hi guys welcome to today's tutorial in today's tutorial all about that and the chapter of marketing I'm just gonna do a really really quick revision I'm basically you try to give you like the minimum requirements what you need to know for your Leaving Certificate Examination so the first thing you need to know and is you need to know that what is marketing in case it's not the concept or definition for marketing okay your marketing is when basically you identify the needs of a consumer then you develop a product to satisfy the needs of that consumer and then you need to be able to advertise it and promote it so your product actually sells the next thing you need to know is your marketing strategy okay so your marketing strategy and your marketing strategy is how you're actually going to market your product what price you're going to charge your marketing place where where you're going to work where you're going to place this product in the market how you're going to promote it so your marketing strategy is going to be made up of your marketing mix it's really important you understand your strategy and your marketing mix marketing mix is made up of four PS so price place promotion and product it's vital that you understand these four concepts of what your marketing how your price will impact your marketing mix we don't set the price correctly but then you won't get through you won't sell your product if you if you have your points to to extensive people and boy if it's too cheap you won't make enough profit if you don't market your product in the right place we don't place it in the right place that makes it accessible to your target market well then it won't sell if you don't promote the product so if you've got the best product but nobody knows about it well then it won't sell and your product itself is the whole function of your product what makes it like different to its competitors is the function the quality good it needs to be good because if it's not then it won't actually sell as well the next thing that's probably a permanently you need to know is the product life cycle so the product life cycle on a product life cycle is it is based a lifespan of any product and you can take and some product life cycle lasts very long time some are very very short example of a short product loads local you could say maybe is the app Pokemon go and we're a long product life cycle might be a BMW okay okay so it BMW car might last for 20 years 20 to 30 years where Pokemon go might last for about a year and it'd be kind of gone off the mark okay so it's you can see that the different products have different life cycle it's important you understand the five stages of the product life cycle so you've got the introduction you've got the growth stage you've got the maturity stage you got the saturation stage and you've got the decline and also remember before you've got any of these stages you've also got the development stage where you're going to make a loss because you because you're basically not making any sales and you're making your prototypes and you and to your pain for your market research new development of the product and so on the next thing that's really really important to understand and probably is that that means a fair minimum is your pricing strategy okay it's important to understand your pricing strategy is it going to be and even charge really like premium prices are you going to have a loss leader are you going to have price skimming or you're going to have price penetration it doesn't matter what you choose but there are a difference pricing strategies here if you use the premium pricing so in charge a really high price you're going to have a cost plus strategy so that's when you get you work at your costs and then you add on a little bit more a you're going to have penetration prices so this is when you start your price is really low and as you become more popular and sell more products your price actually increases are you going to be a price skimming so you're going to skim your process that's basically what how most products usually start is start really high not really high but start high and the older products the cheaper the product becomes or are you going to have a price discrimination so this is when you actually change the price depending on who you're selling it to so an example of this might be like in a market where somebody will get maybe flowers for maybe five urine and somebody else would go and say can I have for 250 in and the seller might disagree and so it's it's a its price discrimination it the price depends on hit of sanity and it can change depending on hitter Salman to another one I could have wrote down there is their loss leader this is when you sell a lot of cause price to try tract and consumers and customers into the shop and you hope then that when they're in the shop that they will buy that product lots of boy another product which will then make you profit overall because the other prop did approach that the hopefully will purchase will be and we'll make up the difference in what you've lost in the park today that attracted them into the shop in the first place it's important that you understand the challenge distribution to challenge the challenge of distribution case of challenge of distribution are basically different routes that and you can take the chance for the goods from the manufactures to the wholesaler to the retailer to find the consumers I can go from the manufacturers to the consumers they can go to as amount of factors to the retailers to the consumers on different our products will have different channels of distribution of what's important to you understand why there can be different chance of distribution for example you might be a manufacturer you might be you might be a farmer and then you might just say go to a market and sell the products directly to the consumers or if you're in the pharmaceutical industry you can't just do that you can't just make the drugs and then sell them straight to the consumer we'd have to do is and have to go to the wholesaler and on how to go to the retailers and finally will make its way to the consumers another important concept is a market segment so market segments so market segments are a group of boys and with similar habits okay so they've got you can put them into similar kind of groups you might be able to group them because of their age maybe the gluten because of the sex or male or female you may be the group them because of their income their ethnicity group whatever might be but you have and people have a can be divided into different groups so they can be segmented into different groups and stand from that we usually make up a target market okay we usually pick a target market and a target market is a group and of segments that we usually use to target okay so you might decide right I'm going to target ad females and you're going to target age 20 to 25 okay with my product and so on so that's where your target market comes from from your market segments you pick a few two segments which becomes your target market and that's the group that you're going to target your product to and hopefully that group will purchase most of them because that's your target amount what's not it doesn't say that that's the only group that's going to buy them of course other people right so your target market will purchase them it's the group you're going to target and the other one just that's important to know there is a also a niche market so a niche market is and a small segment of the overall marketplace which is a tiny that's it might just be one little segment of the overall market okay and if you know everything on this page here you will be absolutely fine for add a marketing topic and for this chapter of marketing this is the bare minimum requirements and I would pay particular attention to the marketing mix the price place promotion part this is the one that comes up a lot what you will need to know everything else that is on this page this is the Birman all okay so that's it for today's tutorial and on looking at the minimum requirements for marketing and if you enjoyed the tutorial can please leave me some feedback and I subscribe to the YouTube channel you can also find more videos to the playlist on youtube or to exam vision Delhi and you can file some Twitter and Instagram for our latest news thanks goes