Role of Marketing Flashcards
What is marketing?
Marketing is the process that connects customer wants with business products
What does marketing give the customer?
The opportunity to purchase the products that wants to want at the right price and place.
What does marketing provide a business with?
The opportunity to create produces, make profits improve market share and fulfil goals and objectives
How does marketing help a business achieve its goals?
By satisfying the needs and wants of present and potential customers
What does the strategic role of marketing involve?
Involves the planning, pricing and promotion of the products of the business, as well as the distribution and servicing of the product
What is the interdependence between marketing and operations?
With any product produced by a business, there is a product life cycle where there is a relationship between the time that the product has been in production between the time that the product has been in the promotion and the number of sales generated. As the sales of a product decline over time, there will be a close consultation between operations and marketing management to design and develop new products which can be marketed.
What is the marketing and HR independence?
The marketing function will be heavily involved with new product and design and development. Marketing relies on the human resource management function to hire, train and develop employees who work in the field of selling the output of the business. It is the responsibility of well-trained marketing employees to connect the customer to the product of the business
Explain the interdependence with marketing and finance
The finance function is responsible for providing the business with the financial information needed for sound decision making. This will include assisting the marketing function with the product design and development process as well as providing assistance and information with the development of a marketing plan
What is the production approach to marketing?
Based on the idea of attracting customers to an existing product. Mass production of a standardised product
What is the selling approach to marketing?
Persuasive sale techniques, such as door to door salesmen and advertising to convince customers that they need to purchase a particular product
What is the marketing approach to marketing?
Focuses on the customer’s wants and needs
based on the idea of consumer sovereignty
What are the types of markets?
Resource
industrial
intermediate
consumer
mass markets
niche markets
What is the resource market?
provide, land, labour and capital
What is the industrial market?
Provides both partly made raw materials and finished items
such as coffee beans and paper cups
What are intermediate markets?
Are for products that businesses buy and resell to other businesses, such as retailers
good example = fish markets in Sydney
