Business Studies - Marketing

Front 1

Define marketing

Back 1

Marketing - the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.

Front 2

What is the main focus of marketers?

Back 2

Marketers are focused on customers and how to best satisfy their needs and wants

Front 3

Why do products fail?

Back 3

Poor marketing

Front 4

What's the key strategic role of marketing?

Back 4

Making a profit through generating sales

Front 5

How is Marketing interdependent with Finance?

Back 5

*Marketing plans/campaigns require money
*Marketing should see an increase in sales & profits - finance is dependent on marketing to generate funds.

Front 6

How is marketing integrated with every KBF in the business?

Back 6

Marketing function focused on meeting needs and wants of consumers – every KBF needs to focus on this also.
The marketing plan must be integrated with all other parts of the business.

Front 7

How is Marketing interdependent with Human Resources?

Back 7

*The reputation and branding of a business may attract employees.
*The staff and the way the conduct themselves personifies the brand
*Recruitment and training of staff is crucial to having a successful marketing department

Front 8

How is Marketing interdependent with Operations?

Back 8

•For a marketing plan to be successful – goods and services need to be running on time/in stock
•Marketing constrained by physical limits

Front 9

Describe the Production Approach to Marketing

Back 9

The Production Approach (1820s-1920s)
•Focus on production – “If we make it, they will buy it”
•Demand > supply – businesses able to sell all output
•Product design focused on needs for mass production

Front 10

Desribe the Selling Approach to Marketing

Back 10

The Sales/Selling Approach (1920s-1960s/Post WWI)
•Initiated due to increased competition
•Production - increased efficiency and productivity
•Focus on selling
•Consumer needs neglected & marketing secondary to production

Front 11

Desribe the Marketing Approach to Marketing
(What's the difference between stage 1 and 2?)

Back 11

Marketing approach – focus on market research to find customer needs and wants and then satisfying them
STAGE 1 (1960s-1980s/Post WWII)
•Focus on centring all marketing around customer needs and wants
•Needs and wants considered before production (i.e. Designing products to suit customer)
•Marketing concept – customer oriented, integrated into business plan to achieve goals, aim to satisfy customer
•Customer demand = motivation
•Customer satisfaction = the concern of all employees
STAGE 2 (1980s-now)
•More focus on customer satisfaction
•Emphasis on building customer loyalty for repeat sales
•Corporate Social Responsibility – demand for ecologically sustainable products
•Customer Orientation – customer relationship continuing after sale to increase satisfaction
•Relationship Marketing – prioritizing customer retention (repeat customers) and continual satisfaction for customer loyalty eg. rewards card, after-sales service

Front 12

List the 4 different factors influencing customer choice.

Back 12

Psychological
Sociocultural
Government
Economic

Front 13

What are the 5 Psychological factors?

Back 13

1)PERCEPTION – the process through which people select, organise and interpret information to create meaning
2)MOTIVES – the reason an individual does something
3)ATTITUDES – a person’s overall feeling about an object or activity
4)PERSONALITY AND SELF-IMAGE
5)LEARNING

Front 14

4 main sociocultural factors

Back 14

1)SOCIAL CLASS (aka social economic status) – a person’s relative rank in society, based on education, income or occupation
2)CULTURE AND SUBCULTURE – learned values, beliefs, behaviours and traditions shared by a society
3)FAMILY AND ROLES
4)REFERENCE (PEER) GROUPS

Front 15

How does the government affect customer choice?

Back 15

laws that alter economic activity
laws that affect the way a consumer interacts with the product (eg. legal age)