Role Of Marketing

Question 0

Define marketing plan

Answer 0

The marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services

Question 1

Define marketing

Answer 1

Marketing is the process of planning and executing the conception,pricing, promotion and distribution of ideas goods and service to create exchanges to satisfy individuals

Question 2

Explain the three different approaches to marketing

Answer 2

Production approach - 1820s - 1920s
• taking orders and delivering products
•henry ford

Sales approach - 1920s - 1960s
• increased conpetition –> increased advertising radio and film
•staff hired and trained efficiently
•marketing was still 2nd role

Marketing approach stage 1 - 1960s - 1980s
• companies became to satify customers needs and wants
•four principles included:
1. Customer orientated
2. Supported by integrated marketing design
3. Aimed at satisfying customers
4. Integrated into business plan to achieve goals

Marketing approach stage 2 - 1980s ->
•focus on corporate social responsiblity
• customer orientation - basing marketing decisions on customers
•relationship marketing - to keep customers satisfied through rewards and customer care

Question 3

What are the main types of markets?

Answer 3

Resource
Industrial
Intermediate
Consumer
--> mass market
--> niche market

Question 4

Define market

Answer 4

A market is an organizsd group of individuals that:
• need or want products
• have money/ purchasinf power
• social and legally authorized to purchase

Question 5

Explain the resource market

Answer 5

Consists of those individuals or groups involved in all forms of primary production such as mining fishing agriculture and forestry

Question 6

Explain the industrial market

Answer 6

Includes industries and business that purchase products to use in production of other products or in their daily operations

Question 7

Explain the internediate market

Answer 7

Consists of whole salers and retailes who purchase finished products and resell for profit

Question 8

Explain consumer market including mass and niche markets

Answer 8

Individuals who purchase end product and has intentions of using for own leisure

Mass
• seller mass produces, distributes and promotes one product to all customers

Niche
• narrowly selected target market segment
• focus on customers that have specific needs on lifestyle depending on factors such as sex age gender lifestyle sociocultural