M1-Topic 1 Role of Marketing Flashcards
what is the strategic role of marketing
to allow the business to maximise its scale and profit by increasing the market’s awareness of its products
How does marketing rely on finance
finance is used to get financial information in order to make viable decisions
How does finance rely on marketing
Marketing is used to find what consumers want
How does marketing rely on operations
operations create products to sell
how does operations on rely marketing
marketing creates strategies to sell products
How does marketing rely on human resources
HR provides the business with employees with skills needed to create, market, and make products
Hows does human resources rely on marketing
Marketing provides a business with better employees easier and quicker
what is the production approach
a way of selling product is solely focused on production, as whatever they make will be bought
List an example of a brand that uses the production method(1)
Apple
What is the sales approach
They openly advertise there product to everyone even if they may not needed it to convince people to buy
What is the marketing approach
creating products that are based on what peoples wants and doing a lot of research to find what people want
List the types of markets(4)
Resources
Industrial
Intermediate
Consumer
What are the two branches of consumer marketing(2)
Mass
Niche
What are resource markets
markets where raw materials are produced and sold
what are industrial markets
are markets where goods are traded to be used in production of other goods in the production process
