Role of Marketing

Question 1

Strategic role of marketing goods and services

Answer 1

Translate the overarching goal of profit maximisation, therefore, to increase market share in order to attain greater sales to maximise the business sales

Question 2

interdependence

Answer 2

finance
- allocates budgets to marketing
Marketing
- increases profitability
Operations:
- create a good or a service that will appeal to that market
Marketing
- responsible for keeping loyal customers + boosting sales
Human resources
- train and develop employees
Marketing
- Involved with product design and customer satisfaction

Question 3

Production, Selling, Marketing Approaches

Answer 3

1820’s-1920s Production
- focused on the production of goods and services
- demands of mass production

1920’s-1960’s Selling
- increased competition
- emphasised sales approach

1660’s-1980’s Marketing
- focused on finding out what customers wanted
- customer focused at the centre

1980’s - present Marketing
- corporate social responsibility
- customer orientated
- relationship marketing

Question 4

Types of markets

Answer 4

resource
industrial
intermediate
consumer
niche
mass