MARKETING: Role of Marketing Flashcards
Marketing definition.
The total system of interacting activities designed to plan, price, promote and distribute products to consumers.
What is the strategic role of marketing?
Profit maximisation.
Interdependence with HR.
Supply the right people to staff the marketing project.
Interdependence with finance.
Need sufficient funds to undertake a marketing campaign.
Production approach.
Focus on the production of goods and services over consumer wants.
Selling approach.
Emphasis on selling because of increased competition with advertising.
Marketing approach.
Focuses on finding out what customers want - through market research.
What is a key feature of the marketing approach?
Relationship marketing which places high priority on customer retention for repeated sales.
Resource market.
Individuals that are engaged in primary production - mining, forestry, fishing, etc.
Industrial market.
Businesses that purchase products to use in the production of other products in daily operations.
Intermediate market.
Wholesalers who purchase finished products and sell them again to make a profit.
Consumer market.
Individuals who plan to use or consume the products they buy.
What is the difference between the mass and niche markets?
In mass markets, the seller mass-produces, mass-distributes and mass-promotes one product to all buyers while niche markets focus on buyers who have specific needs/lifestyles.
