Marketing Flashcards
Role of marketing
- Strategic role of marketing goods and services
- Interdependence with other key business functions
- Production, selling, marketing approaches
- Types of markets: resource, industrial, intermediate, consumer, mass, niche.
What are the types of markets?
– resource, industrial, intermediate, consumer, mass, niche
Factors influencing consumer choice:
psychological, sociocultural, economic, government
Consumer laws:
deceptive and misleading advertising
– price discrimination
– implied conditions
– warranties
Ethical:
truth, accuracy and good taste in advertising
products that may damage health
engaging in fair competition
sugging
Influences on marketing:
- Factors influencing consumer choice
- Consumer laws
- Ethical
Marketing process:
- Situational analysis
- Market research
- Establishing market objectives
- Identifying target markets
- Developing marketing strategies
- Implementation, monitoring and controlling
Situational analysis:
SWOT, product life cycle.
Implementation, monitoring and controlling:
Developing a financial forecast; comparing actual and planned results, revising the marketing strategy.
Marketing strategies:
- market segmentation, product/service differentiation and positioning
- Products: Goods and/or services
- price including pricing methods
- Promotion
- Place/distribution
- People, processes and physical evidence
- e-marketing
- Global marketing
Products- goods and/or services:
- branding
- packaging
Price including pricing methods-
Cost, market, competition-based.
Price including pricing methods- Cost, market, competition-based:
- Pricing strategies
- Price and quality interaction
Pricing strategies:
Skimming, penetration, loss leaders, price points.
Promotion:
- elements of the promotion mix
- The communication process
Elements of the promotion mix:
advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
The communication process:
Opinion leaders, word of mouth.
Place/distribution:
- Distribution channels
- Channel choice
- Physical distribution issues
Channel choice:
Intensive, selective, exclusive
Physical distribution issues:
Transport, warehousing, inventory
Global marketing
- Global branding
- Standardisation
- Customisation
- Global pricing
- Competitive positioning
What is the overarching goal of a business?
Profit maximisation
Define profit maximisation
Occurs when there is maximum difference between the total revenue coming into the business and total costs being paid out.
What is the strategic role of marketing?
The strategic role of marketing is to develop a combination of strategies that can be used to maximise sales, increase brand awareness and improve customer satisfaction s that the business can translate this goal of profit maximisation into reality.