Role of marketing

Question 1

Strategic role of marketing

Answer 1

To develop and maintain a relationship between the business and its customers to increase sales revenue and market share to achieve the strategic goal of profit maximisation

Question 2

marketing objectives

Answer 2

1. increase market share
2. increase sales revenue
3. improve brand awareness
4. legal compliance
5. social and ethical responsibility

Question 3

marketing approaches

Answer 3

1. production approach
2. selling approach
3. marketing approach

Question 4

types of markets

Answer 4

1. resource market
2. industrial market
3. intermediate market
4. consumer market
5. mass market
6. niche market

Question 5

marketing definition

Answer 5

the total system of activities designed to produce, price, place and promote products to potential customers to influence their purchase