Marketing: Role of Marketing

Question 1

what does the strategic role of marketing mean

Answer 1

refers to the long term, broad aims of marketing- affects all business areas

Question 2

what is profit maximisation

Answer 2

the maximum difference between the total revenue coming into the business and costs being paid

Question 3

what is the overarching goal of business

Answer 3

profit maximisation

Question 4

what are the two roles of marketing

Answer 4

1. develop a relationship with customers to increase sales and market share
2. develop an effective marketing plan that has strategic goals integrated and interdepends on other business functions

Question 5

how does a business develop a relationship with its customers

Answer 5

through a costumer orientated marketing approach

Question 6

what is the marketing concept

Answer 6

a business philosophy that states all sections of the business are involved in satisfying a customers wants and needs

Question 7

how does marketing interdepend with other business functions

Answer 7

it affects finance as it raises capital

affects operations as it determines how much stock is necessary

affects HR as it determines how many employees are necessary

Question 8

when was the production approach to marketing in place

Answer 8

1820s-1920s

Question 9

what was the focus of the production approach

Answer 9

producing goods and services, regardless of needs/wants of the customer

no need for marketing as the demand outweighed the supply

Question 10

when was the sales approach in plac

Answer 10

1920s-1960s

Question 11

what was the focus of the selling approach

Answer 11

selling goods and services, as there was increased competition and advertisement due to radio and cinema being introduced

Question 12

how did the selling approach often market to their customers

Answer 12

through door to door sales representatives, and needs/wants of customers were still ignored

Question 13

when did the first stage of the marketing approach occur

Answer 13

stage 1: 1960s-1980s

Question 14

what was the focus of the first stage of marketing approach

Answer 14

finding out what customers want

Question 15

how did the first marketing approach find out the wants of customers, and did it satisfy the wants?

Answer 15

through market research and yes

Question 16

when did the second marketing approach occur

Answer 16

1980s-present

Question 17

what three elements were added to the marketing approach in the 1980s

Answer 17

1. corporate social responsibility
2. customer orientation (focus on customers)
3. relationship marketing

Question 18

define corporate social responsibility (CSR)

Answer 18

business actions based on respect, community and the environment.
involves doing more than just comply by laws and regulations.
concept was orchestrated due to the change of focus throughout the community to be more environmentally-focused

Question 19

define customer orientation

Answer 19

process of collecting information from customers and basing marketing decisions and practices on customers wants and interests

Question 20

define relationship marketing

Answer 20

the development of long-term and cost effective relationships with individual customers.
this benefits as incentives to customers to return

Question 21

what is the resource market

Answer 21

Factors of production (land, labour, capital & enterprise) are sold/exchanged. These resources are then sold to firms producing goods/services for consumers.

eg. farms purchase mining, seed and fertiliser

Question 22

what is the industrial market

Answer 22

Goods/services that go into the production of other products.

eg. Car company sourcing parts to complete vehicles

Question 23

what is the intermediate market

Answer 23

Buy goods/services to resell/rent them to others eg wholesalers.

eg. Car hire company

Question 24

what is the consumer market

Answer 24

Market for goods at their final point of consumption

eg. Department store

Question 25

what is the mass market

Answer 25

Market for goods appealing to the majority of customers.

eg, Milk, electricity, bread

Question 26

what is the niche market

Answer 26

Smaller markets for more specialised goods/services, appealing to fewer people.

eg. Vet