Business Functions - marketing
- Created by: Ali Bland
- Created on: 04-03-15 20:00
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- Business Functions--> Marketing
- What is marketing?
- Packaging
- Sales
- Billboards
- Advertising
- Branding
- Branding
- Promotion
- Marketing process
- 1) Identify target market
- 2) Position the producer(s) in the market
- 3) Decide on the marketing mix four P's (product, place, price, promotion)
- Types of marketing objectives
- 1) Survival
- 2) Market share
- 3) Marketing positioning
- 4) Create/ maintain
- 5) Innovation/ increase in product range
- The purpose of marketing
- Indentify customers' needs through market research
- Anticipating their wants through market analysis
- Satisfying their requirements profitably through the marketing mix: product, place, price and promotion
- Market analysis
- Market segmentation
- A method of analysing the marketing and dividing the market subsections of customer needs
- Customer orientated vs product orientated marketing
- Customer orientated marketing takes the needs of the cusomtersinto account
- Product orientated marketing is characterised by - hard sell with a large field sales force, cutting costs and prices
- Market segmentation
- Market share and growth
- Market size can be measured by volume and value
- Market share = sales/ market size x 100
- Niche marketing
- Targeting a product of service at a small segment of a larger market
- Higher prices, low sales volume
- Advantages - less competition, easy to target customers
- Disadvantages - lower profit
- Targeting a product of service at a small segment of a larger market
- Mass marketing
- Aiming a product at all of the market
- Lower prices, high sales volume
- Advantages - high revenue and profit, high start up costs
- Disadvantages - high capital costs, vulnerable to low cost competition and chafes in demand
- Aiming a product at all of the market
- What is marketing?
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