The Role of Marketing Flashcards
What is marketing?
The process of developing a product and implementing strategies aimed at correctly promoting, pricing and distributing the product to a core group of consumers
What is the strategic role of marketing?
To allow the business every opportunity to maximise its scale and profits
What are the areas in which marketing influences society?
Choice
Standard of Living
Employment
Brand Awareness/Increasing Market Share
Why is differentiation necessary for marketing?
Businesses compete to attract customers to purchase their products
In order to do so, businesses must consider how to make its product or service different and more desirable than their competitors
What are the areas of competitive advantage that can be stressed in marketing?
Price
Product Quality
Reputation
Why would businesses develop outputs that enhance the standard of living of their consumers?
Because these goods and services appeal to the ‘want’ element of human behaviour, thus making them more desirable and increasing business profits
How many people are directly employed by marketing in Australia?
The number of people employed as marketing professionals increased from 46,300 in 2014 to 81,600 in 2019
What is the purpose of brand awareness?
Strong brand awareness allows a product to remain in the minds of consumers, and is likely to influence their purchasing decision
Why do businesses wish to increase market share?
Increased market share allows the business to increase sales and profitability, as well as making them stronger and more consumer aware in the market place
How is the operations function related to marketing?
Operations works closely with marketing to incorporate product features that consumers will respond to positively
How is the human resource function related to marketing?
It is through the marketing process that the business is able to determine the skills required for employees to produce the desired product
In many instances, staff are the public face of the business and their actions will influence the decision of consumers to purchase the product or return to the store
How is the finance function related to marketing?
Marketing and finance must work together to determine whether the needs of potential consumers are financially viable for the business to pursue
