1.1 meeting customer needs Flashcards
define objectives
statements of specific outcomes that are to be achieved
define mission
the overall purpose of the business
define vision
the overall aspiration of the business
define aims / goals
general statements of what business intends to achieve
define corporate objectives
those that relate to the business as a whole
define marketing strategy
a medium to long term plan for achieving marketing objectives
poise model
profitable, offensive, integrated, strategic, effective
profitable
the businesses need for profit and the customers need for value are balanced
offensive
taking a risk and leading the market which forces competitors to follow
integrated
everyone at every level of the business in all functional areas directs their efforts towards the objective
strategic
a thorough analysis of the market and the competition lead to successful strategies
effective
efficient, strong teamwork leads to effective execution of the marketing strategy and accomplishment of the objective
the marketing process
identify market opportunity
decide on a strategy
devise coherent marketing mix
set marketing objectives
why is effective marketing important?
consumers are rational = look for products that are fairly priced and serve their needs.
businesses that offer genuine benefit to the consumer = retain customer loyalty and attract revenue and profit
ineffective market
consumers tastes change over time and businesses that fail to adapt to changes in consumers tastes are likely to fail
