Role (marketing)

Question 1

Strategic role of marketing goods and services

Answer 1

To translate the goal of profit maximisation
Employing the 4 (maybe 7) P’s enables a BUS to achieve the strategic role (Product, place, promotion, price)
Objectives → Increase market share (% of sales relative to comp) → Expand into new geographical markets → Expand the product range → Increase customer service → Profitability and growth → All with the aim of product maximisation

Question 2

Interdependence with other key BUS functions

Answer 2

OPS: Manufacturing, provision of services, other value adding, turning raw materials and resources into outputs of finished goods, domestic/goal
MARKETING: Product design, sales, advertising, market segmentation, product, price, promotion, people, physical evidence and processes
FINANCE: Administration, financial management, financial planning, management and change
HR: Incorporating industrial relations, human resources management, personnel

Question 3

Production, Selling, marketing approaches:

Answer 3

Production:
Emphasis on production → Concentrated efforts on meeting the demands of the market for products (no real advertising)
Selling:
BUS has to find ways to increase selling of their products due to increase comp (push the advertising
Marketing (used today’s society):
BUS identifies the nature of the market as well as needs and wants of consumers
Total company effort to satisfy consumer needs
Customer orientation - collecting info from customers and basing marketing decisions on customers wants and interests
Use relationship marketing (loyalty programs etc)
More advertising based on consumer needs and wants

Question 4

Types of markets def

Answer 4

A market is defined as a group of individuals and or organizations that need or want a product, have the money to purchase the product (purchasing power), are legally able to purchase the product and are willing to pay for the product

Question 5

Types of markets - mass and niche

Answer 5

Mass Markets:
WHAT: Products with mass appeal are offered to every customer irrespective of their age or income (petrol)
Market Segments: (non-syllabus)
One particular area of the Market
Niche market:
WHAT: Small sectors of the market with a specific need for a particular good or service (high performance cars)

Question 6

Resource Market:

Answer 6

WHAT: producing raw materials as primary producers.

AG, minerals, energy, fisheries and forestry

Question 7

Intermediate market

Answer 7

WHAT: Businesses that purchase finished or manufactured goods to make a profit from them
(wholesalers and retailers)

Question 8

Consumer markets

Answer 8

WHAT: The businesses and or individuals who purchase and consume finished products
(divided into mass markets, market segments etc)

Question 9

Industrial market

Answer 9

WHAT: manufacturers that process raw materials

clothing, car, food, computer industries