Marketing Role

Question 1

What is the overarching goal of a business?

Answer 1

Profit maximisation

Question 2

What is the strategic role of marketing?

Answer 2

• To translate the business goals into reality

- To ensure a customer base is created and maintained

Question 3

What is the main focus of any marketing plan?

Answer 3

The customers, as they are the lifeblood of any business

Question 4

What are some tips to becoming a successful marketing manager?

Answer 4

1. Place customers at the centre of any business activities
2. Interact and communicate with customers
3. Build loyalty with customers
4. Deliver a unique and recognisable brand

Question 5

What is a marketing plan?

Answer 5

• Is a document that lists activities that are aimed at achieving marketing outcomes in relation to products
• Provides a template for future action to reach goals
• Details marketing strategies

Question 6

What are reasons for focusing on long and short term business goals in the marketing plan?

Answer 6

• To identify where the market is, who will buy their products, what people are willing to buy and how regularly
• To satisfy the wants and needs of existing customers, which leads to repeat sales
• To generate revenue- nothing is achieved until sales are made

Question 7

What does ‘Interdependence’ refer to?

Answer 7

This is the mutual dependence shared by all key business functions

Question 8

What does the ‘Marketing concept’ refer to?

Answer 8

This is a philosophy that states all business functions are involved with satisfying customer needs and wants while still achieving business goals

Question 9

How is marketing interdependent with the other functions?

Answer 9

Human Resources- marketing relies on HR to ensure the right staff are employed for the job
Finance- marketing relies on finance to allow them adequate funds to effectively market products
Operations- if the marketing plan requires a good or service to be produced in a certain time, then operations needs to implement a plan to ensure the need is met

Question 10

What are the types of markets?

Answer 10

1. Resource Market
2. Industrial Market
3. Intermediate Market
4. Consumer Market
5. Mass Market
6. Niche Market

Question 11

What is a market?

Answer 11

A market is a group of individual or organisations that need or want a product, have money to buy these products that they are willing to spend, and are legally and socially authorised to purchase these products.
Businesses aim their products to different types of markets depending on their goods or services.

Question 12

What is a resource market?

Answer 12

Are those engaged in the primary production of a product such as mining or fishing

Question 13

What is an industrial market?

Answer 13

Are industries and businesses that purchase products to use in production of their own products. e.g. tip top bakery purchase flour to produce their bread

Question 14

What is an intermediate market?

Answer 14

Consists of wholesalers and retailers that purchase finished products and resell to make a profit.

Question 15

What is a consumer market?

Answer 15

Consists of individuals who plan to purchase products to use or consume. e.g. there are consumer markets for housing, clothing, food etc.

Question 16

What is a mass market?

Answer 16

Consists of buyers who purchase from a business that mass produces, distributes and promotes one product to all buyers. e.g. the T model Ford was mass produced when it was first introduced

Question 17

What is a niche market?

Answer 17

This is a narrowly selected target market. e.g. magazines are usually aimed at niche markets such as female, young, outdoor lifestyle etc.

Question 18

What are the four approaches to marketing?

Answer 18

1. Production approach
2. Selling approach
3. The marketing approach stage 1
4. The marketing approach stage 2

Question 19

What is relationship marketing?

part of the marketing approach stage 2

Answer 19

This is developing long-term relationships with customers. Businesses who adopt this marketing approach will keep new and existing customers satisfied by placing high importance on continued satisfaction.
The core of relationship marketing is loyalty, which can be maintained through loyalty cards, a good after sales service as well as customer care.

Question 20

What is customer orientation?

Answer 20

This is the process of collecting information from customers and making decisions and practices based on the customer interests.
Businesses that adopt this strategy will begin the relationship at the sale.

Question 21

What is production orientation?

Answer 21

This is placing focus on producing what the business wants rather than what the customers need or want.