Role of marketing and its relationship with other business activities Flashcards
What is marketing?
Marketing is the management process responsible for
identifying, anticipating and satisfying consumers’
requirements profitably
Name marketing functions
Market research Product design Pricing Advertising Distribution Customer service Packaging
What does it mean by value and satisfaction?
Consumers see value in what would give them satisfaction. Expensive cars may not bring as much value to a hungry person then a meal because it wont satisfy them
What is a marketing objective?
the goals set for the marketing
department to help the business achieve its overall
objectives.
Give examples of marketing objectives
market share – perhaps to gain market leadership
total sales (value or volume – or both)
average number of items purchased per customer visit
frequency that a loyal customer shops
percentage of customers who are returning customers
number of new customers
customer satisfaction
brand identity.
What is a marketing strategy?
long-term plan established for
achieving marketing objectives
Why are marketing objectives important?
Provide sense of direction
Progress can be monitored
How do marketing and finance interact?
Finance will use sales forecasts of the marketing department to help construct cash- flow forecasts and operational budgets
Finance ensue that their is enough capital for the agreed marketing budget
How do marketing and HR interact?
sales forecast used by HR to devise a workforce plan for all departments
HR ensure recruitment and selection of suitable staff for the marketing campaign
How does marketing interact with operations?
Market research data will play a key role in new prod development
Sales forecast helps to plan for the capacity needed to produce and sell
What is
