1.1 Role of marketing Flashcards
What are 2 strategic roles of marketing?
- Increase business revenue, profits
- Increase the market’s awareness of the product (Increase market share )
What is the strategic role of marketing can be achieve through?
Choice, the standard of living, employment, brand awareness
What is marketing mix?
Process of developing a product that meet customer’s need
What is production approach?
Provide customer goods with quality match with price.
What is selling approach?
Strategy that aim to convince customer the need to buy a product.
What is marketing approach?
Strategy to ensure customer is desire and need a product.
What is resource market?
Market sell raw materials (Eg : gold, iron, bronze,etc)
What is industrial market?
Market where raw material combine to make a product (Eg : Toyota use parts to make cars )
What is intermediate market?
Market where it buy product from company and sell to customer (Eg: Aldi - supermarket)
What is consumer market?
Company sell their product directly to consumer
What is mass market?
Market that product aim at everyone . (E.g: water, electricity)
What is market segment?
Market that aim at certain area in market , age, style, fashion,etc (E.g: Radio chanel )
What is niche market
Customisation of product to a different specific customers (E.g: Wedding dress company)
