Business Marketing Notes Flashcards
Define Marketing
Marketing is the process of planning and executing the conception and promotion to create exchanges that satisfey individuals and orginisations objectives.
What is the role of marketing
- Strategic role of marketing goods and services
-interdependence with key business functions
-Production, selling, marketing approaches
-Types of markets
What are the types of markets in marketing
Mass,
niche,
Resource (Anything that is engaged in forms of primary production)
Inudstrial(business that purchase products to use in the production of other products or in their daily operations)
Consumer(Individuals who plan to use or consume the products to buy)
What is the strategic role of marketing Goods and services
-The marketing plan outlines the strategies to be used to bring the buyer and seller together
what are the Production, selling, and marketing approaches ?
Production approach
- Focused on the production of the Goods and services
Selling approach
- Emphasised selling because of increased competition
Marketing Approach
- This approach focuses on finding out what the customers want, through market research and then satisfying that need.
Influnces of marketing
- Factors influnceing customer choice
- Consumer laws
- Ethical considerations
Under the influences of marketing.. what are the factors influences customer choice
government, sociocultural, psychological, economic
under the influences of marketing what are the consumer laws
-Decpetive and misleading advertising
-Price discrimination
-Implied conditions
- Warranties
Influences of marketing what are some ethical considerations
- Truth
- Accuracy and Good taste in advertising,
- Products that mat damage health
- Engagin in fair competition
-Sugging
List the actions involved with the Marketing Process
-Situational analysis - SWOT, Product life cycle
- Market research
- Establishing market objectives
-Identify target markets
- Developing marketing strategies
- Implmentation, monitoring and controlling, developing a financial forecast; comparing actual and planned results, revising the marketing strategy.
What are the marketing strategies
- Market segmentation, product.service differentiation
- 4 P’s ( Products, Price, Promotion, Place/Distribution)
- 3 other P’s People, physical evidence and processes
- E-marketing
-Global marketing
Refering to the products strategies what are some strategies to improve products
- Branding
- Packaeging
Price strategies… pricing methods
- Cost, market, competition-based
Pricing strategies
-skimming, penetration, loss leaders, price points.
-Price and quality interaction
Promotion strategies
-Elements of the promotion mix- Advertising, personal selling and relationship marketing, sales promotion, publicity and public relations
- The communication process e.g opinion leaders and word of mouth
