Strategic role of Marketing Flashcards
What is the role of marketing?
● Creating e.g. 10% of first order and keeping customers (attract new and maintain existing
customers) e.g. rewards and loyalty
● Assessing which customers, they are targeting and design products based on this (forever
changing wants and needs)
Adapting to the constantly changing external environment
Inform, persuade and remind e.g. apple iphone adds, celebrity endorsements
Increase sales (revenue- generating activity) and overall profit
What is the marketing plan?
The marketing plan is a document that lists activities aimed at achieving particular marketing outcomes (in the short and long term) in relation to goods or services. It should include the who, what, when, where and how often of the targeted market and product.
A successful business develops a marketing plan based on careful research and design.
Apply the case study
Marketing is a key business function that contributes to the strategic goals at Apple, including profit maximisation, efficiency and growth. Marketing plays a key role in generating sales revenue through developing a relationship between the customer and the product. Marketing strategies at Apple which are key contributors to its success include the development of brand awareness and customer loyalty.
