What is the strategic the role of marketing?
Brining together the products of the business and the customers for those products by satisfying customer needs and wants.
What are the types of markets?
Resource, industrial, intermediate , consumer, mass, niche.
What are the influences on marketing?
- Factors influencing customer choice (psychological, sociocultural, economic, government)
- Consumer laws (deceptive and misleading advertising, price discrimination, implied conditions, warranties)
- Ethics (truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging)
What is involved in the process of marketing?
- Situational analysis (SWOT, product lifecycle)
- Market research
- Establishing market objectives
- Identifying target markets
- Developing marketing strategies
- Implementation, monitoring and controlling
What is market research and what does it involve?
The process of systematically collecting, recording and analysing information concerning a specific marketing problem.
Market researchers use two types of data: primary data and secondary data.
What is statistical interpretation analysis?
The process of focusing on the data that represents average, typical or deviations from typical patterns.
What are the marketing objectives?
- Increasing market share
- Expanding the product mix
- Maximising customer service
What does monitoring and controlling involve?
Developing a financial forecast; comparing actual and planned results, revising the market strategy.
What are the marketing strategies?
- Market segmentation (product/service differentiation and positioning)
- 4 Ps (Product, Price, Place, Promotion)
- +3 Ps (People, Processes, Physical Evidence)
- E-marketing
- Global marketing
What does global marketing involve?
Global branding, standardisation, customisation, global pricing, competitive positioning.
What is involved in product?
- Branding
- Packaging
What is involved in price?
- Pricing methods (cost, market, competition based)
- Pricing strategies (skimming, penetration, loss leaders, price points)
- Price and quality interaction
What is involved in promotion?
- Elements of the promotion mix (advertising, personal selling and relationship marketing, sales promotion, publicity and public relations)
- The communication process (opinion leaders, word of mouth)
What is involved in place?
- Distribution channels
- Channel choice (intensive, selective, exclusive)
- Physical distribution issues (transport, warehouse, inventory)