Marketing - Role Flashcards
Definition
Marketing
the process of…
The process of creating a product + then developing + implementing strategies that aim to promote, price + distribute the product to a market
Strategic Role
a system of interacting activities designed to plan, price, promote + distribute products to customers to achieve profit maximisation
Marketing Plan
- detail the strategies businesses need to put in place to successfully sell their products.
- long + short-term
Marketing provides …… w/:
Society
Choice
Employment
Improved Standard of Living
Society
Choice
businesses differentiate themselves through….
- price
- product
- promotion
- place
… which in turn gives society CHOICE
Society
Employment
think up, create and sell goods
Society
Improved Standard of Living
businesses continue to develop products that are cheaper, and more efficient and useful
Interdependence
Operations
Marketing TELLS Operations
success of product/marketing campaign TELLS what is needed to be produced and at what quantity
Interdependence
Human Resources
Marketing POWERED BY Operations
design, implementation, evaluation PB skills, time, creativity of employees
Interdependence
Finance
Marketing REQUIRES Finance
development, implementation, evaluation og marketing campaigns REQUIRES budgeting and funding
Marketing Approaches
Production - quality of product
Selling - convince customers
Marketing - intergrated approach
Types of….
Markets
Market: group of individuals/organisations or both that:
* need/want a product
* have the money
* willing to spend
* sociall and legally allowed to purchase
Types of Markets
Resource
Production and sale of raw materials
E.g. Mining
Types of Markets
Industrial
Industries + businesses that purchase products to use in the production/daily operations
Types of Markets
Intermediate
middlemen
- wholesalers + retailers who purchase finished products and sell them again to make money.
- majority of goods sold to consumer markets are first sold to an intermediate market.
- Resellers
