Marketing - 109 Flashcards

1
Q

What does marketing involve?

A
  • Researching the market – this involves gathering and analysing information on consumers, the marketplace and competition.
  • Analysing the market – this is an examination of market conditions to identify new opportunities.
  • Setting of marketing goals – these must be linked to the business’s overall objectives.
  • Developing a marketing strategy – this involves constructing a plan that details how the marketing objectives can be achieved. This strategy should be based around the use of the marketing mix, the 4Ps of marketing.
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2
Q

Define marketing

A

Marketing is the management process
involved in identifying, anticipating and satisfying consumer requirements.
* The management process of getting the right product, to the right place at the right price and at the right time.

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3
Q

Market orientation/ market-led

A

When a business bases its marketing mix on its perception of what the market wants.
(+)consumers are central to a business’s decision
making – strong understanding of their needs and can respond quickly to changes in the market - greater customer satisfaction
(+)satisfaction leads to repeat purchases and brand loyalty. loyal customers are less susceptible to competition
and are more willing to pay higher prices - long term profitability
(-)high-cost market research to understand the market
(-)constant internal change as the needs of the market
are met

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4
Q

Product orientation

A

When a business bases its marketing mix on what the business sees as its internal strengths.
-Businesses with a product-orientated approach to selling try to sell whatever they can make, without trying to find out if it is what the customers want.
(+)increase economies of scale
(+)focus on quality.
(-)changes in market structure will not be
responded to

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5
Q

Asset-led marketing

A

A marketing strategy based on a business’s strengths, not solely on the customers’ needs.
(+)The cost of market research may be less.

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