The Nature of Marketing Flashcards
Define Marketing, Explain the relationship between marketing and other business functions, The importance of Marketing
Define Marketing.
Marketing is the process of identifying, anticipating, and satisfying the needs of customers in a mutually beneficial exchange process.
[Understanding] What are the three things that affect marketing and what exactly is being affected?
Marketing is affected by social, cultural and technological change. These changes can impact all aspects of marketing, such as: Whats being sold, how and where it can be sold, what information should or must be communicated, and the prices of what’s being charged.
Give an example of a business being affected by one of the three things that affect marketing.
Social Change: India doesn’t drink coffee nor do they eat beef. In response to this, McDonalds advertised and introduced chai and chicken options.
Cultural Example: Egyptians boycott brands like McDonalds, Starbucks, Cola and Pepsi. V7 arises, introducing itself as a local, egyptian alternative.
Technological Example: AI has been advertised to students by it’s ability to finish essays in a second.
How does marketing affect the other functions of a business? List two examples and explain.
Operations: Marketing influences operations by determining production quantities and quality requirements based on customer demand and trends. For example, a marketing campaign promoting eco-friendly products may require operations to source sustainable materials and adjust production methods.
Finance: Marketing impacts finance by dictating budget allocations for campaigns and revenue forecasting. For instance, a large-scale advertising campaign will require significant funding, and finance must ensure sufficient capital is available while maintaining profitability.
Draw the integrated marketing with other business functions diagram.
+ sign with arrows and then operations, hr, marketing, finance with arrows connecting them.
