Marketing Flashcards
the role of marketing
what is marketing?
attracting new customers/ retain and grow current customers
what is the principal of marketing?
to generate customer satisfaction
what are some ways of achieving the marketing principal?
identify needs, promoting, pricing, distribution of the brand
what is the purpose of marketing?
generate interest in a product/service resulting in a sale
what is the process of marketing?
promoting a business, what it offers, aims to spread the word to potential customers and turn them into paying customers
what are the core concepts of marketing?
need/wants/demands, marketing offers, value/satisfaction, exchange/transaction/relationships, markets
what are the four main roles of marketing?
anticipating demand, recognising demand, stimulating demand, satisfying demand
what takes place during anticipating demand?
forecasting sales, identifying trends, primary and secondary research
what is an example if anticipating demand?
ice cream manufacturer study long range weather forecast to anticipate demand on sales
what takes place during recognising demand?
identifying a gap in the market, forecasting market trends, understanding customers wants/needs, primary and secondary research
what takes place during stimulating demand?
informing customers about the product, generating interest, developing brand recognition, and finding ways to promote the brand
what are some ways to promote a brand?
adverting on billboards/newspaper/online, offering BOGOFs, happy hour, offering vouchers for poor sellers or over stocked
what takes place during satisfying demand?
meeting customers needs, developing new products, and changes to the marketing mix
