role of marketing

Question 1

what is marketing process? define

Answer 1

process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers. this could be done using a marketing plan

Question 2

3 steps in role of marketing (SSR) - slip slop rod

Answer 2

1. To develop and implement strats that generate revenue/sales
2. Sell product sufficiently
3. Research consumers’ tastes/preferences of consumers

Question 3

5 aspects which make the marketing role “strategic”

Answer 3

marketing plan considering the following

choice - competitive adv
- example: apple innovator with new features- meeting society wants

standard of living - market products that improve/enhance SOL (phones)

employment - must employ labour to assist in operations to sell products

brand awareness - aware of products thro strong, effective, extensive marketing campaigns

increasing marketin share - raise sales + profitability

Question 4

interdependence of KBFS

operations- marketing

Answer 4

• Incorporating product features that consumers will respond to positively
• Responsibility for marketing function- develop strats to sell products

Question 5

HR-MARKETING

Answer 5

• Staff must be motivated and skilled to develop products to ensure products cater to potential customer needs/wants

Question 6

finance-marketing

Answer 6

• Needs to prepare budgets/forecasts for promotional campaigns
• By marketing and selling the product, more sales will occur adding to finances. However, a minimum amount of finances are needed to market the product to potential customers.

Question 7

what were the 4 approachs

Answer 7

1. production approach - assumed high quality meant prosperity. high price=high quality
2. selling approach- placed emphasis on strats aimed to convince consumers of need for product
3. marketing approach (1960s-80s)- Focuses on finding out what customers truly want- market research implementation

current marketing approach- focus on long termrelo w customers, CSR

Question 8

what is resource market

Answer 8

individuals/groups engaged in all forms of primary production (where raw materials are bought and sold)

Question 9

what is the industrial market>

Answer 9

Includes industries/businesses that purchase products to use in production of other products or in their daily operations.

• Example: Toyota Australia spends millions on purchasing Australian made components for Australian manufactured Toyotas from other Australian companies.

Question 10

what is intermediate market?

Answer 10

Wholesalers and retailers who purchase finished products and sell them again to make a profit.
* Example: Woolworths buys and resells farmer produce and other finished products

Question 11

what are the two types of consumer markets?

Answer 11

mass market - Seller mass-produces, mass-distributes, and mass-promotes one standardised product to all buyers irrespective of age, gender, residential location

niche market - Narrowly selected target market segment.