marketing intro Flashcards
(14 cards)
strategic role of marketing
achieved through a marketing plan that consists of strategies that will be used to make greater sales and achieve max profits
the marketing plan
marketing plan is used for 3 reasons:
- strategies to bring buyers and sellers together
- satisfy existing customers = repeated sales
- marketing is the revenue-generating activity of any business
interdependence with ops
works closely with marketing to incorporate product features that consumers will positively respond to. Operations must also provide the correct resources to produce the product
interdependence with human resources
supply the right personnel to staff the marketing project. Staff must have the right skillset to develop products within the business & cater to the needs and wants of customers
interdependence with finance
need sufficient funds available to undertake a marketing campaign. Finance needs to provide guidance and benchmarks to ensure profits are maximised and competitiveness is maintained
product approach
based more on the demands of mass production techniques than on customer needs and wants → for businesses who are production - orientated
selling approach
no longer could businesses rely on selling all it produced and therefore had to become sales-orientated in an attempt to beat competition and gain new sales
marketing approach
Placing the customer at the centre of all marketing activities. Focuses on finding out what customers want through market research and then studying the need:
- customer oriented
- satisfy customers
resource market
where primary production occurs e.g mining, agriculture, forestry and fishing
industrial market
where produce is bought to make other products or use in operations e.g steel
intermediate market
where wholesalers and retailers purchase finished products and resell for profit
consumer market
where individuals plan to use or consume products themselves
mass market
where sellers mass-produce, distribute and promote one product to all buyers
niche market
narrowly selected target market segment
