Chapter Nine Flashcards
ꕤ Discuss the definition of marketing
- Marketing is used to deliver VALUE to the customers and SATISFYING their needs.
- Aim is to link the business products and services, with the customers needs and wants.
ꕤWhat is the role of the marketing function?
- Supports the overall objectives of a bussiness, which is to maximize profits.
- The marketing team needs to work closely with staff members from other business functions.
- Develop a making plan using elements of marketing mix.
- Determine what prices they are going to sell.
ꕤWhat are the Marketing activities and roles ?
ꕤStandardization and grading
- Standardization lays down the standards and grades of quality
- Grading is the process of sorting individual units of a product into specified classes or grades
ꕤStorage
- Refers to the storage of goods after they have been produced, until it is consumed or to wholesalers or retailers
- Storage is needed as goods need to stay in warehouse until the final convulsed need the goods.
ꕤTransport
-Transport ensures that products are moved from the producer to the consumer.
ꕤFinancing
-Finance is required to achieve the marketing objectives
ꕤRisk-bearing
- The business enterprise carries the risks involved with owning the goods.
- like factory on fire.
ꕤBuying and selling
- Buying and selling are concerned with the EXCHANGE process
- Buying function deals with SEARCHING for customers
- Selling function deals with PROMOTING the product.
ꕤ What are components of the marketing mix ?
- Product policy
- Pricing policy
- Distribution policy
- Communication policy
ꕤ Discuss Product policy ?
- Product policy is the first component of the marketing function.
- The product is the main component of the marketing mix
- It deals with the features, appearance and the benefits of the product itself.
ꕤ Discuss the types of products there are in business ?
ꕤIndustrial goods
-are used in the MANUFACTURING process to produce other goods
EG : equipment/machinery
ꕤConsumer goods
-These are goods that satisfy the needs of consumers
What are Categories of consumer goods ?
ꕤConvenience goods
- Low priced goods purchased by consumers w/o much thought
- Bread, milk, soft drink
ꕤ Shopping goods
- These goods are more expensive than convenience goods, consumers don’t buy regularly
- Television, motor vehicles
ꕤ Specialty goods
- These goods have specific BRAND names
- Jewellery, branded clothing (Adidas)
ꕤ Services goods
- Service is not tangible
- Garden services
ꕤUnsought goods
-Goods that consumers don’t think they need until the need of such products appear.
Discuss the importance of Product development?
- Product design needs to be designed to SUIT the NEEDS of the customers
- If the product design does not suit the target market, there will be very LITTLE DEMAND for the product.
- Products become DIFFERENT from those of the competitors
What are the Steps of Product design?
- DESIGN and DEVELOPMENT of product IDEAS
- Idea screening
- Concept development and testing
- New product pricing
Discuss the Purpose of packaging ?
- Needed to contain item/product
- Makes product easier to identify
- Prevent theft/tampering of a product
- Differentiates the product from the other competing products
- Reduces storage costs by minimizing breakage
What are the Types of packaging ?
ꕤPackaging for IMMEDIATE USE
- customers immediately throw away
- packet of chips/chocolate bar wrapper
ꕤPackaging for DOUBLE USE
- reused
- used for something when contents is finished
- ice-cream container
ꕤPackaging for RESALE
- Retailers by products in bulk from wholesalers
- BIG BOX CONTAINING BOXES OF WASHING POWDER
ꕤFrequently changing packaging
-advertise or wrapper/container for sporting event.
ꕤSpecialty packaging
- must suit product
- packaging for an expensive phone
ꕤCombination packaging
- products that are normally packaged together
- Skin care products/ soap and face cloth
Discuss the meaning of trademarks ?
-A trademark is officially registered and protected from unauthorized use,
by law.
- It is a registered mark that a manufacturer puts on its products, to distinguish its products from other manufacturers.
- Once trademark is registered, it may only be used BY the person/business that registered the trademark.
Discuss the importance of trademarks to businesses ?
- A trade mark establishes an IDENTITY FOR THE Business
- A well-known trademark helps to make a BRAND INSTANTLY recognizable.
- Business can use trademarks to advertise their products
What is the Importance of trademarks to customers ?
- Promotes loyalty and created consistency for customers
- Creates a sense of security and consistency for customers
- Represents a certain standard of quality and price to the customer
Discuss the requirements of good Trade mark ?
- Must be attractive
- Must suit the product
- Must be different from its competitors
- Protect and promote the product
- Prevent spoiling or damage
- Must be environmentally friendly
- Must protect contents
