Role of Marketing

Question 1

What is “Choice” in the Strategic Role of Marketing?

Answer 1

Businesses differentiate themselves from their competitors through price, product quality and features and service. All these provide consumers with greater choice when purchasing a product.

Question 2

What is “Standard of Living” in the Strategic Role of Marketing?

Answer 2

Quality of life partly based on what goods and services the individual can afford to buy.

Question 3

What is “Employment” in the Strategic Role of Marketing?

Answer 3

To provide a product to consumers, businesses must employ labour to assist in transforming input resources into finished product.

Question 4

What is “Brand Awareness” in the Strategic Role of Marketing?

Answer 4

The extent in which that customers are aware of a product/ brand and its features.

Question 5

What is “Market Share” in the Strategic Role of Marketing?

Answer 5

The percentage of total sales a business has compared with it’s competitors within a particular market.

Question 6

What is the interdependence between Marketing and Operations

Answer 6

Marketing –> Operations= Sets Goals For
Operations–> Marketing= Sets Limits For

• They work together to incorporate the product features that consumers will respond positively

Question 7

What is the interdependence between Marketing and Human Resources

Answer 7

Marketing –>HR = Sets Goals For Operations (affects HR)
HR–>Marketing= Provides skilled workers to meet expectations

• The Marketing Process will determine the skills required for employees to produce the desired product.

Question 8

What is the interdependence between Marketing and Finance

Answer 8

Marketing –>Finance = Generates Funds
Finance–>Marketing= Pays for Marketing activities

• As the goal of Marketing to sell the good it produces in turn creates a profit which is the goal of the finance function.

Question 9

What are the three approaches in Marketing?

Answer 9

• Production approach
• Selling approach
• Marketing approach

Question 10

What is the Production approach?

Answer 10

Relies on the view that consumers base their purchasing decisions on the quality of the product (1820s-1920s)

Question 11

What is the Selling approach?

Answer 11

Based on the belief that businesses will be successful in selling a product if it is able to promote the benefits of the product to its target market. (1920s-1960s)

Question 12

What is the Marketing approach?

Answer 12

The customer is at the core of all business activities. Adopting a customer orientation with the belief that all actions in the business should be aimed at satisfying the needs of the customer. What the customer wants (through market research)

Question 13

What are the different types of Markets?

Answer 13

• Resource
• Industrial
• Intermediate
• Consumer markets
• Mass markets
• Niche markets

Question 14

What is a Resource market?

Answer 14

Markets where the primary production and sale of raw materials occurs e.g mining, agriculture

Question 15

What is an Industrial market?

Answer 15

Industries and businesses that purchase products to use in the production of other products or in their daily operations. e.g Tip Top, Bakery buys flour, Sony buys plastic

Question 16

What is an Intermediate market?

Answer 16

Consists of wholesalers and retailers who purchase finished products and sell them again to make a profit reseller’s

Question 17

What is a Consumer market?

Answer 17

Products are sold to individuals to USE e.g grocery stores

Question 18

What is a Mass market?

Answer 18

Apply to goods and services that appeal to all types of consumers (similar needs and wants) e.g basic food items, electricity, water

Question 19

What is a niche market?

Answer 19

A smaller section of a market segment