Marketing Flashcards
role of marketing - strategic role of marketing goods and services
role of marketing - interdependence with other key business functions
Operations
Finance
Human Resources
role of marketing - approaches
Production approach - mass production techniques “If we make it, they will buy it”
Selling approach - emphasise selling, e.g., sales representatives
Marketing approach - identifying and satisfying customers’ needs / wants prior to production
types of markets (there’s 5)
- *resource** - Apple purchases raw materials e.g. glass to produce the iPhone
- *industrial** - Apple purchases components e.g. battery & utilises these for production of iPhone
- *intermediate** - Apple sells their products to other retailers e.g. Harvey Norman
- *consumer** - Customers purchase Apple products for consumption and are not meant for further sale e.g. iPhones
- *mass** - the market for goods that are produced in large quantities.
- *niche** - a small, specialised market for a particular product or service.
Influences - factors influencing customer choice (PEGS)
Psychological - perception, motives, attitudes, personality, learning
Economic - economic cycle (Boom, Recession)
Government - fiscal (supply of money), monetary (interest rates) policy
Sociocultural - social class, culture, peer groups, values
Influences Consumer Laws (there’s 4)
deceptive and misleading advertising
Price Discrimination
Implied Conditions
Warranties
Influences - ethical
truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging
Marketing Process (SMEIDI)
- Situational analysis - SWOT, product lifecycle
- Market research
- Establishing a target market
- Identifying target market
- Developing marketing strategies
- implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy
Marketing Stratergies
