Role of Marketing Flashcards
What is the role of marketing
planning, executing, conception, promotion and distribution of ideas, goods and services to satisfy organisational objectives
What are some strategic marketing strategies to translate business goals into reality?
- using a marketing plan to set actions/strategies to obtain greater sales
- develop customer awareness and demand (customer base)
What should be the central focus of the marketing plan
the Customer(s)
A marketing plan brings together the buyer and a seller, the business needs to identify:
- where the market is
- who will buy the product
- why they will buy the product
- and how often they will buy the product
There is a repeat of customer sales, what does that indicate
the needs and wants of customers have been satisfied
Interdependence
the mutual dependence of key business functions have with each other
Marketing Concept
A philosophy that states all sections of the business are involved in satisfying a customers needs and wants while achieving business goals
Features of the Production Approach
- Mass production
- no choice (s)
Features of the Sales Approach
- More sales focused/orientated
- Increased spending on advertising and the hiring of sales representatives
Features of the Marketing Approach
- Finding out what the customers want in order to satisfy their needs
- Focusing on the orientation and retention of customers
Types of Markets
Resource, Industrial, Intermediate, Consumer, Mass & Niche
Market
A group that want and can buy the product
Resource Market
An individual or group that are engaged in all forms of primary production (raw materials)
Industrial Market
Businesses and Industries that purchase products (raw materials) to use in the production of other products/daily operations
Intermediate Market
Consisting of wholesalers and retailers who purchased finished products to be sold again to make a profit
Consumer Market
members of a household who plan to use/consume the products they buy
Mass Market
Seller mass produces, mass distributes and mass promotes one product to all its buyers
What are the assumptions of mass-markets
Customers in the market are thought to have similar needs and wants
Niche Market
A mass market what is divided into smaller market segments consisting of buyers who have specific needs/lifestyles
What are the benefits of a Niche Market
- the segmented group becomes the target market to which managers aim their efforts towards
- avoids competition with larger businesses, as specialist staff allow the business to gain a competitive advantage
