marketing types Flashcards
eg: asset led etc (12 cards)
-What is the definition of marketing?
The management process of identifying, anticipating, and satisfying consumer requirements; getting the right product to the right place, at the right price, at the right time.
What activities does marketing involve?
Researching the market, analyzing the market, setting marketing goals, developing a marketing strategy using the marketing mix (4Ps).
What is product orientation?
A marketing approach focused on a business’s internal strengths, aiming to sell what it produces rather than what the market demands.
Key features of product orientation?
Focus on developing and selling a technically sound product
Consumer contact mainly at final stage
Ignores market tastes/fashion
Best when competition is low
Benefits of product orientation?
Economies of scale
Focus on product quality
Efficient production management
Disadvantages of product orientation?
Doesn’t respond to market changes
Ignores consumer preferences
Example of product orientation?
McDonald’s uses consistent core products globally, focusing on making and then selling.
What is market orientation?
A business approach based on understanding and meeting the needs of consumers.
Key features of market orientation?
Consumer-centric Benefits of market orientation?
☑ Higher customer satisfaction
☑ Encourages loyalty and repeat purchases
☑ Justifies premium pricing
☑ More effective advertising
☑ Supports long-term profitabilitydecision-making
Quick response to market changes
Better positioning against new competition
Anticipates market shifts
Disadvantages of market orientation?
☒ High market research costs
☒ Constant internal adjustments
☒ Uncertain market behavior
☒ Potential waste of past product investments
What is asset-led marketing?
A: A strategy based on a business’s tangible (products, distribution) and intangible (brand, experience) strengths, while also considering market needs.
Advantages of asset-led marketing?
☑ Aligns strengths with market needs
☑ Avoids producing weak products
☑ Lower market research costs
☑ Higher likelihood of success
