Setting Marketing Objectives Flashcards
What does the marketing function of the business do
provides the link between the customer and a business
since the marketing function provides the link between the business and the customer what do the marketing maangers need to do
understand the nature of the market they’re operating in and feed back this info to the other functions of the busienss
What type of process does marketing involve
a mutullay beneficial exchange process
Explain how marketing involves a mutually beneficial exchange process
business gains from the transaction e.g profit
the customer gains satisfaction e.g buying sutti they regard as good value for money
What does Marketing aim to do
satisfy / ideally delight customers so they want to come back for more
What is Marekting not about
one off transactions
What is marketing actually about
building a relationship with your customer
so they are loyal
will repeat purchase
be more open tot rying other products you of
What is relationship Marketing
building longterm relationships with customers
by providing consistent satisfaction
What does relationship Marketing focus on
customer retention rather than one off sales
Who is one of the great writers about marketing
Phillip Kotler
how is marketing a science
it is data driven - marketing managers will make descisions based on evidence
How is marketing an art
there’s a creative element to it e.g making ads to communicate benefits of the product
What does marketing involve in terms of choosing tatrget markets
choose the right target market
What does marketing involve in terms of building relationships
building relationships
so customers are retained
and end up continously/buying more overtime
What does marketing involve in terms of developing a product offering
developing a product offering
that’s better value for money than rivals
+ being able to communicate and deliver this
When does a market occur
when there are buyers and sellers
the nature of markets….
vary
What are the two types of way a business can sell
through intermediataries
directly to the customers
online
it is important for managers to
understand the nature of their market
Define market analysis
examining the particular characteristics of a market
e.g size and growth
What do marketing managers do with the data
collect and analyse data to maek descisions
if marketing maangers are askig for funds to promote and develop new products what will senior managers want
data to justify investment
how do marekting decsision help improve performance
makes sure business continues to meet customer needs and wants so benefits they offer remain competitive
a. what does marketing help identify
opportunitites
b What does marketing help develop
the right offering
c What does marketing ensure
benefits are communicated and customers can access it
Overall what does marketing ensure
righ product at the right place at the right time
