business will fail. So, it follows that marketing must ensure that a business can satisfy customers’ needs and at the same time that it makes a profit. But what are the needs of customers? Of course, there are many products which people will always need, but really successful companies identify gaps in markets and create new markets with new products. What I mean is, they anticipate consumers’ requirements. A good example of this is theme park resorts. Have a look at Slide 1. I don’t think there are any surprises in this top ten. Most of you will be familiar with these names, I think?
Already, in 1952, Disney realized the appeal that lies in fairy tales and fantasy, and that people love coming together for an unusual experience. What was missing were places for people to stay. Disney theme parks and resorts are now extremely popular, which is not surprising, because they appeal to young and old. And there is a type of accommodation for everyone, from luxury apartments to family hotels. They have really studied and analysed what their customers want to get out of the experience. Because of that, they cater for everyone’s wishes: there’s something for everyone. With their resorts, Disney have tried to turn the ordinary into the extraordinary, and ‘making dreams come true every day’ has become central to their global strategy.
Unit 5, Lesson 2, Exercise E 1.24
Part 3 Anyway, er … to return to the main point – fundamentally, successful marketing is about having accurate data so that customers’ needs can be met. So what is it that marketers need to know? Well, first, they must begin by analysing the market. For example, it’s essential to identify basic characteristics of the market such as its size, and which companies are the market leaders; that is to say, we need to look at the share of the market which each company has. Naturally, it is the aim of all companies to become the market leader – or to have the top-selling brand in a particular field.
If we take the beach resort market in the US as an example – you can see the statistics on Slide 3. As you can see, in 2006 this market was worth around $12 billion per year, and in terms of sales, it had annual sales of more than 2 million resort vacations worldwide. And what’s more, it has been getting bigger. Just look at the figures …
Before the 1970s, going on vacation was a simple matter. But these days, there’s a huge variety and choice. There are different resort vacations for
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men and women, families and singles, rich and not so rich people, different ages, and so on … Er ... Where was I? Oh, yes. We also need to be clear about the type of market. One way to categorize the type of market is to think about whether the product is aimed at a mass market, like ski resort or beach resort vacations, for example. Or is it more suitable for a niche market – by that I mean a small part of a larger market. For example, vacations for people over 50 are a niche market inside the huge vacation market. In other words, is the product aimed at just one narrow category of customer?
Unit 5, Lesson 3, Exercise B 1.25 Part 4
So how does the marketer get the necessary information? By research, obviously. There are several ways to categorize market research. Let me see … one way is to distinguish between primary and secondary research. Another important distinction is between qualitative and quantitative research. However, … oh, dear … sadly, I see that we’ve run out of time. This means that I’ll have to ask you to do some research. I’d like you to find out what is meant by the four types of research I’ve just mentioned, that is, primary and secondary research, and qualitative and quantitative research. We’ll discuss what you’ve found out next time I see you.
Unit 5, Lesson 3, Exercise C 1.26 1 'seminar
2 'overview 3 as'signment 4 'strategy 5 character'istics 6 suc'cessful 7 an'ticipate 8 'analyse 9 'qualitative
10 i'dentify 11 'category 12 va'riety
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