What is Marketing and its Objectives Flashcards
What is Marketing?
Marketing is the management process involved in identifying, anticipating and satisfy customer wants profitability.
What is marketing primarily focused on?
Marketing is primarily focused upon the satisfaction of consumer wants and needs whilst aiming to achieve the corporate objectives.
What is marketing a form of? And what must it be agreement with?
Marketing forms one of the four main functional areas of a business and its objectives must be in agreement with the goals of the overall organisation.
What are the four main functional areas of a business?
- marketing function
- human resources
- operations function
- finance function
Why is marketing important?
- Competitive Markets
- Customer Focus
- Increased Choice
Info about Competitive Markets?
- faster product development
- shorter life cycles
- ever more demanding customers
- new ways of competing e.g. online
Info about Customer Focus?
- markets are rapidly changing and evolving
- businesses face global competitors
- new identify and satisfy ever changing wants and needs
Info about Increased Choice?
- consumers are more informed than ever before
- marketing helps to identify a firm’s strengths
- provides a means of differentiating a business
Why must there be co-ordinated strategy?
Why must firms strive to improve?
Marketing is just one function within a business. There must be a co-ordinated strategy with all functional areas building upon a business strengths. Firms must strive to improve because markets and competitors don’t stand still.
Why will a marketing department set themselves objectives?
A marketing department will often set themselves objectives which aim to strengthen their standing or power within their existing market or to expand into new markets.
Why do firms create close relationship with their customers? What does it create?
Firms will also look to establish and develop a close relationship with their customers in the knowledge that this can create brand loyalty and happier customers.
What are the marketing objectives if a business influenced by?
The marketing objectives of a business are influenced by the specific corporate aims and priorities of that business. The market is also continuously changing and to be effective, a firm’s marketing objectives mut regularly change to reflect this.
Other examples of marketing objectives:
• To act in an ethical manner
• To enter new markets.
• To increase innovation in their product range.
• To improve brand recognition
What do marketing objectives provide the functional area with?
- a sense of direction and focus
- a quantifiable measurement of success
- a common sense of purpose and coordination
- a way of improving efficiency
What does SMART objectives help us do?
What do they allow us to?
What do some stakeholders don’t agree with?
SMART objectives help to focus attention from all levels within a business to agreed performance targets. They allow management to measure business performance and make changes where needed. Just because objectives are SMART does not mean that all stakeholders agree with them!
The growth of what has made technology people a part of people’s everyday lives?
The growth of e-mail, the Internet and e-commerce over the past 20 years has seen this technology become an accepted part of people’s everyday lives.
Marketing has been able to exploit the opportunities that the new technology has brought in several key areas:
- being far more responsive to customer wants and needs
- more precise targeting of market segments to increase their market appeal and sales
- expansion of direct selling by direct access to individual customers online.
What does social media provide businesses with?
Social media platforms provide a business with the means of discovering what customers really liked or disliked about their product or service in a faster, cheaper and more meaningful way. This provides business with a better understanding of the wants and needs of their customers and they are then better able to respond which helps to generate higher levels of brand loyalty.
What does a connection in social media lead to?
Connection -> Engagement -> Loyalty -> Higher Sales
What is social media seen as an alternative to?
Social media is now seen as a serious alternative to more traditional marketing routes such as press or TV advertising.
What is social media able to be more precisely targeted to?
Social media is able to be more precisely targeted to meet the specific needs of individual consumers unlike the generalised approach of traditional mass media techniques.
What does traditional advertising provide? What does stoical media enable?
Traditional advertising also only provides a means of one-way communication between business and consumer. Social media enables far greater levels of interactivity which helps to develop stronger levels of brand loyalty.
What can businesses target?
Businesses can either target as many customers as possible (mass) or a specific group of customers (niche)
What does mass market mean?
Mass market means targeting people across many demographics such as; age, gender, race, income, interest and buying behaviours
What does a niche market mean?
A niche market focuses on a specific type of customers and tries to precisely target that customers needs with product features
What is a mass market aimed at?
A mass market is aimed at pitching the product at as many customers as possible. i.e. instant coffee. Nescafé Original is priced affordably, no special claims and is a widely available established brand.
