Marketing Flashcards
what is the definition of marketing?
the management process involved in identifying, anticipating and satisfying consumer requirements
what does marketing involve?
- researching the market
- analysing the market
- setting of marketing goals
- developing a marketing strategy
what is market orientation?
when a business bases its marketing mix on its perception of what the market wants
what are the features of market orientation?
- consumers are central to businesses decision making
- can respond quickly to changes in the market
- more confident in success of new launches
what are the advantages of market orientation?
- customers get greater satisfaction
- increased brand loyalty and repeat purchases
- business can market more successfully (familiar with the market)
what are the disadvantages?
- high costs (market research) to understand the market
- unpredictability of the future (from staff POV)
what is product orientation?
when a business bases its marketing mix on what the business sees as its internal strengths
what are the features of product orientation?
- emphasis on developing, producing and selling a technically sound product
- fashion and tastes are not considered
- more likely to succeed when there is little or no competition
what are the advantages of product orientation?
- increase economies of scale
- focus on product development
- focus on quality
what are the disadvantages of product orientation?
- changes in market structure will not be responded to
- fashion and taste are not accounted for in the product mix
what is asset led marketing?
based on a firm’s strengths, not solely on the customers’ needs
what are the features of asset led marketing?
- building its tangible strengths - the product
- building its intangible strengths - branding, image
