Flashcards in Marketing Deck (14):
What does marketing meet?
The needs and wants of customers
What does marketing require?
Continuous info gathering, analysis and evaluation to make decisions
Give 4 purposes of marketing?
Identifying- market research current products and markets
Anticipating- analysing the data collected, judging what might happen
Satisfying- make customers happy with what they’re buying
Profitability- adding value to the product
Why is keeping ahead of the competition essential? (2)
Higher market share, brand loyalty
How can a firm communicate effectively with customers?
Give 2 ways a business can monitor the success of their marketing?
Give the 3 approaches to marketing?
Asset led marketing
What is Market orientation?
When a business bases it’s marketing mix on its perception of what the market wants
Give 2 weaknesses of marketing orientation?
High cost of market research
Give 2 strengths of market orientation?
Flexible to changes in trends
Decisions are based on effective market research
What is product orientation?
When a business bases it’s marketing mix on what the business sees as it’s internal strength
What is asset led marketing?
When marketing decisions are based on the needs of the consumer and strengths of the business
Give 2 strengths of product orientation?
Focus on quality
Increase economies of scale