MARKETING: role

Question 1

what is the role of marketing G&S ?

Answer 1

• profit maximisation
• generate sales by fulfilling needs and wants

Question 2

what is a marketing plan?

Answer 2

• activities to achieve marketing outcomes related to G&S
• provides template for future action = reach business goals

Question 3

what is the importance of a marketing plan?

Answer 3

Answers the following questions:
- where/what the market is
- who will buy the product
- why they will buy the product
- how often they will buy the product.

• satisfy wants = repeat in sales
• Marketing is the revenue-generating activity of any business. Nothing is achieved until a sale is made.

Question 4

what is the interdependence between marketing and operations?

Answer 4

1. Marketing determines wants through Market research
2. Marketing designs a product that meets the needs of consumers while working with operations to ensure it can actually be made
3. Operations makes it as cheap as possible (without sacrificing quality) so that the price that marketing has set will generate a profit
4. Marketing sells the product

Question 5

what are the approaches to marketing?

Answer 5

• production approach (1820s-1920s)
• selling approach (1920s-1960s)
• marketing approach : stage one (1960s-1980s)
• marketing approach : stage two (1980s-present)

Question 6

what is production approach

Answer 6

• takes orders, deliver/perform G&S
• production-oriented

Question 7

what is selling approach

Answer 7

• advertising, train sales force, takes orders, deliver/perform G&S
• result of WW1, production = more efficient + productivity increased
• High-quality, mass-produced products came on to the market, and competition between businesses increased.
• sales-orientated since customers were satisfied

Question 8

what is marketing approach: stage one

Answer 8

• adopt marketing concept, research customer needs and wants, advertising, train sales approach. takes orders, deliver/perform G&S
• Driven by post WW2 boom
• Beginning of customer-orientation: aimed at satisfying customers needs and wants

Question 9

what is marketing approach: stage two

Answer 9

-corporate social responsibility, customer orientation, relationship marketing, adopt marketing concept, research customer needs and wants, advertising, train sales approach. takes orders, deliver/perform G&S

• Changing economic & social conditions = new considerations in marketing approach
• CSR: particularly in regards to environmental degradation, resource depletion and workers rights
• Relationship marketing: the development of long-term and cost-effective relationships with individual customers - Customer retention, loyalty

Question 10

what are the types of markets?

Answer 10

Resource market
Industrial market
Intermediate market
Consumer market
Mass market
Niche market

Question 11

what is resource market

Answer 11

PRIMARY PRODUCTION
- production and sales of raw material occurs

Question 12

what is industrial market

Answer 12

purchase products to use in production of other products / in daily operations

Question 13

what is intermediate market

Answer 13

Wholesalers and retailers; purchase finished products + resell them - make profit

Question 14

what is consumer market

Answer 14

Consists of individuals - who plan to use or consume the products they buy
- Final stage of a products selling life cycle
- can divide in mass or niche

Question 15

what is mass market

Answer 15

Mass produced, mass promoted and standardised products - assumption that all buyers have similar needs

Question 16

what is niche market

Answer 16

• smaller section of a larger market segment
• caters to specific tastes, needs or lifestyles