Marketing - 109 Flashcards
What does marketing involve?
- Researching the market – this involves gathering and analysing information on consumers, the marketplace and competition.
- Analysing the market – this is an examination of market conditions to identify new opportunities.
- Setting of marketing goals – these must be linked to the business’s overall objectives.
- Developing a marketing strategy – this involves constructing a plan that details how the marketing objectives can be achieved. This strategy should be based around the use of the marketing mix, the 4Ps of marketing.
Define marketing
Marketing is the management process
involved in identifying, anticipating and satisfying consumer requirements.
* The management process of getting the right product, to the right place at the right price and at the right time.
Market orientation/ market-led
When a business bases its marketing mix on its perception of what the market wants.
(+)consumers are central to a business’s decision
making – strong understanding of their needs and can respond quickly to changes in the market - greater customer satisfaction
(+)satisfaction leads to repeat purchases and brand loyalty. loyal customers are less susceptible to competition
and are more willing to pay higher prices - long term profitability
(-)high-cost market research to understand the market
(-)constant internal change as the needs of the market
are met
Product orientation
When a business bases its marketing mix on what the business sees as its internal strengths.
-Businesses with a product-orientated approach to selling try to sell whatever they can make, without trying to find out if it is what the customers want.
(+)increase economies of scale
(+)focus on quality.
(-)changes in market structure will not be
responded to
Asset-led marketing
A marketing strategy based on a business’s strengths, not solely on the customers’ needs.
(+)The cost of market research may be less.
