Marketing Flashcards
What does the institute of marketing say marketing is
What is marketing not
the management process to identifying, anticipating and satisfying customer requirements profitably
Not just about advertising and selling
State the activities involved in marketing
1 researching the market - gathering and analyzing information on consumers, market place and competition
2 analyzing the market - this is an examination of market conditions to identify new opportunities
3 setting market goals - must be linked to business overall objectives
4developing a market strategy - involves constructing a plan which details how the marketing objectives can be achieved ( should be based around the marketing mix 4Ps
What are the 4 Ps what do they aim to do
product
Price
Promotion
Place
Aimed at providing goods and services which satisfy the customer and making a profit for the business
What is a market give examples
A place where buyers and sellers meet
Doesn’t have to be a physical market an be phone or internet, national or international or no single location get oil industry is a global MARKET WHERE TRADING IS DONE in many locations by telephone, fax internet
What is market orientation
when a business bases its market mix on its perception of what the market wants
What is product orientation
when a business bases its marketing mix on what the business sees as its strengths
What is asset led marketing
when marketing decisions are based in the needs of the consumer and the strengths of the business
What will a businesses marketing activities look like if it is market orientated
Marketing activities will be dictated by the market and always attempt to meet the needs of the market with little reference to its internal strengths
It’s most important asset is its customers - they believe that as long as they can identify potential customers - find out what they want and produce it they will remain successful
State 3 advantages of market orientation
1 flexible to changes in taste and fashion
2 decisions based on effective market research
3 new products designed to meet customer needs
State 4 disadvantages of been market led
1 high cost of market research to understand the market
2 constant internal change as the needs if the market are met
3 unpredictability of the future especially from point of view of staff
4 abandonment of earlier product investment
What will products and
services be based on when a business is product orientated
Give 2 examples of businesses that have been successful in product orientation
It bases products and services on what it perceives as its internal strengths. They will try to sell whatever they can make
without trying to find out if it is what the customer wants
Sony launched the Walkman in the 1970s marketing professionals said it would not sell as it had no recording facility
Macdonalds is product orientated they produce core products in the same way in a range of international markets
Focus on developing and making the product then try to sell it.
List 4 examples of advantages of product orientation
1 increase economies of sale
2 focus on product development
3 focus on quality
4 easy to apply production management methods
State 2 disadvantages of product orientation
1 changes in market. Structure will not be responded to
2 fashion and taste are not accounted for in the product mix
Describe asset led marketing
assets eg labour skills, management skills, capital, recognized brands are used to satisfy customer demand
Identify what you are good a t and relate to the customer needs
How can you demonstrate how to effectively combining internal strength and marketing need
by examining the use of database marketing
Growth of store loyalty cards has allowed development of database marketing- a database of customer activity, shopping habit and tastes
They use the data base to target sectors of their market with different offer and promotions eg telco send details of back to school offers to customers on database who spend money on fish fingersand burgers -
The internal strength of this business is effective use of IT
