advancements or improvements in product features.
RISK: There is a HIGH RISK of developing products that do not meet the actual needs or preferences of the market.

--TASK--

Watch the two videos below and discuss why you think the outcome occured the way it did. Relate your answer to the two orientations mentioned above and apply all the points in context.

--TASK--

Guess what I bought a folding phone whoppee!!! and this is because.....erm hang on, what's the need that this is filling?, Did people actually want this technology in the first place? Have Huawei 'Slightly' midjudged the market? Dedide whether you think folding screen technology is market or product orientated and justify your answer.

--HONORABLE MENTION 😆 READ THE COMMENTS ALSO--

--MARKET-ORIENTED APPROACH--

--MARKET vs PRODUCT-ORIENTED: BENEFITS--

--BENEFITS OF PRODUCT-ORIENTED APPROACH--

--TASK--

Go to ChatGPT/Gemini and ask for a 'list of successful and unsuccessful product orientated products' then CHOOSE ONE OF EACH TYPE create a slide featuring both with a brief explanation as to why one worked and one didn't and insert into your site.

--MARKET SHARE--

--MARKET SIZE--

--DEFINITION--

If we look at the site above we can see that their are numerous ways to compare the size of firms, however MARKET SIZE is usually measured IN TERMS OF TOTAL $-REVENUE EARNED (Used for both same and cross-industry comparisons), or IN TERMS OF TOTAL UNITS SOLD, (for same-industry comparisons) both of which are often worked out on a 'PER QUARTER' basis.
In the infographic (By Visual Capitalist) below, we can see that in the smartphone market the market size in terms of 'UNITS SHIPPED' as of Q2 2024 is 285.4m, based on data from the IDC Worldwide Quarterly Mobile Phone Tracker. If we go to next chart we can see the 'Top 20 industries in the world in 2024' in terms of market capitalisation (Share price * number of shares)

--TASK: "MINE'S BIGGER THAN YOUR!!!"--

Go to this WEBSITE and

--MARKET SHARE--

--...by 'UNITS SOLD' or '$-VALUE'?--

MARKET SHARE simply refers to a particular firm's % share of either TOTAL MARKET $-REVENUE EARNED or TOTAL MARKET UNITS SOLD/SHIPPED, and it is calculated as follows:
- - - - By UNITS SHIPPED = FIRM'S UNITS SHIPPED/TOTAL UNITS SHIPPED
      - BY $-REVENUE = FIRM'S SALES / TOTAL MARKET SALES
As you would expect each method results in differet shares for the same business, for example below we can see that in 2023, in terms of revenue EARNED APPLE is by far the market leader, however in terms of units ('Shipment share') it is just below SAMSUNG.

--TASK--

Q. What conclusions can you draw from the 3 graphs above about the relationship between revenue, selling price and volume in the smartphone market? Complete this sentence!
These graphs show that selling MORE/LESS at HIGHER/LOWER prices is likely to give a firm a HIGHER/LOWER market share in $-value terms but a HIGHER/LOWER share when measured by volume (units) losing out to MORE EXPENSIVE/CHEAPER competitors.

--HOW TO GROW MARKET SHARE?--

--TASK--

Apply the 5 reasons shown above to TES or a business of your choice.
"TES (Or company of your choice) could attempt to increase its market share in the following ways, firstly it can..."

--MARKET GROWTH--

--DEFINITION--

MARKET GROWTH measures HOW RAPIDLY A MARKET IS GROWING from one time period to the next. When products differ it is measured in terms of $-value.

--IS IT IMPORTANT?--

The BENEFITS to a business of OPERATING IN A GROWING MARKET are based around THE ABILITY TO INCREASE SALES WITHOUT HAVING TO TAKE MARKET SHARE FROM COMPETITORS.
If % INCREASE IN TOTAL SALES = % INCREASE IN THE FIRM'S SALES then MARKET SHARE REMAINS THE SAME

If % INCREASE IN TOTAL SALES < % INCREASE IN THE FIRM'S SALES then MARKET SHARE GROWS. This will mean you are taking market share of competitors which may put you in a good position to take them over.

If % INCREASE IN TOTAL SALES > % INCREASE IN THE FIRM'S SALES then MARKET SHARE FALLS. This might make the business vulnerable to a takeover from a larger and more competitive business.

--REASONS FOR MARKET GROWTH--

--TASK--

Create you own slide showing a real world example of how a market can grow in size.

--MARKET LEADERSHIP*--

--BENEFITS--

*The benefits of being a market leader are also the reasons why firms wish to grow and increase market share.

--TASK--

Imagine your school is the market leader in terms of the supply of international education in Taiwan. Using the slides above as you guide explain the pros of being in this postion. Answer everything in the context of the school (Avoid being too generic)
"As the market leader of international educational service in Taiwan we are able to use this fact to claim..., which is beneficial because...."

--COSTS--

50 worst product flops of all time.

--TASK--

...continuing on our example, use the slides above as your guide to explain the cons of being in this postion, you will liley need to make up some scenarios, but please keep them in context of an international school in Taiwan.
"..however as the market leader of international educational service in Taiwan we do encounter problems, namely...."

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